Monday, January 24, 2022

China-backed BSN to launch infrastructure this month to support NFTs: report

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China-backed Blockchain service network will introduce infrastructure this month to support TVN that have no connection with cryptocurrencies, which are banned in China, the South China Morning Post reported Thursday.

  • He Yifan, managing director of Red Date Technology, which provides technical support to BSN, told SCMP that non-fungible tokens “have no legal problem in China” as long as they have nothing to do with crypto -coins.
  • The infrastructure, BSN-Distributed Digital Certificate (BSN-DDC), provides application programming interfaces for businesses or individuals, allowing them to create their own user portals or applications to manage NFTs. Only the Chinese yuan can be used for purchases and service charges.
  • Red Date Technology, the company behind the Blockchain service network, announcement in October of last year that it would launch infrastructure in China by the end of this month.
  • The CEO of Red Date said at the time that NFTs will be widely used in China over the next five years, but the government does not want the technology to be associated with crypto or run on public channels without authorisation.

Read more: Meet Red Date, the little-known tech company behind China’s blockchain grand vision

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