China Wants NFTs and Crypto Separate

By : Benzinga

Published On: 2022-01-13

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00:57

As Chinese regulators crackdown on cryptocurrency, they don’t want the country to fall behind in the massive NFT boom that’s happening right now. The plan for regulators is to draw a line between cryptocurrency and NFTs, allowing the NFT industry to grow while the government sorts out how it wants to handle cryptocurrencies. Currently, the Blockchain-based Service Network, a government-backed project, is working on creating infrastructure that will help businesses build NFT apps and manage crypto art. Chiefly, it wants to issue non-crypto NFTs as a way to pull the two markets apart. Moreover, the CEO of Red Date Technology, the government’s tech support provider, plans to create a permissioned blockchain that enables an on-chain governing body. As a result, the government hopes to create a public chain that is legal for everyone to use instead of private chains which are deemed unreliable and unsafe. All of these upgrades will allow international businesses to issue NFTs in China without tapping into the crypto market.

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