Chinese Court Says Crypto Not Protected Under TechNode Law

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A Chinese court has ruled that cryptocurrency investments are not protected by law. Authorities in Yunnan have banned hydropower plants from supplying electricity to crypto miners. Lympo will launch the auction for a series of sports star NFTs on August 30. The city of Suzhou in eastern China has completed a digital yuan trial on self-driving buses.

Blockchain securities

The blockchain world is changing rapidly, and nowhere is it moving faster than in China. Here’s what you need to know about the Chinese world block in the week of August 18-24.

More Cryptocurrency Problems in China A high court in northern China’s Shandong Province said in a statement that cryptocurrency investments are not protected by law after reviewing a recent case . In this case, the plaintiff sued three other people after losing access to 70,000 RMB ($ 10,805), which he invested in a crypto account. The account was closed due to Chinese authorities banning payment services for crypto transactions in 2018. (Cointelegraph) In southwest China’s Yunnan Province, regulators have ordered hydropower plants to stop providing electricity. electricity to crypto miners, Chinese media ITs Family reported. Power plants under jurisdiction will have to ask nearby mining and big data factories to relocate by August 24. In the event of non-compliance, the factories will face forced dismantling and the plant will be delisted from the public network, according to the opinion of regulators. (Cointelegraph) NFT Sports Stars

Lympo, a subsidiary of game developer and blockchain company Animoca, has announced that it will begin auctioning a series of sports star-related NFTs on Binance NFT Marketplace and Opensea, starting August 30. Lympos Animoca’s parent company recently received funding from Blue Pool Capital, which manages part of the Jack Mas family’s fortune. (China Star Market, in Chinese)

Suzhou is testing digital yuan payments on self-driving buses

The city of Suzhou in eastern China recently completed a trial allowing the public to pay for self-driving bus rides with digital yuan, the first of its kind in the country, Chinese media report. The hardware for the payment device is developed by fintech company Chengfangyun, while Qcraft, an autonomous vehicle startup, developed the driverless bus. During the trial, the residents of the new city of Suzhou Gaotie successfully paid the price of the digital yuan. (Caixun, in Chinese).

Zhanhang Ye is a Shanghai-based reporting intern for Technode, covering the content and entertainment industry. Contact him at [email protected]. More by Zhanhang Ye

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