China is set to launch a state-backed blockchain platform for digital collectibles trading on January 1, 2023. The platform, called the “China Digital Asset Trading Platform,” will be unveiled at an official ceremony in Beijing. The marketplace will be fully compliant with all necessary government laws and will be regulated by three institutions: the China Technology Exchange, the China Cultural Relics Trade Center, and the Huaban Digital Copyright Service Center.
The platform’s launch will be welcomed by Chinese residents who were previously banned from participating in NFTs (non-fungible tokens). However, as is typical in China, all activity on the platform will be closely monitored by the government.
China Launches State-Backed Distributed Ledger Technology Platform for Trading Digital Collectibles and NFTs
China has announced the launch of a state-backed distributed ledger technology (DLT) platform for trading digital collectibles, or non-fungible tokens (NFTs), digital copyrights, and property rights. The platform, known as the “China Cultural Protection Chain,” will serve as a repository for tradable digital assets, providing registration, confirmation of rights, depository, rights protection monitoring, and copyright protection services for institutions and individual users. In addition, the platform will partner with “Digital Collection Home,” the leading metaverse NFT credit analysis and aggregation platform in China, to provide users with access to the metaverse and NFT collection-related information, content, and other aggregation services. This marks the first time that customers in China will be able to invest in digital collectibles, although only fiat currency will be accepted and no cryptocurrency is allowed.
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