by Tyler Durden
Last week, when cryptos
again plunged on the well-timed recurring news report that China was
again banning crypto - something China has been doing with zero success since 2014 but has taken on new urgency now that its Digital Yuan has emerged as a total flop - this time in the format of cracking down in
Proof-of-Work (such as Bitcoin and Ethereum 1.0) crypto miners, we said that this could be
the best thing to happen for crypto: after all, the
China was and is the bitcoin bears biggest friend: as long as bitcoin is mostly mined in China, where coal power plants account for most of electrical generation, bitcoin will remain dirty and give the ESG fanatics ammo to criticize bitcoin.
China: WeiyangX Fintech Review
Hotels of the HUAZHU Group in Shanghai Will Now Accept Digital RMB Payments
From May 21st, all hotels of HUAZHU Group in Shanghai will be able to accept digital RMB payment. According to HUAZHU, digital RMB will be accepted when guests check in at the reception or by themselves at a kiosk. Since the pilot has just been launched, HUAZHU has received an average of 3 orders in digital RMB every day. (
Source:
Hotels of the HUAZHU Group in Shanghai Will Now Accept Digital RMB Payments #CBDC
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NIFA Issues an Announcement on Guarding Against Risks Related to Virtual Currency Trading and Speculation
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While Futu is planning to offer crypto services internationally, it will exclude mainland China.
Per Robin Li Xu, Futu intends to launch its crypto services in the second half of 2021.
While adopting crypto will offer Futu an edge against Robinhood, Robinhood is planning to go public.
Futu Holdings Ltd., a rapidly growing crypto brokerage firm in China, is planning to offer crypto trading to international clients before the end of the year. The company unveiled this news during its Q1 earnings call on May 20, with its Senior Vice President Robin Li Xu, disclosing that the firm has already started applying for crypto-related licenses in the US, Singapore, and Hong Kong.
Chinese regulators have tightened the restrictions that ban companies from providing cryptocurrency services.
The new rules expanded the scope of prohibited services
China has banned financial institutions as well as payment companies from providing services that are related to cryptocurrency transactions. The government even went so far as to warn investors against speculative crypto trading.
This is yet another attempt from China to stop the digital trading market, and under the ban, institutions must not offer any services that involve cryptocurrencies, and this includes the registration, trading, clearing, and settlement.
The consequences of the ‘ban’
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