China Highlights Blockchain in Pandemic Preparedness Strategy

Chinese authorities are trying to strengthen their epidemic preparedness and have identified blockchain as a key component of the response. 

The Chinese Circular of the National Health Commission released its plan on June 30 on how to ramp up its information technology support amid future pandemics. One component of the strategy is the use of blockchain technology for enhancing data sharing among medical institutions.

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Market Predictions, Miner Fees Fluctuate, & China Moves Fast: Bad Crypto News of the Week

An eventful week for Bitcoin this week. It ended down nearly 5 percent but at one point, things were looking much worse. A collapse to $8,900 sparked talk of a three-month correction—which could be exacerbated by the expiration of more than 100,000 Bitcoin options next Friday. 

So far at least, the correction appears to have largely corrected itself but that might be because of the turmoil in the stock markets.

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Singapore to Explore Central Bank Digital Currency With China

Singapore’s central bank and financial regulatory authority is looking to cooperate with China in the field of central bank digital money.

Ravi Menon, the managing director of the Monetary Authority of Singapore, or MAS, has voiced the country’s readiness to enter into a close cooperation with China in relation to digital currencies.

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China Could Roll Out Its CBDC Without Anyone Realizing

China has emerged as the world’s leader in central bank digital currency, or CBDC, development, driving speculation surrounding the country’s domestic and international ambitions for its CBDC.

Speaking to Cointelegraph, Glenn Woo, Ledger Vault’s head of the Asia-Pacific region, predicted that China’s state-backed virtual currency will be the first to launch worldwide.

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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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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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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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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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Bitcoin Is a Digital Asset Says Intermediate People’s Court in China

The Shanghai No. 1 Intermediate People’s Court publicly announced an appeal for a Bitcoin foreign property damage compensation dispute on May 6, according to Baidu news. 

The second Court trial’s findings indicated that Bitcoin is a digital asset and should be protected by the law. All Bitcoin obtained through illegal means should be returned or compensated at a discount,

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Bank Of China Expands Tests of New Fintech Regulation to Six More Cities

Bank of China launched its first fintech innovation regulatory pilot project in Beijing last year. The bank announced plans to expand its regulatory pilot projects in six more cities and districts on April 27.

The bank plans to conduct pilot projects in Shanghai, Chongqing, Shenzhen, Hebei Xiong’an New District, Hangzhou and Suzhou.

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Bank Of China Says Digital Yuan Will Not Cause Inflation

The Bank of China’s secretive digital currency tests have led to tremendous curiosity among Chinese citizens. Recently, the bank responded with an official explanation of the proposed digital Yuan and how it would work. 

A bank representative confirmed on the China Central Television on April 19 that the new digital currency (also referred to as DC/EP,

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China Sees New Blockchain Innovation Alliance, With Huawei and Alibaba as Members

China has welcomed its first provincial-level Blockchain Innovation Alliance on April 14, according to ChinaNews. 

Major enterprises settles 

More than 100 well-known enterprises, both domestic and foreign, have joined the alliance. Members include Inspur, Tsinghua Unigroup, Huawei, IBM, Tencent, Alibaba and Baidu, according to the announcement. 

The Alliance is located in the intelligent industry cluster in Yuzhong District.  

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Blockchain to Authenticate Coronavirus-Response KN95 Face Masks From China

As the United States continues to struggle with a shortage of N95 masks needed to combat the deadly coronavirus, the Food and Drug Administration announced on April 3 that it has approved the use of KN95 masks in the country.

Unlike N95 masks that are tested and certified by the National Institute for Occupational Safety and Health,

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China’s Oldest Exchange OKCoin Readies for Move Into Japan

OKCoin, one of the oldest exchanges in China, is continuing its crypto exchange business expansion, announcing on March 30 that it has officially secured licensing in Japan.

OKCoin has been anticipating this day

Per its announcement, OKCoin Japan has completed its registration with the Kanto Local Finance Bureau. According to the firm,

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China Everbright Bank Uses Ant Financial’s DLT for Supply Chain Finance

China Ever­bright Bank (CEB), a major commercial bank in China and one of the world’s largest public companies, is debuting a blockchain-based supply chain finance solution by Ant Financial.

Ant Financial, the financial arm of Chinese e-commerce giant, Alibaba, has partnered with CEB to collaboratively implement Duo Chain — a network services platform designed to handle supply chain-related financial transactions.

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China Tracks Victims of Coronavirus with WeChat and Alipay

The government of Hubei, the Chinese province at the epicenter of the COVID-19 (Coronavirus) outbreak, issued a report on Feb. 18 detailing measures taken against the disease. The officials revealed that they tracked both offline and online purchases of fever medicine to organize relief efforts.

As the emergency situation shows no signs of slowing down,

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China Continues to Streamline Its Blockchain Patent Application Process

The National Intellectual Property Administration (NIPA) in China continues to clarify the guidelines for blockchain patent applications, which are set to become effective as of Feb. 1.

At the end of December 2019, the NIPA announced the revised guidelines to patent applications for new emerging technologies such as blockchain, artificial intelligence, big data,

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China’s Shenzhen Stock Exchange Launches Index of 50 Blockchain Firms

The stock exchange of China’s technology capital Shenzhen, the Shenzhen Stock Exchange (SSE), launched an index tracking the performance of 50 blockchain firms.

According to an announcement on Dec. 24, the index will be based on the stocks of 50 companies listed on the SSE that participate in the blockchain industry.

The top 50 blockchain-related stocks are ranked based on their average daily market value over the past six months.

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China: Former Central Bank Exec to Reportedly Head New Tech Regulation Division

China’s securities regulator is reportedly setting up a tech division that will be headed by the former chief of the central bank’s digital currency initiative.

Yao Qian, a former director of the Digital Currency Research Institute at the People’s Bank of China (PBoC), will serve as director at the China Securities Regulatory Commission’s (CSRC) first technology supervision department,

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China’s President Xi ‘Credentialized’ Cryptocurrency, Says Novogratz

China’s President Xi Jinping gave credibility to blockchain and crypto by calling the country to accelerate blockchain adoption, said Galaxy Digital CEO Mike Novogratz. The cryptocurrency investor delivered his remarks speaking at the Reuters Global Investment Outlook 2020 Summit in New York on Nov. 5.

Xi “just credentialized crypto and blockchain”

Michael Novogratz,

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Peter Schiff: China's Gold-Backed Crypto Would Be Bearish for Bitcoin

China launching a digital counterpart of the yuan backed by gold puts Bitcoin (BTC) at a disadvantage, veteran gold bug Peter Schiff claims. In a tweet on Nov. 2, Schiff, notorious for his cynicism when it comes to Bitcoin, attempted to counter criticism of his stance by Keiser report host, Max Keiser. 

Schiff tells Keiser: gold backing beats BTC

“According to @maxkeiser I’m an idiot because I think #gold is better money than #Bitcoin,” he wrote. 

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EOS Holds Top Spot, Bitcoin 11th in China’s Latest Crypto Rankings

China’s state-backed tech workgroup has released its fourteenth crypto rankings report, with Bitcoin (BTC) ranked 11th and EOS (EOS) retaining the top spot as of the end of September 2019.

The listings rank 35 assets in total, as reported on Sep. 29 by the Center for Information and Industry Development (CCID)’s online information portal. 

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China Studying Blockchain and AI for Cross-Border Financing

China is looking into the application of blockchain and Artificial Intelligence (AI) to cross-border financing, Reuters reports on Oct. 27.

Blockchain in risk management

Lu Lei, the deputy head of the Chinese regulator State Administration of Foreign Exchange (SAFE), reportedly said that there are plans to use blockchain and AI in cross border financing,

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China Passes First-Ever ‘Crypto Law’ Going Into Effect January 2020

The Standing Committee of the 13th National People’s Congress in China has passed a new law regulating cryptography on Oct. 26 that will take effect on Jan. 1, 2020, reports local news outlet CCTV. 

Per the report, the new regulatory framework aims to set standards for the application of cryptography and the management of passwords.

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