China Shows Increasing Reception to NFTs

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Written By Guest User

  • The Chinese government continues to develop the infrastructure and legal precedent to support NFT creation while dismissing public cryptocurrencies such as Bitcoin and Ethereum.

  • The Blockchain-based Service Network (BSN), an organization supported by the PRoC, has revealed plans to offer “application programming interfaces for businesses or individuals so they can build their own user portals or apps to manage NFTs.”

  • He Yifan, chief executive of Red Date Technology (a supporting company to the BSN), stated that NFTs “have no legal issue in China” as long as they distance themselves from cryptocurrencies like Bitcoin.

  • The NFTs available to the Chinese public will only be purchasable using the new digital yuan currency.

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