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China Crypto Roundup (July. 5-July. 11):Jack Ma Bet on NFT, Beijing Crack Down on First Crypto Related Company

1. Jack Ma’s Blue Pool Capital bets on NFT

Last week, blockchain game and NFT developer Animoca Brands announced that it has received a new financing of US$50 million. With the completion of this financing, the company’s total financing has reached US$139 million, and its pre-investment valuation is US$1 billion.

In addition to crypto industry giants such as Coinbase, the investors also included a low-key and mysterious institution – Blue Pool Capital, family wealth management fund of Jack Ma and Cai Chongxin.

This means that Jack Ma and Cai Chongxin have formally invested in blockchain projects. The former emphasized that “no blockchain is deadly.”

2. One of Chinese biggest media Securities Daily: Virtual currency mining moving abroad is a foregone conclusion, and the country will vigorously develop industrial blockchain

On July 6, Securities Daily issued an article “Virtual currency mining is escaping overseas, and industrial blockchain is booming.” It stated that China’s supervision of virtual currency trading and mining has been further strengthened, and virtual currency mining companies moving abroad have become a foregone conclusion. And with the further implementation of relevant policies, it is difficult for virtual currencies to have development opportunities in China.

At the same time, the top-level design for the development of the blockchain industry was basically completed in June. Cultivating famous blockchain products, famous enterprises, and famous parks is one of the important development directions for the next ten years.

Local governments are actively supporting blockchain technology and industrial development promotes the application of blockchain enterprises to set as soon as possible.

3. Business Administration Department of People’s Bank of China stopped a Beijing company

Business Administration Department of People’s Bank of China stopped a Beijing company suspected of providing service for virtual currency transactions.

It issued an announcement that it worked with Beijing local government departments to clean up and rectify a Beijing company suspected of providing software services for virtual currency transactions, order the company to cancel, and the official website has been suspended.

In the announcement, it solemnly warned relevant institutions within its jurisdiction not to provide related services for virtual currency-related business. At the same time, it reminds consumers not to participate in virtual currency transactions, not to blindly follow the virtual currency-related speculations, and promptly report virtual currency transaction-related illegal clues.

4. Fan Yifei, Deputy Governor of the People’s Bank of China: #Bitcoin and other private digital currencies are speculative tools that pose potential risks that threaten financial security and social stability

Fan said that the typical representatives of private digital currencies are currencies such as Bitcoin, as well as the so-called “stablecoins”. These currencies have become a speculative tool in their own right. When this happens in the market, there are also potential risks that threaten financial security and social stability.

At the same time, Fan revealed that the number of digital renminbi whitelisted users has reached 10 million and will continue to expand the scope of the pilot.

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