US senators tell athletes to avoid digital yuan, Chinese exchange volumes rebound … and more – Cointelegraph Magazine

This weekly roundup of reports from Mainland China, Taiwan, and Hong Kong makes an attempt to curate the business’s most necessary information, together with influential initiatives, modifications within the regulatory panorama, and enterprise blockchain integrations.  

Olympic battle

After months of writing in regards to the relentless actions of the Chinese language authorities, this week we lead with a narrative from the US Authorities. On July 19, three US senators signed a letter addressed to the to U.S. Olympic and Paralympic Committee, requesting US athletes not use the e-CNY in February’s Winter Olympic video games in Beijing. The logic was that the digital foreign money could be traceable after the athletes returned to the US, in case China was eager about monitoring overseas bi-athletes and bobsledders of their offseason coaching regiments. 

China’s Overseas Ministry spokesperson Zhao Lijian snapped again that the senators “ought to cease making troubles” and “work out what a digital foreign money actually is.” Zhao apparently believes that the US lawmakers won’t be up-to-date on the most recent in expertise, one thing the crypto-enthusiasts on Twitter have been bemoaning for years. 

All sarcasm apart, this factors to a rising development of customers being caught in geo-political struggles round expertise, which may turn out to be a a lot bigger difficulty as CBDCs turn out to be extra prevalent. Customers can select to keep away from sure {hardware} or apps that present an information safety danger, however avoiding the native foreign money can be a way more tough option to make. Money use has dropped to a negligible quantity in China, with the majority of day by day transactions being digital by Alipay and WeChat. Touring or residing in China with out touching the digital foreign money can be an enormous inconvenience, and one prone to not go over nicely with future generations.

Main the pack

On July 19, Cointelegraph reported that Chinese language Bitcoin miners had earned near $7 billion {dollars} prior to now 12 months, ten occasions larger than miners within the second highest nation, the US. This development may be damaged up barely by the regulatory crackdown this 12 months, however nonetheless reveals the affect China has on the business, particularly if giant Chinese language firms can proceed to arrange operations in neighboring nations.



Axie Infinity’s token is taking off quicker than the sport in China (Supply: Axie Infinity).


Chinese language volumes bounce again

Volumes on Chinese language exchanges Huobi and OKEx rebounded barely in comparison with the identical time final week, together with on the derivatives facet the place the 2 exchanges made up round 44% of Binance’s quantity, in comparison with solely 38.7% on the similar time the week earlier than. Gaming token Axie Infinity remained a sizzling token for buying and selling, and was the fourth-most traded token on Huobi on Thursday behind BTC, ETH, and DOGE. Precise gameplay hasn’t actually taken off in China, and though the positioning stays unblocked by the Nice Firewall so far, visits to the web site are nonetheless scarce. Customers from the Philippines make up 40% of web site guests, whereas China accounted for lower than 3%. China boasts the biggest gaming group on the earth, however tight restrictions on cryptocurrencies is prone to restrict the expansion of public blockchain-based gaming in the interim. Speculating on gaming-related tokens, nonetheless, will possible stay a powerful development. 

It’s value noting that within the quick time period, the rules looming on the horizon makes betting on exchanges a dangerous proposition. Many rumors have swirled about upcoming motion to be taken by Chinese language regulators, significantly for repeat offenders within the space. Regulators in smaller nations appear to be ready to see who will throw the primary punch.  

Non-fungible fossils

Hong Kong’s most outstanding newspaper South China Morning Submit is launching an NFT platform aimed toward historic information and gadgets. This platform will let verified issuers mint and commerce NFTs in an open market. This could enchantment to a broader viewers of collectors and non-crypto native customers in Southeast Asia, in addition to a authorities eager about exporting delicate energy to the world. 

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