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China-Backed BSN to Release Infrastructure This Month to Support NFTs: Report
The move by Blockchain Services Network is aimed at creating a Chinese NFT industry with no link to cryptocurrencies.
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.
Read more: Meet Red Date, the Little-Known Tech Firm Behind China’s Big Blockchain Vision
STORY CONTINUES BELOW
Greg Ahlstrand
Originally from California, I've been Asia-based since 1999, headquartered in Hong Kong and Jakarta and traveling throughout the Asean countries, Japan, Korea, the Chinese mainland and Taiwan for stories. Made Australia a couple of times, too. I started my journalism career as a news assistant at the Fresno Bee in Central California while studying the subject in school after the Navy. I went from launching and recovering helicopters on flight decks at sea to recovering papers fresh off the printer in the Bee's basement and launching them onto the editors' desks, whose editors had long since gone home for the night. Eventually, they let me stop delivering the paper and start writing stuff in it. My first beat was night cops: liquor store robberies, gang shootings, fatal car crashes (almost always alcohol related). It was an education. I am, as implied above, a U.S. Navy veteran. I served in seagoing helicopter squadrons as an aviation anti-submarine warfare technician throughout the Asia Pacific region and the Indian Ocean. I have a significant number of sailor stories to tell. I have no significant crypto holdings. Among my hobbies are welding, building stuff, home remodelling, (or knocking a house down and starting from scratch if it's too far gone to fix), riding horses and rebuilding old tractors. So far I've done a Ford 8N and a Ford 9N. It's slow going, because I live in Hong Kong and the tractors are in California, so I only get to work on them once or twice a year, for a week or two at a time - and that was before covid. I love my Lab, Cooper, whom my neighbors asked me to adopt two years ago when they moved back to Shanghai from Hong Kong. Cooper and I actually planned the whole thing -- we've known each other almost his whole life -- but his first parents are unaware of the conspiracy; and they send him Christmas presents every year.
