Evergrande Crisis Could Impact Bitcoin Price, Caution Advised: Analysts
China's Evergrande Group, a major real estate company, announced its restructuring plans, causing anxiety in the Asian market and resulting in a 24% drop in early Monday trading. Bitcoin has been relatively stable over the past week, with a slight drop in price to $26,106 and a market cap of $508 billion.
GGV Capital Splits Into Two Separate Partnerships To Focus on Different Geographic Markets
On September 22, GGV Capital announced that it will be divided into two completely independent partnership enterprises, each with its own unique brand name. The American partnership enterprise, led by managing partners Glenn Solomon, Hans Tung, Jeff Richards, and Oren Yunger, will mainly invest in North America, Latin America, Israel, Europe, and India/US cross-border, with offices in Silicon Valley and New York.
China Proposes Digital ID System for Metaverse Users, Similar to Social Credit System
China is reportedly proposing a digital ID system for users of the Metaverse and other online virtual worlds, similar to its social credit system. The proposed system would collect personal information and identifiable signs, including a person's job, to maintain order and safety in the virtual world. The digital ID would allow authorities to quickly find and punish problem users, similar to the enforcement tool of China's social credit system.
China Blockchain Development Report: Blockchain Technology Has Become an Important Guarantee for the Development of Digital Culture
Beijing Blockchain Technology Application Association and the Social Science Literature Publishing House jointly released the "Blockchain Blue Book: China Blockchain Development Report (2023)" in Beijing.
Binance Users in China Traded $90 Billion of Cryptocurrency Assets in a Single Month, Despite Trading Ban
According to the Wall Street Journal, Binance users in China traded $90 billion worth of cryptocurrency assets in a single month, despite cryptocurrency trading being illegal in the country since 2021. These transactions made China Binance's largest market, accounting for 20% of volume worldwide, excluding trades made by a subset of very large traders.
CoinGecko : Nearly 75% of World's Largest Banks Support Transfer of Funds to Major Crypto Exchanges
A recent study by CoinGecko has found that the majority of the world's largest banks support the transfer of client funds to major crypto exchanges. The study analyzed the crypto-friendliness of the top 50 banks based on two criteria: whether they offer crypto trading or on-ramping services within their platforms, and whether they allow account connections to major exchanges like Coinbase and Binance. 74% of the banks examined support crypto trading through exchange connections, but none currently offer retail crypto trading or on-ramping. Notably, all 13 banks that do not allow account connections to exchanges are located in China, a country with a history of anti-crypto policies.
Arrests of Core Members of Chinese DAO Raises Concerns About Legal Risks and Future Regulations
Several core members of a well-known Decentralized Autonomous Organization (DAO) in China have been arrested for issuing tokens and incentivizing members, which has led to a police investigation. This could be the first instance of a DAO being implicated in criminal activity in China. The founder of the ManKun Law Firm has highlighted potential legal risks in two areas for the development of DAOs in China: fundraising and securities, and the structure of some DAOs.
Chinese City of Shaoxing Plans Digital Yuan Giveaway for Asian Games-themed Event
The city of Shaoxing in China is planning to give away digital yuan tokens worth $5.6 million as part of an Asian Games-themed event. The tokens will be distributed by the Shaoxing Municipal Bureau of Finance through a lucky draw-type event. To be eligible, entrants must have digital yuan wallets and be registered residents of Shaoxing. The event is being held to boost adoption of China's central bank digital currency (CBDC) prior to the Asian Games, which will be held in Hangzhou starting on September 22.
Russian Lawmaker Suggests Compatibility Between China and Russia's CBDCs for International Payments
Anatoly Aksakov, a leading Russian lawmaker, has suggested that China and Russia's CBDCs could be made compatible for international payments between the two nations. Aksakov, who is the Chairman of the State Duma Committee on the Financial Markets, made the comments at a CBDC-related forum. He also stated that the digital ruble could be used for international payments and that it was necessary to introduce the new currency to the country in stages. Additionally, Denis Polyakov, the Deputy Director of the Department of the Russian Central Bank's National Payment System, claimed that the digital ruble would allow domestic businesses to reduce costs and ordinary citizens to make quick transfers without commission.
China Shandong Blockchain Research Institute Technology Innovation and Ecological Cooperation Conference Held in Jinan
On July 21, the Technology Innovation and Ecological Cooperation Conference of China Shandong Blockchain Research Institute was held in Jinan. It released a full-stack independent and controllable data element trusted circulation solution, and created industry solutions with partners. The "Digital Jinan Security Base" was also released at the meeting, and the National Commercial Encryption Testing Institution and Shandong Provincial Commercial Encryption Technology and Application Innovation Center were unveiled.
