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China Crypto Roundup (Aug. 9-Aug. 15):Ebang in Contract Dispute, Digital RMB Show More Updates

1. Ebang International reported a Shanghai listed company Huatieyingji to the China Securities Regulatory Commission

On August 8, Ebang International, one of the world’s top three Bitcoin mining machine manufacturers, held a press conference in Hangzhou, stating that “Huatieyingji was suspected of serious credit violations, financial fraud, and the actual controller suspected of huge job embezzlement and hollowed out listing.”

Hu Dong, chairman of Ebang International, stated that the company had publicly reported Huatieyingji to the China Securities Regulatory Commission, Shanghai Stock Exchange and Zhejiang Securities Regulatory Bureau on August 6.

The source of the report in this press conference came from a transaction dispute between two listed companies three years ago. In 2018, Ebang International signed a 403.2 million yuan mining machine purchase contract with Huatieyingji’s subsidiary, and disputes occurred between the two parties. According to the contract, Huatieyingji purchased 80,000 mining machines from Ebang for a total price of 403.2 million yuan.

After the two parties signed the contract, Huatieyingji paid a total of 120.96 million yuan. Ebang delivered 24,000 Bitcoin mining machines to Huatieyingji in May 2018. However, both parties hold their own opinions on the delivery and destination of the other 56,000 mining machines.

Ebang International stated that all 80,000 mining machines have been delivered, but Huatie refused to pay the final payment of 28224 million; while Huatie denied that it had signed for the remaining 56,000 mining machines.

2. Economic Daily: the government should maintain a high-pressure situation in response to virtual currency trading hype

China’s leading economic media, the Economic Daily, issued an article today, claiming that the price of Bitcoin has risen sharply since late July. Another round of “crypto craze” that has made a comeback is an urgent need for supervision to cool down.

The media said that at present, virtual currency has become a payment tool for some money laundering and illegal economic activities. A large number of speculators participate in it, through price manipulation, to attract unidentified ordinary investors to enter the market, with the ultimate goal of “taking away all their money.” At the same time, in order to avoid domestic supervision, virtual currency trading hype “shifts” overseas and avoids the bank payment system, which may not only affect financial security and social stability, but may even bring risks to the international currency and payment and settlement systems.

The media emphasized that the government should maintain a high-pressure situation in response to virtual currency trading hype.

The public should also know that virtual currency is by no means a profitable investment product, stay away from related activities, and can also take the initiative to report clues about violations of laws and regulations. In this way, crypto speculation will continue to shrink.

3. The Agricultural Bank of China warned again about virtual currency trading

The Agricultural Bank of China sent notices to customers to remind them to pay attention to the government’s requirements for cracking down on virtual currency trading activities. At the same time, customers are required not to participate in related activities, so as not to affect the normal financial services.

It is worth noting that the bank was the first to issue the “Statement on Prohibiting the Use of Our Bank’s Services for Bitcoin and Other Virtual Currency Transactions” after being interviewed by the Central Bank (PBoC).

4. Fan Yifei, Deputy Governor of the People’s Bank of China: The cumulative number of transactions in the digital RMB pilot program was 70.75 million with an amount of 34.5 billion yuan

At the recent press conference, Fan introduced the latest achievements of the digital RMB pilot, and said: “As of June 30, the number of whitelisted users of the digital RMB pilot has exceeded 10 million, and 20.87 million personal wallets have been opened. There are 3.51 million public wallets, and the total number of transactions is 70.75 million with an amount of 34.5 billion yuan. ”

The application of digital renminbi is gradually expanding. At present, there are over 1.32 million pilot scenarios for digital RMB, both online and offline, covering areas such as wholesale and retail, catering, cultural and tourism, education and medical care, public transportation, government payment, tax collection, and subsidies.

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