Crypto’s enemy number one, China, is preparing to roll out its own state-backed blockchain infrastructure to support the deployment of NFT-like collectibles, South China Morning Post reported.
The infrastructure, dubbed Blockchain Services Network-Distributed Digital Certificate (BSN-DDC) won’t be compatible with external NFTs, nor will it support cryptocurrency payments.
Creating its own NFT industry
China is making moves to launch and develop its own NFT industry that is not linked to the crypto space.
BSN-DDC will enable businesses and individuals to build apps and portals to manage tokenized collectibles. It won’t, however, support crypto-transacted NFTs, and only Chinese yuan will be allowed for purchases and service fees.
The rollout is planned for the end of this month and has already attracted more than 20 partners, including Cosmos blockchain, digital receipt system maker Baiwang, and video technology service provider Sumavision.
NFTs “have no legal issue in China” a
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