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China Crypto Roundup (Oct 12- Oct 19): Chinese Police Cracking Down on Illegal Bank Cards, 2022 Asian Games Tickets Will be Issued on A Blockchain Network, 2 Million People Applied for Shenzhen’s Digital Yuan “Red Packets”

The top stories from the Chinese cryptocurrency sphere this past week include: Chinese police cracking down on new types of illegal crimes in telecommunication networks, Alibaba’s blockchain subsidiary to issue tickets for the 2022 Asian games in Hangzhou, almost 2 million people applied for Shenzhen’s digital yuan “red packets”.……

Chinese police cracking down on illegal bank cards

Chinese police intensity a crackdown on illegal crimes in telecommunication networks to safeguard national security and fend off telecom network fraud cases.

The conference emphasizes the crackdown on the illegal crime of selling telephone cards and bank cards. Units or individuals that open bank accounts or payment accounts by counterfeiting others’ identities or fictitious agency relations will be forbidden to use bank-issued cards for the next three years or conduct online transactions in the next five years.

The government’s efforts to crack down on telecom fraud can reduce the inflow of black money as cryptocurrency industry has become a money-laundering channel for some black industries like telecom fraud, gambling and drug because of the inherent anonymity of cryptocurrencies like bitcoin.

2022 Asian Games tickets will be issued on a blockchain network

According to a report from China News, the 2022 Asian Games set to take place in Hangzhou will have tickets that will be issued on a blockchain network.

The organizers have struck a deal with Demai, an online ticketing platform that e-commerce giant and blockchain technology advocate Alibaba bought and transformed into a subsidiary back in 2017.

Tickets for multisport games will go on sale in 2021, and, according to Alibaba Vice President and General Director Damai Cao Jie, all of them will be released in the block. Damai stated that “all tickets will be protected using blockchain technology” to allow for easier and more effective verification, and “solve the problem of counterfeit tickets,” as well as improving “data management.”

The event’s blockchain-issued tickets are set to bring a revolution in the way large-scale public events are conducted not just in the city, but in the entire country as well.

Chinese digital yuan test draws 2m applicants

A total of 1,193,800 individuals in Shenzhen have applied for the “Luohu Digital RMB Red Packet,” a rewards program initiated by the Shenzhen government.

The program was set up as a type of lottery, where 50,000 applicants received the so-called “red packets” which consist of 200 yuan in the form of PBoC’s upcoming digital RMB. The winners were selected through a lottery shake.

According to the report this is the first instance that the wider general public will take part in the wider trial of the DCEP. Previous tests only involved select institutions that included commercial banks and various retail businesses and service providers, with mobile payment giants WeChat Pay and AliPay and ride-sharing Uber-equivalent Didi Chuxing among them.

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