This weekly round of news from Mainland China, Taiwan and Hong Kong attempts to curate the industry’s most important news, including impressive projects, changes in the regulatory landscape, and enterprise blockchain integration.
Can the green miners get the pass?
last week’s column As China moves towards a more carbon-neutral policy, take a look at the recent crackdown on cryptocurrency miners. This week, China’s southwest province was humming a slightly different tune as the Sichuan Energy Regulatory Office organized a symposium on the subject. The province has a heavy mining concentration due to the low-cost energy generated from the developed hydroelectric power system. The symposium failed to reach a resolution, which led to speculation that the province’s green energy would lead to more positive regulation.
The CEO of mining-machine maker Canaan, Zhang Nancheng, added to this speculation. Calls for China to make allowances for green-powered miners. “For-profit miners prefer areas with low electricity prices indicating oversupply, and potential energy waste. Bitcoin miners also help create jobs in poorer areas and contribute to the financial coffers,” said the CEO. told. It seems unlikely that China will continue to allow miners to abuse coal-fired electricity in regions like Inner Mongolia, but there is certainly an argument to be made in favor of a lucrative mining industry for Sichuan.
Uniswap pulls the rug on state-run TV
National television channel CCTV-13 on 2nd June reported virtual currency fraud in their news room section. In the report, he explained how TRTC, a virtual currency, was listed on Uniswap before all liquidity was removed. Blockchain smart contract auditor Slomist was also exposed as he demonstrated how fraudulent activity was conducted. In the TRTC case, 59 ETH was removed from the pool, which was valued at around $100,000. CCTV-13 concluded with a warning about the risks of financial fraud on cryptocurrency platforms such as Uniswap. On Twitter, Uniswap founder Hayden Adams Accidentally tweeted about the segment, confusing the video clip as a positive report. Apparently Adams didn’t spend as much time practicing his Mandarin as other early Ethereum pioneers Vitalik Buterin and Gavin Wood, who have a good grasp of the language.
In a Chinese-language interview on May 29, Binance founder CZ distanced himself from Binance Smart Chain, claiming that it has no control over the chain and is not responsible for its creation. He boldly suggests that the BSc has been a community project and that he rarely speaks to the team behind it. Binance and competing Chinese exchanges may rethink their position after a series of hacks and exploits haunted various ‘smart chains’ that offer more utility to exchange tokens and their users.
Blockchain, not bitcoin
Despite an increasingly stringent regulatory environment, China has not shied away from its pro-technology stance. On May 31, new Blockchain Technician Standards were released from the Ministry of Human Resources and Social Security and the Ministry of Industry and Information Technology. The standards detailed what skills and core competencies are required to operate in the industry.
$6.2 million CBDC airdrop
Beijing is Launching Another Digital Yuan Lottery As it continues the release of the central bank’s digital currency. The Beijing Local Financial Supervision and Administration announced on June 2 that the government would distribute free currency to citizens who applied before June 7. It comes the same week that the former director 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 the private sector’s control of the payments sector. The Western world may remain skeptical at this point, but given the national dominance of Alipay and WeChat Pay, the need to balance the private sector is certainly laudable.