‘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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Russian banks turn to China’s UnionPay as Visa, Mastercard pull plug
Russian banks may begin issuing credit cards with China’s UnionPay after Visa and Mastercard announced the suspension of their Russian operations due to the invasion of Ukraine, according to media reports citing the Russian central bank. See related article: Four more South Korean crypto exchanges block Russian IPs Fast facts Russian banks are also leaning…
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China still has 10% of global Bitcoin transactions, PBOC says
China’s share in global Bitcoin transactions has now dropped to 10% from more than 90%, the People’s Bank of China (PBOC), the central bank, said on Thursday. See related article: Crypto traders in China may serve over 10 years in prison Fast facts Last September, China enforced a blanket ban on crypto transactions and mining.…
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China’s Two Sessions: what to expect for blockchain
Look for progress reports on e-CNY, blockchain technology, new digital infrastructure, and subtle mentions of the international sanctions against Russia.
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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…
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BSN to integrate CasperLabs’ chain to support NFT issuance in China
CasperLabs, a smart contracts protocol, is set to power part of China’s state-backed non-fungible token (NFT) network, to support the legal issuance of NFTs in mainland China. See related article: BSN to integrate Neo’s chain to bolster NFT issuance in China Fast facts The Blockchain-based Service Network (BSN) will add Casper Network-powered Fuzhou Chain to…
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China courts improve evidence collection through blockchain
China’s legal system is looking into blockchain technology to improve its online smart court system and enhance information sharing and evidence submission. See related article: How blockchain technology is shaking up courtrooms in Asia Fast facts China’s supreme court released on Tuesday a set of rules allowing courts to verify and recognize evidence submitted through…
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Law can’t cover crypto losses, China court reiterates
The high court of China’s southeastern Guangdong province has ruled cryptocurrency investment activities are not protected by law, further clarifying that crypto is not a legitimate currency in the mainland. See related article: China customs seizes 49 second-hand crypto mining rigs for export Fast facts The Guangdong high court on Tuesday listed a crypto-related virtual…
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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