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Articles by

Ningwei Qin

Ningwei is a Research Associate at Forkast. She focuses on China beat with her previous experiences in major Chinese media of Caixin, CCTV and People's Daily. Ningwei holds a Masters degree in Journalism from the University of Hong Kong.

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March 2022

Hong Kong Exchange to trial digital assets trading in ‘Diamond’ pilot

The Hong Kong Exchange (HKEX) Tuesday revealed plans to launch “Diamond,” a trading platform to pilot digital assets in 2022.  See related article: China’s e-CNY pilot to boost Hong Kong as offshore yuan trading center Fast facts See related article: Hong Kong to propose bill to license crypto exchanges

Xiamen reveals plan to bolster its metaverse, NFT-related firms

Xiamen has revealed its three-year action plan to nurture its cluster of metaverse firms involved in non-fungible tokens (NFTs), VR/AR, chips and related hardware with over 100 million yuan (US$15 million) in revenue, according to the local government’s working plan. See related article: ‘Metaverse’ enters government radar at China’s Two Sessions Fast facts See related […]

Crypto.com, Bybit book tickets to Dubai to set up UAE bases

Singapore-based cryptocurrency exchanges Crypto.com and Bybit have announced that they will be setting up offices in Dubai, as the industry continues its migration towards the United Arab Emirates (UAE).  See related article: As Binance shrinks away in Asia, will it put down roots in the Middle East? Fast facts See related article: Ripple launches first […]

Asian Games set for digital yuan, metaverse pilots, tech firm claims

A Hangzhou-based data firm has confirmed that it is working on the application of the digital yuan and the metaverse in the upcoming 2022 Asian Games.  See related article: China’s digital yuan app now publicly accessible, one step closer to launch Fast facts See related article: 2022 Asian Games in Hangzhou to sell torch NFTs […]

FIFA, Crypto.com set Qatar World Cup sponsorship deal

Adding to its ambitious roster of sports sponsorships, Crypto.com will be the exclusive cryptocurrency trading platform backing the Qatar World Cup after bagging the deal for an undisclosed amount, the international soccer association announced on Wednesday, Asia time.  See related article: Crypto.com discloses details of US$34M hack Fast facts Singapore-based Crypto.com stands to gain massive […]

How an 11-year-old programmer created his own NFT minter

Inspired by the success of Beeple, Miguel Wang created CryptoTigers to generate pixelated tiger images for the Year of the Tiger.

More courts in China accept blockchain-stored evidence

Sichuan and Inner Mongolia are two regions that recently announced their first cases using blockchain-stored evidence, local media reports. See related article: How blockchain technology is shaking up courtrooms in Asia Fast facts See related article: Court in China says trading in cryptocurrency ‘not protected by law’

Asian Games host gets central bank support for digital yuan pilots

The People’s Bank of China and four state departments confirmed their support for bidding regions in the southeastern province Zhejiang to carry out the next batch of digital yuan pilots. See related article: PBOC branch chief seeks clarity on digital yuan as legal tender Fast facts See related article: Hong Kong makes apt testbed for […]

Weibo launches NFT marketplace, allowing users to mint posts

Weibo, a social media platform known as the Chinese equivalent of Twitter with 249 million daily active users, launched its non-fungible token (NFT) marketplace TopHolder on Thursday, allowing users to mint their original posts into NFTs and sell them. See related article: Zuckerberg confirms NFTs coming to Instagram Fast facts Users will need to pass […]

BAYC’s floor price surpasses 100 ETH since ApeCoin launch

Bored Ape Yacht Club’s (BAYC) floor price surged to 106.5 ETH since the launch of ApeCoin, while its spin-off collection Mutant Ape Yacht Club’s (MAYC) floor price rose to 23.65 ETH at press time. See related article: Bored Ape Yacht Club teams up with Animoca Brands to develop play-to-earn game Fast facts The ApeCoin launch […]

China lashes out at crypto fraud on World Consumer Rights Day

No more Burger King, Nike and Muji. This year’s annual focus on marketplace abuse names and shames crypto scams.

Vogue NFTs for humanitarian aid in Ukraine list on OpenSea

Vogue Singapore and Vogue Ukraine have listed a non-fungible token (NFT) collection “Fashion for Peace” on the OpenSea marketplace to raise funds for humanitarian relief efforts in Ukraine.  See related article: Two sides to every coin: Crypto as a weapon in the fight for Ukraine Fast facts See related article: Ukraine to launch NFT ‘museum’ […]

Chinese video streamer MangoTV NFT sells out in seconds

MangoTV, a Chinese video streaming platform with 50.4 million subscribers, launched its non-fungible token (NFT) marketplace on Monday, as its first batch of collectibles sold out within seconds since opening.   See related article: China plans crackdown on illegal fundraising in metaverse, NFTs Fast facts MangoTV is owned by the state-backed Hunan Broadcasting System and is the […]

Japan urges crypto exchanges to comply with Russian sanctions

Japan’s Financial Services Agency and Ministry of Finance jointly announced penalties on crypto exchanges that do not comply with sanctions on Russia following its invasion of Ukraine, following G7 vows to tighten crypto sanctions. See related article:  Russians turn to crypto as Western sanctions hit the ruble Fast facts See related article: Russia faces crypto […]

L’Dezen auctions physical and NFT earrings for owner and avatar

A pair of diamond earrings designed by luxury lifestyle brand L’Dezen and its non-fungible token (NFT) counterpart sold for 3.27 ETH (US$8,205) at an online auction on Saturday at Ethereum-based marketplace Digital Twin.  See related article: How high fashion is waking up to blockchain’s possibilities Fast facts The winning bidder will receive the physical jewelry […]

Hangzhou company claims city will likely win digital yuan pilot bid

An anonymous company based in Hangzhou told state media that it has signed deals with major commercial banks to facilitate the digital yuan, hinting China’s southeastern city could be a winning bidder for an upcoming batch of digital yuan pilot programs.  See related article: PBOC branch chief seeks clarity on digital yuan as legal tender […]

Third Chinese tech giant Baidu to open NFT marketplace

Baidu is airdropping over 20,000 non-fungible tokens (NFTs) of nostalgic Chinese cartoon characters ahead of its upcoming marketplace launch by the end of March. See related article: Tencent calls dibs on metaverse virtual concerts in patent application Fast facts See related article: Alibaba NFT marketplace suspends users for massage gun rapid clicks

Alibaba NFT marketplace suspends users for massage gun rapid clicks

Alibaba’s non-fungible token (NFT) marketplace Jingtan issued one-year suspensions to more than 680 accounts for using computer programs and massage guns to make instant purchases as soon as items hit the market. See related article: Ant Group’s NFT arm punishes users for digital collectible resales Fast facts See related article: Why Asia is poised to […]

China busts crypto mining rigs disguised as EV charging ports

Local authorities have seized 1,106 mining rigs from two cities in China’s southeastern province of Guangdong.  See related article: China customs seizes 49 second-hand crypto mining rigs for export Fast facts The Guangdong Provincial Development and Reform Commission announced on Tuesday that it had uncovered a mining farm in Guangzhou disguised as electric vehicle (EV) […]

China plans crackdown on illegal fundraising in metaverse, NFTs

China Supreme People’s Procuratorate warned of “severe punishment” for financial crimes such as illegal fundraising and money laundering in a work report released on Tuesday.  See related article: ‘Metaverse’ enters government radar at China’s Two Sessions Fast facts China’s highest procuratorate has taken note of rising financial crimes deemed illegal fundraising, disguised as metaverse, non-fungible […]

‘Metaverse’ enters government radar at China’s Two Sessions

Regulation is urgently needed to govern data security and curb speculation as the metaverse industry develops, delegates say.
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PBOC branch chief seeks clarity on digital yuan as legal tender

People’s Bank of China (PBOC) Nanjing branch president Guo Xinming proposed amendments to the administrative law to clarify the digital yuan’s status as legal tender at China’s annual plenary session on Saturday.   See related article: Digital yuan scams emerge across China as central bank readies e-CNY Fast facts See related article: Zhejiang urges its cities […]

February 2022

Crypto traders in China may serve over 10 years in prison

China’s Supreme Court specified cryptocurrency trading as a means of illegal fundraising in its latest judicial interpretation of criminal law released on Thursday, the first time in the country’s history.  See related article: Court in China says trading in cryptocurrency ‘not protected by law’ Fast facts A judicial interpretation is the Supreme People’s Court’s official […]

Bitcoin miners unwelcome in Hangzhou despite targeted energy hike

A new electricity rate hike for crypto miners in China’s southeastern province Zhejiang is a penalty, not a green light, province capital Hangzhou authorities said, the China Times reported on Wednesday.  See related article: China’s Zhejiang province busts dozens of state-owned entities for mining crypto Fast facts Zhejiang Province announced this month that it would […]

Digital yuan pilot attracts Chinese province bordering Russia

Heilongjiang province in northeastern China has joined the bid to compete with 10 other cities to become the next digital yuan pilot city, it announced on Monday.  See related article: E-CNY chief says digital dollar poses no threat to China Fast facts See related article: Hong Kong makes apt testbed for e-CNY cross-border use

Alibaba to reward NFTs in its first blockchain game

Alibaba is rewarding non-fungible tokens (NFTs) on its first blockchain game Ant Adventure, which can be played through the Alipay mobile application, one of China’s leading mobile payment providers.  See related article: Ant Group’s NFT arm punishes users for digital collectible resales Fast facts Ant Adventure is powered by Alibaba’s blockchain AntChain, and takes users […]

China customs seizes 49 second-hand crypto mining rigs for export

Dongguan customs in China’s southeast seized 49 second-hand Ant miners declared “shoe material” for export, at least the third seizure in February, state media reported on Monday.  See related article: Kazakhstan busts 13 illegal Bitcoin mining farms amid power concerns Fast facts See related article: China to ‘outdate’ crypto mining industry with more restrictions

16,000 metaverse trademark applications filed, unlikely to pass in China

China’s National Intellectual Property Administration (CNIPA) said on Monday that 16,000 trademarks containing the word “metaverse” have been filed.  See related article:  Why the metaverse is a trillion dollar opportunity Fast facts CNIPA opposed the high number of filings, vowing to crack down on “malicious registrations” of trademarks, such as piggybacking on the rising popularity […]

CCTV NFTs hit resale market before transfer permitted

Non-fungible tokens (NFTs), or digital collectibles, issued by China Central Television (CCTV), the nation’s largest state-owned broadcast media, are appearing in China’s largest online second-hand market for at least 10 times the original price in a pre-sale bid, even before trade embargoes on the assets have lifted.  See related article: China’s mouthpiece newspaper is giving […]

Buyers snap up Olympics panda NFTs

Animoca Brand’s nWayPlay sold out second batch of Bing Dwen Dwen mascot NFTs on Thursday as prices of first set fetched 900% in average resale value.
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Corporate social credit gets stamped on blockchain in China’s southeast

Foshan city of China’s southeastern province Guangdong launched a blockchain-based corporate social credit system with an automated credit rating function, state-backed media reported on Thursday.  Fast facts See related article: Beijing budgets $37M for government affairs blockchain platform Foshan’s blockchain-based corporate social credit system rates enterprises into four credit levels using data from various sources.  […]

GBA among approved regions for China’s blockchain-powered data hubs

The Chinese State Council approved on Wednesday a plan to build computing and data hubs that use blockchain technology to secure data in four regions including the Greater Bay Area (GBA). Fast facts See related article: China writes blockchain and digital currency into nation’s future The four hubs are set to join four more approved […]

Binance rebrands blockchains for metaverse, DeFi expansions

Binance has rebranded its two blockchains as one BNB Chain on Tuesday, in a push toward the metaverse and decentralized finance (DeFi), an ecosystem the company calls “MetaFi.”  Fast facts Binance has taken its name out of its two blockchains, the Binance Chain and Binance Smart Chain, which are now respectively called BNB Beacon Chain […]

State-backed newspaper is giving out NFTs amid unclear regulation

A new NFT gallery owned by the People’s Daily online arm is airdropping this week its first batch of “digital collectibles” minted on Tencent’s blockchain since the gallery’s opening last January. Fast facts Digital collectibles is a phrase now commonly used by Chinese companies to avoid the term “NFT” since Chinese state media began denouncing […]

Genshin Impact developer launches HoYoverse, teases metaverse

Popular video game Genshin Impact developer miHoYo announced on Monday the launch of HoYoverse for its global expansion while hinting its entry into the metaverse race. Fast facts The China-based game developer wants to provide a virtual world with a “high level of freedom and immersion,” miHoYo CEO Haoyu Cai said in a statement.  MiHoYo […]

Hong Kong’s Ocean Park brings virtual attractions to The Sandbox metaverse

Hong Kong’s Ocean Park announced on Monday that it is entering The Sandbox metaverse to offer virtual experiences through non-fungible tokens (NFTs) and gaming, as visitors to its physical venue dropped throughout the pandemic.  Fast facts The government proposed last January that it will transform the physical theme park into a resort and leisure destination […]

Hackers got $602M in cryptocurrency ransom in 2021: report

Ransomware payments in crypto tallied higher than US$602 million in 2021, according to blockchain forensics firm Chainalysis, with average payments recording US$118,000, or 34% higher than the 2020 average.  Fast facts

UN approves NFT standards proposed by Tencent, Ant Group: report

The United Nations specialized agency for telecommunications standardization, ITU-T, has approved a non-fungible token (NFT) technical framework proposed by Chinese tech giants including Tencent Holdings and Ant Group, state-owned media reported.   Fast facts The framework, which introduces an NFT standard, proposes technical and security requirements for digital collectibles on the blockchain.  The international standards approved […]

Hong Kong to propose bill to license crypto exchanges

The Hong Kong government intends to propose a licensing system for crypto exchanges, according to a discussion paper published on Monday. Fast facts The proposed amendments to the Anti-Money Laundering and Counter-Terrorist Financing bill will designate any crypto exchange as a “regulated virtual asset activity” and any person who seeks to engage in this work […]

China state-backed paper’s NFTs surge in price on second-hand market

“Digital collectibles” issued by Shanghai Securities News are trading at least 13 times their original price on China’s largest second-hand trading platform, despite state media’s criticism of the non-fungible token (NFT) frenzy.  Fast facts In China, the phrase “digital collectibles” is often used to avoid references to NFTs. The collectibles are now available on the […]

January 2022

Five questions about the digital yuan at the Winter Olympics

All eyes will be on Beijing for the upcoming games — will China use the spotlight to officially launch its CBDC?
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People’s Daily online launches NFT gallery

People.cn, the online arm of the Communist Party of China’s party newspaper People’s Daily, launched a “digital collectibles” NFT gallery on Tuesday and hinted that it might launch artwork trading, even though authorities in the past have criticized the non-fungible token (NFT) market for its hype and speculative behavior by investors. Fast facts “Digital collectibles” […]

Zhejiang urges its cities to host the next digital yuan pilots

China’s Zhejiang wants six of its cities to compete for the next digital yuan pilots, which may open the door for the eastern coastal province to showcase the central bank digital currency (CBDC) during the September Asian Games.   Fast facts

China’s central bank expands hunt for digital currency talent

Shenzhen Institute of Financial Technology, a subsidiary of the People’s Bank of China’s Digital Currency Institute, released 132 job listings, hinting at the expansion of digital yuan pilot programs in 2022. Fast facts

Guangzhou will advance digital yuan, blockchain pilots in 2022

Guangdong Province’s 2022 Government Report says its capital city Guangzhou will become a digital yuan testbed and a blockchain innovation application pilot center in 2022.  Fast facts Guangzhou applied to become a new digital yuan pilot city in September 2021.  Guangzhou is one of the major cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). […]

Lack of audience won’t stop digital yuan showcase at Winter Olympics

The digital yuan is undergoing its final preparations in the leadup to the Beijing Winter Olympics, despite the expected absence of a general audience due to Covid-19 concerns.  Fast facts The People’s Bank of China (PBOC), the central bank, said all payment channels for the 2022 Winter Olympics, including the digital yuan, are set to […]

Digital yuan transactions surge, reach $11.24B last year

The numbers are in: digital yuan’s historical transactions reached 87.565 billion yuan (US$11.238 billion) as of the end of 2021, the People’s Bank of China (PBOC) announced on Tuesday.  Fast facts

Burnt Finance bags $8M funding led by Animoca Brands

Solana-based non-fungible token (NFT) marketplace Burnt Finance, best known for burning then tokenizing street artist Banksy’s artwork, announced on Tuesday an $8 million Series A funding round led by Animoca Brands. Fast facts Other investors in this round include Alameda Research, Multicoin Capital, Valor Capital, Figment, Spartan Capital, HashKey, Terra and Fantom.  Burnt Finance got […]

Top Chinese university launches on Baidu’s metaverse

A major university in China has become the country’s first academic institution to join the metaverse, after it reproduced its physical campus as a virtual university on Baidu’s XiRang platform. Fast facts The Communication University of China announced last week that the digital campus had hosted an anniversary celebration and awards ceremony on Dec. 26, […]

Chinese university warns against Norton’s Ethereum mining function

Xiamen University of southeast China is warning its staff and students to not use Norton 360 antivirus software for its Ether mining function, citing the nation’s crypto mining ban policy. Fast facts

$1.5 billion worth of digital yuan transacted in Beijing last year

Residents in Beijing recorded 9.6 billion yuan (US$1.5 billion) worth of digital yuan transactions in 2021, after several rounds of coupon-driven promotions, according to state media, citing official data.  Fast facts

Hackers demand 0.042 Bitcoin from Chinese supermarket

A computer database at a supermarket in eastern China is being held hostage by cybercriminals demanding 0.042 Bitcoin, which amounts to US$1,832, according to a Chinese media report. Fast facts

Telecoms giant China Unicom accepts digital yuan for phone bills

China’s No. 3 telecoms provider has started accepting payment for phone bills in digital yuan on its app, in the latest move by a major firm to advance the country’s fledgling central bank digital currency (CBDC) efforts.  Fast facts Since earlier this week, China Unicom customers have had the option of using digital yuan, also […]

China officially labels crypto mining as ‘obsolete’

China’s top economic planning body has officially designated crypto mining as “obsolete,” reinforcing government efforts to stamp out the industry entirely.  Fast facts

China’s digital yuan wallet gets 16 million downloads in debut week

China’s pilot e-CNY wallet application, currently available in a dozen major cities, topped 16 million downloads in the first week after its launch, according to two data providers. Fast facts

China’s largest food delivery platform Meituan accepts e-CNY payment

Hong Kong-listed Chinese food delivery giant Meituan, which occupies 70% of the market share, on Wednesday started to accept digital yuan for payments, as tested by Forkast.News.  Fast facts Users first need to link their wallets to Meituan in the e-CNY app; then they can pay for an order by selecting digital yuan in the […]

China’s digital yuan app now publicly accessible, one step closer to launch

But e-CNY adoption remains an issue, with mobile payment platforms such as Alipay and WeChat Pay already ubiquitous.
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South China’s Guangxi region looks to cross-border e-CNY trade uses

Guangxi, China’s southern provincial-level region, is researching cross-border finance, supply-chain service platforms and e-CNY applications, according to a report by local state-run media Guangxi Daily. Fast facts The Guangxi autonomous region — often seen as a gateway for Association of Southeast Asian Nations (ASEAN) trade — plans to support cross-border circulation of capital, according to the […]
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CryptoPunk NFT sells for $820K, reflecting Chinese investor interest

A CryptoPunk non-fungible token (NFT) — CryptoPunk #8690 — was sold at an auction in Shanghai organized by Shanghai Jiahe Auction earlier this week for 5,232,500 yuan (US$823,300), with a starting price of 1.5 million yuan (US$236,000), reflecting growing investor interest in NFTs in China despite criticism from state-controlled media. Fast facts V.V Yu, general manager […]
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December 2021

These e-CNY hard wallets might get people talking at the Winter Olympics

China prepares to show off its tech innovation muscles at the Beijing Winter Olympics as it unveils some unusual-looking wallets for its new digital yuan.
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Year in review: Top China blockchain news in 2021

China tries to stamp out Bitcoin mining while increasing its influence over blockchain technology and preparing the digital yuan for launch. What lies in store for 2022?
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China’s Zhejiang province busts dozens of state-owned entities for mining crypto

An internet authority in East China’s Zhejiang province has identified in July 4,699 IP addresses in the province that were involved with cryptocurrency mining, and among them 183 addresses were related to 78 state-owned entities, according to a Tuesday article published on the website of China’s Central Commission for Discipline Inspection (CCDI), the country’s anti-corruption […]
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Nike takes next step into metaverse with virtual sneaker maker RTFKT

Nike announced the acquisition of a company that designs fashion clothing for the metaverse, RTFKT Studios, once noted for selling 608 pairs of NFT shoes in just six minutes. Fast facts After announcing the acquisition, both Nike and RTFKT Studios tweeted videos, each containing the logos of Nike, Jordan, Converse and RTFKT. RTFKT Studios, founded […]

Horses are joining humans as metaverse pilgrims

Blockchain gaming unicorn Animoca Brands announced yesterday a partnership with Aquis Farm — a major racehorse-breeding business owned by Hong Kong’s billionaire Fung family — to bring equestrian activities into the metaverse. The blockchain specialist will leverage Aquis Farm’s equestrian intellectual properties to develop blockchain games and non-fungible tokens (NFTs).  Fast facts “Aquis recognises the […]

Singapore-based NFT market Brytehall to auction physical artwork of a bicycle

Singapore-based Brytehall is to co-host a new non-fungible token (NFT) art auction with bike manufacturer Specialized on Dec. 16, to sell an artwork of a bicycle named “enishi-E” created by Japanese artist Kosuke Masuda, both physically and digitally in an NFT. Fast facts Kosuke described the bike to be auctioned as an “alive” one, for […]

China’s PBOC wants to link e-CNY with Hong Kong’s Faster Payment System

Mu Changchun, director-general of the People’s Bank of China’s digital currency institute, said today the central bank is working with the Hong Kong Monetary Authority (HKMA) to test cross-border payment features for the e-CNY, China’s much anticipated central bank digital currency (CBDC). Fast facts Mu said at a webinar, jointly organized by the PBOC and […]
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Suzhou will set up China’s first blockchain pilot demonstration zone

Suzhou, a city located in Jiangsu province, will set up China’s first blockchain demonstration pilot zone, supported by the Ministry of Industry and Information Technology (MIIT), according to a local media report. Fast facts MIIT agreed to Jiangsu Province’s request for support to set up a pilot zone for blockchain in Suzhou and said it […]

Tencent Cloud wins bid to build massive blockchain platform in Beijing

The Beijing Municipal Government announced the bidding results for the city’s blockchain and computing power platform. Tencent Cloud and government-tied enterprise Beijing Microchip Sensing Technology won the bid and will be paid US$37 million to build the system. Fast facts According to the bid’s quotations, Tencent Cloud will provide the cloud service for the blockchain […]

BIS: DeFi has few real-economy uses, says ‘decentralization is an illusion’

With suitable regulation in place, DeFi could yet play an important role in the financial system, BIS suggests.
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PBoC has established an e-CNY distributed ledger

But the head of the central bank’s digital currency research institute says issues remain such as technical standards for blockchain interconnectivity.

South China’s Hainan province hikes electricity fees on those who have mined crypto

On top of China, authorities in Russia and Ukraine are busting underground miners, while U.S. Senator Elizabeth Warren presses a New York miner.
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New round of digital yuan coupons issued as Beijing Winter Olympics near

In Beijing, four state-run banks released a new batch of digital yuan (e-CNY) coupons on Thursday to promote its adoption rate in rehearsal for the upcoming Winter Olympics. This batch of coupons tests the e-CNY’s application in small-amount and high-frequency payment scenarios. Fast facts According to an announcement from Beijing financial authorities, coupon use cases […]