China
Residents of 3 Chinese cities paying taxes and charges with digital yuan
Residents in three major Chinese cities have begun paying tax, stamp duty and social security premiums using the country’s central bank digital currency — the digital yuan (e-CNY). According to a domestic news report, a number of government agencies in the Zhejiang province — located just south of Shanghai — are currently running real world trials programs that involve citizens using the digital yuan to pay taxes. The Zhejiang Taxation Bureau is working with the country’s central bank — the People’s Bank of China (PBoC) — to explore a variety of taxation payment methods using the digital yuan. The PBoC and affiliated local government agencies are reportedly looking to the next major test for the digital yuan, the Asian Games which will take place in Hangzhou in September. Local autho...
Chinese court rules marketplace guilty of minting NFTs from stolen artwork
A court in the Chinese city of Hangzhou ruled a one-of-a-kind judgment against a nonfungible token (NFT) marketplace for allowing a user to create (or mint) NFTs of stolen artwork. As reported by South China Morning Post, the court verdict toward the NFT marketplace was made after Shenzhen-based company Qice filed a lawsuit against NFTCN’s parent company, BigVerse. The lawsuit claimed that an NFTCN user stole a copyrighted artwork of Ma Qianli, a Chinese artist specializing in drawing and printing. The user of the NFT platform allegedly poached one of Ma’s creations of a cartoon picture. Based on the evidence collected, the court found the NFTCN platform guilty of not checking for forgery or intellectual property (IP) theft prior to allowing users to mint NFTs. As a result, NFTCN was charg...
China-based regulatory and trade associations target NFTs in latest risk notice
The China Banking Association, the China Internet Finance Association and the Securities Association of China issued a joint statement warning the public about the “hidden risks” of investing in nonfungible tokens, or NFTs. In a Wednesday notice, the three associations launched initiatives aimed at encouraging innovation in the crypto and blockchain space focused on NFTs as well as “resolutely curb[ing] the tendency of NFT financialization and securitization” to reduce the risks around illicit activities. The China Banking Association said member institutions should not consider NFTs assets like securities, precious metals, and other financial products. In addition, cryptocurrencies including Bitcoin (BTC), Ether (ETH) and Tether (USDT) should not be used for the pricing and settlement of ...
Facebook whistleblower warns Metaverse will repeat ‘all the harms’
Facebook whistleblower Frances Haugen has taken aim at Meta in a new interview, suggesting that its version of the Metaverse will simply repeat all of its past mistakes. In an interview with Politico, Haugen said: “They’ve made very grandiose promises about how there’s safety-by-design in the Metaverse. But if they don’t commit to transparency and access and other accountability measures, I can imagine just seeing a repeat of all the harms you currently see on Facebook.” In 2021 Haugen leaked thousands of internal documents from Facebook to the Securities and Exchange Commission and The Wall Street Journal. Her experience working for the company has left her with concerns about privacy issues and about letting the corporation amass data about every aspect of u...
Is China’s apprehension to ban NFTs a hopeful sign for investors?
It’s no secret that China has a clear disdain for all things crypto, as was highlighted last year when the country decided to ban its digital asset industry in its entirety. That said, one niche related to the crypto industry that has continued to thrive in the region despite the ban is its nonfungible token (NFT) market. However, with certain negative developments coming to the forefront recently, this may not be the case much longer. In this regard, many local social media platforms and internet firms have continued to update their policies so as to restrict and, in some cases, remove NFT platforms altogether from their networks, claiming a lack of regulatory clarity but, more importantly, fearing a government clampdown on their day-to-day operations. For example, WeChat, a Chinese insta...
Russia is looking towards Bitcoin as a payment form for energy exports
Energy official Pavel Zavalny says Russia has lost all interest in the Euro and dollar On Wednesday, President Putin demanded that all unfriendlies must pay for Russian energy exports in the ruble Recent reports suggest that Moscow is exploring ways to save its economy and get it back on track amidst heavy sanctions from the west. The country is now leveraging one of its most valuable exports – gas. Russia already made it a requirement that all non-friendly nations seeking to buy gas from it must pay in the Russian ruble, while friendlies like China and Turkey can pay in their fiat currencies or the ruble. Bitcoin as an option for the ‘allies’ According to a top government official, the nation is open to accepting Bitcoin as payment for oil and gas exports. Chairman of the Stat...
Sony Music Opens Singapore Office, Shifting Asia Hub From Hong Kong
Sony Music Group is moving its Southeast Asia headquarters to Singapore, joining a host of other music and tech companies that have shifted regional business hubs away from Hong Kong amid street protests and crackdowns by the Chinese government. The new Singapore office will house SMG companies Sony Music Entertainment, Sony Music Publishing and artists and label services company The Orchard, the company said in a press release Tuesday (March 22). It will also serve as the new base for Sony Interactive Entertainment, creators of PlayStation. A host of pan-regional specialists focused on Singapore and the wider region will work out of the new headquarters, including in marketing, data analytics, human resources, finance, digital innovation, business development, A&R, and publicity. Esta...
Volvo’s parent company establishes blockchain joint venture headquarters in Wuxi, China
On Tuesday, privacy blockchain Concordium and Geely Holding, a Chinese multinational automotive car company that owns brands such as Volvo, announced the creation of a joint blockchain venture with headquarters in Wuxi, China. The project aims to develop blockchain technologies and improve blockchain standards, mainly in the automotive industry. Since establishing the joint venture last February, Geely Holding has created a Digital Technology Sector, or DTS, subsidiary to invest in cutting-edge technologies, including blockchain. Moreover, the two entities plan to offer businesses and customers access to new blockchain platform-based business models and decentralized applications. DTS has already developed blockchain services, such as a digital asset management platform and a blockchain tr...
US exceptionalism could be tested as digital assets find footing worldwide — Sheila Warren
Sheila Warren, CEO of the Crypto Council for Innovation and former head of data, blockchain and digital assets at the World Economic Forum, said the digital yuan may present certain challenges for the United States. However, regulators and lawmakers may want consider how to encourage digital innovation, as China is already “massively tech forward” for its residents. Speaking to Cointelegraph during Austin’s SXSW festival, Warren said that though she believed China’s digital yuan was unlikely to significantly affect retail payments in the United States, the adoption of the technology surrounding it could impact the dollar’s global dominance. The CCI CEO added that the Federal Reserve could make a “strong move” in preserving the dollar’s role by introducing a central ...
Chinese internet giants remove NFT platforms fearing gov’t crackdown
China’s leading social media platforms and internet giants have updated their policy to restrict or remove nonfungible token (NFT) platforms, citing a lack of regulatory clarity and fearing government crackdown. Chinese social media giant WeChat reportedly removed several digital collectible platform accounts for violations of the rules. Digital collection platform Xihu No.1, one of the hyped NFT projects in the market, was among the removed platforms. Another platform called Dongyiyuandian revealed that its official app has been banned, reported a local daily. WhaleTalk, a digital collectible platform launched by tech giant Ant group, also updated its policy to increase the penalty for using an over-the-counter (OTC) desk for trading NFTs. It is important to note that even though NF...
Bitcoin rally hopes diminish as pro traders flip bearish, retail interest at 12-month lows
Bitcoin (BTC) has been trapped in a symmetrical triangle for 56 days and the trend change could last until early May, according to price technicals. Currently, the support level stands at $38,000, while the triangle resistance for daily close stands at $43,600. Bitcoin mining up, retail interest down Bitcoin/USD price at FTX. Source: TradingView The week started with a positive achievement for the Bitcoin network as the Lightning Network capacity reached a record-high 3,500 BTC. This solution allows extremely cheap and instant transactions on a secondary layer, known as off-chain processing. After cryptocurrency mining activities were banned in China in 2021, publicly-listed companies in the United States and Canada attracted most of this processing power. As a result, Bitcoin’s hash...
Web3 will be key to the future of China’s internet, says security regulator
The director of the Science and Technology Supervision Bureau of China’s Securities Regulatory Commission Yao Qian has called for a special focus on Web3, deeming it to be the future of the internet. Yao published an article titled “Web 3.0: A New Generation of Internet that is Approaching,” talking about the significance of the evolving tech and how the world is at a crucial transition from Web2 to Web3. The article talked about the significance of forward-looking research and strategic infrastructure development. Yao predicted that Web3 will reconstruct the organizational form and business model of the Internet economy and is expected to greatly improve the existing Internet ecosystem, Related: Republican lawmakers introduce bill targeting China’s CBDC on...
