China is planning to draw a clear line between cryptocurrencies and nonfungible tokens (NFT) — pretty much the same way it did with its digital currency efforts — before the crypto crackdown in the country harms the local NFT industry.
The Blockchain-based Service Network (BSN), a government-backed blockchain project in China, is working on infrastructure that would support businesses and individuals to build platforms and apps to manage NFTs, the South China Morning Post reported.
Officially called the BSN-Distributed Digital Certificate (BSN-DDC), the project aims to support the deployment of non-crypto NFTs by offering application programming interfaces for the development of user portals and apps where fiat money would be the sole payment method. ..
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