Allowing users to buy NFTs with fiat money.
Cryptocurrency might be illegal in China, but that doesn’t mean non-fungible tokens (NFTs) have to be.
China is planning to separate the infrastructure used for crypto from the one used to create NFTs so that its crackdown on cryptocurrencies doesn’t harm the country’s NFT industry, a report from South China Morning Post reveals.
To do this, China’s government-backed Blockchain-based Service Network (BSN) is developing a new blockchain infrastructure project that allows individuals and businesses to develop and manage NFTS without using infrastructure developed for cryptocurrency.
China plans to separate the infrastructure used for crypto from the one used to create NFTs. Here’s why.