The state-backed marketplace will serve as a secondary trading platform for what China refers to as digital collectibles.
The “China Digital Asset Trading Platform,” the country’s first digital collectibles marketplace, is set to be unveiled on January 1, 2023, with an official ceremony celebrating the launch of the marketplace to be held in Beijing, according to a China Daily report earlier this week.
Stay in the know on crypto by frequently visiting Crypto News Today
Designed to be compliant on a national level, the China Digital Assets Exchange is run by the government-backed China Technology Exchange and China Cultural Relics Exchange Center, as well as the Huaban Digital Copyright Service Center, a private corporation.
The new platform will run on an underlying blockchain dubbed “China Cultural Protection Chain,” the China Digital Assets Exchange will facilitate the trading of digital collections, digital copyrights, and property rights.
Per the report, China Cultural Protection Chain is “the only credible depository service platform for tradable digital assets, providing digital asset registration, confirmation of rights, depository, rights protection monitoring, and copyright protection services for institutions and individual users.”
In addition, the platform is partnering with the “Digital Collection Home,” the first metaverse digital collection credit evaluation and aggregation platform in China, developed by Zhongrong Global Holdings Co.
This partnership will reportedly give the platform’s users access to the metaverse and digital collection-related data, content, and other aggregation services.
Next chapter for China’s NFT sector?
China, which cracked down hard on Bitcoin mining and the broader crypto industry last year, widely uses the term “digital collectibles” to describe what is otherwise known as non-fungible tokens (NFTs).
Earlier this year, China’s state-backed Blockchain Services Network debuted a platform for issuing and selling such tokenized digital collectibles—albeit with no crypto allowed, meaning users have to use Chinese yuan to pay for collectibles and platform fees.
Moreover, the speculative aspect of the digital collectibles sector in China has been pretty much restricted until now, with no secondary trading allowed.
The launch of the China Digital Assets Exchange appears to change that, even though cryptocurrencies like Bitcoin or Ethereum will still not be available.
Read More at DECRYPT
Please Read Essential Disclaimer Information Here.
© 2022-2023 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Consider Donating to CryptoCaster℠ Via Wallet Coin/Token Addresses Below.
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt