China wants to separate NFTs from cryptocurrencies through a new blockchain infrastructure

United States, New York, New York

Published 4 years ago

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China wants to separate NFTs from cryptocurrencies through a new blockchain infrastructure

United States, New York, New York,

Published 4 years ago

X-Node Details

China is planning to draw a clear line between cryptocurrencies and non-fungible tokens (NFTs). In much the same way it did with its digital currency efforts, before anti-cryptocurrency measures in the country hurt the local NFT industry.

The Blockchain-Based Services Network (BSN), a government-backed blockchain project in China, is working on an infrastructure that would support businesses and individuals to develop platforms and applications to manage NFT, reported the South China Morning Post.

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Officially called BSN Distributed Digital Certificate (BSN-DDC), the project aims to support the deployment of non-crypto NFT by offering application programming interfaces for the development of user portals and applications in which fiat money would be the only payment method.