China

Little Red Book (XiaohongShu), the Chinese version of Instagram, integrates Conflux Network as a permissionless blockchain allowing users to showcase NFTs minted on Conflux on their profile page in the digital collection section called ‘R-Space.’ The platform has more than 200 million active monthly users, and this integration brings NFTs a step closer to mass adoption, where people actively use Web3 technology daily within a Web2 system. Little Red Book has previous alliances with blockchains and NFTs but never a…

According to various reports, on Tuesday, August 23, China entered the next phase of the pilot test for its central bank digital currency. The public transport system in the city of Guangzhou now accepts digital yuan (e-CNY) payments for bus fares. Guangzhou Transportation launched a digital RMB payment code that residents can use to pay for rides. Passengers first need to download the Digital RMB app and fund their accounts. Then they can simply scan the QR code displayed in…

State-owned institution Bank of China has just rolled out an educational program that incorporates the nation’s digital Yuan and smart contracts. The Bank of China hopes the new feature could help mirror the possibility of using smart contracts in payments. The central bank's announcement emerged on Tuesday, August 16 via local news outlet Sohu.com. The Longquan Education and Training Program According to the report, the country's decision to leverage smart contract technology in the education sector is the latest in…

Popular instant messaging platform WeChat has warned Chinese users against using the app to process transactions involving digital assets. This warning is in line with the directive issued by the Chinese Government last May. The directive banned financial institutions from providing crypto-related services, and warned investors against speculative crypto trading.  Therefore, WeChat, China’s largest social media platform, declared that it would limit or ban accounts that trade crypto or NFTs. Recently, it updated its rules to state what transaction behaviors…

The Chinese province of Shenzhen plans to distribute 30 million digital yuan (eCNY), or approximately $4.5 million, to its residents. A local news outlet reported this news earlier today, noting that the government plans to distribute the funds in the form of red packets. According to the report, the province has partnered with eight banks in this initiative. They include Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, and China Construction Bank. The rest include…

Nearly a year since the Chinese government initiated a nationwide crackdown on BTC mining, the nation is again a thriving center for mining operations. Albeit this time, secretly. The Cambridge Digital Assets Program (CDAP) provided this information in their latest research.  China Hosts One-Fifth of the Global BTC Hash Rate The CDAP revealed that underground miners within China are responsible for about 21% of the total Bitcoin hash rate globally. Before the ban, the East Asian nation had been the…

The China Banking and Insurance Regulatory Commission has cautioned against using the metaverse to raise funds illegally. A report unveiled this news earlier today, citing a statement on the regulator’s website. The watchdog pointed out that some firms are engaging in illegal fundraising, fraud, and virtual real estate speculation. Urging citizens to be vigilant, the agency said, Beware of being duped, and if you find clues of suspected illegal crimes, please actively report this to the relevant local departments. This…

It took Bitcoin price around three months to fall by 50%, and investors wonder how low it can go. While this is not the most profound decline in BTC price, it certainly caught the market attention.  As experts discuss the reasons behind the fall, traders are proposing a more practical approach. Today, in particular, we will take a look at the opinion of Chinese investors on the matter. As a first step, we will briefly analyze the recent price decline…

Billionaire and vice chairman of Alibaba like crypto. Joe Tsai, a billionaire with a net worth of $8.7 billion and Alibaba vice-chairman, shared a cryptic tweet. The tweet wrote, "I like crypto". https://twitter.com/joetsai1999/status/1475705992964763655 At first glance, the statement doesn't sound that interesting. However, Joe Tsai is the executive vice-chairman of Alibaba Group, one of the largest e-commerce corporations in the world. Alibaba Group is a firm based in China, a country that does not hesitate to pressure private companies. China has…