• BSN Network will create an NFT project to create tokens without cryptos.
• China continues to fight cryptocurrencies as the market recovers its value.
Almost a year after the massive regulation against cryptocurrencies in China, the popular government is back in the trend by acting for NFT trading. According to reports, the East Asian country plans to accept non-fungible auctions without being linked to cryptocurrencies. In this way, the country would avoid damaging the virtual auction trade without making its anti-crypto laws more flexible.
However, crypto trading specialists and NFTs believe that meeting China’s goal will require creating a complex project that separates the schemes. BSN, a network of Blockchain solutions supported by the popular government, would be behind the non-fungible project.
China tries to stay with NFT auctions, but not with cryptocurrencies
Non-fungible tokens or NFTs are virtual pieces created through the Ethereum Blockchain and have a price linked to the token. Since the first NFT, this market has grown enormously, reaching anti-cryptocurrency countries such as China. However, the Asian regulator has been receptive to the trade, accepting it long not based on cryptocurrencies.
According to reports, the BSN platform is developing an NFT project that allows the creation of virtual tokens without the support of the crypto. The CEO of the company, Yifan He, confesses that the launch of this new project will avoid the blockades against cryptos in the country, allowing the NFT trade to move forward.
China has become one of the top countries engaged in non-fungible trade after they were prevented from accessing cryptocurrencies. After publishing a virtual piece with these virtual auctions, national artists and companies can obtain money.
NFT scheme without cryptocurrencies
BSN, a Blockchain solutions company supported by the popular government, will soon launch its NFT scheme named “BSN-DDC.” The project consists of creating non-fungible tokens, where the Chinese Yuan will cover gas rates in local currency.
In this way, BSN ensures that the NFT trade in China will function under the country’s restrictions against the crypto industry. However, for the new NFT scheme to be possible, the company must integrate at least 10 Blockchains such as WeBank’s Fisco Bcos and Ethereum. BSN will serve as a bridge between the Chinese and the NFT trade, so everything works.
Government regulators could develop other Blockchain technologies to fight against the decentralized marketplace. These announcements by the BSN do not affect NFT trading, much fewer cryptocurrencies. The market is recovering after weeks of a bearish streak.
The NFT trade promises to take 2022 hard and welcome new companies willing to dabble in auctions. Simultaneously, cryptos could hit new all-time highs as their global adoption intensifies.