Crypto in China

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Tencent Cloud announced strategic collaborations with prominent companies in the crypto industry namely – Ankr, Avalanche, Scroll, and Sui – to support the development of the Web3 ecosystem. According to the official statement by the subsidiary of the Chinese tech giant, the latest move aims to establish close relationships with industry partners to assist developers to accelerate the adoption of Web3. Tencent Fortifying Presence in Web3 Tencent Cloud International’s Senior...

Alex Gladstein – CSO of the Human Rights Foundation – thinks bitcoin symbolizes some of the USA’s values based on the Declaration of Independence: free speech, property rights, and open capital markets. He argued that the primary cryptocurrency could thrive in democracies and struggle in totalitarian countries. ‘It’s Financial Privilege’  In a recent episode of Simply Bitcoin, Alex Gladstein presented himself as a keen advocate of the leading digital asset and pointed out its...

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The central bank of Japan will reportedly start testing the employment of a digital yen in April this year.  The institution has previously said they could take Sweden as a model for how to launch a CBDC. Catching up With China As reported by CNBC, the testing phase includes processing simulated transactions with private financial companies. Shinichi Uchida – Executive Director at the Bank of Japan – said consumers and retailers will be excluded from the experiment. “Our hope...

The Chinese Ministry of Science and Technology reportedly approved the launch of the National Blockchain Technology Innovation Center.  It will be based in the capital Beijing and will focus on use cases that could boost the local economy.  Unlike BTC, China is Supportive of Blockchain  According to recent coverage, the newly-formed entity will try to advance the financial network of the most populous country by implementing the use cases of blockchain technology. The center,...

Major Chinese cities, including Shenzhen, Jinan, and Lianyungang, have reportedly launched approximately 200 activities involving the digital yuan during the Spring Festival.  The authorities aim to boost the asset’s adoption during one of the largest holidays in the country. China Continues With its CBDC Efforts According to recent coverage, the local government started digital yuan activities worth more than 180 million yuan ($26.5 million) in several cities to encourage...

Tron’s Founder – Justin Sun – said one of his primary targets is to see TRX becoming an official payment method in five different countries by the end of 2023.  He believes one of the nations to embrace the asset could be his homeland China. The ‘Ambitious Goal’ In a recent Twitter thread, Sun raised hopes the native token of the Tron blockchain – TRX – could be accepted as legal tender by “at least” five nations this year. He posted the flags of Dominica and Sint Maarten,...

Last year’s industry-wide meltdown has haunted Asian firms as they cautiously plot their recovery. China was once a hotbed for crypto mining and trading. Even after announcing a blanket ban on all digital asset activities more than a year ago, there’s reason to believe that the country may make a comeback in the space. Tron founder Justin Sun, who has a history of hyping the industry, also said China could embrace the asset class, especially after the implementation of a tax...

On Wednesday, the United States Department of Justice announced an international cryptocurrency enforcement action. The Department arrested the founder of Bitzlato – a Chinese crypto exchange involved in servicing financial criminals The DOJ broke the news on Wednesday, alongside representatives from the FBI, OFAC, and the Financial Crimes Enforcement Network (FinCEN). OFAC administers the US sanctions regime, while FinCEN monitors suspicious activity among financial...