Reportedly China planned to launch its NFTs trade platform at the new year party.
China is a tech-adaptive country but its Inclination toward the Crypto sector is not adaptive. In mid of 2021, China announced a national Crypto ban & kicked out all the Crypto-related services provider companies from the country. Many experts believe that China imposed ban on cryptocurrencies to make the adoption growth of its national Central Bank Digital Currency (CBDC), or say, Digital Yuan, successful.
Recently a local Chinese media reported that China is planning to launch a fully regulated NFTs trade platform on 1 Jan 2023.
The newly built platform will run on Wenbao Chain, a blockchain network owned by Art Exhibition China.
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According to available details on this project, the state-owned Chinese technology exchange, the state-owned Art Exhibitions China, and Huban Digital Copyrights Ltd contributed together to build this NFT platform.
In short, the Chinese NFT trade platform will be more likely to the usual NFTs marketplace but there will be no involvement of Cryptocurrencies, as cryptocurrencies are banned in this country.
Reports confirmed that every Chinese institution & individual can register to the platform for the copyright protection service. Under the existing Crypto ban provisions, trading of NFTs assets is a speculation based activity & Chinese government announced a dedicated NFTs trade ban in early 2022. So probably here the new NFTs trade platform will be something different, where the value of NFTs collectibles will be under another standard regulation.
Chinese CBDC adoption plunges
China introduced its digital Yuan for retail users in late 2021 and in Q4 2021 People Bank of China reported that its digital Yuan was getting a significant adoption rate.
But a few recent reports noted that Digital Yuan struggled badly in terms of adoption rate among the citizens, despite following a better strategy to push people to use Digital Yuan as an alternative of Cash for daily life payment purposes.
Read also: Non-US customers don’t want their private details in FTX bankruptcy filing
China will welcome the NFTs marketplace on 1 Jan 2023
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