Tron’s Founder – Justin Sun – said one of his primary targets is to see TRX becoming an official payment method in five different countries by the end of 2023. He believes one of the nations to embrace the asset could be his homeland China. The ‘Ambitious Goal’ In a recent Twitter thread, Sun raised...Read More
Last year’s industry-wide meltdown has haunted Asian firms as they cautiously plot their recovery. China was once a hotbed for crypto mining and trading. Even after announcing a blanket ban on all digital asset activities more than a year ago, there’s reason to believe that the country may make a comeback in the space. Tron...Read More
On Wednesday, the United States Department of Justice announced an international cryptocurrency enforcement action. The Department arrested the founder of BitZlato – a Chinese crypto exchange involved in servicing financial criminals The DOJ broke the news on Wednesday, alongside representatives from the FBI, OFAC, and the Financial Crimes Enforcement Network (FinCEN). OFAC administers the US...Read More
There’s a crypto study out of South Korea recently of Chinese Bitcoin arbitrage traders and Korea’s “kimchi premium” on Bitcoin prices. Its characterization of the cross-border Bitcoin trade and recommendations miss some key economic foundations. A recently published crypto study by Incheon National University and the Bank of Korea is making the rounds. The authors...Read More
China’s autonomous special administrative region – Hong Kong – reportedly aims to legalize cryptocurrency retail trading and emerge as a digital asset hub. According to the Co-Founder of BitMEX – Arthur Hayes – the state’s vision and crypto adoption could propel a new bull market. What Is on the Agenda? A recent coverage by Bloomberg...Read More
China was emerging as the epicenter of the crypto industry. Within a decade, the country witnessed the spawning of giant exchanges like Binance Holdings Ltd. as well as the biggest Bitcoin mining firms. However, Beijing’s move to ban crypto trading and mining last year seemed poised to douse the entire domestic industry. Hong Kong, on...Read More
Law enforcement agents from Hengyang (a city in the southern Chinese province Hunan) have reportedly busted a criminal group that employed cryptocurrencies to launder 40 billion yuan (approximately $5.6 billion). Over the past several months, China’s authorities halted numerous similar schemes, arresting thousands of people. The ‘Hundred-day Action’ According to a local coverage, the Chinese...Read More
The founder of the cryptocurrency exchange Huobi Group – Leon Li – is said to be in talks with numerous investors regarding selling his majority stake in the firm for nearly $3 billion. Some of those in discussion with him are supposedly Justin Sun and Sam Bankman-Fried. As reported by Bloomberg, the Chinese crypto mogul...Read More
Chinese companies are increasingly focusing their attention on developing the metaverse space. Despite the top-down state control, companies have made big investments in both hardware and software. Taiyi Group is one such organization that has now announced the acquisition of Huobi’s communication tool, dubbed Huoxun. According to a recent report, the goal is to develop...Read More
Huobi’s subsidiary, HBIT, has received a license from the US Financial Crimes Enforcement Bureau’s (FinCEN) Money Services Business Registration (MSB). This will help the cryptocurrency exchange to conduct digital currency-related business in the US in the future. Huobi’s US Push The Chinese cryptocurrency exchange attempted to enter the US market in 2018 but withdrew immediately....Read More
Sequoia Capital’s Chinese subsidiary will reportedly secure $9 billion for four new funds. Those will be distributed towards supporting fintech and cryptocurrency startups in China. According to a coverage by The Information, the venture capital firm’s fundraiser will surpass the company’s initial target of $8 billion. If accomplished, the amount will become the largest capital...Read More
Chinese tech giants join the state-backed efforts in regulating the digital collectibles by voicing support for the “self-discipline initiative” that ensures identity checks on users, adheres to the country’s ban on cryptocurrency and prevents the speculation of digital assets. Tech Giants Tiptoeing In Line With Authorities According to the statement by the China Cultural Industry...Read More
Yifan He, the CEO of Blockchain-based Service Network (BSN), published an article on June 26 referring to cryptocurrencies as the “biggest Ponzi scheme in human history.” He is also the CEO of Red Date Technology, which happens to be one of the founding members of China’s blockchain infrastructure. The article was published in the state...Read More
China has had a rocky relationship with the world of blockchain and digital assets for the past couple of years. Originally a country conducive to mining, trading, and other activities, 2021 led to crackdowns on almost everything, mainly due to high energy consumption and a perceived gateway for operations frowned upon by the government. The...Read More
Despite being known for its anti-crypto stance, China has not banned NFTs yet. Meanwhile, a noticeable interest in “digital collectibles” have recently surged in the country amid the government warning people not to trade any forms of digital assets. Digital Collectibles Rise in Popularity After the all-sweeping crypto ban in 2021, it’s no secret anymore...Read More
The cloud computing division of e-commerce giant Alibaba Group has launched new services for NFT platforms based outside of mainland China. The features Alibaba Cloud will provide include web hosting, digital marketing, and content delivery, according to reports in the SCMP (owned by Alibaba) on June 9. According to an Alibaba spokeswoman, NFT and Metaverse...Read More
In a new report, a central leading group for the inspection work of ecological and environmental protection said that ecological and environmental problems in some of the areas of Xinjiang Uygur Autonomous Region and Xinjiang Production and Construction Corps (XPCC) are still prominent, and are not well resolved. The inspecting team revealed that certain localities...Read More
The Chinese authorities will reportedly give away 30 million yuan ($4.5 million) in e-CNY to Shenzhen’s residents on Monday in a bid to boost its pandemic-hit economy. The latest endeavor has also shown that China continues to push its CBDC and promote the financial product among broad society. A Bid to Revitalize the Local Economy...Read More
Well-known move-to-earn game STEPN announced on Thursday that it will stop offering IP and GPS-related services to users from mainland China, as required by the authorities. The new ban will come into effect on July 15th. Deadline Set on July 15th The Solana-based social-fi application is a mobile platform that rewards users through walking, jogging,...Read More
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
