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China Crypto Roundup (July 7-13): Didi to Pilot DCEP, 45,000 Blockchain Companies in China, $15 Million Crypto Scam Busted

In this past week, China’s CBDC was seen a step closer to real use case as it announced to partner with the country’s largest taxi hailing service provider; blockchain fever in the country continues with over 45,000 blockchain companies registered with local regulator; Canaan may be going through an internal struggle just like Bitmain; Chinese police busted a huge crypto scam, seizing Ferrari, villas and $15 million…

Didi, Meituan, Bilibili and more are joining China’s CBDC project

Didi Chuxing, China’s largest and world’s second largest ride-hailing service provider has announced a partnership with the country’s central bank to work on the innovation and implementation of the forthcoming digital yuan/DCEP in transportation. The cooperation will make Didi the world’s first private company to accept payments in a central bank digital currency.

Previous reports have indicated that the DCEP pilot will go out of the PBoC system and enter into real service scenarios in fields such as transportation, education and healthcare, etc. It will reach the C-end users and generate frequently used applications via the partner banks who could design their own trial scenarios based on their advantages.

Apart from the ride-hailing giant, insiders disclosed that companies including Meituan – China’s largest food delivery company and Bilibili – the country’s largest video sharing site have both been in talks with a number of banks involved in the digital yuan project.

China has over 45,000 registered blockchain companies

As the country goes hard on blockchain, data shows that there have been more than 45,000 blockchain companies registered with the Chinese government as of July 7.

Since 2016, the country has seen an exponential rise in the number of blockchain companies especially in 2018 with over 16,000 companies emerging throughout the year, a 246% increase from the previous year. Though the growth slowed down in 2019, the year 2020 is witnessing another spike in the number of blockchain startups after the country gradually recovered from the coronavirus.

The blockchain frenzy in the enterprise level has also spawned a great demand for blockchain jobs. Recently, China has officially recognize blockchain engineers and blockchain application operators as new occupations along with other 7 jobs.

Alibaba and Ant Financial to build blockchain for container line giant Cosco

With the blending of blockchain and several industries, the ecology of blockchain industrialization has showed signs of life as more big name companies are joining.

China’s state-run container line Cosco Shipping Holdings has recently signed a partnership with Alibaba and Ant Financial, Alibaba’s financial technology affiliate. The three companies will work together on using blockchain technology to track goods across seaborne supply chains.

Apart from blockchain implementation, the Alibaba and Ant Financial groups are investing a lot in the research and development of blockchain technology. Alibaba is the world’s most active filer in terms of blockchain patent applications, Ant Financial has recently initiate an X plan to grow its reserve for blockchain talents for the next 20 years by cooperating with colleges and universities all over the world.

Canaan entangled in power struggle following its rival Bitmain

Canaan, one of the top three bitcoin mining hardware manufacturers in China, has been shaken to the core by an alleged internal power struggle going on between its founders and directors.

Reports has it that Zhang Nangeng, the founder of Canaan, has removed many of the company’s higher up executives from their positions, stating that Zhang and several directors from Canaan’s Beijing office went to Hangzhou in late June to take the official seal and the business license of the company.

Though the company responded that all of its production and operational activities are normal, the crypto community ironically said that Canaan may repeat what Bitmain suffers in its long-lasting power grab.

Chinese police busted $15 million crypto scam

Chinese police have arrested a group of 10 alleged crypto scammers with over 100 million yuan (roughly $15 million) confiscated as well as luxury cars and villas worth around $2.15 million combined.

The arrestees are suspected of selling fake Huobi Tokens on Telegram channels with a seemingly reasonable promise of an ROI at 8% via arbitrage. Local police said they have collected information of about 1,300 victims. Surprisingly, the group’s leaders were college classmates and had just recently graduated but led a quite extravagant life with the fraudulent funds.

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