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Chinese regional governments continue to crack down on cryptocurrency mining after a leading government agency held high-level crackdown talks in May. This week, local governments in Qinghai, Yunnan and Xinjiang followed Inner Mongolia and Sichuan to release new policies of repression. Former Chinese central bank governor Zhou Xiaochuan seemed pessimistic about the future of cryptocurrencies in payments. And more and more cities have started using the digital yuan, including a very first digital yuan / blockchain link.
Blockchain securities
The blockchain world is changing rapidly, and nowhere is it moving faster than China. Here’s what you need to know about the Chinese world bloc in the week of June 9 to 15.
Crypto mining shutdown continues Officials in China’s Qinghai Province have started cracking down on crypto mining, following regional governments in Sichuan and Inner Mongolia. The provincial Ministry of Industry and Information Technology announced a series of regulations on June 9, including shutting down all ongoing mining operations, stopping the issuance of permits for new operations, and removing electricity and other support for mining companies. Mining activities in Qinghai are relatively small compared to other provinces. (Sina Finance, in Chinese) On June 9, regional officials in China’s far west China’s Xinjiang Province ordered all cryptocurrency mining companies in Zhundong Economic and Technology Development Park to close before 2:00 p.m. that day. The park is home to some of the largest bitcoin mining facilities in China, due to the abundant fossil fuel. (The Block) Yunnan Province to review all cryptocurrency mining operations in the province by the end of June, looking for violations, including the use of unlicensed electricity, officials said to local media. The regional energy office confirmed a rumor to local media on June 12. Mining companies found using electricity without proper authorization will be ordered to shut down. (Science and Technology Innovation Express News, in Chinese) Future of cryptocurrency
Zhou Xiaochuan, the former governor of China’s central bank, said on June 11 that some cryptocurrencies may lose their chance to enter the digital payments arena due to their low efficiency and focus on decentralization and deregulation. Zhou commented at the 13th Lujiazui Forum, a financial forum hosted by the Shanghai government, China’s central bank, and others. Zhou is also widely regarded as one of the key people behind China’s digital yuan project. Zhou added that if the leaders in the cryptocurrency space were there for a quick profit, it would only make cryptocurrency more like digital assets and less like applications useful to the economy. (Cailian Press, in Chinese)
Blockchain financing
Red Date Technology, the architect of China’s blockchain initiative, Blockchain Services Network (BSN), announced on June 10 that it has finalized a $ 30 million Series A funding round with various global investors. (TechNode)
No more digital yuan trials Local officials in China’s New Xiongan Zone said the region has started trying to pay workers in digital yuan, using the Blockchain Fund payment platform, a payment system powered by by government-run blockchain. The lawsuit received support from the Shijiazhuang branch of the central bank of China. The government said it was the first time it had conducted a digital yuan trial on a blockchain system. (CoinDesk) Chinese smartphone and electronics maker Xiaomi said on Saturday it will start accepting digital yuan payments at more than a dozen selected stores in Beijing and Shanghai. The move is a reaction to the ongoing digital yuan lawsuit in the two cities. (Xiaomi Zhijia, in Chinese)
Additional reporting by Julia Lu.
Qin is editor-in-chief at TechNode. Previously, she was a reporter for Inkstone, a China-focused news site owned by the South China Morning Post. Prior to that, she worked in the United States for five years …. Read more by Qin Chen
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