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China Crypto Roundup (Feb. 22-Feb. 28):Bitcoin on Weibo Top Searches, China Explores CBDC Cross-Border Payments

1. “Who has more long-term investment value, bitcoin or gold?” was on Weibo top searches

Due to the outstanding performance of these two assets in recent years, more and more people begin to compare them. Is gold, as a traditional safe haven, challenged by the emerging safe haven bitcoin?

The topic has been hotly debated on Weibo. Most people support gold, while a few support bitcoin. Those who support gold believe that bitcoin is only a tool for short-term speculation and has no real value. And those who support Bitcoin believe that if the future of mankind is still bright and the Internet will become a necessity like air and bread, Bitcoin is full of hope.

2. China explores CBDC for cross-border payments

China joined another cross-border effort to explore the Multiple Central Bank Digital Currency (m-CBDC) Bridge Project which now ties Hong Kong, Thailand, United Arab Emirates (UAE) and, in a way, Saudi Arabia, together on a CBDC payments initiative.

Following a joint statement by relevant authorities on the m-CBDC Bridge which seeks to further “explore the capabilities of distributed ledger technology (DLT)”, develop “a proof-of-concept (PoC) prototype” and “facilitate real-time cross-border foreign exchange payment-versus-payment transactions in a multi-jurisdictional context and on a 24/7 basis”, there have been suggestions that the move has been what China set out to do in the first place with its DCEP.

3. announced purchase of 2,000 Ethereum miners and 1,923 bitcoin miners

On February 26,, which acquired, announced that it had signed a mining machine purchase agreement with a subsidiary of Bit Deer to purchase 1,923 bitcoin S17 spot mining machines at a consideration of about RMB 31.3 million yuan (about US $4.9 million), at a force of 113PH/S; It also announced that it has signed an agreement to purchase 2,000 new Ethereum miners for about 195 million yuan ($30.17 million).The single computing power of this model is 2.4GH /S, and the power consumption is only about 2400W. According to the current estimation of Ethereum computing power, after deployment of the 4800 GH/S Ethereum mining machine, the company will hold 1.23% of the total network computing power of Ethereum, and the daily output can reach 330 ETH.

4. Chengdu digital RMB red envelope reservation data: more than 4.5 million people signed up, with the successful rate of 4%

More than 4.5 million people have signed up for the digital RMB red envelope activity since it opened at 8 am on February 24, according to the Chengdu Municipal Financial Supervision Administration on February 26.

About 200,000 digital RMB red envelopes with a total value of 40 million yuan will be distributed in Chengdu. Each red envelope is randomly divided into two brackets, 178 yuan and 238 yuan, in a “lottery” method. There is no threshold for the use of red envelopes, which can be used at all designated offline merchants in Chengdu and Jingdong Mall within the range of selected self-run goods.

This activity is expected to win the rate of about 4%. The results will be announced at 0:00 on March 3, when the public can log on to the original registration platform. From 8:00 on March 3rd, SMS notification will be sent successively.

5. Blockchain into the local NPC and CPPCC hot word, mentioned on at least 20 provincial and municipal government work reports

Across the country, at least 20 provincial-level administrative regions have written “blockchain” into their 2021 government work reports. As the industrial base, structure and other conditions in different places, this year’s direction is also different.

Provinces like Hubei and Jilin set goals for blockchain industrial integration development, Chongqing, Fujian and other places emphasis on cultivating blockchain industry cluster development, Hunan and Yunnan is refined to advance concrete blockchain project. Places like Beijing and Guangdong have a certain industrial foundation, are explicitly put forward to further consolidate grow a bigger blockchain industry.

In the longer term, several provinces have incorporated blockchain into their 14th Five-Year Plan. It can be seen that, due to the urgent demand for emerging technologies, many local governments have regarded blockchain as a powerful breakthrough for the development of new economy and new forms of business.

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