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China Crypto Roundup (Oct 19- Oct 26): China Drafts Law to Legalize Digital Yuan, Bitcoin Goes Viral Again on China’s Weibo, China’s Experimental $1.5 Million Giveaway of Digital Yuan Ended

The top stories from the Chinese cryptocurrency sphere this past week include: China drafts law to legalize digital yuan, Bitcoin goes viral again on China’s Twitter-like weibo as bitcoin rallies to 13k, China’s experimental $1.5 million giveaway of digital yuan to Shenzhen citizens ended.……

China’s experimental $1.5 million giveaway of digital yuan ended

China’s experimental $1.5 million giveaway of digital yuan to Shenzhen citizens ended on Sunday (October 18) as it took 10 days from appointment, registration to pilot.

Under the 10-day-long programme, the China’s central bank (PBOC) gave 200 Chinese yuan ($29.75) to each of 47573 consumers selected in a lottery in digital “red packets”, echoing the country’s traditional way of gifting cash.

The program initiated by the Shenzhen government, and 62788 transactions were made with transaction amount about 8 million Chinese yuan. Data shows some users also recharge their digital yuan wallets with a consumption amount of 901000 Chinese yuan.

The event last week really means that the (digital yuan) has already moved from theoretical internal testing to real world practice. What’s more, the digital yuan wallet still works after the test ended.

Bitcoin goes viral again on China’s weibo

Bitcoin price broke $13,000 following the news that PayPal will add crypto buying and selling features to its payment platform. The largest cryptocurrency then goes viral again on China’s Twitter equivalent Weibo on last Thursday.

Weibo trends show that the hashtag #BitcoinPump# has been the ninth-most popular search terms on the country’s biggest social media platform, with viewership hitting over 70 thousand.

A Weibo user launched a vote on “Have you ever bought bitcoin?” in which a total of 50000 individuals took part. The results showed that only 5764 people had bought bitcoin, and the remaining 44000 said they had never bought bitcoin.This is not the first time bitcoin has been the trend on Weibo. Although the comments below the hashtag show that most Chinese netizens still consider bitcoin a Ponzi scheme, bitcoin has come into the eyes of more and more Chinese netizens.

China drafts law to legalize digital yuan, outlawing competitors

The People’s Bank of China (PBoC) is reportedly seeking public feedback to revise its current banking regulations, which aims to legalize digital yuan but prohibit the circulation of yuan-pegged digital tokens.

The central bank has also begun a public consultation on the draft law; comments can be submitted through Nov. 23.

“No unit or individual may produce or sell tokens, coupons and digital tokens to replace RMB in circulation in the market.”

The proposal states that “any individual or entity shall not make or issue any tokenized note or digital tokens that replace the Renminbi’s circulation in the market.”

It has been noted that China hopes to issue its CBDC digital Yuan before February 2022. Earlier this month, China conducted a major test of Shenzhen’s digital yuan payment system, where nearly 47,500 residents claimed 200 yuan ($30) each in digital currency which they then spent across 3,389 stores throughout the city.

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