China Will Soon Launch a State Backed NFT Marketplace

Called as the ‘China Digital Asset Trading Platform’, the NFT market place is set to launch on the 1st of January

Careful of new technologies, the Chinese government has planned to enter the crypto industry, walking in with small restrictive steps, the country has decided to launch its very own, state backed NFT marketplace.

This Chinese state backed NFT market place will allow Chinese NFT creators and traders to continue participation in the newly boomed NFT world, however with the Chinese government overlooking them.

According to details, the Chinese Government has named it the ‘China Digital Asset Trading Platform’ and will launch it on the 1st of January. To inaugurate the platform, the Chinese state has organized a launch ceremony that will take place in China’s capital city Beijing. The launch ceremony comes at a time where the country is riddled with COVID 19, thus we can expect it to be attended by only a few people.

The Chinese government understands the dangers and safety concerns attached with NFT and crypto market places, which is why this initiative is aimed at creating a much safer space.

The China Digital Asset Trading Platform will not be able to use popular blockchain technologies such as Etheruem instead the Chinese State has specially designed a new blockchain, named the ‘China Cultural Heritage Chain’.

This major announcement comes months after the Chinese government implemented a nationwide ban on all crypto related activities. While the nation is now building its own NFT trading platform, it seems that they don’t want any cryptocurrencies to penetrate China’s financial world.

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