Forkast.News is now Forkast Labs

Articles by

Kelly Le

As a journalist, Kelly has covered stories at South China Morning Post, People's Daily, and Beijing News. She received a Master of Journalism from the University of Hong Kong, and a B.A. in TV Editing / Directing from the Communication University of China in Beijing. 

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July 2021

Bitcoin mining difficulty rising again as miners resettle and get back to work

The global Bitcoin hashrate is now on an uptrend as miners pushed out by China resettle on friendlier shores and resume investing big money in mining equipment.
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Chinese authorities swoop on 380 suspected crypto and wire fraud groups in 1H 2021

Wire fraud, including cryptocurrency-related fraud, becomes fastest-growing crime as scams — some even involving China’s digital yuan project — proliferate.

Friends may forgive debts, but WeChat’s new blockchain IOU won’t let anyone forget it

China’s internet giant Tencent launched a blockchain-based digital IOU service on its flagship product WeChat, one of the nation’s most popular apps for messaging and payments.  Fast facts Aside from Wechat’s existing “mini receipt” and “mini contract,” Tencent says its new IOU function would allow friends to borrow money more easily from each other, according […]

Crypto mining rig giant Bitmain divests from AntPool, the world’s biggest mining pool

Bitmain’s move comes amid China’s crypto mining crackdowns and AntPool’s shrinking hashrate. Is Bitmain gussying up for an IPO?

Chinese crypto firms donate millions of yuan to flood-hit Henan

Three blockchain and crypto-related companies have donated hundreds of millions of yuan to China’s Henan Province, which has suffered deadly floods since last week. Fast facts Bitmain, a crypto mining firm was the first to announce a donation of 10 million yuan (US$1.54 million) on July 23 to a charity federation in Zhengzhou, the provincial […]

Chinese electricity bills to become payable using digital yuan

A digital yuan wallet app launched by China’s central bank will include an electricity bill payment feature designed by the country’s State Grid, according to Economic Information Daily, a local financial media outlet.  Fast facts Users will be able to pay their electricity bills through the digital yuan app directly and do not need to […]

Shipping network launches blockchain-based cargo app in China

Trade platform the Global Shipping Business Network has launched its first blockchain-based application in China to reduce paper usage and enhance efficiency and transparency in the shipping industry. Fast facts Named Cargo Release, the new blockchain-based app will connect the whole shipping supply chain, including shipping lines, consignees, their agents and terminals.  The app promises […]

Chinese e-commerce giant Taobao sells NFTs at annual shopping festival

Demand for non-fungible tokens appears insatiable as industry distances itself from crypto sector to avoid crackdown.

U.S. senators ask athletes to boycott digital yuan at Beijing Winter Olympics

Privacy concerns prompt call for Americans to avoid e-CNY as lawmakers point to use of WeChat app to ‘surveil, threaten and arrest Chinese citizens.’

China’s digital yuan moves a step closer with smart-contract technology

Central bank in apparent push for adoption ahead of Olympics as it doubles up on warning over non-state cryptocurrencies.
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Chinese crypto news service forced to shutter site

Bishijie’s suspension deprives users of industry news and community forum as Beijing continues campaign targeting cryptocurrency sector.

New crypto mining firms in China now in scramble to leave

The9 and BIT Mining — non-crypto firms that pivoted to crypto mining during Bitcoin’s boom — now seek to ‘expand’ overseas.
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China closes high-profile blockchain center, citing ‘registration’ issues

Closure of center comes despite — or perhaps because of — professional pedigree of crypto exchange founder board members.

Blockchain-based digital invoicing rollout continues apace in China

China’s blockchain-based digital invoicing systems are being increasingly put into large-scale use in major cities and provinces.  Fast facts Blockchain-based digital invoicing is being used in multiple sectors in Hainan Province, China’s only free-trade port. Digital invoicing systems are in use in 2,795 organizations, including courts, schools and banks, according to Securities Daily, a Chinese […]

Software firm Meitu loses US$17.3M on Bitcoin

Higher value of Ether investments softens blow to value of Bitcoin holdings.

Chinese ‘smart city’ to give away 3 million e-CNY to promote exercise

The Chinese city of Xiong’an, a prototype so-called smart city, has launched a new round of digital yuan giveaways. Fast facts Unlike previous giveaways, which have been based on a lottery system, authorities are handing out 3 million yuan in e-CNY based on the number of steps people walk in a bid to encourage fitness. […]

June 2021

Chinese cities roll out digital yuan to public transport networks

Adoption of e-CNY for urban transport networks marks first step in wider introduction of state-backed digital money.

Special Series, Part 3: Digital dragons and digital dollars

In the last installment of a 3-part series on blockchain in Asia, Forkast.News examines: Everyone knows money has value. But does it also have ‘values’?
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China’s Agricultural Bank launches fintech center in ‘smart city’ of Xiong’an

Agricultural Bank of China has set up a fintech innovation center in Xiong’an, a model for a so-called smart city.

Huobi bans users in China, Taiwan from crypto derivatives trades

Chinese cryptocurrency exchange Huobi has stopped providing crypto derivative trading services to users in China and Taiwan.

Special Series, Part 2: China lays digital groundwork for a new Silk Road

How China’s deployment of the digital yuan intertwines economics with geopolitics and concrete with virtual infrastructure, from Cambodia to the Caribbean.
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Hong Kong to press ahead with digital dollar, e-CNY plans

Hong Kong’s financial secretary has reiterated the city’s determination to develop digital versions of the Hong Kong dollar and the mainland Chinese yuan.

Special series, Part 1: China bets on the blockchain

Long before most governments, the Asian superpower saw the potential in Bitcoin’s technology to spawn the next internet and a new form of money.
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China sets out stall with digital yuan. Here comes the sales pitch

Urged on by the authorities, banks have wasted little time in putting e-CNY infrastructure in place, but now comes the hard part — getting people to use it.

China’s Ant Group launches blockchain-boosting transmission network

Ant Chain, Ant Group’s technology brand, has launched a new blockchain communication technology at Ant Chain’s first developer conference.

Chinese payment giant Alipay starts selling NFTs

Chinese payment app Alipay has started selling non-fungible token artwork, finding buyers for a combined 8,000 editions of two artworks within one day.

Chinese crypto miners head west as Beijing’s crackdown gains pace

Kazakhstan offers nearby bolthole as North America and Europe beckon.
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Over 3,000 ATMs in Beijing now support digital yuan withdrawals

Two of China’s largest state-owned banks, the Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC), are now offering two-way exchange between fiat cash yuan and e-CNY digital currency through more than 3,000 ATMs in Beijing, according to reports in local media.  Over 3,000 ATMs in Beijing managed by ICBC […]

As Shanghai gives away digital yuan, we hit the streets with a man spending it

Money may be easy to part with when it’s free, but as Shanghai’s first experimental e-CNY giveaway shows, it’s not so easy finding shops to take it.

China’s public Chang’An Chain gets upgrade to accelerate processing

Chinese homegrown public blockchain platform Chang’An Chain has been equipped with 96-core blockchain-specific chips, and 23 companies joined its ecosystem yesterday.

Ant, Ping An, Tencent Cloud win top slots in Chinese blockchain ranking

Ant Group, Ping An Group and Tencent Cloud ranked as the top three among 50 leading Chinese industrial blockchain enterprises in 2020.

Hashrate drops as Chinese crypto mining ban extended to more provinces

Cryptocurrency mining prohibition in Xinjiang and Qinghai follows Inner Mongolia ban.
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Saudis lead $30M Series A for China nationwide blockchain network manager

Beijing-based Red Date Technology — the face of China’s ambitious nationwide blockchain service network — receives a big investment boost.

China’s biggest crypto exchanges blocked from internet searches, social media

Huobi, OKEx and Binance have been blocked by the country’s most popular internet search engines and social media platforms.

Smartphone giant Huawei doubles down on blockchain technology

Following blockchain’s mention as a next-wave technology in China’s five-year plan, Huawei unveils applications for government and in-house services.

Shanghai in US$3M e-CNY windfall ahead of Dragon Boat holiday

Following a digital yuan giveaway announced for Beijing last week, Shanghai will distribute 350,000 red envelopes to people across the city during next week’s Dragon Boat Festival.

Weibo blocks crypto accounts as Chinese clampdown continues

Microblog platform Weibo has blocked more than 30 influential Chinese cryptocurrency-related accounts amid a series of actions by Beijing against crypto mining and trading.

China to give away digital yuan worth US$6.3M in latest e-CNY test

China is set to hand out 200,000 virtual red envelopes, each containing 200 yuan (US$31.30) of the country’s prototype digital currency, to Beijing residents.

May 2021

Bitcoin mining difficulty drops 16% amid Chinese regulatory headwinds

The latest Bitcoin mining difficulty adjustment, made at 1 a.m. UTC on May 30, saw the difficulty of Bitcoin mining drop 15.97%.

Chinese province’s hydropower gives hope to crypto miners following crackdown elsewhere

Energy regulators in the southwestern Chinese province of Sichuan, which has abundant hydropower resources, will hold a seminar on June 2 to assess the province’s cryptocurrency mining industry, fanning hopes among miners that the beleaguered sector may be given a reprieve from its recent hardships in China.

Crypto miner BitDeer blocks China users as Beijing gets tough on sector

BitDeer, one of China’s biggest crypto mining operators, blocked access to anyone using a mainland Chinese IP address last night.

Inner Mongolia takes steppes to tighten crypto mining ban

The Chinese region of Inner Mongolia – once a thriving cryptocurrency mining hub that has recently enacted a series of measures to rein in the sector – has unveiled eight new proposals designed to give added force to its recently imposed, all-out ban on crypto mining.

China’s cryptocurrency mining sector becomes target of fresh clampdown 

Chinese authorities’ latest regulatory offensive against the crypto industry may not be as bad for the sector as it appears.

What will happen if Hong Kong bans retail investors from trading crypto?

Hong Kong is poised to ban small investors from buying cryptocurrencies, while making exchanges get licences. Industry experts discuss how this might play out. 
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Meitu, Chinese crypto-invested firms’ stock slammed by Bitcoin crash

Hong Kong-listed beauty app Meitu and other companies that have invested in cryptocurrencies have seen millions of dollars wiped off the value of their stock following the huge global Bitcoin sell-off this week.

Illegal crypto mining in Inner Mongolia’s crosshairs as reporting hotline set up

The Chinese region of Inner Mongolia is urging members of the public to report all cases of cryptocurrency mining, setting up a reporting hotline, an office address and an email address to solicit tips for law enforcement authorities.

China’s BIT Mining inks deal for U.S. data center joint venture

Chinese cryptocurrency miner BIT Mining has signed a deal to build a data center in Texas.

China Merchants Bank launches US$50M DeFi, dApp fund with Nervos

Privately owned Chinese lender continues to target blockchain opportunities as it remains shut out of Beijing’s digital yuan project.

China’s new digital yuan wallet with fingerprint ID causes privacy worries

Chutian Dragon and IDEX Biometrics offer DCEP digital currency wallets with fingerprint recognition. The companies say the feature enhances security.

Chia mining craze is causing massive hard drive shortages in China

The new self-proclaimed eco-friendly crypto leverages unused disk space — but Chia miners are buying out new hard drives and equipment instead.

China’s banks unveil ATM for foreigners to use digital yuan

China’s DCEP digital currency, not yet officially launched, take another leap forward with unveiling of prototype ATMs that convert foreign money to e-CNY.

April 2021

China’s crypto miners make hard choices to meet climate goals

With Inner Mongolia banning crypto-mining and Xinjiang expected to soon follow, China’s crypto miners are turning to green energy or moving overseas.

Internet giants JD.com and Ant Group deepen support for China’s digital yuan

China intensifies its nationwide digital currency testing via JD.com paying employee salaries in digital yuan and Ant Group’s MYbank offering e-yuan services.

China tightens cryptocurrency oversight with new regulations

Beijing’s new warning against cryptocurrency comes days before regulations aimed at preventing illegal crypto fundraising take effect May 1.

How China’s DCEP digital yuan could reshape geopolitics and change the world

One year after China unveiled a digital currency via testing, its potential for displacing dollar diplomacy is becoming more understood. Is the US worried yet?

Crypto assets should be regulated as “alternative investments”, China’s central bank officials said

China’s central bank is exploring a new stance towards Bitcoin and other cryptocurrencies, now calling them investment vehicles – but not currency

One year after China began testing its digital yuan, China watchers wonder how close it is to launching?

Look for nifty DCEP wallets to make a debut at the 2022 Beijing Olympics

Security exec allegedly steals $45M in Chinese government-owned crypto

A young executive with Beosin, tasked to protect cryptocurrency that police recovered from another crime, allegedly then lost it all in a Bitcoin bet gone bad.

Hong Kong-listed Meitu buys more Bitcoin, now has US$100 million in crypto

Shares are up 75% since the beauty selfie app company began investing in Bitcoin and Ether to try to boost its flagging fortunes.

Will China’s rising crypto crimes prompt tighter regulation?

Rising Bitcoin prices have inspired a wave of crypto-related Ponzi schemes, fraudulent giveaways and other scams around the world — especially in China.

How blockchain can cut down fraud in the wine industry

High-tech solutions like blockchain, IoT, NFC and DLT are increasingly used to authenticate fine wine and detect counterfeits in China and around the world.
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March 2021

China writes blockchain and digital currency into nation’s future

China’s new five-year plan — its blueprint for development — pours resources into ‘new infrastructure’ like blockchain technology and DCEP’s digital yuan.

World’s first major crypto art show opens in Beijing

Headlined by crypto art superstars Beeple and Robert Alice, the in-person exhibit also features works by Chinese artists. Next stop: Shanghai.

Who is really leading the global blockchain patent race?

Boosted by state incentives, companies in China are filing more blockchain patent applications than anywhere else. But how many patents got awarded?

Beauty selfie app Meitu buys another $50 million in bitcoin and ether

Another financially troubled Chinese company turns to blockchain to improve its bottom line — this time, by buying up cryptocurrency a la Tesla.
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What does Weibo’s takedown of Binance & Huobi mean for crypto in China?

China’s Twitter-like platform disabled the crypto exchanges’ accounts on the same day China vowed to ‘crack down’ on businesses that sound like crypto.

China’s bitcoin miners flee Inner Mongolia ahead of crypto mining ban

One of world’s biggest bitcoin-producing regions will soon ban cryptocurrency mining to meet China’s clean air goals. Where will all those miners go?

Non-crypto firms in China jump into bitcoin mining to lift fortunes

Inspired by bitcoin’s boom, companies with no business in crypto are pivoting to cryptocurrency mining. A New York investors lawsuit offers a cautionary tale.

February 2021

The brief, meteoric rise of crypto Clubhouse in China

Now that China’s censors are blocking Clubhouse, what are the popular audio networking app’s mainland members doing? VPNs are the new velvet ropes.
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Hong Kong plans to ban retail investors from trading cryptocurrency

Industry insiders warn that proposed rule to allow only ‘professional investors’ to buy and sell crypto could drive companies to crypto-friendlier shores.

Bitcoin miners seek 2nd hand gear to drive output amid rally

Tesla’s bitcoin dive is recharging an already hot crypto market, worsening the run on new mining equipment and heating up the second-hand rig market.
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China’s BSN will add CasperLabs’s proof-of-stake blockchain to its network

Casper Network goes big on its ‘first of many’ expansion ambitions in Asia by receiving the nod to join both BSN China and BSN International.