This weekly roundup of news from mainland China, Taiwan, and Hong Kong attempts to collect the most important news in the sector, including influential projects, changes in the regulatory landscape, and blockchain business integrations.
Could the “green miners” continue to operate?
In last week’s issue It looked at the recent crackdown on cryptocurrency miners at a time when China is moving toward a more carbon neutral policy. This week, a southwestern province of China sang a slightly different tune as the Sichuan Energy Regulatory Office held a symposium on the subject. The province has a strong mining concentration due to the low cost of energy generated by an advanced hydroelectric system. The symposium did not reach a resolution, leading to speculation that the province’s green energy will lead to much more positive regulation.
Zhang Nangeng, CEO of mining equipment manufacturer Canaan, added to this speculation by asking China to grant permits to miners using renewable energy. “For-profit miners prefer regions with low electricity prices, indicating an oversupply and likely waste of energy. Bitcoin miners also help create jobs in impoverished regions and contribute to tax coffers.” , the CEO noted. It seems unlikely that China will continue to allow miners to abuse coal-generated electricity in regions like Inner Mongolia, but in the case of Sichuan there is definitely an argument in favor of the lucrative mining industry.
Uniswap “pulls the rug” on state television
On June 2, the national television channel CCTV-13 reported on virtual currency fraud in its segment of News Room. In the report, they presented how a virtual currency, TRTC, was listed on Uniswap before all liquidity was withdrawn. The Blockchain Smart Contract Auditor, SlowMist, it was also featured in demonstrating how the fraud was carried out. In the case of TRTC, they withdrew 59 ETH of the funds, worth approximately USD 100,000. CCTV-13 concluded by warning of the risks of financial fraud on cryptocurrency platforms like Uniswap. On Twitter, the founder of Uniswap, Hayden Adams, mistakenly tweeted about the segment, mistaking the video clip as positive press. Apparently Adams hasn’t spent as much time perfecting his Mandarin as other Ethereum pioneers Vitalik Buterin and Gavin Wood, who have a decent command of the language.
BS … ¿y la C?
In an interview in Chinese on May 29, the founder of Binance, Changpeng Zhao, or CZ, further disassociated himself from the Binance Smart Chain by stating that he has no control over it and was not behind its creation. She modestly suggested that BSC has been a community project and that she rarely talks to the team behind it. Binance and competing Chinese exchanges may rethink their positioning after a series of hacks and exploits have stalked the different exchanges. “smart chains” that offer more utility to exchange tokens and their users.
Blockchain, no Bitcoin
Despite the increasingly stringent regulatory environment, China has not backed down from its pro-tech stance. On May 31, the Ministry of Human Resources and Social Security and the Ministry of Industry and Information Technology published new standards for blockchain technicians. The standards detail what basic skills and competencies are required to work in the sector.
USD 6.2 million for another digital yuan lottery
Beijing puts another digital yuan lottery launched while continuing to drive the launch of the central bank digital currency (CDBC). Beijing Local Administration and Financial Supervision announced on June 2 that the government will distribute the free coin to citizens who request it before June 7. This comes in the same week that the former head of the People’s Bank of China, Yao Qian, stated that the digital yuan should not be used as a surveillance tool. He claimed that the technology was initially developed to counter private sector control over the payments sector. The Western world may remain skeptical on this point, but the need to balance the private sector is certainly plausible, given the national dominance of Alipay Y WeChat pay.