Civil servants including public service personnel, public institution personnel and personnel of state-owned units at all levels in the city will be compensated in digital RMB payment.
China and Singapore team up to scale green and transition financing
China and Singapore will collaborate “on concrete initiatives that will catalyze capital flows to support a credible and inclusive transition to a low carbon future for our countries and the region.”
China Is Fast Losing Money: Their Bitcoin Stash Just Fell By $388 Million
When Bitcoin prices fell from $31,000 to below $29,000, the total value of BTC held by China fell by over $388 million to around $5,4 billion.
China’s Bitcoin Stash Fell By $388 Million
Bitcoin is trading below $28,500 and looks likely to edge even lower, considering the formation in the daily chart. With every tick lower, China and other countries, including Ukraine and Georgia, are losing money.
The loss could even be bigger for the Chinese considering their big stash of BTC, which translates to around 0.924% of the total fixed supply of 21 million, according to Bitcoin Treasuries data.
Records show that China holds 194,000 BTC, 833,000 ETH, and a variety of other unnamed cryptocurrencies. These digital assets were confiscated from the PlusToken scam in 2019 and were worth over $3 billion.
FUN FACT: Government of China is a crypto whale.
Chinese authorities seized 194k BTC, 833k ETH, and others from the PlusToken scam in 2019. They forfeited these $6 billion-worth assets to the national treasury.
FWIW, MicroStrategy has 130k $BTC. pic.twitter.com/Ilqp7EnenL
— Ki Young Ju (@ki_young_ju) November 2, 2022
According to reports, these assets were tied to the country’s national treasury. Still, some funds associated with the scam are reportedly being regularly sent to mixers and liquidated at spot rates, impacting prices.
However, whether the Chinese government still holds these assets remain unknown. There is no official Bitcoin address to verify the status of these coins.
PlusToken Scam was a global Ponzi scheme targeting Chinese and South Korean investors. It started in April 2018, taking advantage of unsuspecting people who thought they could make quick money from an investment opportunity.
All users had to pay for registration using cryptocurrencies, mainly BTC, before investing. Perpetrators said they were developing cryptocurrency products.
Six Chinese nationals were arrested in Vanuatu and extradited to China to face the law in June 2019. A year later, the Chinese Ministry of Public Security said they arrested other suspects, recovering over $3 billion of crypto assets.
United States Is A Crypto Leader
Cryptocurrency trading and related operations, including mining, are banned in China. Therefore, whether Chinese authorities will “trade” these cryptocurrencies for other assets is unclear for now.
The country outlawed trading in 2017 and mining in 2021, forcing crypto miners, mainly of Bitcoin, to other jurisdictions. Since the ban, the United States has emerged as the biggest host of crypto mining operations. China accounted for over 50% of all crypto mining operations at peak.
According to trackers, the largest public Bitcoin mining companies are in the United States and Canada. Riot Blockchain is the largest publicly listed Bitcoin mining company with a market cap of $1.82 billion.
Bitcoin price struggles to hold above $30K amid regulatory uncertainty
Despite BTC’s recent recovery, Bitcoin’s margin and futures markets highlight a neutral-to-bearish sentiment as traders remain wary of regulatory risks.
China’s state-affiliated banks onboarding crypto companies in Hong Kong
Chinese banks are opening bank accounts for regulated crypto companies, with several acting as a payment layer for the crypto platforms.
China’s ‘Credit Impulse’ Is Picking Up. Here’s Why It Matters to Bitcoin
Previous instances of renewed upticks in China’s credit impulse portended major bullish trends in bitcoin.
Metalpha raising $100M to offer Grayscale Bitcoin products in Hong Kong
Metalpha has secured $20 million out of the planned $100 million for its new fund from overseas Chinese investors, the CEO said.
Tech giant Alibaba to roll out ChatGPT competitor AI
Tongyi Qianwen, the company’s AI chatbot, will be rolled out in the near future and integrated with Alibaba’s tech ecosystem.
Chinese authorities to enforce security reviews for AI services
China intends to introduce a new security review mandate for all generative AI services prior to operation as new chatbots like ChatGPT continue to surface.
Bitcoin mining firm Bitmain reportedly fined for tax violations in China
Bitmain has reportedly failed to pay personal income taxes in accordance with China’s laws on the administration of tax collection.
Hong Kong takes the lead in blockchain logistics after Maersk TradeLens demise
China and Hong Kong are pouring money into the blockchain logistics industry to take the lead.
Conflux proposes deploying Uniswap v3, setting up $2M liquidity pool for CFX pairs
Following the expiration of the Uniswap V3 code license on April 1, Conflux seeks to deploy the decentralized crypto trading protocol on its network.
Chinese state insurance firm launches two crypto funds in Hong Kong: Report
The Chinese government-backed CPI Investment Management is launching two crypto funds related to blockchain investment and staking.
Malaysia enlists China to help end USD dependence for trade
More proposals and currency concepts are emerging as Asia ramps up its efforts to distance itself from U.S. dollar hegemony.
Midjourney AI users find workaround amid ban on Chinese President’s images
Midjourney AI bans the creation of Chinese President Xi Jinping’s images, but users find ways to create deepfakes.
Crypto Biz: A spotlight on Binance, Galaxy Digital swings to profit, China’s blockchain push
Binance handles fear, uncertainty and doubt (FUD) surrounding its business future following a lawsuit from U.S. authorities.
Is a housing crisis underway? Why crypto investors should care
Cointelegraph analyst and writer Marcel Pechman explains if there is a housing crisis underway and why crypto investors should be paying attention.
Russia talks up prospects of BRICS countries developing new currency
A top Russian official has reportedly claimed that the BRICS alliance is working on creating its own currency.
Hong Kong fund plans to raise $100 million for crypto investment
The new Hong Kong-based equity fund will focus on the regional market and embrace Web3 startups.
Binance concealed ties to China for years, even after 2017 crypto crackdown: Report
Documents reviewed by the Financial Times show that Binance kept staff and operations in China despite announcing its departure in 2017.