The Republican senators – Mike Braun, Tom Cotton, and Marco Rubio – introduced draft legislation focused on the Chinese digital yuan. The lawmakers are against the financial product and believe it should be banned on American soil. China’s CBDC Should Stay Away From the US The e-CNY – a centralized digital currency issued by the...Read More
China may have banned cryptocurrencies on its territory, but blockchain technology remains a key priority area for the government. Its global ambitions in this space are just taking off with BSN Spartan Network, which is advertised to be open-source and free from the Chinese government’s snooping. BSN’s Spartan Network Blockchain-based Service Network (BSN), a project...Read More
China outlawed Bitcoin mining last May. Exactly a year later, the country has re-emerged as the leading venue for mining operations. A new study revealed underground mining activity in the country had catapulted it to second place globally in terms of installed mining capacity. China’s Apparent Comeback Cambridge Centre for Alternative Finance (CCAF) reported the...Read More
China’s messaging app giant – WeChat – reportedly enabled digital yuan settlements on its platform. The service is available in all of the 23 regions where the financial product is being trialed, including Beijing and Shanghai. According to recent coverage, the biggest messenger application in China – WeChat – allowed clients to facilitate transactions in...Read More
Accounts involved are associated with mostly small and medium-sized NFT exchanges. Due to the all-sweeping ban on cryptocurrency in China, most NFTs trading is completed via the Chinese Yuan. Bitcoin Is Done, How About NFTs? WeChat, the monopolistic super app that has over 1.2 billion users in China, has banned over ten accounts implicated in...Read More
The Shanghai Public Security Bureau and the Yangpu Public Security Bureau conducted a joint investigation on pyramid schemes using cryptocurrencies. Shortly after, the authorities busted an online platform, which drained nearly $16 million in digital assets from its victims over the years. Shanghai’s First Cracked Crypto Pyramid Scheme According to a local report, the organization...Read More
Visa and Mastercard joined the growing list of western financial companies that announced plans to withdraw from Russia. Looking for alternatives, the nation’s central bank said it has turned to China’s UnionPay system. President Vladimir Putin launched a “special military operation” against Ukraine less than two weeks ago, which still continues until this day with...Read More
The American politician serving as the junior United States Senator for Texas – Ted Cruz – said he is a bitcoin supporter because the authorities cannot control it. He opined that China imposed its total crypto ban for the same reason. In addition, he opposed Justin Trudeau’s Emergency Act, by which the Canadian government froze...Read More
Chinese courts will now issue jail sentences if individuals engage in fundraising activities via crypto from the public. New Guideline: Crypto Fundraising, A Punishable Offence After an intense crackdown on trading and mining, China is taking its anti-crypto stance to another level. For the first time, the Chinese Supreme People’s Court has announced amending the...Read More
Everyday transactions with China’s digital currency during the Beijing Olympic Games account for around 2 million yuan (approximately $315,000), a top official at the nation’s central bank said. He further revealed that foreign users employ hardware wallets when dealing with the product, while locals prefer software wallets. Digital Yuan Transactions During The Games China’s name...Read More
Central bank digital currencies have become among the most popular topics of discussion among governing monetary bodies as they are trying to find a way to reduce the impact of private cryptocurrencies. However, IMF’s Managing Director believes that each country has to follow its own route as one type of a CBDC will not work...Read More
We saw the publishing of technical research and open-source code that could be the groundwork for digitizing the greenback. There were no definitive plans to develop a CBDC mentioned in the paper as any decision must pass Congress first, according to reports. On Feb. 3, executive vice president at the Boston Fed, Jim Cunha, said:...Read More
The American fast-food company partnered with Humberto Leon – Co-Founder of fashion brand Opening Ceremony – to create a zodiac collection in the Metaverse. The initiative will honor the Lunar New Year (China’s most significant festival from February 1 to February 15). McDonald’s Joins The Metaverse With its newest endeavor, the US fast-food chain enabled...Read More
The public security bureau of Chizhou city in the eastern province of Anhui has frozen six million yuan or nearly $1 million worth of crypto assets and arrested eight people for defrauding its investors since last year. Rug Pull Crypto Scam Chinese authorities have arrested eight in a rug pull scam involving 50 million yuan...Read More
The non-fungible token universe and blockchain-based games seem to have their own macro events that affect their growth. A set of reports by the analysis company DappRadar revealed that the number of NFT trades continues to increase gradually despite the adverse price movements in the digital asset industry. Additionally, the interest in blockchain-based games is...Read More
Reports emerged indicating that the Chinese officials are keeping a close eye on cryptocurrency activities and are applying innovative strategies to tackle virtual currency money laundering. “An Important Breakthrough” According to the Chinese state-owned broadcaster, CCTV (controlled by the CCP), the country’s Ministry of Public Security has solved 259 cases that involve cryptocurrency money laundering....Read More
China’s state-backed Blockchain Services Network, which saw the light of day two years ago, plans to launch a new platform supporting non-fungible tokens. However, the nation reaffirmed that it will have nothing to do with cryptocurrencies. It’s no secret anymore that China wants to be as far away from crypto as possible, evident from the...Read More
China’s leading messaging application – WeChat Pay – will reportedly begin supporting the e-CNY. The app has more than one billion users, meaning the initiative could significantly boost the distribution of the digital yuan. WeChat Adopts Digital Yuan Payments According to a recent CNBC report, WeChat Pay – a multi-purpose messaging and mobile payment app...Read More
The People’s Bank of China launched a pilot version of its digital yuan wallet application on mobile phone app stores. This is another effort marking the nation’s desire to be the first to develop its own central bank digital currency (CBDC). China’s Most Recent CBDC Push According to a recent tweet by the local news...Read More
The metaverse narrative continues to boil, and the latest mention comes from a point of high authority. China’s biggest city appears to be getting serious about it. According to a CNBC report, Shanghai is eager to tap into the potential of what many believe to be the next-gen internet. Local authorities have issued development plans...Read More
The Chinese government has gone out of its way on the crypto crackdown. Despite this, the industry has evolved tremendously and continues to capture the imagination of many. Joe Tsai, who happens to be the executive vice-chairman of the Chinese e-commerce behemoth, Alibaba Group, is the latest to share his feelings on Twitter in three...Read More
DeBank – a crypto wallet for tracking decentralized finance applications – recently closed a multi-million dollar funding round led by fintech venture capitalist firm Sequoia China. This brings the defi wallet’s valuation to over $200 million. Debank announced its newly acquired funds in a tweet on Tuesday. Other companies that contributed to the funding round...Read More
One of the leading altcoin exchanges in the Chinese region – MEXC Global, formerly known as MXC, revealed that it will be retiring Chinese users’ accounts by the end of December 2021. In a detailed Twitter thread, one of the leading Chinese altcoins exchanges, MEXC Global, which was previously called MXC, announced that it will...Read More
Chinese internet behemoths are racing to the metaverse. Baidu, for one, is fairly confident that its metaverse app will take at least six years to fully launch. However, as the tech giant eyes to explore more, it will not add support for digital assets on the app. Baidu’s Metaverse World While speaking at the “Create...Read More
Xinhua News Agency, a Chinese state-run media company, has revealed that it will soon issue China’s first “news digital collectibles” in the form of non-fungible tokens (NFTs), Xinhua Launches NFT Collection In an official announcement on Wednesday, Xinhua will issue a total of 110,001 copies of unique photographs taken by journalists in 2021. According to...Read More
The hottest new trend in the cryptocurrency industry – GameFi – operates on a play-to-earn model. Earnings via games can be very effective. But not everyone is a fan of it. One such example is Dash Huang – CEO of TapTap, a popular Chinese game distribution platform, who believes that the current blockchain Play-to-Earn games...Read More
China is leaving no stones unturned in promoting the usage of digital yuan while ensuring a crackdown on the Bitcoin and cryptocurrency industry. According to the latest report, China is gearing up to establish a digital asset exchange in its sprawling capital of Bejing. The guidelines issued by the State Council also mentioned that Beijing...Read More
The government of China removed Xiao Yi – an official representing the Jiangxi province – from his post after he violated the country’s digital asset policies. According to the prosecution, he illegally supported some cryptocurrency mining businesses. China Sends a Strong Signal that Crypto Mining Is Forbidden A recent report by the South China Morning...Read More
One of the largest Chinese e-commerce platforms – JD.com – has reportedly enabled its customers to use the digital yuan for payments during the shopping festival – Singles Day. JD Embraces The Chinese CBDC Even though China’s central bank digital currency has not officially rolled out nationwide, the local leading retail company – JD –...Read More
The major digital asset exchange – Huobi Global – revealed it will shut the accounts of all Singapore-based users by March 31, 2022. The company will also start closing its doors for new customers. China And Now Singapore According to an official announcement on its website, Huobi Global will stop providing cryptocurrency services to clients...Read More
