Shanghai Man: RMB stablecoin in Shanghai, Evergrande FUD, and FTX gains ground
This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industrys most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.This week, the word “Evergrande” found its way into the vocabulary of every western investor. After years of watching the corporations football team on TV and drinking its bottled water, Crypto Twitter was the last place the Man in Shanghai expected to find it. After facing debts of over $300 billion, all types of rumors swirled, leading its Hong Kong-listed....
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Shanghai residents are using the blockchain to record and preserve memories of their city’s month-long COVID-19 lockdown, minting movies, images, and artwork as non-fungible Tokens (NTFs) that may be shared and recalled. Shanghai Residents Adopt NFTs To Store Memories Residents of Shanghai, China’s largest city with a population of more than 25 million people, are […]
In a series of recent interviews and speeches, United States Securities and Exchange Commission Chairman Gary Gensler has called the cryptocurrencies market the Wild West due to its unregulated and allegedly fraud-filled atmosphere, predicting that the coins were doomed to fail. Powers On… is a monthly opinion column from Marc Powers, who spent much of his 40-year legal career working with complex securities-related cases in the United States after a stint with the SEC. He is now an adjunct professor at Florida International University College of Law, where he teaches a course on....
By 2025, the Shanghai City Government intends to intensify its efforts to establish a metaverse industry. The metaverse is evolving as a technology that is garnering the attention of the world’s leading nations and cities. Shanghai, the most populous city in China, has released a paper outlining its intention to become a major center for […]
Representatives of law enforcement agencies and academia in Shanghai held a seminar devoted to cryptocurrencies, regulations, and the combating of crypto-related crime. Determining “the legal attributes of virtual currency” was among the main topics at the forum which also focused on matters of financial supervision. Prosecutors and Professors Discuss Crypto Oversight in Shanghai Amid an ongoing crackdown on cryptocurrency mining, trading, and other related activities in China, officials from law enforcement bodies, the judiciary, and academic circles in Shanghai gathered....
As part of government efforts to get the digital yuan going, authorities in Shanghai will distribute $3 million worth of the central bank-issued currency among residents of Shanghai. The digital money will be dispersed through a lottery, a method that has already been implemented elsewhere in China. Lottery Winners to Get 350,000 Digital Red Envelopes The city of Shanghai is going to hand out 19.25 million yuan in digital currency, or around $3 million. The money will be distributed among local consumers through a lottery system, the state-run Xinhua news agency reported quoting the....