The new governor of China’s central bank has promised to stop speculation associated with cryptocurrency transactions in the country. Pan Gongsheng made the vow in a report detailing measures to maintain the stability of the Chinese financial market and prevent risks. PBOC Prepares to Crack Down on Cryptocurrency Speculation and Money Laundering The People’s Bank…
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Shenzhen has become home to an industrial park established to promote China’s central bank digital currency (CBDC). Several financial companies are already settling there, the Chinese megacity announced while unveiling almost a dozen initiatives to boost the digital yuan use in the region. Shenzhen to Invest $14 Million in 3 Years to Develop Digital Yuan…
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BRICS nations should address the risks related to artificial intelligence (AI), Chinese President Xi Jinping said during the group’s summit in South Africa. China’s leader is also convinced that the members of the economic bloc must work to standardize the technology. BRICS Should Strive for AI Standardization, Chinese President Suggests BRICS members should resist the…
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Traders in China have reportedly exchanged $90 billion worth of cryptocurrencies on Binance despite a ban on their trading in the country. According to a report quoting internal figures and sources, the volume made the People’s Republic Binance’s biggest market. Binance Processed Monthly Crypto Transactions Worth $90 Billion in China Despite Ban Users of Binance,…
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Regulatory uncertainty and the lack of transparency on stablecoins caused crypto markets to trade at its lowest levels in 3 months. The cryptocurrency total market capitalization fell to $1.02 trillion on June 15, its lowest level in three months. But while the derivatives market’s resilience and end-of-week price gains amid uncertainty in stablecoins’ reserves provides…
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The larger portion of payments between Russia and China are now processed using the currencies of the two countries, Prime Minister Mikhail Mishustin revealed. Moscow and Beijing intend to increase mutual trade beyond the $200-billion target this year, added the head of the Russian government. Mishustin: 70% of Settlements Between Russia and China Conducted in…
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ZA Bank, Hong Kong’s biggest virtual-only lender, intends to expand its business into the region’s growing digital assets sector. The banking platform will offer crypto-to-fiat conversions and account services as the Chinese financial center is seeking to embrace the industry. ZA Bank to Provide Services to Crypto Exchanges Licensed in Hong Kong Hong Kong’s first…
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Chinese authorities have fined leading crypto mining hardware manufacturer Bitmain for tax-related violations, local media reported. The penalty comes amid increasing tax checks in the digital asset sector, according to information from the crypto community. Bitmain Fined for Failing to Pay Income Tax on Behalf of Employees One of the world’s largest producers of devices…
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The annual inflation rate in China has unexpectedly slowed down in March to its lowest level in a year and a half, the latest statistical data indicates. On a monthly basis, consumer prices decreased for a second consecutive month, despite estimates suggesting they will remain unchanged. Post Zero-Covid Policy Inflation in China Eases Further China’s…
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One of China’s leading insurers has backed the establishment of two crypto investment funds in Hong Kong. The business move comes against the backdrop of the region’s ambitions to become a hub for digital assets, and despite the negative regulatory attitude towards the market in the mainland. Chinese Insurance Giant Enters Crypto Space Through Hong…
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