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China Crypto Roundup (July. 12-June. 18):PBoC Issued Digital RMB White Paper, Hong Kong Warned Binance Involving Unregulated Activity

1. 33 provinces and cities have introduced special policies for blockchain, Shanghai has registered permanent residence, and Nanjing has provided 3 million subsidies to grab talents

After the national ministries and commissions issued documents supporting the development of the blockchain industry, local governments have accelerated their support for blockchain companies. The latest case is Wuhan, which has issued a document that aims to build 100 blockchain-related innovative companies within 3 years.

According to statistics, as of now, more than 33 provinces and cities across the country have issued special policies for blockchain. The supporting policies range from corporate fiscal and tax subsidies to talent introduction rewards, including many aspects.

2. The9 Limited (Nasdaq: NCTY) signed a crypto mining hosting agreement with Russian company BitRiver

BitRiver will reserve 15MW of electric capacity for The9’s Bitcoin mining machine deployment. In the first half of 2021, The9 has made frequent moves in the field of cryptocurrency, mainly focusing on the purchase of mining machines. It spent US$100 million to purchase mining machines.

3. Caixin’s “Women Moving Mining Machine” pictures sparked heated discussions, and the highest price of related NFTs at Opensea reached 2021 ETH

Caixin’s article “China Says Goodbye to Bitcoin Mining” recorded the closure of Sichuan Bitcoin mining farms through several pictures. Among them, a picture recorded a Tibetan woman carrying a mining machine.

The picture recorded the historic moment when the Bitcoin mining farms in Sichuan was closed here, and resembled the well-known oil painting “The Gleaners”, so it quickly went viral in Chinese community.

At present, the picture has been uploaded to opensea in the form of NFT after the second creation, and the price is roughly ranging from a few to a dozen ETH. Among them, the highest price is 2021 ETH, and there is no one bidding. Some pointed out that Opensea is temporarily unable to solve the problem of such pirated artworks, which may be a major problem.

4. China’s Anhui Province will comprehensively clean up and shut down virtual currency mining projects

Due to the rapid growth of power demand, for areas where the balance of power supply and demand is tight, Anhui Province will strictly control new high-power-consuming projects, and comprehensively clean and shut down virtual currency mining projects.

5. China’s central bank released a white paper on the development of digital RMB: the top-level design and other work have been basically completed

This white paper emphasizes the main implications of digital RMB:
-digital RMB is a legal tender issued by the central bank.
-digital RMB adopts centralized management and two-tier operation.
-digital RMB is mainly positioned as a cash payment voucher (M0), and will coexist with the physical RMB for a long time.
-digital RMB is a retail central bank digital currency, mainly used to meet domestic retail payment needs.
-in the future digital retail payment system, digital RMB and the electronic account funds of designated operating institutions are compatible, and together constitute a cash payment tool.

In the future, the central bank will continue to steadily advance the digital RMB research and development pilot.

6. Hong Kong Securities and Future Commission (SFC) warned that Binance is involved in unregulated activity

On July 16, SFC issued a “Warning Statement on Unregulated Virtual Asset Platforms”, stating that “SFC has noticed that Binance has provided stock token trading services in multiple jurisdictions, and concerned that these services may also be provided to Hong Kong investors.

SFC needs to clearly point out that none of Binance’s entities have been licensed or registered to conduct ‘regulated activities’ in Hong Kong.” SFC stated that stock tokens in Hong Kong are likely to constitute “securities” under the Securities and Futures Ordinance; they fall within the regulatory authority of SFC.

If the stock tokens are “securities”, the promotion or distribution of the tokens constitutes a “regulated activity” and a license must be obtained from SFC, unless it falls within the scope of the applicable exemption.

It may also be illegal for anyone to sell relevant tokens to the Hong Kong public without the approval or registration of the SFC. Anyone who violates the relevant provisions may be prosecuted, and once convicted, they are subject to criminal sanctions.

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