China Crypto Roundup (Dec. 13-Dec. 19) ：Huobi Global Reports On Withdrawal of Mainland China Users
1. Huobi has stopped depositing for users in mainland China
Trading was stopped at 11:00 on December 15th. At 24:00 on December 31, OTC trading in CNY will be stopped. Leave 1-2 years for withdrawl.
2. HUAWEI is applying for a Metaverse related trademark
3. Beijing’s first Bitcoin mining contract case pronounced sentence
Company A entrusted Company B to manage Bitcoin miners, and paid the purchase fee and management fee. But after paying 18 BTC, Company B never paid any more income. Company A repeatedly asked for no results, and took Company B to court, demanding the recovery of 278 BTC.
The court ruled that the Bitcoin mining contract between the two was declared invalid, because Bitcoin mining is illegal in China, so the income generated is not protected by law.
At the same time, the court also submitted clues to relevant departments, requesting an investigation of this illegal act.
4. China’s state media Xinhuanet warned about Metaverses and cloud mining scams
More and more scammers in China are using concepts like metaverse, blockchain and cloud mining to lure ppl in and take their money.
5. CEO of Chinese listed game company xd.com talked about P2E and GameFi : P2E games that everybody can earn money is more like a Ponzi scheme
“When playing P2E games, you need to think about where the money you want to make comes from, and whether it comes from the content and value created by the game itself. If the money comes only from new users who dream of getting rich, it is essentially a gambling game.”
“Blockchain is indeed suitable for gambling games, but it is a conscience gambling game that can directly state that the probability of losing money is more than 50%. Those NFT games that preach that everyone can earn profit are more like a Ponzi scheme.”