Blockchain Services Network (BSN), which is backed by the Chinese authorities, will unveil the infrastructure to create non-fungible tokens (NFTs) by the end of January, the South China Morning Post has reported.
According to the publication, the Chinese authorities intend to create their own market for NFTs, unrelated to cryptocurrencies. Yifan He, CEO of Red Date Technology, which provides technical support to BSN, has said:
"NFTs have no legal issue in China as long as they distance themselves from cryptocurrencies like Bitcoin."
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The BSN-based platform will allow Chinese developers to create their own marketplaces and other applications to work with NFT tokens. The only currency for settlements on the platform will be the Chinese yuan.
Yifan has clarified public chains in China are illegal because local law requires all Internet systems to verify the identity of users. Therefore, Red Date Technology is creating an open system that is run by BSN developers.