Economists say that El Salvador is “on the road to death”, and wages paid in electronic renminbi…

Our people in Shanghai refuse to let recent regulations slow down the news from China. Enterprise blockchain, central bank digital currency, and startup projects continue to have a positive impact in regions that want to increase economic value through technology.

El Salvador’s death march

The debate around El Salvador continues this week as the media and officials try to digest the adoption of Bitcoin as the national currency.JPMorgan Chase said Little economic benefitSteve Hank, a professor at Johns Hopkins University, warned that the move may “Crash the economy completely“Small country.” Former Bank of China Vice Governor Wang Yongli took a very tough attitude, saying that volatility and lack of supervision or control will Put the economy on the “road of death.”“This sentence appeared on the state-run media The Paper on June 9th, and it was an unusually direct and colorful statement on this issue.

Encryption innovation can be fruitful

Zhou Xiaoquan, the former governor of the People’s Bank of China, said a few positive words About cryptocurrency as a technology On June 11, he delivered a speech at the Shanghai Economic Summit, pointing out that China’s cryptocurrency innovation can produce results in serving the real economy. He also took some shots of other countries and pointed out that if people think that other countries are also adopting the same approach in establishing financial services, it would be wrong. Zhou is one of the most frequently cited economists in China. He believes that the relationship between financial services and economic value is rarely emphasized elsewhere in the world. Based on the crazy presentations at the Miami Bitcoin Conference a few weeks ago, his position may be more reasonable than others are willing to admit.

Pay in electronic renminbi

China’s electronic renminbi testing continues, with the first report of large-scale wage payments in the Xiong’an District near the capital Beijing. According to Cointelegraph, The pilot was supported by a number of national banks and saw subcontractors pay workers through digital wallets.

Industrial blockchain worth $22.6B

On June 3, a government agency Published a report Titled China’s industrial blockchain development status and trend reportThe report shows that in 2020, 222 industrial blockchain policies will be released, 12,059 new blockchain-related patent applications will be issued, and 776 new blockchain companies will be added. The report also stated that the current market size of the industrial blockchain field is approximately US$22.6 billion. Industrial blockchain is an area that China is eager to seize, leading to such explosive growth in recent years.

Only 5 times as much fun

Leading Huobi exchange surprises futures traders Limit them to 5 times leverage Permanently exchange and prevent new users from fully accessing the feature. Futures trading, especially high-leverage futures trading, has always been a popular feature of exchanges such as OKEx and Huobi. It will be interesting to see whether these new decisions to limit risk will harm these large exchanges that still comply to some extent with regulatory rules. This may also be a short-term solution to avoid review during the stricter control period.

Singapore Futures

Although Huobi is tightening controls on futures traders, the SynFutures platform, headquartered in Singapore, has Completed Series A financing with US$14 millionThe round of financing was led by Polychain Capital, including Framework Capital, Pantera Capital, Bybit, Kronos Research, WOO Ventures, Wintermute, and IOSG Ventures. SynFutures is creating a trustless derivatives market where users can hold assets or any position with accurate information, including Bitcoin, gold prices, and even Bitcoin hash rate. What many people don’t know is that the SynFutures team consists of members from Matrixport, which is a financial services application that is a branch of Bitmain, a large Chinese mining group. Now you know the whole story!

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.

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