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China Crypto Roundup (June. 28-July. 4):Digital RMB Can be Used on Public Transport

1. Huobi banned Chinese users from contract trading

On June 26, Huobi updated the terms of the user agreement, and has now banned the use of contract trading services in China and other regions.

2. Scholar of Beijing Foreign Studies University: Bitcoin, as a bookkeeping vehicle that anchors the vast underground economy, is difficult to kill

Qu Qiang of the Southern Research Institute of Beijing Foreign Studies University recently stated that China’s recent crackdown on Bitcoin and other cryptocurrencies shows that an economic power has a clear attitude towards such issues. The government’s statement has established long-term policy expectations for the industry. Such speculative and even illegal activities will gradually withdraw from China. The price of such cryptos will also drop sharply in the short term, and market enthusiasm will decrease.

What needs to be pointed out is that Bitcoin, as a bookkeeping vehicle that anchors the vast underground economy, is difficult to kill, and will exist for a long time with the legal currency of various countries.

At the same time, the digital currencies officially issued by the monetary authorities of various countries will learn from the advantages of virtual currencies and begin to continue to become the mainstream of the global monetary system.

3. Digital RMB can be used on public transport

In Beijing, Chengdu and Suzhou, you can pay in digital RMB if you want to take a bus or subway.

4. A Hong Kong listed company lost 97% of its revenue due to China’s crackdown on mining

According to The Block, due to the recent suspension of Bitcoin mining in Sichuan, Hong Kong-listed company Loto Interactive has closed its two Bitcoin mining facilities in Sichuan and lost 97% of its revenue.

At the same time, Loto Interactive’s third mining facility originally planned to be put into operation in June this year was also shelved due to policy reasons, and it is impossible to predict when it will resume operations.

According to the disclosure of Loto Interactive, the two mining farms generated $47.9 million in revenue in 2020 by hosting mining machines for customers, accounting for 97% of last year’s total revenue.

5. Huobi implemented new OTC policy

Huobi updated its OTC policy:

-All users implement the “T+1” policy, that is, the cryptos bought via its OTC channel can only be withdrawn after 24 hours;
-It takes 36 hours for some users to withdraw their assets after OTC process.

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