Lei Wai Nong, Macao’s secretary for economy and finance, said China’s expertise in developing its digital yuan could help the specially administered region introduce a central bank digital currency (CBDC), according to local media reports. See related article: China to issue free digital yuan to boost locked down economy Fast facts Lei said he will…
Shenzhen, Guangzhou, and Xiong’an New Area announced they are distributing free digital yuan “red packets” to boost local consumption amid China’s economic slowdown fueled by mass Covid lockdowns. See related article: Covid-19, postponed Asian Games to push digital yuan into the slow lane? Fast facts See related article: What I learned from my role in…
STEPN on Friday said it would stop providing Global Positioning System (GPS) and Internet Protocol (IP) location services to users in mainland China starting mid-July. See related article: Chinese runners offer substitute running to earn STEPN’s GMT for commission Fast facts STEPN said the move was made to abide by Chinese regulations and that it…
The Supreme People’s Court of China urged the local judicial system to adopt blockchain technology to build up connections between courts across the country by 2025. See related article: How blockchain technology is shaking up courtrooms in Asia Fast facts The Supreme Court said in a document published on Wednesday that blockchain can utilize the…
The Lu Xun High School in China’s Hainan province has provided students with a new campus smart card device with digital yuan payment functionalities, further expanding use of the e-currency at education institutions, China’s largest state-owned broadcaster China Central Television (CCTV) reported Tuesday. See related article: Covid-19, postponed Asian Games to push digital yuan into…
Chinese authorities have fined a hydropower plant in Central China’s Hubei province 43,493 yuan (US$6,528) for “illegally supplying electricity to virtual currency mining operations,” as the country continues to crack down on cryptocurrency operations. See related article: Beijing banned crypto mining, so China miners went underground Fast facts In addition to the fine, the authorities…
China’s state-backed infrastructure Blockchain-based Service Network (BSN) announced on Tuesday that it is preparing the launch of BSN Spartan on Aug. 31, a new international network for non-cryptocurrency public chains. See related article: Resist the temptation on NFTs, Chinese state-backed developer says Fast facts “We’re not against public chains, but we’re against crypto,” BSN developer…
Authorities and Bitcoin miners play a cat-and-mouse game as miners find means to stay off the government radar and dodge crackdowns.
The 2021 Bitcoin mining exodus has left underground miners thriving to push China’s hashrate share near to the top, new study finds.