Beijing to Unveil Its Version of ‘NFT’ Marketplace
Source: Lucas/Adobe The Chinese government has announced plans to launch its own version of a state-backed “non-fungible token (NFT)” market place . But Beijing won’t be using blockchain to power its platform. And it wants to do away with crypto as the market place ’s currency – in favor of fiat. Last month, the Hangzhou Internet Court ruled that virtual items such as NFTs can be legally recognized as property. And now, the China Daily reported, Beijing will launch the China Digital Asset Trading Platform (literal translation). The government says that the platform will go live on January 1. Beijing says it will become an official “secondary market for digital assets that comply with national regulations.” China has effectively banned crypto trading. And that has meant that conventional NFT trading has become almost impossible in the nation. In the rest of the world, NFTs are minted on blockchain networks, where they can be t...