China’s state-backed Blockchain-based Service Network (BSN) announced the addition of Neo’s Jiuquan Chain to its open permissioned blockchain ecosystem to support the legal issuance of non-fungible tokens (NFTs) in the mainland.
Fast facts
- Jiuquan Chain, powered by China-based Neo, will run as one of the 10 BSN open permissioned blockchains, as part of the BSN Decentralized Digital Certificates (DDC) infrastructure, the BSN announced Tuesday in a statement.
- The BSN DDC network is an infrastructure that allows NFT issuance in China without any cryptocurrency transactions involved.
- Unlike cryptocurrencies, China has not banned NFTs.
- While some state-owned media outlets have issued numerous warnings against the speculative nature of NFTs, some have issued their own digital collectibles.