Hong Kong to be digital asset rules sandbox for China, says former city regulator
Virtual assets will receive the same regulatory clarity in Hong Kong as their real-world counterparts, says former Hong Kong SFC regulator Angelina Kwan.
China: Zhengzhou City proposes metaverse plan
China’s Zhengzhou city issued a set of policy proposals Wednesday to support metaverse companies, including a 10 billion yuan (US$1.42 billion) metaverse fund.
Hong Kong’s new crypto rules covered by China state TV in rare move from Beijing
Analysts say the move could signal a bull run in cryptocurrencies.
China’s Nanjing city launches state-backed metaverse entity
China’s Nanjing City launched a state-backed organization on Monday to promote and enhance metaverse studies throughout the nation.
Conflux Network, China Telecom unveil blockchain-based SIM card
Conflux Network and China Telecom on Tuesday unveiled their first blockchain-based SIM card, which will be piloted in Hong Kong.
China’s top prosecuting body issues warnings, guidance about country’s NFT market
China’s top legal authority issued a commentary on Monday about the risks and potential in NFTs, highlighting the need for legislation.
China’s Jiangsu Province to expand digital yuan adoption in education sector
China’s Jiangsu Province plans to expand the use of digital yuan to its public education system, as the province seeks to spearhead the country’s CBDC pilot.
China’s Fuzhou City offers cash, subsidies to attract blockchain companies, investment
China’s Fuzhou City on Friday unveiled a raft of policies to attract investment by blockchain-related companies, including rent subsidies and cash awards.
Memecoin frenzy fuels network congestion; China makes a surprise crypto move
Welcome to Forkast IQ, presented by Megha Chaddah, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show:
China’s national blockchain research center aims to train 500,000 blockchain professionals
China’s national blockchain research center was launched in Beijing on Wednesday and plans to train over 500,000 blockchain professionals for the country.
Cryptocurrencies can be used for debt settlement in China: Supreme Court
Cryptocurrencies in China can be legally used to settle basic relations debts such as exchange and labor, according to the Supreme People’s Court of China.
China’s Henan state-owned investment group sets up US$22 mln metaverse fund
Henan Cultural Tourism Investment Group, a state-owned investment enterprise in Central China’s Henan province, has set up a 150 million yuan private equity investment fund to finance metaverse ventures.
Bitcoin, Ether inch up; equities strengthen after phone call between China’s Xi Jinping, Ukraine’s Zelensky
Bitcoin and Ether rose during Asian trading hours on Thursday, while most top 10 non-stablecoin cryptocurrencies by market capitalization declined. Cardano’s ADA token saw the biggest gain.
China’s Changshu city to pay civil servant salaries in digital yuan
State employees in China’s Changshu City will receive their salaries in digital yuan from May, as China’s CBDC expands in daily uses.
Bitcoin, Ether decline; equities fall amid U.S.-China tension
Bitcoin and Ether fell by the end of Asian trading hours on Friday afternoon, together with all top 10 non-stablecoin cryptocurrencies by market capitalization apart from the BNB token. Asian equities declined along with U.S. futures, amid mounting political pressure between China and the U.S. Fast facts See related article: EU green lights MICA but […]
China fines crypto mining rig giant Bitmain US$3.6 million for tax violations
China has fined Bitmain, one of the world’s biggest producers of cryptocurrency mining rigs, nearly US$3.6 million for alleged tax violations, according to the Beijing tax authorities.
Binance denies China ties, says it started relocating staff out of China in 2021
The Binance comments came in response to a Financial Times article that cited internal documents and said the company had close ties with China despite claims it had left the country in 2017 following a government crackdown.
Binance concealed ‘extensive’ ties to China: Financial Times
Binance reportedly hid ties to China for years despite claiming to have left the country following Beijing’s regulatory clampdown in 2017.
China state-owned banks turn crypto-friendly in Hong Kong: Bloomberg
China banks in Hong Kong are offering services to crypto businesses, Bloomberg reported on Monday, as more digital asset firms operate in the city.
China regulator says NFT-related complaints skyrocketed in 2022
Amid the NFT hype in 2022, Chinese buyers’ complaints about NFT scams and price manipulations surged 30,000% to 59,700 from 198 in the year before.
China’s parliament member to propose NFT regulation at ‘Two Sessions’
NFTs have entered China’s Two Sessions, with a delegate to propose an NFT regulatory framework.
China’s WeChat social media giant integrates digital yuan into payment platform
WeChat, China’s leading social networking and payment app, has integrated the digital yuan into its payment network, which may help adoption of the CBDC.
China’s Blockchain Bet
The Chinese “Two Sessions” meetings began over the weekend, and blockchain technology could be at the forefront of Beijing’s vision for growth
Where is China’s digital economy heading? The ‘Two Sessions’ may give some pointers
Look for blockchain, self-reliance in technology discussions in China’s biggest political meetings of the year as China’s President Xi Jinping’s aims to build a digital economy.
China’s digital yuan initiative gets cold reception from Hong Kong visitors
China is promoting digital yuan to Hong Kong visitors, but has not received much enthusiasm so far.
NBA partners Chinese fintech giant Ant Group to launch NFTs in China
NBA will partner Ant Group – Chinese tech giant Alibaba’s fintech affiliate – to issue NBA-themed NFTs and create content on Alipay.
China’s Shenzhen city to stamp data ownership on blockchain
Shenzhen is adopting blockchain technology to safeguard data ownership, as China seeks to build a regulated data economy.
How Web3 in China is taking shape — with ‘Chinese characteristics’
What makes Web3 compelling to many is its promise to shift power from centralized players to individual users, but China is doing the opposite, writes Lily King.
Conflux Network, China Telecom to build blockchain-enabled SIM cards
Blockchain protocol Conflux Network and China’s second-largest wireless carrier China Telecom have partnered to build a “blockchain-enabled SIM card” (BSIM).
China’s international blockchain BSN Spartan gets new push in Middle East, Africa
Red Date Technology, the developer of China’s state-backed blockchain infrastructure Blockchain-based Service Network, has partnered Dubai-based Singularity Innovations to offer blockchain infrastructure services in the Middle East and Africa, as the Chinese blockchain network continues to go global.
Huobi to expand in Hong Kong as it bets on China
Huobi Global plans to expand its operations in Hong Kong, anticipating that Mainland China will soon follow the city’s recent pro-crypto shift, says Justin Sun.
China to set up national blockchain technology research center in Beijing
China has given the go-ahead to set up the National Blockchain Technology Innovation Centre in Beijing to run blockchain research and development, according to local media.
China tech giant Baidu reveals AI chatbot to rival ChatGPT
The AI chat bot party is heating up in China, with Baidu revealing its ChatGPT rival – ERNIE Bot.
China should reconsider its ban on cryptocurrencies, says former central bank official
China’s blanket ban on cryptocurrency trading can have the country miss critical opportunities for technological development, says former PBOC official.
China’s Suzhou city joins other regions in the country seeking to be metaverse hub
Suzhou has laid out plans to attract at least 200 companies in working with VR technology by 2025.
China’s ‘Instagram’ gets NFT makeover with Conflux
Xiaohongshu, or “Little Red Book,” a popular social media application widely described as the Chinese equivalent of Instagram, has integrated layer-1 public blockchain Conflux Network, allowing users to showcase their non-fungible tokens on their profile pages, Conflux announced on Thursday.
China’s Hainan province to step up NFT supervision
Hainan province, a popular tourist destination in South China, published a notice on Sunday vowing to step up oversight on non-fungible tokens, or “digital collectibles,” which authorities said come with risks of fraud, money laundering and illegal fundraising.
China NFT platforms expand into Hong Kong in face of compliance risks on mainland
Hong Kong’s new digital asset-friendly policies could set the city up as the home for secondary NFT marketplaces from China as trading of ‘digital collectibles’ remains a gray area on the mainland.
Markets: Bitcoin inches up, Ether slips; China posts 3% GDP growth for 2022
Bitcoin inched up and Ether slipped in Tuesday afternoon trading in Asia, with most other top 10 cryptocurrencies trading lower on the day.
China’s digital yuan used in securities trade for the first time
See related article: China digital currency transaction volume soars to nearly US$14B Soochow Securities, a Chinese securities firm, enabled e-CNY payments on its mobile application on Monday, marking the first use case of the central bank digital currency in securities market trade, according to state-backed finance outlet China Securities Journal. Fast facts See related article: […]
China’s digital yuan needs WeChat, Alipay to boost adoption, experts say
The central bank rolled out a “red packet” feature for its digital currency, the e-CNY, for the Lunar New Year holiday but it will require help from the tech giants it has bashed to popularize the digital yuan.
Crypto P2E game investments not protected by law, China court says
A Shanghai court ruled that investments in cryptocurrency-powered play-to-earn (P2E) games are not protected by law in China.
China state-backed NFT trading platform to launch on Jan. 1
“China Digital Asset Trading Platform,” a non-fungible token (NFT) marketplace developed by state-owned entities and a private sector firm, has been set for launch on Jan. 1, 2023, state media outlet China Daily reported on Tuesday. See related article: NFTs ruled virtual property in China, its sales protected by law Fast facts See related article: […]
NFTs ruled virtual property in China, its sales protected by law
The Hangzhou Internet Court has ruled that non-fungible tokens (NFT) are virtual properties protected by law, according to the court’s summary of a recent case posted on its official Wechat account on Nov. 29. See related article: China’s diktat against NFT trading spawns an ingenious industry Fast facts See related article: Tencent’s Huanhe allows NFT […]
VPN in China may be at risk as users report connection issues on Twitter
VPN services, a reliable tool for Chinese internet users to bypass the Great Firewall, are reporting connectivity issues in the mainland after anti-lockdown protest content flooded Twitter.
China activists use NFTs, decentralized technology to counter censorship
Many are minting NFTs and posting articles on Matters, a decentralized content-sharing platform, amid protests across China against Covid-19 lockdowns that turned political.
Markets: Bitcoin, Ether gain as China eases Covid rules amid protests; Dogecoin jumps
Bitcoin and Ether both rose in Wednesday morning trading in Asia, with all other non-stablecoin top 10 cryptocurrencies also gaining ground as China on Tuesday said it will relax some Covid rules in response to protests.
NFT images of anti-lockdown protests in China flood OpenSea
Pictures taken from protests against China’s zero-Covid policy across the mainland are now for sale on OpenSea, the largest NFT marketplace, as non-fungible tokens (NFT). See related article: ‘Voice of April’ NFTs highlight Shanghai struggles amid lockdown Fast facts See related article: Bitcoin price follows slide in Asia equity markets amid growing China protests against […]
Bitcoin price follows slide in Asia equity markets amid growing China protests against Covid-19 lockdowns
Reports of civil disobedience, protests and clashes with the police in cities and universities in China are unnerving financial markets in Asia
China’s foreign exchange bureau urges stronger legislation to regulate crypto trade
China should integrate legislation on cryptocurrencies in order to better regulate crypto tradings, said Huang Hui, a deputy director of the Supervision and Inspection Department of State Administration of Foreign Exchange.
China’s state blockchain infrastructure Xinghuo BIF partners Malaysian MyEG to fuel global push
China’s state blockchain infrastructure Xinghuo Blockchain Infrastructure and Facility has signed an agreement with Malaysian digital service provider MY E.G. Services Berhad to own and operate an “international supernode,” as China continues its international blockchain push.
Blockchain without cryptocurrencies: How might China’s BSN change Web3?
By excising cryptocurrencies from the ecosystem, crypto-hostile China could steal a march in enterprise blockchain, says Red Date Technology chief Yifan He.
One country, two systems? Hong Kong seems set to diverge from China on digital assets
Hong Kong seems set to put out a new welcome mat for the blockchain and crypto industries, but will it work after concern about regulatory restrictions convinced many cryptocurrency operators to leave?
China digital currency transaction volume soars to nearly US$14B
China’s central bank digital currency (CBDC) has reached 100 billion yuan (US$13.9 billion) in transactions as of Aug. 31, 2022, the People’s Bank of China said via a verified WeChat account. See related article: Digital yuan tops US$12B transactions in 2022 so far Fast facts See related article: China to speed up, expand digital yuan […]
Shenzhen leads China in cross-border CBDC transactions: report
Companies in Shenzhen in mainland China made up one-third of the transaction volume in a cross-border central bank digital currency (CBDC) bridge pilot project, according to a report by Chinese media outlet 21Caijing, citing Shenzhen’s local financial authority. See related article: Australia Senator proposes regulating Chinese banks in country using e-CNY Fast facts See related […]
China shuts 13 underground crypto trading apps, a year after ban
Regulators also targeted 23 crypto media websites and 440 bloggers.
China’s international blockchain push may face Huawei-like obstacles
China spent billions on its ‘belt and road’ infrastructure network to expand trade so what are its plans for a domestic and international digital infrastructure built on blockchain?
Russia said to consider digital ruble settlements with China
Russia is planning to use its central bank digital currency (CBDC) in testing, the digital ruble, to carry out mutual settlements with China, Reuters reported on Monday, citing a senior Russian lawmaker. See related article: Is cryptocurrency a workaround for sanctions against Russia? Fast facts Anatoly Aksakov, head of the financial committee in Russia’s lower […]
China busts ‘world’s dumbest thieves’ in digital yuan money laundering case
Chinese authorities can track e-CNY wallet transaction history, if warranted, thanks to its ‘managed anonymity’ design.
China says it busted US$5.6B crypto money laundering ring
Chinese police said they have busted a criminal group that used cryptocurrencies to launder 40 billion yuan (US$5.6 billion) as authorities crack down on illicit fund flows in the country. See related article: China lashes out at crypto fraud on World Consumer Rights Day Fast facts Police in Hengyang, a county in China’s southern province […]
China to expand digital yuan trials within its most populous provinces
The entirety of the provinces of Guangdong, Jiangsu, Hebei and Sichuan will be piloting the e-CNY by end 2022, says central bank official.
China says blockchain patent applications make up 84% of world’s total
China’s Ministry of Industry and Information Technology (MIIT) claimed on Tuesday in a news conference that the country accounted for more than 84 percent of the world’s blockchain patent applications, despite the country’s ban on cryptocurrencies. See related article: Ant Group and Tencent obtain the most blockchain patents in China: report Fast facts See related […]
Australia Senator says China’s CBDC may threaten national security
Amid the worsening relationship with China, one Australian Senator is trying to address possible national security concerns that may arise from Beijing’s Central Bank Digital Currency project.
Asia dominates Chainalysis’ 2022 crypto adoption index, China returns to top 10
APAC is leading in crypto use and adoption, according to a new report from U.S. blockchain analysis firm Chainalysis released on Wednesday, with China returning to the report’s top 10 countries for crypto adoption after it fell out of the list last year. APAC accounted for six of the top 10 countries in the index. […]
China’s two systems for crypto: Trading is banned, but virtual assets can be protected
In a decision involving Litecoin, a Chinese court says there are no rules ‘that negate the protectability of cryptocurrency itself as virtual property.’
Filecoin service provider RRMine leaves China for Singapore
Tighter restrictions on cryptocurrency usage in China have prompted leading storage service platform RRMine Global to close its mainland China operations and move its headquarters to Singapore. See related article: China has seen blockchain’s future and it doesn’t include cryptocurrencies Fast facts “As Singapore has been one of the world’s most open economies for a […]
China wants unified QR code systems for digital yuan, central bank official says
China’s central bank is pushing for interconnectivity between its digital yuan and other traditional digital electronic payment tools through universal QR code payments, as the country expands the pilots for its digital currency. See related article: China to speed up, expand digital yuan smart contracts, PBOC official says Fast facts Fan Yifei, a deputy governor […]
China’s non-crypto blockchain
China’s BSN pushes use of its Spartan Network – a non-crypto blockchain – outside of China.
China has seen blockchain’s future and it doesn’t include cryptocurrencies
China’s Blockchain-based Service Network wears two hats in building blockchains: one for business in China and one for everywhere else, but it doesn’t see a role for crypto in either.
China to speed up, expand digital yuan smart contracts, PBOC official says
Mu Changchun, head of the central bank’s digital currency institute, says the agency is developing a platform to review and register smart contracts for e-CNY, the country’s new digital currency in trial.
Director at China’s Securities Regulatory Commission deep-dives into Web 3.0 in new book, a year after China’s crypto ban
Nearly a year after China banned crypto trading and mining, the director of the Technology Supervision Bureau at Chinaøs Securities Regulatory Commission has published a book discussing Web 3.0 and blockchain technology. See related article: Shanghai turns to metaverse, NFTs to counter lockdown economic fallout Fast facts Yao Qian’s book “Web 3.0: Changes and Challenges […]
China exploring blockchain for energy trading
The National Energy Administration (NEA) will explore blockchain-based power trading platforms to facilitate electricity trading between self-contained power generation units and the state and national grids, according to a policy document released last Friday. see related article: The Bitcoin-energy connection intensifies Fast facts see related article: Here’s why Australia can’t use its empty deserts to mine […]