China’s plan to liquidate confiscated crypto through Hong Kong exchanges isn’t simply a policy — it’s to control global digital asset markets and outmaneuver the US.
Beijing News
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China's capital city, Beijing, has launched a two-year plan to boost blockchain development and adoption across key industries.
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Lawmakers in Japan have decided to enforce stricter Anti-Money Laundering measures starting June 1 to trace cryptocurrency transactions.
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The release of the white paper coincides with new digital asset regulations in Hong Kong, raising further interest in China’s stance toward the crypto industry.
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The Metaverse development plan requires various municipalities to track NFT technology trends and integrate the Metaverse into education and tourism.
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While NFTs are not banned in China like cryptocurrencies, the government has warned against fraud risks associated with the nascent sector.
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Guangdong province’s Development and Reform Commission confiscated 190 crypto mining machines, estimated to be worth 5 million yuan.
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China has carried out multiple crypto crackdowns and enforced numerous bans on crypto markets since 2013, however, Chinese traders have always found a way to bypass these bans.
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The research report blamed the increase of Bitcoin’s carbon footprint on the China mining ban and claimed Chinese miners were more renewable-energy-focused.
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The new policy change aims to mitigate risks arising from digital currency fundraising and the absorption of funds from the public.
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Sustainable Bitcoin mining gets a boost from the joint venture between mostly hydro-powered BTC miners Merkle Standard and infrastructure provider Bitmain.
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"Do not accept any digital yuan," said Minnesota Representative Tom Emmer in a tweet aimed at Team USA athletes competing in China.
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Shanghai’s five-year plan calls for the use of a metaverse in public services, businesses, entertainment and industrial manufacturing.
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Beijing residents should apply to participate in the lottery until midnight on June 7.
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Bitcoin’s electricity bill has been attracting the attention of regulators worldwide.
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