China Crypto Roundup (Aug 31- Sept 7): Crypto Exchanges Striving for Compliance, Bitcoin Went Viral on China’s Weibo as Price Dips, Shanghai Initiates Blockchain-powered ‘Cultural Tourism’
The top stories from the Chinese cryptocurrency sphere this past week includes: Bitcoin running on China’s Weibo as the price plunged below $10K, Shanghai’s Jing’an district to issue blockchain coupons for ‘cultural-tourism’, Chinese crypto exchange Huobi has been added to Shyft Network’s Verified Shyft Compliant Optimized Participant Exchange (Veriscope) system……
Bitcoin goes viral again on China’s Twitter equivalent Weibo
On the Sept 4, the topic of “Bitcoin” was listed as Weibo (Twitter-like media in China) trending topic again, once ranking No. 18 as the price dips below to three-month low of $9960, according to data from qkl123.
Due to the popularization of DeFi mining, many people withdraw coins from the centralized exchange on a large scale, and tranfer into various kinds of DeFi tokens of Ethereum system, and lock them in the decentralized exchange, such as Uniswap to earn huge profits in liquidity mining.
As DeFi is in its heyday, and most of the coin locked up comes from the centralized exchanges. The best way to stop withdrawals for centralized exchanges is to dump the price. In that day, the lock up of DeFi has been reduced by $700 million within 24 hours.
Chinese crypto exchanges are striving for compliance
Several global liquidity providers including Bitfinex, HashKey Pro and Chinese crypto giant Huobi have been added to Shyft Network’s Verified Shyft Compliant Optimized Participant Exchange (Veriscope) system even as a Governance Task Force and an onboarding framework is created for the decentralized compliance platform for Virtual Asset Service Providers (VASPs).
Veriscope is a decentralized solution for global compliance standards, including the FATF’s Travel Rule guidance. The Governance Task Force is exploring solutions specific to the governance framework and rules around the types of information that VASPs need to provide with respect to onboarding with Veriscope in order to become recognized and discoverable participants.
Another cryptocurrency exchange, Binance, has announced it has joined the European association representing international blockchain industry participants and also seeks to advocate for balanced policy and regulatory governance at the EU-level, Blockchain for Europe.
Shanghai initiates blockchain-powered ‘cultural tourism’
Shanghai’s busy central Jing’an District will issue the coupons using one of WeChat’s mini-programs operated by the Jing’an Culture and Tourism Bureau that can be redeemed for book purchases, streaming services, cinema tickets and more.
The district is home to around 1.5 million residents, and the Tourism Bureau said that blockchain technology will allow it to issue vouchers more effectively and do away with paper-based vouchers. The value of each blockchain-based coupon will vary between 5 yuan ($0.73) to 60 yuan ($8.80).
The program will target employees, students and other residents, said the organization – and the bureau said that theaters in the district will also accept the vouchers performances, as will the organizers of online education and training courses.