News
Despite sanctions and scrutiny, the ruble-backed A7A5 stablecoin surged 250% in a day to reach a $500 million market cap, overtaking all non-US dollar rivals.
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China Crypto News
China, a global economic powerhouse with the world’s largest population, drives significant global trade marked by rapid industrialization and economic growth. China once served as a center for crypto trading and had a vibrant ecosystem of exchanges. However, in 2017, the Chinese government outlawed domestic cryptocurrency exchanges and initial coin offerings (ICOs) because of concerns about financial stability.
China intensified its regulations in 2021 by focusing on crypto mining — once a massive industry in the nation — citing concerns about speculative risk, financial stability and energy usage. Despite its hardline stance on cryptocurrencies, China is actively pursuing blockchain technology adoption across various sectors, including finance, supply chain and urban planning.
Blockchain parks and incubators have been established in various provinces and towns to aid new businesses and established firms specializing in blockchain technology. With its Digital Currency Electronic Payment system — a state-backed digital currency managed by the People’s Bank of China — China is at the forefront of central bank digital currency development. China wants to internationalize its currency and lessen reliance on the United States dollar in international trade and finance, and its CBDC, the digital yuan, is a component of that effort.
- Market Analysis
Bitcoin price aims for $125,000 as the gold rally and reduced inflation risks strengthen investors’ conviction in interest rate cuts and a rally from alternative assets.
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Moody’s warns “cryptoization” is undermining monetary policy and bank deposits in emerging markets amid uneven regulatory oversight.
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DBS Hong Kong CEO Sebastian Paredes warned that Hong Kong’s new stablecoin KYC and AML rules will largely block their use in onchain derivatives trading.
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China launched a digital yuan operations center in Shanghai focused on cross-border payments, blockchain services and digital-asset platforms.
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Governments around the world are exploring and launching stablecoins to remain competitive against dollar-pegged digital fiat tokens.
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The Bitcoin options market reflected caution, while top traders increased their bullish positions as optimism for a Federal Reserve rate cut grew.
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Next Technology Holding, China’s largest Bitcoin treasury firm, said it may buy more Bitcoin after filing to sell up to $500 million worth of common stock to fund additional purchases.
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Caixin removed a report claiming Chinese regulators are preparing to restrict mainland state-owned enterprises and banks from pursuing stablecoin and crypto initiatives in Hong Kong.
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Jack Ma’s Ant Digital is tokenizing billions of dollars’ worth of Chinese energy assets on AntChain, with plans to list the tokens on offshore exchanges.
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The launch follows Nasdaq’s call for tighter scrutiny of corporate crypto holdings, which HashKey framed as a test for the industry.
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Hong Kong-listed Yunfeng Financial purchased $44 million of ETH to support its expansion into Web3, real-world assets and tokenized finance.
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Bitcoin’s sell-off accelerates as macroeconomic challenges prompt stock and crypto traders to cut risk.
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Chinese money launderers have been moving billions through US financial institutions to aid Mexican drug cartels, yet lawmakers still point the finger at crypto.
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The company has posted $46.7 billion in revenue for the quarter, despite restrictive export controls from the US-China trade war.
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