It was a comparatively quiet week in China’s blockchain area as occasions had been overshadowed by the surge within the BTC value and the Coinbase direct listing within the U.S. Many locals reacted with shock to the information, displaying that publicity to cryptocurrencies remains to be comparatively remoted on the earth’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 Forex Digital Fee, also referred to as the digital yuan), different digital funds, and web know-how, cryptocurrency acceptance stays comparatively remoted.
Some consultants on China’s blockchain trade spoke to Cointelegraph relating to DCEP on April tenth, discussing how the digital yuan has affected the area. Kevin Shao, co-founder of Bitrise Capital, summed up the state of affairs by stating that “overall, China’s digital currency still serves the central bank’s monetary policy and monetary functions.” It’s protected to say that the fast DCEP development has little cross-over with the nation’s energetic blockchain area, 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 trade 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, displaying that nostalgia shouldn’t be misplaced on Chinese language traders.
Graphics cards seized by Hong Kong Customs
Customs in Hong Kong have busted a smuggling operation involving practically 300 graphics 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 cards, and this explicit mannequin comes with no video output port, and is constructed completely for cryptocurrency mining. In response to a supply, that is the primary time that Hong Kong Customs has seized graphics 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 using blockchain in industries equivalent to auditing techniques, enterprise processes, meals security and administration. The State Administration may be very proactive with its requirements, detailing how applied sciences, developments, and different themes needs to be portrayed within the media.
This weekly roundup of reports from Mainland China, Taiwan, and Hong Kong makes an attempt to curate the trade’s most necessary information, together with influential initiatives, modifications within the regulatory panorama, and enterprise blockchain integrations.