December 30, 2022
By Tsering Namgyal
China does not allow trading of cryptocurrencies like Bitcoin and Ether. But things, according to media reports, is different for digital collectibles or NFTs.
China Daily newspaper has reported that the Chinese government will launch The China Asset Trading Platform, the country’s first digital collectibles marketplace on January 1, 2023. Official ceremony of inauguration of the marketplace is to be held in Beijing.
Here is what we know so far:
- The digital exchange marketplace will allow the trading of NFTs and digital asset copyrights in the secondary market.
- China Digital Asset 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.
- Underlying blockchain of the platform is called “China Cultural Protection Chain.”
- The said exchange will help trade digital collections, digital copyrights, and property rights.
- China widely uses the term “digital collectibles” to describe what is otherwise known as non-fungible tokens or NFTs.
- The marketplace will also be used to trade digital copyrights and property rights along with collectibles.
- While NFTs in China are popular, it cannot be purchased with cryptocurrency, according to the country’s laws. They are referred as digital collectibles not NFTs.
- Earlier this month, a Chinese court ruled that digital assets have similar property rights to items sold on e-commerce sites.
About the author
Tsering Namgyal is the chief content officer of NFTmetta.com.