Lens1000
VIP Contributor
China's state-backed Blockchain Services Network (BSN) aims to provide infrastructure to facilitate the deployment of non-fungible tokens (NFTs) at the end of this month, marking a key step toward establishing a Chinese NFT economy apart from cryptocurrencies.
Although, cryptocurrencies have been banned in China, He Yifan, CEO of Red Date Technology, which provides technical support to BSN, told the South China Morning Post that NFTs "have no legal issue in China" as long as they stay away from cryptocurrencies like bitcoin. To distinguish it from crypto-transacted NFTs, the BSN-Distributed Digital Certificate (BSN-DDC) infrastructure will provide application programming interfaces for enterprises or people to create their own user portals or apps to manage NFTs. It is only possible to pay for such purchaes with Chinese yuan.
Although, cryptocurrencies have been banned in China, He Yifan, CEO of Red Date Technology, which provides technical support to BSN, told the South China Morning Post that NFTs "have no legal issue in China" as long as they stay away from cryptocurrencies like bitcoin. To distinguish it from crypto-transacted NFTs, the BSN-Distributed Digital Certificate (BSN-DDC) infrastructure will provide application programming interfaces for enterprises or people to create their own user portals or apps to manage NFTs. It is only possible to pay for such purchaes with Chinese yuan.
