This weekly news summary from China, Taiwan and Hong Kong attempts to plan the most important news in the industry, including influential projects, changes in the regulatory environment, and enterprise blockchain integration.
When the Chinese Communist Party celebrated its 100th birthday on July 1, flags and celebrations became the order of the day. Many people pointed out that this incident was part of the motivation behind the recent cryptocurrency crackdown, as important holidays prompted leaders to clean up their jurisdictions so that social issues would not distract the celebration. Before these large-scale events, a strong and unified financial system was undoubtedly one of the focuses of people’s attention.
For community members who are sensitive to FUD, the good news is that after these events, supervision has a history of loosening, allowing the real economy to restore a healthier balance under the strict rule of law. Many people in the industry hope they can get more room for innovation, especially the exchanges and miners that have been hit hardest. Rumors about the possibility of regulated mining communities spread, allowing governments to collect taxes, regulate and even participate in mining activities. This rumor may be based more on optimism than reality, but it certainly makes sense for those who want to know why China’s leadership will allow a growing industry to move to Western powers in the escalating technological war. .
In the last few days before July 1, the pressure in the cryptocurrency space seemed to be increasing. People’s Daily English version “Global Times” Opinion Draft Right Bitcoin can only exist undergroundThis article, written by researchers from Renmin University of China and Beijing Foreign Studies University, predicts that illegal speculation will gradually withdraw from China and prices will fall sharply. Financial magazine “Caixin”, Published a stern editorial On June 28, it is recommended to use the same power as the country’s fight against epidemics to fight against cryptocurrencies. Given the seriousness of the country’s response to COVID-19, this seems extreme.However, when the Weibo platform Weibo, the leading local blockchain media group is the latest victim Suspend popular accounts BlockBeats and Chainnews.
Top exchange Huobi Updated user agreement On June 28, Chinese users were excluded from futures trading. This is after a series of international restrictions on derivatives. Regulators in Ontario, Canada and the United Kingdom, Blow In Binance. Futures trading is very popular in China, and any long-term ban on Huobi could lead to an influx of Chinese users elsewhere. Overseas exchanges like Binance and decentralized protocols will benefit the most.
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Small hydroelectric power plants provide a possible alternative for crypto miners seeking to operate secretly. Alibaba’s second-hand market application Xianyu, Reported a surge After many large miners who were former clients were forced to close their facilities, the hydroelectric power plant was in crisis.
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It is understood that on June 30, the Beijing Subway began to accept electronic renminbi payments. Go to the article on Cointelegraph. The pilot program is only applicable to customers of Industrial and Commercial Bank of China, one of which is Industrial and Commercial Bank of China Bank with the largest assets. The daily passenger flow of the Beijing subway is Over 10 million People, most of them use the QR code or NFC chip in the mobile phone to get in and out of the station. Suzhou, adjacent to Shanghai, announced a similar plan on June 29.