In its drive for technological transition and modernization, China is preparing to deploy its own platform dedicated to non-fungible tokens (NFTs). Although cryptocurrencies and mining remain banned in China, the government continues to see great interest in the world of NFTs and the metaverse.
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China announces its own NFT platform
While China continues to toughen its tone vis-à-vis cryptocurrencies and mining, which are now completely prohibited in the territory, the Middle country will very soon celebrate the opening of its own platform entirely dedicated to non-fungible tokens (NFT).
In accordance with the customs of the People’s Republic of China, said platform will be supervised by the government. Specifically, the marketplace, which will be called “China Digital Asset Exchange Platform” (literal translation), will be managed by the companies Art Exhibitions China and China Technology Exchangeboth supported by the government, but also with the private company Huban-Digital.
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A ceremony will be organized on January 1, 2023 in Beijing.the country’s capital, to celebrate the event.
This platform will be used in particular to prevent ” excessive speculation “, in the words of the journalist Yin Tao Xiangyuan :
“Currently, commodities and specific trading rules [au secteur des NFT] are still under study and discussion. For example, there are already requirements regarding trading time and fees, and excessive secondary market speculation can be avoided by formulating standardized trading processes and appropriate standards. »
At the end of last November, the Hangzhou court had officially defines NFTs as virtual goods protected by lawspecifying at the same time that the latter had the same characteristics of ownership as a classic property, namely ” value, scarcity, controllability and negotiability “.
Furthermore, NFTs enjoy a special status in China compared to the rest of the world, since they bear the special designation of “digital collectibles” and not NFTs. Furthermore, it can only be obtained with fiat currencycryptocurrencies being prohibited.
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Source: Sina
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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