China plans to draw a clear line between cryptocurrency and non-perishable tokens (NFT), as has been the case with digital currencies, before its anti-cryptocurrency measures harm the domestic NFT industry.
The South China Morning Post reports that the Blockchain-based Services Network (BSN), a government-backed blockchain project in China, is working on infrastructure to help businesses and individuals build platforms and applications to manage NFT.
Officially called the BSN-Distributed Digital Certificate (BSN-DDC), the project aims to support the distribution of unencrypted NFTs by providing an API to develop customized portals and applications where fiat money is the only payment method.
Red Date Technology CEO Yifan He, a technical support provider for BSN, has confirmed that the future infrastructure will use an open and authorized blockchain to provide a governing body in the chain.
“Public networks cannot legally operate in China,” he told the Cointelegraph, adding that a reliable and affordable infrastructure is an urgent need to host all NFTs in China. The leader added that without dedicated NFT infrastructure across the country, NFTs can only be distributed on “unreliable” private networks in the country.
By letting a central unit control the infrastructure and intervene in the event of illegal activity, Red Date plans to create an interoperable NFT platform completely separate from the standard cryptocurrency profile.
He noted that Red Date works with all DDC partners to make the network as transparent as possible while respecting Chinese rules and laws. All payments for gas in the BSN-DDC network are paid in paper money.
“We will offer services to NFT companies in Hong Kong, which means that if there is any international activity related to the release of NFTs in China, they can definitely choose to use the BSN-DDC network through our Hong Kong gateway. . ”
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State-owned companies China Mobile, China UnionPay and State Clearing House maintain BSN’s NFT infrastructure. He said BSN-DDC will integrate 10 blockchains, including a modified version of Ethereum and Corda, as well as Fisco Bco’s WeBank.
Last year, Red Date Technology signed a cooperation agreement with a Turkish-Turkish-Chinese consulting firm to launch two international BSN portals in Turkey and Uzbekistan.
According to the Cointelegraph, the new portals will allow blockchain developers in Turkey and Uzbekistan to build blockchain applications as a service using BSN’s global portal that hosts large blockchains such as the Ethereum network, Algorand, Polkadot, Tezos, ConsenSys Quorum, Corda and others. … …