The offshore exchange rate of China’s fiat currency versus the U.S. dollar recently breached the 7:1 mark for the first time in over two years, after it touched a new 2022 low of 7.0188 yuan for every dollar on September 15. Similar to other global currencies that have depreciated in 2022, the yuan’s decline is…
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Crypto holders in China are protected by the law in case of theft, misappropriation or breach of a loan agreement despite the ban on crypto. Despite enforcing a major cryptocurrency ban one year ago, the Chinese government still protects local crypto investors as crypto is recognized as virtual property protected by the law. One of…
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Tether USDT stablecoin cannot be used for salary payments, a Chinese court ruled, citing the country’s blanket ban on all types of crypto transactions. Despite the Chinese government banning all kinds of cryptocurrency transactions last year, some firms apparently still use stablecoins like Tether (USDT) to pay their employees. Beijing’s Chaoyang District People’s Court has…
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China has expanded its central bank digital currency pilot program to include the payment of tax, stamp duty and social security. 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,…
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“We solemnly call on consumers to […] be vigilant and stay away from NFT-related illegal financial activities,” said the associations. 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…
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Chinese tech colossus Tencent has continued its foray into the Metaverse after filing a patent for virtual concerts, flying in the face of warnings from Chinese banks and regulators. Chinese tech conglomerate Tencent has filed for a virtual concerts patent with the Chinese National Intellectual Property Administration (CNIPA), according to business data-tracker Qichacha. The application…
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Foreign users tend to use hardware e-CNY wallets more at the Olympics, while domestic users mainly go for software wallets. The 2022 Winter Olympics participants, visitors and organizers could be spending more than $300,000 in China’s digital yuan every day, according to new reports citing officials from the People’s Bank of China. The e-CNY, China’s…
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The “e-CNY (Pilot Version)” app was made available for download in the Chinese Android and Apple app stores on Tuesday. As China’s central bank steps up its effort to create a digital currency, the country has released a pilot edition of its digital yuan wallet application on mobile phone app stores. The People’s Bank of…
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Despite the Chinese central bank’s proposal to monitor the Metaverse and NFTs, companies such as Tencent and Huawei are pursuing metaverse-related trademarks. Even though the People’s Bank of China’s (PBOC) warning on metaverse and nonfungible tokens (NFTs) in November, more than a thousand Chinese companies have submitted thousands of metaverse-related trademark applications. In a summit…
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Chinese crypto media are reportedly keeping a low profile on their websites and are focusing on growing communities on Twitter and Telegram. While some major Chinese cryptocurrency-related publications seem to be shutting down, a number of local news agencies continue running by moving to social media like Twitter. China’s most recent crypto ban would not…
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