China fears that due to its policy of restricting cryptocurrencies, its loss of advantages relating to the expansion of NFTs will continue. For this reason, before the crackdown hits the NFT sector, the country wants to react. Indeed, he wants to make a clear distinction between cryptocurrencies and NFTs.
A better openness for NFTs
the South China Morning Post reports that the Blockchain-based Service Network (BSN), a government-backed blockchain project, is developing systems to help companies and people build platforms and applications to administer NFTs. Officially known as BSN-Distributed Digital Certificate (BSN-DDC), the project wants give more value to NFTs by launching application programming interfaces.
For the realization of this project, the government is counting on the participation of several companies, including Red Date. The group’s role is to oversee the infrastructure that will be put in place and to monitor compliance with established standards. Additionally, Red Date will ensure that the network is as open and accessible as possible to all eligible individuals.
Yifan He, CEO of BSN tech support provider Red Date Technology, said the upcoming infrastructure will use blockchain to make channel governance easier. “Public channels cannot be operated legally in China,” he mentioned in an interview.
It should be stressed, however, that it is not because China wants to be more open with NFTs that it will accept cryptocurrencies. Indeed, in June 2019, the People’s Bank of China revealed that it will prohibit all domestic and foreign cryptocurrency exchanges from offering services to the inhabitants of the country.
China will continue its crackdown on cryptocurrencies. However, it will adopt a better policy with NFTs due to the development that this sector has experienced in recent years. The country will contribute to the expansion of NFTs.
Source: investing
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in 2017 on a few cryptos only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.
