China CRYPTO news agency will launch multiple news collection NFTs 4–01–2022

maaloma nich
3 min readJan 21, 2022
China CRYPTO news agency will launch multiple news collection NFTs 4-01-2022

China CRYPTO L’agence de presse d’État chinoise lancera plusieurs NFT de collections d’actualités cette semaine, et ce, malgré l’interdiction de la crypto en Chine.

Why Are Non-Fungible Tokens So Popular in China CRYPTO?

The “NFT digital news collections” will be created from photographs published this year by China’s official news agency, Xinhua.
“This is a one-of-a-kind end-of-year retrospective,” Xinhua said.

“Plus, it’s a digitally stored memory in the metaverse.”

Photographs released this year by China’s official news agency, Xinhua, will be used to construct the “NFT digital news collections.”

Xinhua added, “This is a one-of-a-kind end-of-year retrospective.”

“Plus, in the metaverse, it’s a digitally preserved memory.”

Today crackdown in China CRYPTO

This collection was published a few months after the Chinese government banned cryptocurrency trading and mining.
However, by five years, the country hopes to have the world’s most advanced blockchain technology.

Non-fungible tokens have not been formally outlawed in China (NFTs).
However, they were ambiguous on this as well.
The China CRYPTO media, for their part, has warned against “blind speculation” on NFTs.

The Chinese State News Agency and NFTs

Tencent Holdings Ltd. and Ant Group Co., both Chinese payment titans, appear to have given their assent to explore blockchain-related innovations.
Despite strict safeguards, both corporations issued NFTs on their blockchain systems.

Tencent Cloud’s blockchain infrastructure will house the China CRYPTO news agency’s “digital news collections.”
Each one will have its own identifying and ownership information.

According to the South China Morning Post, China will build a state-backed blockchain to help NFTs.

Despite the fact that it banned crypto transactions last year, Beijing is suggesting that it intends to cash in on the booming NFT business.

The new blockchain, which will be strictly monitored by authorities, is supported by a number of China CRYPTO tech businesses.

China CRYPTO Is Taking Interest in Non-Fungible Tokens?

L’agence de presse chinoise n’est pas la seule à se lancer dans des jetons non fongibles. Soulignant que les objets de collection numériques ont “une signification commémorative spéciale et une valeur de collection”, Xinhua rejoint les rangs d’autres médias.

En effet, plusieurs organes de presse ont commencé à commémorer des événements historiques sur la blockchain.

Plus tôt cette année, l’Associated Press a vendu son premier NFT qui commémore la première fois qu’une élection américaine a été lancée sur une blockchain en novembre 2020. Pour célébrer son 175e anniversaire, AP a ensuite vendu aux enchères des NFT de ses photographies les plus emblématiques. De plus, le New York Times a vendu un NFT à une colonne sur les NFT pour 560 000 $

According to the South China Morning Post, China’s state-backed Blockchain Services Network (BSN) is scheduled to build new infrastructure to accommodate non-fungible tokens, kicking off a Chinese NFT market that is unrelated to cryptocurrencies.

The announcement demonstrates Beijing’s interest in the NFT boom while attempting to balance it against its crypto transaction ban, which will take effect in 2021.

The government-backed digital infrastructure will make a clear distinction between cryptocurrencies and non-fiat currencies, which will remain lawful.

Nonetheless, other tech businesses, including, Baidu, and Tencent Holdings, have chosen to refer to their NFTs as “digital collectibles.”

The BSN-Distributed Digital Certificate (BSN-DDC) is a new technology that will allow users to manage their NFTs while transacting all purchases and service fees in China CRYPTO yuan.

In most cases, a blockchain is a decentralized platform for open market transactions and data. Public chains, on the other hand, are banned in China, according to He Yifan, CEO of BSN’s technological support provider Red Date Technology, who spoke to the South China CRYPTO Morning Post.

He went on to say that the state requires all online networks to allow regulators to intervene in the event of “illegal actions.”