It was a comparatively quiet week in China’s blockchain house as occasions had been overshadowed by the surge within the BTC value and the Coinbase direct listing in the U.S. Many locals reacted with shock to the information, exhibiting that publicity to cryptocurrencies remains to be comparatively remoted on the planet’s most populous nation.
Many netizens responded skeptically to the Coinbase story, with information aggregation account “Jiemian” on Weibo calling Bitcoin a rip-off, highlighting its connection to terrorists, and inspiring traders to stay to China’s A-shares. (For a fast comparability, the Shanghai composite index is down 2.13% this 12 months, whereas Bitcoin has a YTD return of over 116%.) Jiemian has over 10 million followers on Weibo, however caters to a extra conventional viewers. The takeaway right here is that regardless of China’s aggressive adoption of DCEP (Digital Currency Electronic Payment, also called the digital yuan), different digital funds, and web expertise, cryptocurrency acceptance stays comparatively remoted.
Some specialists on China’s blockchain business spoke to Cointelegraph regarding DCEP on April 10th, discussing how the digital yuan has affected the house. Kevin Shao, co-founder of Bitrise Capital, summed up the scenario by stating that “general, China’s digital foreign money nonetheless serves the central financial institution’s financial coverage and financial features.” It’s protected to say that the fast DCEP development has little cross-over with the nation’s lively blockchain house, and possibly will stay unbiased for the foreseeable future.
Whereas all that was happening, volumes had been spiking on cryptocurrency exchanges all over the world. Huobi, China’s largest change by liquidity, skilled a wave of buying and selling on extra established tokens. The highest seven most traded on Thursday had been BTC, DOGE, ETH, XRP, FIL, TRX and BCH. All of those initiatives have roots in earlier bull runs, exhibiting that nostalgia isn’t misplaced on Chinese language traders.
Graphics playing cards seized by Hong Kong Customs
Customs in Hong Kong have busted a smuggling operation involving almost 300 graphics playing cards, that are suspected to be Nvidia CMP 30HX fashions and value about 2 million RMB, or $300,000. There have been no labels on the entrance of the graphics playing cards, and this specific mannequin comes with no video output port, and is constructed solely for cryptocurrency mining. In line with a supply, that is the primary time that Hong Kong Customs has seized graphics playing cards smuggled for the aim of mining.
The state of media blockchain content material
Lastly, in coverage information, The State Administration of Radio, Movie and Tv issued requirements for blockchain-related media content material. The usual system is meant to advertise wholesome and sustainable content material pertaining to the usage of blockchain in industries reminiscent of auditing techniques, enterprise processes, meals security and administration. The State Administration could be very proactive with its requirements, detailing how applied sciences, developments, and different themes ought to be portrayed within the media.
This weekly roundup of reports from Mainland China, Taiwan, and Hong Kong makes an attempt to curate the business’s most vital information, together with influential initiatives, modifications within the regulatory panorama, and enterprise blockchain integrations.