It was a relatively quiet week in China, with events overshadowed by a rise in BTC prices and a direct listing on Coinbase in the US. Many residents reacted with surprise to the news, which shows that the use of cryptocurrencies in the world’s most populous country is still relatively isolated.
Many netizens reacted skeptically to the Coinbase story, with news aggregator Jiemian on Weibo calling bitcoin a scam, pointing out its links to terrorists and urging investors to stick with Chinese A-shares. (By comparison, the Shanghai Composite Index is down 2.13% this year, while bitcoin has returned more than 116% this year). Jiemian has more than 10 million followers on Weibo, but caters to a more traditional audience. The conclusion is that despite China’s aggressive adoption of DCEP (Digital Currency Electronic Payment, also known as digital yuan), other digital payments and internet technology, the adoption of cryptocurrencies remains relatively isolated.
Some Chinese experts in the blockchain industry spoke on the 10th. April with Cointelegraph on DCEP and discussed the impact of the digital yuan on this space. Kevin Shao, co-founder of Bitrise Capital, summed up the situation by saying that China’s digital currency as a whole is still being used by the central bank to conduct monetary policy and perform monetary functions. It’s safe to say that the rapid development of DCEP has little to do with the country’s active blockchain space and will likely remain independent for the foreseeable future.
While all of this was going on, cryptocurrency exchanges around the world were increasing their revenue. Huobi, China’s largest cash exchange, has seen an increase in more established token exchanges. The seven most traded on Thursday were BTC, DOGE, ETH, XRP, FIL, TRX and BCH. All these projects have their origins in previous booms and busts, showing that nostalgia has not abandoned Chinese investors.
Graphics cards seized by Hong Kong customs
Hong Kong customs have discovered a smuggling of nearly 300 graphics cards that were supposedly Nvidia CMP 30HX models worth about 2 million yuan, or $300,000. There was nothing on the front of the graphics cards, and this particular model comes with no video output and is built solely for mining crypto-currency. According to the source, this is the first time Hong Kong Customs has seized graphics cards that were smuggled for mining purposes.
Status of media content Blockchain
Finally, in political news, the National Radio, Film and Television Administration has released standards for blockchain-related media content. The standards system is intended to promote sound and sustainable content related to the use of blockchain in areas such as audit systems, business processes, food safety and management. The state government is very proactive in dictating how technology, trends and other issues are presented in the media.
This weekly press release from mainland China, Taiwan and Hong Kong seeks to identify key industry news, including influential projects, changes in the regulatory landscape and blockchain integration.
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