China-Backed BSN to release infrastructure this month to support NFTs: Report


China-backed Blockchain Services Network will introduce infrastructure this month to support NFTs that haven’t any hyperlink to cryptocurrencies, that are banned in China, the South China Morning Post reported on Thursday.

  • He Yifan, chief government of Red Date Technology, which offers technical support to BSN, advised the SCMP that non-fungible tokens “have no legal issue in China” so long as they don’t have anything to do with cryptocurrencies.
  • The infrastructure, BSN-Distributed Digital Certificate (BSN-DDC), offers utility programming interfaces for companies or people, enabling them to construct their very own person portals or apps to handle NFTs. Only the Chinese yuan could also be used for purchases and repair charges.
  • Red Date Technology, the agency behind the Blockchain Services Network, introduced in October final yr that it might launch the infrastructure in China by the tip of this month.
  • The Red Date CEO mentioned on the time that NFTs shall be broadly utilized in China within the subsequent 5 years, however the authorities doesn’t need the know-how to be related to crypto or working on public, permissionless chains.

Read extra: Meet Red Date, the Little-Known Tech Firm Behind China’s Big Blockchain Vision