China Crypto Roundup (Dec 7- Dec 14): Bitcoin Hit $24K as Chinese Crypto KOLs Remain Confident, China Suzhou’s CBDC Trial Sees 20,000 Digital Yuan Transactions, Hong Kong Issues Its First Crypto Authorization
The top stories from the Chinese cryptocurrency sphere this past week include: China Suzhou’s CBDC trial sees 20,000 digital yuan transactions, Hong Kong issues its first crypto authorization to OSL, Bitcoin hit $23k as Chinese crypto KOLs remain confident of the future.……
Bitcoin hit $24k as Chinese crypto KOLs remain confident
Bitcoin has reached yet another all-time high as its price crossed $24,000 on Saturday December 19 to mark a new milestone in a week. Industry leaders and key influencers in the Chinese crypto space, still bullish on the prospect of bitcoin recovered from a 3-year bear market.
Jiang Zhuoer, the founder of BTC.com predicts that news about Bitcoin ATH brings new investors. Bitcoin price is easy to skyrocket six months after each halving. This round of bull market has a lot of institutions involved, after breaking through the previous high, a large number of new retail investors began to enter. But new comers will buy some cheaper cryptocurrencies, especially the top ten coins in market value.
Tao Rongqi, founder of X-order said In fact, capital from China has been unable to participate in it now as it is troublesome to import and withdraw money from crypto industry with few leeway for operation.
Hong Kong issues its first crypto authorization
The Securities and Futures Commission (SFC) announces that it has granted the first license to OSL Digital Securities, a virtual asset trading platform in Hong Kong.
OSL, a member of BC Technology Group, can now conduct Type 1 (dealing in securities) and Type 7 (automated trading service (ATS)) regulated activities in Hong Kong for institutions and professional investors.
OSL emphasizes that after the platform is officially launched, users can trade high-quality cryptocurrencies including BTC, ETH and STOs through OSL’s security and compliance platform. OSL emphasizes that its users need to pass strict KYC and anti-money laundering compliance processes to prevent market misconduct, OSL will conduct market monitoring, transaction monitoring and other supervision measures on digital assets.
But the license of OSL says the company can’t provide services to retail investors. It can only be available to professional investors or institutions. The assets of personal users are not less than HK $8 million and the assets of institutional are not less than HK $40 million. If you are an investor from mainland China, you must have a Hong Kong bank account and can only trade in Hong Kong dollars.
China Suzhou’s CBDC trial sees 20,000 digital yuan transactions
The Chinese government expanded the trials of its DCEP payment system this week with a massive pilot project set to take place in Suzhou. At the time, the government said that the new DCEP trial will be significantly different than the “red packet” lottery pilot conducted in Luohu back in October.
Around 1,000 participants were chosen to try out a feature that enabled them to transfer money to each other by just tapping their phones, with 100,000 more receiving 200 yuan, worth around $30 at press time, which could then be used to either buy products in various stores around Suzhou with the online e-retailer JD.com. The trial was scheduled to target the “Double 12” shopping event, where online retailers offer huge discounts to customers on December 12th.
JD Digits, JD.com’s fintech arm, revealed that the first digital yuan transaction on the platform was made two seconds after 8 pm on Friday, with the platform taking around 0.5 seconds to complete the payment. The company’s data also gathered statistics about the citizens that have used the digital yuan to transact on the platform. According to JD Digits, nearly 80% of all the digital yuan transactions on the platform were made by people born in the 1980s, 1990s, and later.