China has banned cryptocurrencies, but many fall within the popular altcoin category NFTs. Last year, the Chinese government imposed one of the most intense crackdowns in the world, banning cryptocurrency trading and mining. But the Chinese government is tracking and approving other uses of blockchain technology and immutable tokens (NFTs), as long as the technology remains under its control. Detail cryptocoin.com‘in.
This altcoin category is popular in China
This month, Blockchain Services Network, a Chinese state-backed blockchain company, plans to roll out infrastructure that will allow individuals and businesses in China to make, sell and buy NFT. He Yifan, CEO of Red Date Technology, announced the news, explaining that NFTs “have no legal issues in China” as long as they are not tied to cryptocurrencies. Bitcoin banned in China. He also said that China has blocked all public blockchains such as Ethereum, which is used as a public ledger to support and track NFT trading. Instead, the BSN network will use blockchains adapted from Ethereum and nine other platforms that meet regulatory requirements in China. The goal is to ensure that all users verify their identities and allow the government to intervene when “illegal activities” occur.
BSN will also allow users to purchase NFTs using only Chinese yuan instead of cryptocurrencies commonly used to trade NFTs outside of China. Until now, China’s NFT industry appeared to be operating in a legal gray zone. In June, Chinese e-commerce giant Alibaba launched a collection of 16,000 NFT artworks that sold out within minutes via the Alipay mobile payment app. Back then, he was careful to draw the distinction between NFTs and cryptocurrencies. “NFT is not interchangeable or divisible, making it different in nature from cryptocurrencies like Bitcoin,” said a spokesperson for AntChain, a blockchain subsidiary affiliated with Alibaba. In December, the Chinese government had shown signs of warming in NFTs when state-owned news channel Xinhua launched its own NFT collection.
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