China-backed Blockchain Services Network will introduce infrastructure this month to support NFTs that have no link to cryptocurrencies, which are banned in China, the South China Morning Post reported on Thursday.
- He Yifan, chief executive of Red Date Technology, which provides technical support to BSN, told the SCMP that non-fungible tokens “have no legal issue in China” as long as they have nothing to do with cryptocurrencies.
- The infrastructure, BSN-Distributed Digital Certificate (BSN-DDC), provides application programming interfaces for businesses or individuals, enabling them to build their own user portals or apps to manage NFTs. Only the Chinese yuan may be used for purchases and service fees.
- Red Date Technology, the firm behind the Blockchain Services Network, announced in October last year that it would launch the infrastructure in China by the end of this month.
- The Red Date CEO said at the time that NFTs will be widely used in China in the next five years, but the government doesn’t want the technology to be associated with crypto or running on public, permissionless chains.