China News and Articles

As of the end of summer 2022, the cumulative volume of e-CNY transactions reached 100.04 billion yuan (~$14 billion), according to the People's Bank of China. For comparison, at the end of 2021, the figure was 87.57 billion yuan (~$13.68 billion), and 261 million unique digital wallets were...

According to the 2022 global crypto adoption report by the blockchain data platform Chainalysis, crypto adoption slows worldwide in a bear market. However, it is still above the pre-bull market levels. Growing constantly since mid-2019, this year the total crypto adoption has leveled off. Based on...

The National Copyright Administration of the People's Republic of China (CNAC) intends to tighten the penalties for unauthorized use of other people's works of art to create NFTs. Authors of collections of non-fungible tokens will be prohibited from creating them based on music, animation, games,...

The Cyberspace Administration of China (CAC) announced the blocking of 12,000 social media accounts that promoted cryptocurrencies and attracted investors. According to the regulator, information was spread through Weibo, Baidu, Tieba, WeChat, and other platforms about “easy money on digital...

At the end of last year, China and Hong Kong began the second phase of testing the digital version of the yuan (CBDC). To increase the popularity of the token, the People's Bank of China wants to endow it with approximately the same functions that conventional cryptocurrencies have. Transactions...

The government of China released new warnings against Bitcoin and the crypto market. Given the recent price drop, China finds the Bitcoin price is heading to zero. Local media reports that a release from the state-run Economic Daily restates the negative attitude of the authorities against cryptos....

In May 2021, the Chinese authorities began to force miners out of the country. As a result, the computing power of the Bitcoin network collapsed to a minimum since 2019. If before China was the world leader in terms of bitcoin capacity, now American miners control the lion's share of the BTC...

The Shanghai High People's Court has mentioned that Bitcoin is a digital asset protected by Chinese law, adding that the coin has economic value. According to local media, the declaration was made in connection with a court hearing. A person called Cheng Mou filed a lawsuit demanding that another...

The digital yuan is primarily intended for the public and merchants, not to replace SWIFT or weaponize the currency. This was stated by the former head of the People's Bank of China Zhou Xiaochuan. The expert emphasized that e-CNY is not necessarily suitable for cross-border payments. For such...

The Supreme People's Court of the People's Republic of China amended the legal norms on the illegal attraction of funds, toughening criminal liability. For raising funds in cryptocurrencies, the authorities have established a punishment in the form of imprisonment for a term of three years or more....

Huangpu Customs (Guangdong Province, China) announced the detention of 49 used bitcoin miners. They tried to transport them across the border, indicating false information in export documents, local media reported. The discrepancy was revealed during the inspection of goods declared as “shoe...

Recently, the Chinese government, which continues to violently eradicate cryptocurrencies, announced that the Cyber ​​Security Administration has directed all its efforts to accelerate the process of introducing blockchain into various government systems. According to reports, the Chinese...

The ban on digital asset mining introduced by China in September 2021 gave a good impetus to the development of the same industry in another Asian country - Thailand. So, recently, the international news channel Al Jazeera reported that after China's actions restricting the rights of...

It is no secret to anyone that the Chinese government has recently been waging a fierce fight against the cryptocurrency industry, not giving it the slightest chance for its development. However, despite this, various fraudulent groups continue to carry out illegal cryptocurrency fraud, deceiving...

China’s Blockchain Services Network (BSN) intends to release infrastructure at the end of January to enable NFT deployment. This step is a major development towards forming a Chinese NFT ecosystem that requires no links to cryptos. Launched in April 2020 by the government, BSN is managed by the...

In-app stores for devices based on Android and Apple operating systems, the RMB transaction service ranked first in the number of downloads in China. This program is currently still in the testing phase. However, according to the results of the first week, after the application appeared in the...

China imposed a ban on all cryptocurrency transactions for financial institutions and payment companies. Banks and online services are prohibited from advertising any transactions that relate to them. It is also forbidden to mine cryptocurrency, but with all this, it is allowed to keep virtual...

The updated financial infrastructure of China and Hong Kong will be based on the digital version of the yuan (CBDC). The parties have already started the second stage of testing this tool, local media reported. Recall that the largest banks and IT companies from the Middle Kingdom also take part in...