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Dec. 29, 2022

China intends to launch China Digital Asset Trading Platform, a state-backed trading platform for NFTs, CoinDesk has reported citing local media.

According to the publication, the ceremony dedicated to the event will take place on January 1, 2023 in Beijing.

The site will reportedly be managed by two state-owned enterprises: China Technology Exchange and Art Exhibitions China, as well as a private company Huban Digital.

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The marketplace will be used to trade digital property rights along with collectibles.

According to the announcement, the underlying blockchain platform is called the China Cultural Protection Chain.

It should be noted that despite the repression against the crypto industry, the Chinese authorities did not prohibit the ownership of digital assets.

A Chinese court ruled earlier this month that digital assets have similar property rights to items sold on e-commerce sites, which was seen as an important milestone in their protection.

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