Home Cryptocurrency Digital yuan tests, ‘bear market’ and ‘NFT’ searches spike

Digital yuan tests, ‘bear market’ and ‘NFT’ searches spike

by Gordon James

Sentiment in China has plummeted: searches for bitcoin on WeChat fell 7% this week, while searches for the bear market rose 102%. One trend that has remained strong concerns NFT: The number of searches on WeChat increased by 86% during the seven-day period. The sale of tokens has been another hot topic, with interest in Casper Labs skyrocketing after CoinList registered 100,000 users on global platforms.

One of the most startling token sales in China was that of DAO-as-a-service platform Dora Factory. The project, supported by DoraHacks, held an event at 21. March: public launch of the tokens on OKEx, Gate and MXC. DoraHacks is known as a meeting place for developers and is one of the most active blockchain developer communities from China. In 2021, the team will host a global series of hackathons that will take place in regions such as Singapore, the United States, Germany and India.

Return of actual events for the spring season

Cointelegraph China opened its Hot Trends 2021 event in Chengdu on Thursday, welcoming a number of industry projects and participants to the southern city. In their presentations and panels, event participants will explore the sustainability of trends such as DeFi and NFT. Chengdu has long been an important city in China’s cryptocurrency mining sector, thanks to its low electricity prices and developed infrastructure.

Solana and Defi Night at Serum in Shanghai

Solana and Serum spent the night of DeFi on March 20 in Shanghai to further promote the ecosystem in Asia. Speakers from Aave, Chainlink, Multicoin Capital, Raydium and The Graph also participated in the event. The ecosystem arms race has become significant as big players such as BSC, Huobi (Heco), OKEx (OKExChain) and Solana try to capture their share of a large development pool in cities such as Shanghai, Beijing, Shenzhen and Hangzhou. FTX founder Sam Bankman-Fried gave the event’s opening speech in a pre-recorded video.

Digital tests RMB

The Hong Kong Monetary Authority has begun cooperating with the People’s Bank of China’s Digital Currency Research Institute to test technologies that will allow the digital yuan to be used for cross-border payments, Yu Wei-man said. Yu is the current executive director of the HKMA. The 19th. In March, it announced that these financial services should be launched in the second half of this year.

Also on the 19th. In March, several state-owned enterprises of the CCP Working Committee began using digital yuan as a means of payment to charge electric cars in the Xunan New District near Beijing. These companies included the PBoC, the Bank of China, China Telecom and State Grid of China. Linking digital RMB to clean energy initiatives is quickly becoming a priority for government organizations, especially with the announcement of a new five-year plan to achieve carbon neutrality by 2060.

The 23rd. In March, China’s state-run Xing media reported that six major state-owned banks had begun testing digital yuan wallets. Banks will be able to whitelist testers, who can then download the mobile app and create a sub-account. Phase 1 of the formal pilot project should start next month.

Ant Group Blockchain Document

Ant Group, a major financial subsidiary of Alibaba, released a white paper on 17… March a white paper on roadblocks and government services. The document describes how government organizations can use information technology, digital identity solutions, and blockchain infrastructure to deliver and manage data. Anta Group has fallen on hard times after its long-awaited IPO was cancelled over concerns about interest rates on e-loans.

Case studies on money laundering

On the 21st. Finally, in March, the PBoC and the Supreme People’s Procuratorate (China’s highest judicial prosecutor’s office) revealed six cases related to sophisticated money laundering techniques, most of which involved bitcoin and cryptocurrencies. In one case, one of those convicted was sentenced to two years in prison and a fine for illegally collecting money through an unlicensed digital currency exchange platform.

This new weekly press release from mainland China, Taiwan and Hong Kong attempts to round up key industry news, including influential projects, regulatory changes and the integration of blockchain into businesses.

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