Tagged: mainland china

People’s Bank of China Now Supporting “Controllable” Risks in Fintech Innovation in Alibaba Group’s Zhejiang-based Offices

Yuan Renminbi China

Financial regulators in China, including the nation’s reserve bank, and the Zhejiang provincial government are reportedly supporting “controllable risks” in the country’s digital commerce hub in order to promote Fintech innovation. This, according to a government update reviewed by the SCMP. The People’s Bank of… Read More

VeChain Helps Launch Shanghai Association Standards for Blockchain Service Certification

shanghai China at Night

VeChain developers note that the blockchain sector in Shanghai has enjoyed  “robust” and “fast-paced” development because of the city’s ongoing efforts and their willingness to embrace blockchain tech. To expedite the development of blockchain or distributed ledger tech (DLT)-powered services in Shanghai, the Shanghai Municipal… Read More

Remittances: Sber Introduces Fund Transfers to China by Using Phone Numbers

Yuan Renminbi China

Sber has reportedly marketed money transfers to Alipay wallets in mainland China by using phone numbers. In order to make a remittance payment, users simply need to indicate the phone number and full name of the intended recipient via SberBank Online, and the funds will… Read More

Wise Teams Up with Tencent Financial Technology to Streamline Global Money Transfers to China via Weixin

Wise Transferwise on iPhone 12

Wise clients across the globe will now have the option to conduct quick, seamless and cost-effective global fund transfers to Weixin users residing in China from 11 different currencies, including SGD, USD and GBP. Wise (LON:WISE), the international tech firm focused on creating the best… Read More

Bitcoin Mining Report: Analysts Expect to See Multiple Crypto Mining Firms to Complete Listings on the NASDAQ

Mining Hardware Computers

Brandon Bailey, a crypto mining analyst at Galaxy Digital, notes that a strong Bitcoin bull market, “authoritarian” crackdown on cryptocurrency mining in China and “flight to North America” seems to have flipped the international hashrate economy on its head during 2021. In a recent report,… Read More

Ant Group backed Personal Credit-Scoring Joint Venture Application Accepted by People’s Bank of China

Ant Financial Office

China’s reserve bank confirmed on Friday (November 26, 2021) that it had accepted the application to launch a personal credit-scoring joint venture that is reportedly being backed by Alibaba‘s (NYSE: BABA) Fintech division Ant Group and various other companies. Qiantang Credit Rating Co Ltd will… Read More

Nervos Introduces Cross-Chain “Force Bridge” on Mainnet

Passerelle Leopold Sedar Senghor Locks Bridge Paris France

China’s public blockchain Nervos has announced that the “Force Bridge” is currently live on the mainnet. As noted in an update shared with CI, the Force Bridge is currently connected to Ethereum (ETH) via a cross-chain bridge and will be “connected to Cardano and other… Read More

Ethereum Experiences Burst of New User Adoption in Q3 due to NFTs, Bitcoin Records Steady Gains: Report

Ethereum Dollars iPhone

The team at Coin Metrics, including researchers Nate Maddrey and Kyle Waters have released their State of the Network Q3 2021 wrap-up report. In the latest edition of the State of the Network report, the Coin Metrics team has taken a data-driven look at what… Read More

China’s Latest Attempt to Ban Crypto May Further Prove Benefits of Decentralized, Immutable Assets: Report

Hunan China emile guillemot unsplash

The cryptocurrency markets have been trading down after news of another crackdown on the industry from China. The People’s Bank of China (PBoC) has issued a statement that has reiterated that all cryptocurrency trading activities in the country are illegal, and regulatory authorities will be… Read More

Chinese Crackdown on Crypto May Lead to Divergence between On-Exchange and On-Chain TX Volume, thus Lowering Network Congestion, Fees: Report

Beijing Traffic Jam China

As widely reported, China has expanded its ongoing cryptocurrency crackdown. This reportedly includes increasing enforcement against illegal digital currency mining, as well as preventing financial transactions involving crypto-assets. The Chinese central bank also confirmed that any trading, order matching, token issuance and derivatives on cryptocurrencies… Read More

China Introduces Wealth Management Connect with Assistance from Hong Kong, Macau

Yuan Renminbi China

China has reportedly introduced the Wealth Management Connect (WMC) along with Hong Kong and Macau in order to conduct cross-border investments in various wealth management products distributed by banking institutions in the region. The Wealth Management Connect trading scheme will be handling 300 billion yuan… Read More

On-chain Bitcoin Activity Reverses Multi-Month Decline Streak with Increases in Avg. Daily Transactions, Payments: Report

Bitcoin Computer Keyboard

Blockchain.com, a crypto wallet provider, digital asset exchange, and block explorer service, notes in a recent crypto market report that longtime Bitcoin (BTC) investors have “historically been able to count on two core price dynamics.” As mentioned in a blog post by Blockchain.com, Bitcoin’s price… Read More

Digital Securities ADDX Expands China Presence with $200M Agreement Linked to Offshore Investments

Digital Computer Money Coin Mac

Digital securities exchange ADDX – previously doing business as iSTOX – expects to “enlarge its business in China significantly, after concluding a $200-million agreement tied to a government-granted quota for Chinese offshore investments,” according to an update shared with Crowdfund Insider. The Qualified Domestic Limited… Read More

Fintech Stripe Extends Partnership with China’s UnionPay International, a Leading Global Payments Network

China UnionPay

Stripe, a tech firm that develops vital economic infrastructure for the Internet, has extended ts partnership with China’s UnionPay International, which is one of the biggest payment networks in the world. The updated integration should enable businesses in over 30 different markets, including Australia, Singapore,… Read More

Bitcoin (BTC) Network Difficulty Reset Took Target Hashrate to 111 EH/s, Up 7% Over Prior Epoch: Report

Two Bitcoin

The researchers at BitOoda have noted in a recent update that this past Friday’s Bitcoin (BTC) network difficulty reset “took the target Hashrate (or amount of computing power securing the network) to 111 EH/s, up ~7% over the prior epoch.” BitOoda, a global digital asset… Read More

CBDCs: China Seems Intent on Creating Digital Yuan for Local Use, and Potential Global Transactions, Report Reveals

Yuan Renminbi China

In April of last year, China had started testing out the the virtual yuan, becoming one of the first world governments to issue a Central Bank Digital Currency (CBDC). CBDCs like the virtual renminbi are government-issued, blockchain or distributed ledger tech (DLT)-enabled versions of a… Read More

Chinese Fintech OneConnect, a Tech-as-a-Service Platform for Financial Institutions, Shares Latest Financial Results

Hunan China emile guillemot unsplash

OneConnect Financial Technology Co., Ltd. (NYSE: OCFT), an established  technology-as-a-service platform for financial institutions based in China, has released its unaudited financial results for Q2 2021 and H1 for the period ending June 30, 2021. As noted by OneConnect, revenue surged 25.0% YoY to RMB968… Read More

Bitcoin Mining Economics Maintain Improvement Since Last Week, as Chinese Miners Seek Sites for Future Equipment Deliveries: Report

Mining Hardware Computers

The research analysts at BitOoda have published their Weekly Hash report, dated July 12, 2021. The report reveals that cryptocurrency miner economics have improved despite the range-bound Bitcoin (BTC) price. The BitOoda team writes in a blog post that China’s Bitcoin mining ban “continues to… Read More

Bitcoin Mining Economics Improved Considerably, Mining Revenue Increases, but BTC Price Still Stagnant: Report

The BitOoda team has shared their Weekly Hash report, dated July 5, 2021. The target Bitcoin (BTC) hashrate is down 28% (on weekend reset), the BitOoda team noted in their latest report. China’s Bitcoin mining ban is “playing out, resulting in target Hashrate falling to… Read More

Bitcoin Mining Ban in China Moving Forward Aggressively as Nearly All Local Miners Appear to be Offline: Report

Photo by Annie Spratt on Unsplash Sorry Not in Service Hong Kong 1

China’s Bitcoin mining ban has been moving forward in an aggressive manner, which has led to a rapid decline in hashrate or the amount of computing power required to secure the BTC network. The team at BitOoda notes in a blog post, dated June 29,… Read More

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