Despite China’s anti-crypto stance, this UN-backed project suggests that the Communist country may be looking for other ways to get involved with NFTs.
Chinese entertainment conglomerate Tencent has been approved by the United Nations to lead a project exploring the creation of a standard technical and security framework for non-fungible tokens .
The project, dubbed a “technical framework for DLT-based digital collection services” will be the world’s first U.N.-approved standards initiative for NFTs,The U.N. agency for information and communication technologies, The International Telecommunication Union approved the project, which is expected to complete an initial draft by the end of 2022, according to aCurrently, any recommendations advised by the ITU only become mandatory and enforceable when nations adopt them as law.
“The international standard aims to specify the technical architecture, technical flows, functional requirements, and security requirements for blockchain-based digital collectibles,” wrote Tencent in a statement released on Tuesday. “It could help drive a consensus and common understanding around the world on the formation of a technical framework for digital collection services.
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