China pilots national blockchain development initiative

Central Bank of China

The Cyberspace Administration of China (CAC) has launched a national initiative to encourage blockchain development and innovation across a number of regions and industries, according to Cointelegraph.

In a notice, the CAC and other government agencies called for the regulatory authorities to “promote the intensive and balanced layout of blockchain technology infrastructure in the region, form a large-scale production-level cross-chain data exchange support capability, and...

Macau expected to become testbed for China’s digital yuan

Macau, China

Macau, known as the Las Vegas of China, is likely to become a testing ground for China’s digital yuan (e-CNY) in 2022.

With casino owners preparing to bid for new licences for the first time in two decades, Reuters expects Chinese regulators to use the opportunity to force digital yuan implementation.

Major companies like Sands China and Wynn Macau have shown eagerness to cooperate.

The Government has already begun pitching ideas like appointing regulatory...

China declares all crypto-related activity illegal

Shanghai, China

China has renewed its crackdown on cryptocurrencies by declaring that all crypto-related activities are now illegal.

In a Q&A posted to its website, the People’s Bank of China said services offering trading, order matching, token issuance and derivatives for virtual currencies are all strictly prohibited. Overseas exchanges providing services in mainland China are also illegal.

The move comes to close a legal loophole that has existed since May, when China’s...

Yunnan companies use blockchain for $580m of international payments

Local Yunnan businesses have transferred $580 million (£417m) across international borders using a blockchain platform developed by the Chinese Government.

Across a total of 638 transactions, some 208 of the southern Chinese province’s small to medium sized businesses took advantage of the platform.

The system, launched in December last year, allows export-focused firms in Yunnan to reduce the time needed for international money transfers from as long as two days to...

China unveils blockchain committee with Huawei, Baidu execs and industry CEOs aboard

The central government of China has announced the membership of its national blockchain committee to help bring about standards in distributed ledger technologies.

The 71-strong group, according to a release published on April 13, includes various government staff, academics from technological institutes, as well as business. Senior executives from Huawei, Baidu and Tencent are on the list, as well as CEOs of blockchain and DLT startups in China, including Li Wei, CEO of Hangzhou...

Chinese courts are increasingly using blockchain to help settle legal cases

china blockchain court cases legal

According to a report from Xinhua news agency, smart courts in China are increasingly making use of a number of innovative technologies such as artificial intelligence and blockchain in order to settle millions of pending legal cases. 

The report also highlighted the fact that more than 3.1m litigation activities in China from March to October were settled through the blockchain and AI-powered smart internet courts. 

What happens in these ‘courts of the...