China to Launch Blockchain NFT Marketplace Specifically Designed to Protect Cultural Heritage

[blockchainXtech 0]

Although China is taking extremely harsh measures against the circulation of cryptocurrencies in the country, the authorities are very attentive to the development of the digital asset sector. In particular, on January 1, the official opening ceremony of the NFT marketplace platform development will be held, which will be indirectly controlled by the state authorities.

 

Called the China Digital Asset Trading Platform, the platform will be a safe ecosystem protected from hackers and scammers. The stage was together evolved by China Innovation Trade, China Social Relics Trade Center and Huaban Computerized Copyright Administration Center as per nearby regulations and guidelines.

 

Instead of using existing blockchains like Ethereum or Solana, the authorities decided to base the platform on a specially designed China Cultural Heritage Chain blockchain, the development of which was rumored to be initiated by the China Cultural Relics Exchange Center to protect the country's cultural assets in the digital sector.

 

In September last year, China introduced a complete ban on all activities related to crypto assets. Nevertheless, at that time, the country's leadership did not develop a common point of view regarding the classification of NFT marketplace development , which are still in the "gray" zone, where their circulation has already begun. However, the Celestial Empire pays great attention to digital assets, and in terms of the rate of distribution of the local version of the central bank digital currency (CBDC), the country probably ranks first in the world - this currency is also based on blockchain technology.

 

This week, the Chinese authorities took another step towards spreading their own digital currency for those who already use it, offering to send friends and relatives the so-called. digital "red envelopes" in which money is usually given during local holidays.

 

Among the main reasons why China has a negative attitude towards the spread of cryptocurrencies are the volatility of this sector, the relative anonymity of transactions, and, not least, the huge costs of electricity required to conduct operations related to crypto assets. All these issues were repeatedly considered by the Chinese authorities until the trade in crypto-currencies was completely banned, as well as their mining in the country.