China Crypto Roundup (July 14 – 27): Cryptocurrency Property Rights Strengthened, PBoC Issues Standards for Blockchain Apps, Alibaba Launches AntChain
The top stories from the Chinese cryptocurrency sphere this past week includes: China’s Supreme Court recommends strengthening cryptocurrency property rights; China’s central bank issues new standards for blockchain fintech applications; Alibaba launched Antchain blockchain solution…
China’s Supreme Court recommends strengthening cryptocurrency property rights
China’s Supreme Court has called to strengthen the legal protection of new rights and interests such as digital currency, online virtual assets and data.
Regulators in China have previously defined bitcoin-like cryptocurrency as a virtual commodity with no clear legal status, which led to local courts having inconsistent rulings when disputes involving cryptocurrencies arise due to its ambiguous legal status.
The statement of the highest judicial organ marks that cryptocurrency will be officially recognized as a legal property and shall be entitled to protection just like equity assets such as stocks and funds under the law in China.
China’s central bank issues new standards for blockchain fintech applications
China’s central bank, or the People’s Bank of China, has issued a standard requiring all blockchain applications in the financial sector to adhere to the technical, performance and security standards.
The criteria from the perspective of top-level design is to ensure that blockchain applications follow certain levels of risk management, security audit, privacy protection, etc.
The rollout of the standard from the country’s central bank is of great significance for the healthy development of the blockchain industry in China.
Alibaba launched AntChain blockchain solution
In this past week, Alibaba’s payment arm Ant Group has launched a new blockchain solution dubbed AntChain in an effort to promote trust and transparency in industrial processes.
Aggregating technologies including artificial intelligence, Internet of Things (IoT) and secure computation, the AntChain solution is based on the company’s blockchain technology, which has been used in more than 50 use cases in IT leasing, shipping, insurance claim processing, supply chain, cross-border remittances and charitable donations, according to a company statement.
According to the company, AntChain can process and support a billion user accounts, a billion transactions every day, 100,000 cross-chain editing capacities per second and currently has over 100 million digital assets uploaded daily.
Bitmain drama heats up as 10,000 Antminers go “missing”
About 10,000 Antminers in one of Bitmain’s largest mining farms in Inner Mongolia have reportedly been illegally transferred by the company’s former employees. The Antminers involved include S17 Pro/S17/T17/S15/T15/S9 Hydro series, Z11 models, some small coin mining rigs, and some internal test prototypes. Many of them belong to clients who have their mining machines hosted at the mining farm.
The company said they have reported it to local police and asked the public not to buy Antminers from unknown sources. No clue to the whereabouts of that quantity of mining machines has been found at present.
Regarding this, the two cofounders, Jihan Wu and Micree Zhan, both accused each other of being responsible for the “illegal transfer” of the machines. This latest twist in the two’s power struggle has damaged their clients’ interests, and outsiders are worrying whether other mining farms of the company would also suffer the same “robbery”.