China will save the local NFT industry from the crypto crackdown
The Chinese blockchain agency is planning to bring infrastructure to save the NFTs industry of China.
As we know that NFTs took birth in the crypto industry and after the support of crypto and non-crypto with blockchain technology, NFTs brought a big volume of users in this space. Usually, when people talk about NFTs, then automatically they consider that it is related to crypto and blockchain.
China banned Crypto-related all activities but it is giving preference to the use cases of Blockchain technology. Chinese agencies also know very well that there is an industry of NFTs based platforms in China and that will also go through closure because of their involvement in crypto.
China’s government-backed organization Blockchain-based Service Network (BSN) is now working to create a framework to allow all the NFTs platform-based projects and companies to work without any restriction, by keeping the work away from cryptocurrencies.
BSN-Distributed Digital Certificate (BSN-DDC) will give authority to all the platforms/apps/projects to offer non-crypto NFTs. And fiat will be the main method of payment.
The CEO of BSN, Yifan He, said that NFTs concept use cases are not any legal offences until they are not associated with Bitcoin or any other crypto assets.
In the conversation with Cointelegraph, Yifan said that public blockchain networks are not allowed to be used for NFTs based projects. But due to the unavailability of an efficient blockchain network, right now private and less efficient are in use, so China needed a single high efficient blockchain network.
Yifan also confirmed that Red Date plans to create an NFTs Centralized platform, with the potential to fight any kind of illegal activities. And also he confirmed that companies from outside will be able to launch their NFTs in China.
“We will provide services to NFT companies in Hong Kong, which means if there is any international business involving issuing NFTs inside China, they definitely can choose to use the BSN-DDC network via our Hong Kong gateway.”
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