China opens first digital asset ‘market’

China opens first digital asset ‘market’


2023-01-03 18:51:43

Illustration – Getty Images

Officially known as the “China Digital Asset Trading Platform”, the NFT “marketplace” will launch in Beijing on January 1, 2023. It will act as a secondary market allowing users to trade digital rights, property rights and collectibles in the virtual space.

According to the report, it will be operated by the state-owned China Technology Exchange, in partnership with China Art Exhibition and private company Huban Digital.

According to reports, the underlying blockchain of this NFT platform is called the “Chinese Cultural Protection Chain”.

Typically, a blockchain is a decentralized platform for transactions and information on the open market. However, public chains are illegal in China because the state requires all internet systems to verify users’ identities and allows regulators to intervene in the event of illegal activity. .

Despite always expressing a cautious stance on cryptocurrencies, China was one of the first countries to embrace the NFT industry. In 2021, Beijing banned all cryptocurrency trading, and urged people not to participate. As a result, NFT has become extremely popular in the country.

This past November, China’s Hangzhou Internet Court ruled that NFTs are virtual assets protected by law because they carry the characteristics of property rights such as value, scarcity, controllability, etc. and transaction capabilities.

According to RT

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