Tag: China

Chinese citizens can now pay for their public transportation fares with China’s central bank digital currency (CBDC) dubbed the e-CNY. Based on gathered reports, China has officially commenced the launch of its next round of CBDC’s pilot testing. For now, the use of e-CNY for the payment of transportation fares is active in several Chinese […]

Payment of salaries and wages in Tether (USDT) is now regarded as illegal in China. In a recent labor dispute lawsuit, the Chaoyang Court of China ruled against the use of USDT in business transactions. Also, the circulation of the digital asset as a currency is now termed illegal.  The court said every business must […]

The Chinese subsidiary of venture capital company Sequoia Capital has reportedly planned to secure $9 billion for four new funds. As per the report by The Information, the company will use these funds to distribute among the development of fintech and crypto startups in China. The report reveals that the fundraiser by Sequoia Capital will cross the […]

One significant local blockchain specialist from China has referred to cryptocurrencies like Bitcoin as a “Ponzi scheme” amid the Chinese government’s ongoing celebration of the sharp collapse of crypto markets this year. The Blockchain Service Network (BSN), China’s largest blockchain project, is being developed by Red Date Technology, whose CEO, Yifan He, has written a […]

China’s most popular messaging and calling app WeChat has reportedly banned crypto-related accounts on its platform. It has updated its rules to limit or ban public accounts on its platform that are involved in any kind of issuance, trading, and financing of digital assets, including NFTs.  Chinese crypto reporter Colin Wu shared the link to the article and […]

As per recent reports, Shenzhen, Guangzhou, and Xiong’an New Area made official announcements that they are issuing free digital yuan “red pockets.” The primary reason behind the free giveaway is to boost local consumption amid the slow growth of China’s economy fueled by mass COVID lockdowns. Free distribution of digital yuan According to the announcement, […]

Despite a blanket prohibition on crypto transactions and foreign exchanges last year in the nation, data from website traffic metric supplier Similarweb shows that Deribit and OKX manage to get huge traffic from China. In the last decade, China has outlawed the use of crypto more than a dozen times. The one imposed in September of last year, though, […]

China is known for its massive crackdown on digital assets. The country’s leading internet giants and social media platforms have updated their policies to limit or ban NFT platforms, citing the absence of a clear regulatory framework and fearing the government’s strict actions. As per the reports, China’s social media giant WeChat removed multiple digital […]

With the Beijing 2022 Winter Olympics’ opening ceremony done and all competing athletes now in China, two members of Congress are warning of the risks of using digital yuan at the games. According to Reuters, Pat Toomey, a Pennsylvania Senator, wrote to Secretary of State Antony Blinken and Treasury Secretary Janet Yellen on Thursday, raising concerns that […]

The best-selling singer-songwriter who hails from Taiwan but is Chinese, Jay Chou, has announced that one of his classic songs would be auctioned off as an NFT. Chou also adds that he is planning numerous NFT collaborations for 2022.  Jay Chou to release multiple NFT projects this year Jay Chou revealed on Instagram that his legendary song […]

Charlie Munger, the famous billionaire and investment legend, backs China’s crypto crackdown and believes that the current climate on international markets is a bigger concern than the 2000s’ dot-com era. He also called the crypto craze an insane situation. While speaking at the Sohn Hearts and Minds conference, Berkshire Hathaway’s 97-year old chairman said that […]

In May, China placed a ban on Bitcoin mining, in a move that meant that mining firms would have to either close up shop or look elsewhere. And as crypto miners went in search of crypto-friendly locations, Kazakhstan was one of the welcoming places. In fact at a point, the government did say mining activities will […]

Authorities in China’s Xiongan New District notified the public of a rampant digital yuan fraud. The authorities mentioned the ongoing fraud’s details in a notice signed by the local government and the Central Bank branch.  It seems that the government is having trouble with the digital yuan and the offshore RMB coin, whose release was covered a […]

The Chinese government has started pressuring state-owned enterprises to stop any cryptocurrency mining activity. China has decided to charge harsh penalties on firms that are involved in higher energy expenses. As per the reports, the National Development and Reform Commission (NDRC) spokesperson, Meng Wei, during a press conference, said that as the country’s top economic manager, […]

A Chinese official has reportedly been barred after allegedly abusing his administrative powers to undermine a standing political order of his party — the Chinese Communist Party CCP. Chinese Official Expelled By Central Committee Identified as Xiao Yi, the man who is also a high-ranking provincial official from Jiangxi province of China was  expelled by […]

In accordance with Singapore’s cryptocurrency regulations, Huobi Global has announced that it will be closing all of its local accounts. By March 31, 2022, one of the world’s biggest digital currency exchange will have to shut doors for new customers and terminate accounts. According to a company announcement on their website on 9 November, Huobi […]

Earlier today, the Huobi Group cryptocurrency exchange announced that it would be shifting its spot trading operation from Seychelles to Gibraltar. According to a Bloomberg report, the organization has been given permission by the Gibraltar Financial Services Commission (GFSC) to transfer its operations to a related firm, Huobi Gibraltar. Huobi is a major cryptocurrency exchange […]

Despite the mining ban by China that saw Bitcoin hashrate dip 50% this year, the asset has now retraced back to its former levels. According to the latest estimates, Bitcoin hashrate is now back at the same levels it was back in May, just before China pronounced the ban on Bitcoin mining industry. Bitcoin Hashrate back […]