- China’s state-backed Blockchain Services Network is preparing infrastructure for NFT-like digital collectibles.
- The network will reportedly be incompatible with external NFTs and will not accept cryptocurrency payments.
China has famously come out against cryptocurrency time and again over the years, ramping up its efforts last year as it cracked down on Bitcoin mining. But what about NFTs? A new report out of the country now suggests that China will debut its own state-backed platform for launching such tokenized digital collectibles—with no crypto allowed.
The South China Morning Post reports this week that the state-backed Blockchain Services Network (BSN) is readying permissioned, non-public blockchain infrastructure that will enable the release of NFT-style collectibles under the watchful eye of the government.
According to the report, the platform will not be interoperable with NFTs created on public blockchain networks such as Ethereum and Solana, and will not accept cryptocurrency payments. Instead, the private network will exclusively accept the Chinese yuan to pay for collectibles and platform fees.
BSN will use the term Distributed Digital Certificate (DDC) to refer to its unique brand of state-backed NFTs, per the report, with the platform due to launch at the end of this month.
He Yifan, CEO of Red Date Technology—which is one of the technology firms behind the BSN—told the publication that such collectibles “have no legal issue in China” so long as they are not associated with cryptocurrencies. He added that public blockchains…