Crypto mining to leave Sichuan, more cities try digital yuan · TechNode

Chinese regulators proceed a crackdown on crypto-related actions and crypto mining. On June 2, regulators in Sichuan advised cryptocurrency mining firms to transfer out of the province after the wet season ends in September. Three days later, a slew of well-known cryptocurrency accounts have been blocked on microblogging website Weibo. Meanwhile, officers throughout China are handing out free cash to promote the state-backed digital yuan, hoping to persuade individuals to undertake the nationwide digital foreign money. 

Blockchain
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The world of blockchain strikes quick, and nowhere does it transfer quicker than China. Here’s what you want to learn about China’s block-world within the week of June 2 to June 8.

Crypto mining

  • Local regulators advised crypto miners in China’s Sichuan province on June 2  to make plans to transfer their operations elsewhere after September, sources advised TechNode. Sichuan is the second main mining hub within the nation to crack down on crypto mining, after Inner Mongolia. (TechNode)
  • A Chinese firm often known as Zhongke Shenglong launched a brand new Ethereum mining chip on Sunday. The machine has a hash fee of about 65 megahash/second (MH/s) and energy consumption of 30 watts. Hash fee is a measure of computing energy within the blockchain networks. The Beijing-based firm was based in 2009 and is a newcomer to crypto mining. According to the corporate’s web site, the core members of its workforce have labored in China’s prestigious science institutes Chinese Academy of Sciences and Tsinghua University. (Wu Blockchain)

More crackdowns

  • On June 5, a minimum of 15 well-known cryptocurrency influencers have been blocked on China’s microblogging platform Weibo, a step some considered as proof of China’s crackdown on crypto-related actions. The platform stated these accounts “violated legal guidelines and laws,” with out offering particulars. The takedown focused accounts from completely different components of the crypto {industry}: merchants, media retailers, miners, and wallets. (Coindesk)
  • A cybersecurity firm based by a gaggle of former Chinese cops predicted in a Friday WeChat submit that the nation may challenge new legal guidelines within the subsequent three months to outline felony actions involving cryptocurrencies. The legislation may embody a selected part to regulate over-the-counter cryptocurrency buying and selling, non-public, and off-exchange buying and selling actions. (ChainAudit, in Chinese.)

Blockchain growth

  • On Tuesday, two high Chinese authorities businesses collectively issued a directive to improve assist for blockchain know-how and purposes. The directive, issued by the Ministry of Industry and Information Technology and the Cyberspace Administration of China, stated the federal government plans to arrange an industry-wide consortium blockchain, a semi-private blockchain with a managed person group, and incubate a sequence of “main blockchain firms” and “high blockchain merchandise.” (Ministry of Industry and Information Technology, in Chinese)
  • Chinese blockchain firm Nervos is constructing a cross-chain bridge to join with Cardano, the world’s sixth-largest cryptocurrency. The bridge will let individuals use each chains’ native tokens interchangeably and might be a significant increase for the Chinese firm’s person numbers whereas giving Cardano builders entry to Nervos growth instruments, that are oriented in direction of the rising discipline of decentralized finance. (TechNode)

Further digital yuan push

  • City officers of Beijing and Shanghai handed out free digital yuan utilizing lotteries on June 5. This is Shanghai’s first time making an attempt out digital yuan. These giveaways are a part of a nationwide promotion on digital yuan throughout Chinese cities. China’s capital metropolis supplied RMB 40 million ($6.2 million) to metropolis residents, whereas Shanghai supplied RMB 19.2 million. (Mpaypass, in Chinese)
  • Bank of Communications, certainly one of China’s high 10 business banks, paid salaries to its staff within the Hainan department, in digital yuan, native media reported on June 4. Chinese high banks within the southern metropolis of Shenzhen have been testing digital yuan amongst choose staff since final August. (Nanguo Dushibao, in Chinese)
  • Qingdao, a northeastern coastal metropolis, hopes to turn out to be the primary metropolis to combine digital yuan into town’s public providers. As one of many 11 cities chosen by the federal government to check the digital yuan, town promotes an app that permits individuals to use digital yuan for day by day actions, akin to commuting, procuring, and shopping for sightseeing tickets. (Chainnews, in Chinese)
  • The southwestern metropolis Chengdu is instructing nursing dwelling elders to use digital yuan. Taikang neighborhood, an old-age care facility run by high 10 insurance coverage firm Taikang Life Insurance, is without doubt one of the area’s first nursing houses to promote digital yuan. Chinese media visited the neighborhood on June 2 and reported elders paying for meals with digital yuan, the primary such transactions in the neighborhood. (China.com.cn, in Chinese)

Qin is a News Editor at TechNode. Previously, she was a reporter at Inkstone, a China-focused information website owned by the South China Morning Post. Before that, she labored within the United States for 5 years….
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