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Shanghai Man: US senators tell athletes to avoid digital yuan, Chinese exchange volumes rebound … and more – Cointelegraph Magazine

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This weekly roundup of stories from Mainland China, Taiwan, and Hong Kong makes an attempt to curate the business’s most vital information, together with influential tasks, modifications within the regulatory panorama, and enterprise blockchain integrations.  

Olympic battle

After months of writing in regards to the relentless actions of the Chinese authorities, this week we lead with a narrative from the US Government. On July 19, three US senators signed a letter addressed to the to U.S. Olympic and Paralympic Committee, requesting US athletes not use the e-CNY in February’s Winter Olympic video games in Beijing. The logic was that the digital forex could be traceable after the athletes returned to the US, in case China was desirous about monitoring overseas bi-athletes and bobsledders of their offseason coaching regiments. 

China’s Foreign Ministry spokesperson Zhao Lijian snapped back that the senators “should stop making troubles” and “figure out what a digital currency really is.” Zhao apparently believes that the US lawmakers won’t be up-to-date on the most recent in know-how, one thing the crypto-enthusiasts on Twitter have been bemoaning for years. 

All sarcasm apart, this factors to a rising development of shoppers being caught in geo-political struggles round know-how, which might turn out to be a a lot bigger concern as CBDCs turn out to be more prevalent. Users can select to avoid sure {hardware} or apps that present an information safety danger, however avoiding the native forex will probably be a a lot more tough alternative to make. Cash use has dropped to a negligible quantity in China, with the majority of each day transactions being digital by means of Alipay and WeChat. Traveling or residing in China with out touching the digital forex will probably be an enormous inconvenience, and one probably to not go over nicely with future generations.

Leading the pack

On July 19, Cointelegraph reported that Chinese Bitcoin miners had earned close to $7 billion dollars in the past year, ten occasions greater than miners within the second highest nation, the US. This development may be damaged up barely by the regulatory crackdown this 12 months, however nonetheless reveals the affect China has on the business, particularly if giant Chinese firms can proceed to arrange operations in neighboring nations.

 

 

Axie Infinity’s token is taking off quicker than the sport in China (Source: Axie Infinity).

 

Chinese volumes bounce again

Volumes on Chinese exchanges Huobi and OKEx rebounded barely in contrast to the identical time final week, together with on the derivatives aspect the place the 2 exchanges made up round 44% of Binance’s quantity, in contrast to solely 38.7% on the similar time the week earlier than. Gaming token Axie Infinity remained a sizzling token for buying and selling, and was the fourth-most traded token on Huobi on Thursday behind BTC, ETH, and DOGE. Actual gameplay hasn’t actually taken off in China, and though the positioning stays unblocked by the Great Firewall so far, visits to the web site are nonetheless scarce. Users from the Philippines make up 40% of web site guests, whereas China accounted for lower than 3%. China boasts the largest gaming community on this planet, however tight restrictions on cryptocurrencies is probably going to restrict the expansion of public blockchain-based gaming in the interim. Speculating on gaming-related tokens, nevertheless, will probably stay a robust development. 

It’s price noting that within the quick time period, the laws looming on the horizon makes betting on exchanges a dangerous proposition. Many rumors have swirled about upcoming motion to be taken by Chinese regulators, significantly for repeat offenders within the space. Regulators in smaller nations appear to be ready to see who will throw the primary punch.  

Non-fungible fossils

Hong Kong’s most outstanding newspaper South China Morning Post is launching an NFT platform aimed toward historic information and objects. This platform will let verified issuers mint and commerce NFTs in an open market. This ought to enchantment to a broader viewers of collectors and non-crypto native customers in Southeast Asia, in addition to a authorities desirous about exporting delicate energy to the world. 


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(This story has not been edited by CryptoNFT | Latest News Live and is revealed from a syndicated feed.)

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