In its efforts for technological transition and modernization, China is preparing to implement its own platform dedicated to non-fungible tokens (NFTs). Although cryptocurrency and cryptocurrency mining remain banned in China, the government continues to see great interest in the world of NFTs and the metaverse.
China announces its own NFT platform
As China continues to toughen its tone on cryptocurrencies and mining, which is now totally banned in the territory, the Middle Kingdom will very soon be celebrating the opening of its own platform dedicated exclusively to non-fungible tokens (NFT).
In accordance with the customs of the People’s Republic of China, said platform will be monitored by the government. Specifically, the marketplace, which will be called the “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 enterprise Huban-Digital.
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Published by Editions Larousse
A ceremony will be organized on January 1, 2023 in Beijing.the nation’s capital, to celebrate the event.
In particular, this platform will be used to prevent ” excessive speculation “, in the journalist’s words Yin Tao Xiangyuan :
“At the moment, commodities and specific trading rules [au secteur des NFT] is still under investigation and discussion. For example, there are already requirements for trading hours and fees, and excessive speculation in the secondary market can be avoided by formulating standardized trading processes and appropriate standards. »
At the end of November last year, the court in Hangzhou had officially defines NFTs as virtual goods protected by lawand at the same time clarify that the latter had the same characteristics as a classical property, namely ” value, scarcity, controllability and marketability “.
Furthermore, NFTs enjoy a special status in China compared to the rest of the world, as they carry the special designation of “digital collectibles” and not NFTs. Moreover, it can only be obtained with fiat currencycryptocurrencies are prohibited.
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