The Supreme Court Adds Use of Cryptocurrency Trading, P2P Lending as illegal fundraising
On February 24th, the Supreme People’s Court issued “Decision Concerning Several Legal Issues in Relation to the Specific Application of the Supreme People’s Court Criminal Cases on Illegal Fund-raising,” which revised and amended the conviction and punishment standards of the crime of illegally absorbing public deposits and fund-raising fraud in the original judicial interpretation.
The Decision amended the definition of “illegal acceptance of funds conduct” to include “P2P lending, cryptocurrency trading, financial leasing and other new forms of illegal funds acceptance.” (Source: The Supreme People’s Court)
Tencent Announces Plan to Become Carbon-Neutral by 2030
On February 24th, Tencent released Tencent’s Carbon Neutrality Target and Roadmap Report. According to the report, the total emissions of the technology giant in 2021 were equivalent to 5.111 million metric tons of carbon dioxide. Tencent announced that it would reach carbon-neutral in its own operations and supply chain, and commitment to using 100% green power no later than 2030. (Source: 36Kr)
China Telecom Will Provide “Metaverse” Experience at Asian Games Hangzhou 2022
On February 24th, less than 200 days before the opening of the 19th Asian Games in Hangzhou, China Telecom announced that it would build a comprehensive VR/AR platform for the Asian Games. The “Metaverse” experience will also appear in the Asian Games.
With 5G+XR technology, audiences outside the stadium can be in the virtual scene through mobile phones, TV screens and VR/AR glasses, and feel the face-to-face interaction with athletes. (Source: people.com)
All P2P Lending Agencies in China Have Stopped Operating
On March 2nd, Guo Shuqing, Chairman of China Banking and Insurance Regulatory Commission (CBIRC), gave a brief introduction of promoting the virtuous circle of economy and finance and high-quality development in a press event. According to Guo, all P2P online lending agencies in China have stopped operating, and the unpaid loan balance dropped to 490 billion yuan. (Source: STCN)
The above is a periodic synopsis of the biggest stories on Fintech in China provided by WeiyangX, part of Tsinghua University, in partnership with Crowdfund Insider.
WeiyangX is the most influential website focusing on Fintech in China. The site covers the latest news, industry data analysis, business practices, and in-depth cases in Fintech. WeiyangX is incubated by Fintech Lab. Founded by Tsinghua University’s People’s Bank of China (PBC) School of Finance in 2012, the Fintech Lab is the first and leading research entity dedicated to leading best practices, promoting interdisciplinary innovation, and encouraging entrepreneurship in the field of fintech through scientific research and innovative project incubation.