China wants the yuan to be the only payment method in the local NFT economy.
China is planning to draw a clear line between cryptocurrencies and nonfungible tokens , pretty much the same way it did with its digital currency efforts, before the crypto crackdown in the country harms the local NFT industry.
Underscoring that NFTs have no legal trouble in China as long as they are not used with Bitcoin or other cryptocurrencies, the BSN tech support provider Red Date Technology’s CEO Yifan He said that the upcoming infrastructure would use an open, permissioned blockchain to enable an on-chain governing body.
By enabling a centralized entity to govern the infrastructure and intervene in the event of illegal activity, Red Date plans to create a compliant NFT platform that is fully separated from the regular profile of crypto.
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