China Plans To Separate NFTs From Crypto

China plans to separate NFTs from crypto through a new blockchain infrastructure, before the crypto collapse in the country wreaks havoc on the local NFT industry. BSN, a state-backed blockchain project in China, is working on infrastructure that will support businesses and individuals in building platforms and applications to manage NFTs, the South China Morning Post reported. Officially called the BSN-Distributed Digital Certificate (BSN-DDC), the project aims to support the distribution of non-crypto NFTs by providing application programming interfaces for the development of user portals and applications where fiat money will be the only payment method. Yifan He, CEO of BSN's tech support provider Red Date Technology, said that the upcoming infrastructure will use a blockchain with legal permission, noting that NFTs have no legal trouble in China unless they are used with Bitcoin (BTC) or other cryptocurrencies. . “Public chains cannot be operated legally in China,” Yifan He said, adding that a reliable, low-cost infrastructure is desperately needed to host all the NFTs in China. He stated that without a nationwide dedicated NFT infrastructure, NFTs could only be deployed on “untrusted” private chains across the country. Red Date plans to create a compliant NFT platform that is completely separated from the normal crypto profile by enabling a centralized entity to manage the infrastructure and interfere with illegal activities. Red Date aims to work with all DDC project partners to make the network as transparent as possible while remaining compliant with Chinese regulations and laws.