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China to launch NFTs platform, but changes name to “digital collectibles”

China has always been against cryptocurrencies over the years, reinforcing its initiatives in 2021 to suspend bitcoin mining.

But what about non-fungible tokens (or NFTs)? A new paper suggests China will launch its own state-owned platform to launch such tokenized digital collectibles, but without the involvement of cryptocurrencies and changing their name to “digital collectibles”.

China to launch NFTs platform, but changes name to “digital collectibles”

China to launch NFTs platform, but changes name to “digital collectibles”

The South China Morning Post reported that the state-owned Blockchain Services Network (or BSN) is preparing a permissioned and private blockchain infrastructure that will allow the launch of NFT-style collectibles under the watchful eye of the government.

According to the article, the platform will not be interoperable with NFTs created on public blockchain networks such as Ethereum and Solana and will not accept cryptocurrency payments.

Instead, the private network will exclusively accept Chinese yuan to pay for collectibles and platform fees.

BSN will use the term “Distributed Digital Certificate” (or DCC) to refer to its unique brand of state-owned NFTs, according to the article, which is expected to launch the platform later this month.

He Yifan, CEO of Red Date Technology, one of the technology companies behind BSN, said that such collectibles “have no legal issues in China” as long as they are not associated with cryptocurrencies.

He added that public blockchains “are illegal” in China because of government regulations.

Previously, BSN had created specifically permissioned versions of existing blockchain networks for corporate use and will integrate ten of them into its NFT platform, including versions of Ethereum and Corda, according to the article.

The company has reportedly called up 20 partners for the upcoming launch, including blockchain network Cosmos, cloud receipt provider Baiwang and streaming solutions company Sumavision.

An NFT acts as a contract of ownership of a digital item, such as an image, a video file, a video game item, and more.

The NFT market generated trading volume of $23 billion in 2021, according to data from website Dapp Radar, compared to $100 million in 2020.

With informations: Decrypt

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