The court said NFTs are “unique digital assets” that “belong to the category of virtual property” in a case where it had to confirm the legal attributes of NFTs.
With one of the largest populations and economies in the world, China is a major driving force in commerce, finance and technology and has a storied history with Bitcoin (BTC).
“China bans Bitcoin” has graced media headlines repeatedly since the cryptocurrency’s inception, which signifies the government’s severe distaste for a currency beyond institutional control. The banning of Bitcoin use in China has taken the form of severely inhibiting or shutting down Chinese Bitcoin exchanges, which are the main methods of accessing Bitcoin beyond peer-to-peer exchange.
Despite this friction, China has emerged as a key player in the cryptocurrency industry in two wildly different ways.
Firstly, most of the hashing power (i.e., mining operations) of the Bitcoin network is concentrated in China, as miners have access to incredibly cheap hydroelectric power, giving them a sharp advantage over competitors in other locations.
Secondly, the Chinese government is developing its own sovereign digital currency that will reportedly use blockchain, presumably with strict administrative and capital controls antithetical to most cryptocurrencies.
Avalanche’s partnership with Alibaba Cloud will see the development of tools that enable users to launch validator nodes on Avalanche's public blockchain platform in Asia.21077
BTC price action heads higher with Bitcoin joining Asia stocks in a rebound despite FTX pressures continuing.5768
Two collections have appeared on NFT marketplace OpenSea depicting images and art related to the rare widespread protests in China over its lockdown policies.4591
- Nifty News: Chinese firms to offer World Cup metaverse viewings, X2Y2 backtracks on royalties and more
In early November, the Chinese government made an ambitious plan to boost the nation’s VR industry, and now it seems local tech companies are using the World Cup to test-run their products.3871
With its partial autonomy, the island city of Hong Kong has traditionally served as a gate to China, but with crypto, there is a catch.3176
Chinese Bitcoin mining firm Canaan posted a 90% over-the-quarter decrease in net income in Q3 2022, but it’s not the end of its business.2795
South Korea’s central bank has tested purchasing NFTs with its central bank digital currency.3148
Despite a common mantra about the nonpartisan nature of crypto, there are certain correlations evident ahead of the United States elections.1835
The Chinese government has shown a keen interest in developing a metaverse economy, but its stance on NFTs hasn’t been very clear.3209
China’s digital yuan is one of the earliest CBDCs whose pilot phase has expanded to include millions of users and billions in transaction volume.5643
Hayes says the next crypto bull run will be tied to when China embraces the crypto market again, and Hong Kong could be the gateway for this to happen.3437
The Bank for International Settlements is on a roll with its third publication within days detailing how commercial banks in four jurisdictions transferred funds using CBDCs.2696
According to an analysis by crypto risk management firm Elliptic, two Chinese intelligence agents used Wasabi Wallet to conceal BTC transactions allegedly used for bribes.2578
The top three countries contributing to the Bitcoin hash rate continue to eat away the share of other players, such as Malaysia, Germany and Iran.4815