China plans to develop the NFT industry separately from cryptocurrencies – a special infrastructure has already been created for this
In almost everything related to technology, China is ahead of the rest. This also applies to blockchain technologies. In particular, China is very interested in the NFT industry and it seems that in the near future we can expect that China will become a very large player in this market.
The South China Morning Post reports that by the end of this month, the state-backed Blockchain Services Network (BSN) will create a special infrastructure called BSN-Distributed Digital Certificate (BSN-DCC). Ten blockchains will be integrated into it, including adapted versions of Ethereum, Polkadot, Tezos, Cosmos, and others.
This infrastructure is designed to provide tools for developing applications, portals and other solutions aimed at ensuring the interaction of ordinary citizens and companies with NFT, including the purchase, sale, transfer and storage of digital collectibles. Notably, BSN-DCC only accepts fiat currency (Chinese Yuan, to be precise) as a payment method.
Thus, with the launch of the BSN-DCC, China will separate NFT from cryptocurrencies, making a generally promising technology available to citizens, but at the same time not violating its own prohibitions regarding the circulation of digital currency.