China to Create Its Own NFT Industry

by in Blockchain News

China NFTs blockchain

China’s Blockchain Services Network (BSN) intends to release infrastructure at the end of January to enable NFT deployment. This step is a major development towards forming a Chinese NFT ecosystem that requires no links to cryptos.

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Launched in April 2020 by the government, BSN is managed by the regulator State Information Center. He Yifan, CEO of Red Date Technology, which delivers technical support to BSN, told Hong Kong-based news provider the South China Morning Post, that NFTs are allowed in China as long as they aren't connected with BTC or other crypto assets.

The developed infrastructure BSN-Distributed Digital Certificate (BSN-DDC) will provide APIs (application programming interfaces) for building user protocols or apps to manage NFTs.

The only currency for activities and service fees across the environment will be the national currency of China, yuan. He Yifan said that public chains are banned in China, as the government requires all internet systems to verify the identities of users. Therefore, NFTs operating on open-source protocols could be subject to regulations.

Yifan said that BSN-DDC will integrate 10 chains including an adapted version of Ethereum and Corda along with domestic chains like Fisco Bcos built by fintech company WeBank.

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The project has built partnerships with 20 companies, among which is the Cosmos blockchain. At the same time, China authorities of some large cities have revealed plans to support the metaverse development in the country.