Blockchain Platform to Track $2.5B Worth of Tea Products

The Chinese province of Yunnan announced the official launch of a blockchain-powered traceability platform for its Pu’er tea farms on June 3.

The blockchain platform was first announced in the 2020 Phoenix Nest Ancient Tree Spring Tea New Product Launch Conference in Kunming, Yunnan.  They will use the platform to conduct quality control,

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Blockchain Is Part Of China’s Master Plan for New Competitor Island to Hong Kong

Chinese authorities have released a master plan for turning southern island province Hainan into a free trade port, Xinhua news reports on June 1. A trade port system will focus on facilitating free trade, investment and cross-border capital flows in the whole island.

Government institutions reform

The master plan encourages government institutions to use blockchain and other technologies to reform government function.

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Goldman Scandal, BTC Bull Trap Fears, How Libra Will Make Money: Hodler’s Digest, May 25–31

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Goldman Sachs butts heads with Bloomberg over Bitcoin

One of the world’s biggest investment banks caused a stink this week when it declared cryptocurrencies are not an asset class.

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Cryptocurrency News From Japan: May 24 – May 30 in Review

This week’s headlines from Japan included GMO Coin exchange polling customers on their view of digital assets, Lisk opening a base in Japan, Bitflyer showing 2019 net losses, blockchain startup LayerX securing significant funding, and two entities reported successful collaborative blockchain-based securities experiments. 

Check out some of this week’s crypto and blockchain headlines,

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Alibaba Signs Blockchain-Related Deal With Chinese Port Operator

China’s biggest port operator, China Merchants Port, reached a deal on May 28 with the e-commerce giant, Alibaba Group, and its affiliate, Ant Financial. This deal will allow for the development of a blockchain-based platform, which will target a number of different use cases.

According to local media, the platform will allow buyers,

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Chinese Citizens Are Now Able to Inherit Cryptocurrency

The Thirteenth National People’s Congress and Chinese People’s Political Consultative Conference has come to an end on May 28. According to Xinhua news, the same day the parliament passed a new civil code; a legislation package that includes protecting the civil rights of inheritance, marriage, property, personality, contract and infringement. 

The new code states:

“When a natural person dies,

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LG Shows Interest in Distributed Ledger Technology, Joins Hedera Hashgraph Governing Council

LG Electronics has joined the governing council of Hedera Hashgraph, the enterprise-grade public distributed ledger platform. LG serves as the council’s fourteenth member, sitting alongside Boeing, Deutsche Telekom, Google, IBM, Tata Communications, and other leading organizations.

Hedera Hashgraph CEO Mance Harmon told Cointelegraph that LG is the first home appliance manufacturer to join the Hedera Governing Council.

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Bitfury Launches Mining Investment Solutions for Institutions

Bitfury, a mining company established in 2011, announced a partnership program on May 26 that lets institutions invest in Bitcoin (BTC) mining.

The program will help family offices and other institutional funds diversify their portfolios into digital asset infrastructure. Bitfury says this was previously an arduous task for these investors.

Investment will be possible in data centers in North America and other unspecified regions through custom-tailored investment solutions.

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Jobless South Korean University Graduates Are Increasingly Interested in Blockchain

Daejeon University is the latest in a series of South Korean universities redesigning portions of its finance and technology departments. The university made an official announcement on May 25 that it would open a new fintech department called “Future Convergence.”

According to the announcement published by Daejeon Journal, the curriculum will consist of topics such as smart health care,

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BTC Dreads Weekly Close, Satoshi Mystery, A Big Blunder: Hodler’s Digest, May 18–24

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Why today’s weekly close is crucial to avoid $8,000s

Not so long ago,

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Moving Coins, Data Breaches, and Magical Authors: Bad Crypto News of the Week

It’s been a good week for Bitcoin. The halving doesn’t seem to have done the top cryptocurrency any harm at all, with the dollar value up more than 8 percent over the previous week. Ethereum is up more than 10 percent which just shows that the opportunity for blockchain-based solutions are still red-hot. If you’re taking that opportunity to issue tokens or digitized assets and seeking legal counsel with respect to securities and regulation then you should speak to Josh Lawler at law firm Zuber Lawler.

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China Strikes Down 10% of Global BTC Hashrate, Who Will Pick Up The Slack?

The government of China’s Sichuan province moves to stamp out Bitcoin (BTC) mining activity, citing that growing cryptocurrency prices have led to the escalation of illegal activity under the guise of mining.

Sichuan — 10% of the global hashrate

According to estimates from Cambridge University, Sichuan is responsible for almost 10% of the global hashrate.

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Cardano is Working on a Microchip That Would Give Crypto a Cash-like Experience

In a recent Cointelegraph interview, Charles Hoskinson elaborated on the crypto-native chip that IOHK is working at its blockchain lab at the University of Wyoming that may lead to many groundbreaking use cases, including a cash-like experience for cryptocurrency.

Crypto-native microchip

It all began when IOHK, the company charged with the development of Cardano (ADA),

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In Congress, a New Bill Asks for Mass Survey of Blockchain Technology in the US

On May 19, Representative Brett Guthrie (R-KY) introduced the “Advancing Blockchain Act.” Per a May 18 draft of the legislation obtained by Cointelegraph, the bill asks the Federal Trade Commission and the Secretary of Commerce to put together a new survey of blockchain’s uses and the state of adoption in the United States.

Establishing jurisdictions for different federal agencies?

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BlockFi’s Data Breach May Allow Criminals to Extort Rich Clients

Crypto lending provider BlockFi reported on Tuesday that it suffered a data breach that may put some of its clients in physical danger.

According to its incident report, some of the company’s client data was breached through a SIM card swap attack performed on one of its employees.

The attackers successfully stole the email account and phone number used for the employee’s account verification procedure,

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SoftBank Loses Alibaba’s Jack Ma and Posts Worst Losses in History

Alibaba co-founder Jack Ma is stepping down from the board of Japanese tech giant and major blockchain backer SoftBank. After 13 years of close involvement with SoftBank, China’s richest man leaves the board amid SoftBank posting its worst operating losses in its history.

According to a May 17 report by Japanese publication Nikkei,

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Bitcoin Breakout Hopes, R.I.P. TON, Trump Threatened: Hodler’s Digest, May 11–17

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Bitcoin price charts hint at the most exciting breakout in over a year

The halving has been and gone — and so far,

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PlusToken Scammer Implicated in China’s Second Ten-Figure Crypto Ponzi

The scam, Wotoken, took in roughly $1 billion worth of crypto at current prices from over 715,000 victims.

One of the scam’s core operators is purportedly linked to PlusToken — a multi-billion Ponzi that is believed to have impacted the price trajectory of Bitcoin (BTC) on numerous occasions throughout 2019.

China’s second ten-figure Ponzi busted

Earlier today,

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Crypto.com Claims Its Card Is ‘Most Widely Available’ After European Expansion

Payments and cryptocurrency platform, Crypto.com, announced a broad European launch of its MCO Visa cards. The cards will soon ship to 31 countries in the region, according to the company’s blog post, published May 15. 

The company’s European presence now covers all 27 EU member states, as well as Switzerland, the UK,

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China Officially Recognizes Blockchain Jobs as New Occupation

The ongoing coronavirus pandemic is transforming blockchain companies, and its impact is not always negative for the blockchain industry. Amid the latest coronavirus crisis-fueled changes, China is taking another step toward blockchain adoption to officially recognize industry jobs.

China’s Ministry of Human Resources and Social Security, or MOHRSS, is the ministry responsible for national labor policies and regulations.

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China’s Central Bank Wants to Speed Up Blockchain Adoption

The People’s Bank of China, or PBoC, Financial Technology Committee held its first meeting of the year this week. During the meeting, the central bank’s deputy governor, Fan Yifei, urged that the country’s blockchain adoption strategy be accelerated.

According to a report released by Sina on May 13, the bank’s deputy governor met with both PBoC officials and the heads of their affiliated financial companies.

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New Cryptic Chinese Operation Instantly Becomes Sixth-Largest BTC Mining Pool

New China-based mining pool Lubian accounts for 5.15% of the total Bitcoin (BTC) hash rate, just three weeks after processing its first block. The pool was originally spotted by BlockBeats, a Chinese blockchain news outlet, on May 12. 

Lubian is currently the sixth-largest mining pool, with a 6.30 EH/s hash rate, data obtained from btc.com shows.

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Main Barrier to CBDC Is Philosophy Not Tech, Says European Central Bank Rep

A number of countries such as China and Sweden are already experimenting with central bank digital currencies, which are also referred to as CBDCs. The implementation of this new type of money requires a number of aspects including technology advancement and specific regulation. According to a key official at the European Central Bank, the main challenge of CBDC is philosophical rather than technological.

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Bitcoin Price Volatile 24 Hours Before Halving, Key Indicators Bullish

With Bitcoin’s (BTC) third mining rewards halving just over 24 hours away, mainstream market hype surrounding the event has grown exponentially, especially after balancing on the $10K threshold for some time. On May 9, BTC dropped to the $8,100 mark before making a small recovery to around $8,800.

Nevertheless, the fact that BTC has overall been able to stave off bearish market pressure instilled a certain amount of confidence in the hearts of investors all over the globe — despite Bitcoin facing a 15% value slip on May 9.

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