Called as the ‘China Digital Asset Trading Platform’, the NFT marketplace is set to launch on the 1st of January.
The Chinese government understands the dangers and safety concerns attached to NFT and crypto marketplaces.
The Chinese government is working on creating an NFT marketplace where users can buy and sell digital collectibles. The China Technology Exchange, Art Exhibitions China, and Huban Digital Copyrights Ltd are developing the marketplace. It will be built on the China Cultural Security Chain network.
Here’s all you need to know about China’s first regulated NFT marketplace:
The Chinese government is taking cautious steps to enter the crypto industry by launching its own state-backed NFT marketplace called the “China Digital Asset Trading Platform.”
The platform will allow Chinese NFT creators and traders to continue participating in the NFT market while being overseen by the government. The forum will be launched on January 1st with a ceremony in Beijing, and it will be built on a new blockchain called the “China Cultural Heritage Chain.”
This announcement comes after the Chinese government banned all crypto-related activities in the country, indicating that they do not want cryptocurrencies to have a presence in China’s financial system. The government is also taking measures to ensure the safety and security of the platform.
About China’s NFT marketplace
China is set to launch its first-ever NFT marketplace, called the “China Digital Asset Trading Platform,” on January 1, 2023. The platform will allow for the trading of digital collectibles, digital copyrights, and intellectual property rights, and will use the China Cultural Security Chain blockchain and the trading instruments and settlement mechanisms of the China Technology Exchange.
In the past, China has had a complicated relationship with NFTs, allowing for their trading but only on highly regulated platforms and not allowing the use of cryptocurrency for purchasing. However, the country has been exploring the use of NFTs in recent months, with the state-owned media company Mango TV announcing plans to launch an NFT platform and a court in China recently recognizing NFTs as virtual property protected by law.
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