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Tag: China

  • 2022 Metaverse Week in China has been launched

    Metaverse is a state-of-the-art innovation stage with colossal business and social potential. In light of 5G/6G, man-made brainpower, AR/VR, distributed computing, IoT, and other cutting edge data frameworks, the metaverse acknowledges virtualization and digitization of this present reality through huge scope change of financial frameworks, client experience, and actual-world substance, and is upheld by asset sharing, resource principles, and agreement conventions, in addition to other things, and is eventually molded by the ceaseless coordination and development of different instruments and stages. As indicated by master conjectures, the metaverse market will be worth USD 1 trillion by 2025, with a build yearly development pace of 13.1%.

    What’s more, the year 2021 set off a metaverse wave, bringing an inside and out vivid experience redesign from seeing, hearing, and presently contacting and smelling previously. Metaverse promoting has additionally developed from a one-layered plane of single result to a four-layered space where shoppers can feel, take an interest, make, and cross, guiding us out of the visual media and into another time of all-insight media!

    In this specific circumstance, the 2022 CHINA Metaverse Week will be held in Shanghai on May 20-21, fully intent on interfacing metaverse specialists and lovers.

    The metaverse data accumulation stage CC Global starts off 2022 China Metaverse Week. China Metaverse Week unites developers, business people, financial backers, and specialists from the metaverse, brands, gaming, social, symbols, NFTs, 3D, VFX, VR, AR, and Web3 ventures, and then some.

    China Metaverse Week covers a wide scope of themes and addresses different degrees of metaverse appreciation, fully intent on making a business trade stage that associates China and the worldwide metaverse industry for an opening-metaverse future.

    MetaUp2022 Metaverse Digital Marketing Summit covers the Chinese and worldwide metaverse brand promoting environment broadly, offering you the chance to fabricate new business connections and notable associations with industry partners in Web3, metaverse (console/cure/proposition), blockchain, NFTs, GameFi, brands (extravagance items, beauty care products and excellence, FMCG, Retail, and so forth), augmented reality innovations like VR, AR, XR, and MR, symbol, AI, 3D, VFX, delivering

    The 2022 CHINA METAVERSE WEEK unites “heavyweight” speakers from China and all over the planet to give you the most forward-thinking industry data. You will acquire a comprehension of the significant patterns in the metaverse computerized advertising industry as well as one-of-a-kind bits of knowledge into “how brands can connect to the new metaverse advanced space.”

  • Senate hearing on CBDC – No CBDC for the US?

    Senate hearing on CBDC – No CBDC for the US?

    The US regulators are torn between their stance on cryptocurrencies. Where one side would like to see the total adoption and acceptance of cryptocurrencies, the other side does not want anything to do with cryptocurrencies.

    After China rolled out its version of central bank digital currency – the digital yuan – the US also took its first step towards the initiative. A senate hearing was organized for discussion on the viability of a CBDC – a digital dollar. However, the session did not go as well as some may have hoped.

    Senator Elizabeth Warren thrashed the cryptocurrencies – throwing even the possibility of a digital dollar out of the window. The speech of Senator Warren was all that was left after the session as the for-side’s arguments failed to convince the senator. Senator Elizabeth Warren called cryptocurrencies “a lousy investment” and a “haven for illegal activities”. The senator’s argument revolved around the volatility of cryptocurrencies and how that makes them unfit to take the role of a digital currency.

    Furthermore, Warren also highlighted the role of cryptocurrencies in the recent ransomware of JBS USA and Colonial Pipeline. Per the senator, cryptocurrencies lack all the characteristics that a digital currency needs to have – wide acceptance, security and stability.

    The arguments of the four witnesses varied but all favored a centrally-issued digital currency. Pros like lower fees and increased efficiency were cited in the support. China was also a major pro-argument. As the country launched its own digital yuan, more developments in the space can be expected from the country. The only way the United States can catch up with China is by taking an initiative in this direction as soon as possible. The digitization of the world would eventually require the US to issue a digital version of the dollar if it wants the dollar to remain the global reserve currency.

  • Chinese provinces banning crypto mining with full force

    Chinese provinces banning crypto mining with full force

    The Chinese government is not a fan of cryptocurrencies – to say the least. The country is responsible for at least 75% of Bitcoin mining or hashrate. The cheap electricity and established supply chains make mining is the country feasible. However, the government has had a strict stance against cryptocurrencies.

    Bitcoin is notoriously known for its high energy consumption. Mining a proof-of-work mechanism cryptocurrency – like Bitcoin – requires high energy. Unless the mining process shifts towards totally renewable sources, it cannot be sustained. China relies heavily on coal for electricity generation and the country has been trying to control its carbon emissions. The process had been hindered by the large Bitcoin mining industry that the country holds.

    In May, the Chinese State Council hinted towards a crackdown on Bitcoin mining in the country in order to facilitate its broader vision of zero net emissions. The vice premier Liu He vocalized that for financial stability in the country, the government will impose a ban on cryptocurrency mining. The news coupled with Elon Musk’s denouncing of Bitcoin as payment for his Tesla cars led to the market crash of cryptocurrency. A number of mining firms halted operations in the country while others stopped their supply of equipment to Chinese miners.

    Now, another province in China – Qinghai – has also imposed a ban on cryptocurrency mining. Qinghai’s Department of Industry and Information Technology has instructed all miners to halt operations and had said that no new miners will be approved. The provincial government will also be conducting random checks in order to ensure compliance with the new regulation.

    The governments of Xinjiang and Inner Mongolia have also ensured similar regulations to curtail cryptocurrency mining. Other provinces can be expected to follow suit – banning cryptocurrency mining. The news does not bode for the cryptocurrency market and a shift of crypto mining to another country seems imminent.

  • VeChain (VET) – One of the best bets in the market?

    VeChain (VET) – One of the best bets in the market?

    VeChain (VET) is one upside move after the brutal market corrections. However, VeChain crypto has not been increasing with the same rigor as some other cryptocurrencies – with only a less than 1% increase in the weekly timeframe. At the time of writing, VeChain crypto stands at a price level of $0.12. The price has been increasing slightly in the past twenty-four hours while the daily trading volume has been declining.

    Is VeChain (VET) going to go up?

    VeChain has been gaining increasing popularity amidst the bull run. The cryptocurrency has established itself at a market rank of the nineteenth. The blockchain-based supply chain platform has a unique offering considered to also possess great potential.

    China’s favorite cryptocurrency

    The VeChain Foundation recently confirmed a meeting with Chinese officials. Government officials from Shanghai, Changing, and Huangpu visited the head office of the Foundation in Singapore. According to the VeChain Foundation, the theme of the meeting was joint collaborative partnerships.

    The meeting was attended by representatives from Construction, Commerce, Science, and Technology, and Direct Investment Promotion Committees, and other government officials. Executives from the VeChain Foundation explained the VeChain ecosystem and how it can be used to make a difference in the private sector. VeChain’s potential to offset carbon emissions and its use case during the Coronavirus pandemic was also on the agenda of the meeting. The Chinese officials have been praising VeChain and its offering in the past.

    VeChain – one of the best bets

    The whole crypto community is converging on VeChain being one of the best bets in the market. The author of the Wolf Den newsletter, Scott Melker, has called VeChain “one of the best bets in the crypto” in a recent interview with Fox Business. Melker furthered that VeChain has the potential to fundamentally transform the way businesses operate while addressing a lot of the issues they face.

  • China & Iran – Opposite stances on Bitcoin mining

    China & Iran – Opposite stances on Bitcoin mining

    Bitcoin mining in the East

    A report from blockchain analytics firm Elliptic has found out that the regulated mining industry in Iran may be piling up as much as $1 billion in revenues. Iran has been under a lot of scrutiny because of its nuclear program. The United States has placed trade embargos on the country effectively crippling its already struggling oil economy.

    The economy of Iran is almost wholly dependent on the export of oil and petroleum products. The sanctions and economic embargo have pushed the country into a recession with staggeringly high levels of unemployment and inflation. However, as the world observes a shift with the rise in cryptocurrencies and blockchain technology, Iran may have found itself a problem to its solution.

    The report revealed that Iran accounts for 4.5% of the total Bitcoin operations which has earned the country a ton of money – all used to tackle the problems caused by the trade embargoes.

    The Elliptic report furthered that a lot of developments in the crypto sphere in Iran had been with the help of Chinese investors. China has had a very strict stance on cryptocurrencies which has led to investors injecting their money into other economies like Iran. The financial committee in China has announced a total crackdown on Bitcoin mining in the country. This is the first time the committee has outrightly spoken against crypto mining. It has added Bitcoin mining as a crucial sector to watch and monitor in order to mitigate financial risks.

    The news from China broke out as Bitcoin, once again, fell over 12%. The king of the cryptocurrencies had started off on brutal market corrections as Tesla CEO denounced the use of Bitcoin as a mode of payment for Tesla’s electric cars.

  • AliPay to incorporate the digital yuan

    AliPay to incorporate the digital yuan

    AliPay – the Chinese digital payment giant – has announced to allow some users to link their AliPay accounts with the digital yuan. AliPay is owned by Ant Group and is one of the mobile giants operating in the country – the other one being WeChatPay. Ant Group has confirmed its partifcipation in the roll out of the digital yuan with this move. Both the corporate giants have a sort of duopoly established on the mobile payment ecosystem in the country.

    It had been cited that the launch of the digital yuan will pose as a threat to the dominance of the WeChat Pay and AliPay. The government had been promoting the digital yuan through every channel. Earlier, six state banks had launched a campaign of their own to promote the digital yuan urging their customers to shift to the digital yuan.

    The digital yuan being the government’s digital currency has more chances of becoming widely accepted. It has been considered as much more convenient than the existing mobile payments. The pilot phases have been successfully rolled out for the digital yuan and potential can be seen. The digital yuan is also expected by many to overtake not just AliPay and WeChat Pay but also cryptocurrencies in the country.

    China is the first major economy to have launched a central bank digital currency. The CBDC of the country or the digital yuan – also dubbed as e-renminbi – has been a hallmark step towards the digitization of payment systems. The move is expected to be replicated by many. The domino affect has already been started with the Bank of England recruiting for its CBDC project although the bank has not yet confirmed a CBDC. Moreover, Kazakhstan has also launched a public debate on a potential central bank digital currency.

  • Another country taking the leap toward CBDC: Kazakhstan

    Another country taking the leap toward CBDC: Kazakhstan

    The National Bank of Kazakhstan, NBRK, has issued a report on a digital tenge pilot and has opened a public consultation on the central bank digital currency.

    The digital tenge is a new kind of money to be issued by the central bank which is designed to increase the efficiency of the payment ecosystem in the country by reducing dependance on cash settlement. The National Bank has stressed that the CBDC is not aimed at replacing cash or the currency of the country. In fact, it is designed to act merely as an aide in the payment ecosystem. The CBDC is to be used an as alternative to conventional payment methods.

    According to NBRK the digital tenge will improve the competitiveness in the market and act to strengthen the financial system in the country. The bank has also paid attention towards privacy and security concerns with the digital tenge.

    China is the first major economy to take a step towards a central bank digital currency. The largest country by population has launched a digital yuan – e-renminbi. The country has successfully run pilot tests and banks are actively promoting the digital yuan. The digital yuan marked a new phase in the digitization of the globe. As the country also likes to maintain strict control over the digital sphere, the digital yuan will also act as a tool for that.

    The Bank of England, BoE, had also been debating the issuance of a central bank digital currency for quite some time now. However, the bank has been hesitant in launching one. Although the bank has not officially stated a decision yet, it has started recruiting for CBDC positions. More countries may soon follow suit with launching their central bank digital currencies.

  • Chinese Institutions Promoting the Digital Yuan

    China has been one of the leading countries in terms of digital payments. WeChat and AliPay are – were – the most common modes of payment. The Chinese government recently launched a digital yuan – e-renminbi which is expected to take over all other payment methods. The digital yuan had also been speculated to cripple cryptocurrency dominance in the country.

    Ant Group’s AliPay and Tencent’s WeChat Pay had maintained a duopoly in the country over the digital payment sphere. However, with the launch of the new digital yuan by the Chinese government the dynamics are expected to shift soon.

    Being launched by the government, the digital yuan also enjoys the support of major institutions which will boost its adoption like wildfire in no time. In Shanghai, six state banks are actively promoting the digital yuan ahead of a shopping festival on May 5. The banks are persuading their clients to download the digital wallet. The digital yuan is said to be much more convenient than AliPay or WeChat Pay, people just need to realize that by using it. Shanghai is still in the pilot stage of the rollout of the digital yuan.

    The digital yuan’s rollout is a part of the Chinese government’s clamp down on the internet. The Chinese government had been skeptical of cryptocurrencies as well as the increasing dominance of WeChat Pay and AliPay. The People’s Bank of China has called mobile payment dominance a posing risk to the financial system. Hence, the digital yuan serves as a solution.

    China is the first major economy to take an initiative towards a sovereign digital currency. Once the pilot phase is completed, the success of the project will set new precedents for countries all over the globe and will propel global digitization.

  • China Considering Cryptocurrencies as an Investment Tool

    The Chinese government has maintained a tight grip on the cryptocurrency sphere in the country. The launch of the digital yuan is also expected to further discourage the crypto market in the country. The high risk of the cryptocurrency market had led the government to impose bans on initial coin offerings and cryptocurrency exchanges. However, the country may be re-evaluating its stance on cryptocurrencies.

    The high risk of the cryptocurrency market also translates into high rewards. Moreover, the largely untapped potential of the blockchain technology is something to be explored. This may have resulted in the Chinese government re-thinking about their harsh stance on cryptocurrencies.

    The deputy governor of the People’s Bank of China, Li Bo, recently spoke on the potential of cryptocurrencies as an investment tool. The governor further stated that Bitcoin and stablecoins are encrypted assets and; hence, alternative investments. Li disregarded the role of cryptocurrencies as currencies but rather focused on the future potential as investment tools or alternative investment.

    Li has been a strong advocate of cryptocurrencies and their incorporation into the economy. However, Li also stressed on the unclear and ambiguous regulation in the market. According to Li, if cryptocurrencies are to be established as payment tools then strict regulation and supervision is required.

  • Bitcoin Crash: Did The Chinese Cause It?

    Bitcoin Crash: Did The Chinese Cause It?

    The king of cryptocurrencies soared to $64,000 but suffered a massive crash afterwards to around $53,000. At the time of writing, Bitcoin is trading at $57,000 apiece. But what caused the hard crash of the cryptocurrency in the middle of strong bullish momentum? One analyst suggests it was the Chinese!

    Chinese mining hub in Xinjiang had suffered from power outages and on-chain analyst Willy Woo speculates it to be the cause of the fall of Bitcoin’s price. In the aftermath of a flooding accident in a coal mine, blackouts in the region were rampant to facilitate safety inspections.

    Around 25% of the global hashrate can be attributed to Xinjiang and amidst the blackout one of the largest drops in Bitcoin network hash was recorded – from 172 million terahashes per second to 154 TH/s. The analyst Willy Woo has attributed the fall in Bitcoin price to the drop in the hashrate on account of power outages in Xinjiang.

     

    However, not everyone agrees with the analysis. Adam Cochran – a partner at Cinneanhaim Ventures – regarded the idea of the Bitcoin crash due to hashrate fall as nonsense. Cochran further talked about the events merely occurring at the same time while there is no causation or correlation between Bitcoin price and hashrate.