China: Bitcoin still non grata, but NFTs are gaining ground

Chinese museums in Web3 – The spine hate bitcoin (BTC), but does she really love NFTs ? This future marketplace bears witness to thegrowing interest cultural and scientific institutions in the country for blockchain and non-fungible tokens.

L’article of last December 28 of the State newspaper China Daily evokes the creation next of a marketplace NFT supported by the Chinese government. Two institutions are involved in the launch of this platform which will allow NFTs to be traded on the secondary markets.

The first is the Chinese technology exchange, which is an institution that public bodies, including the Ministry of Science and Technology and the Chinese Academy of Sciences, were jointly established. The second is the China Cultural Relics Exchange Centerwhich is an institution related to the State Administration of Cultural Heritage.

Within the framework of this project, these institutions collaborate with the company Huaban Digital Copyrights based in Beijing. Technically, the NFT Marketplace will be hosted on a blockchain, which the China Cultural Relics Exchange Center and Huaban were developed. This platform could expose NFTs related to museum creations and other cultural institutions.

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NFT and regulatory uncertainty around the sector in China

This future marketplace would thus suggest that chinese authorities remain open to blockchain and NFTs, despite their aversion to cryptocurrenciesin particular for speculation relating to the latter.

However, the real position of Chinese arouses and regulators regarding NFTs is difficult to grasp in practice. Even this platform that Chinese institutions involve regulatory issues regarding its functionality. Indeed, although the speculation related to NFTs either prohibitedthis market place should however allow its users to exchange the non-fungible tokens, which they will have purchased there beforehand.

Will this NFT platform encourage more Chinese companies to enter the sector? A relatively obscure regulatory framework remains a major obstacle to this type of initiative for the private sector, but the situation is changing gradually for NFTs in China. New, the Hangzhou court has also taken a decision that allows reduce this regulatory vagueness around NFTs in the country.

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