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China Crypto Roundup (Sep. 13-Sep. 19) :2022 Asian Games Released Digital Torch, Hebei Prevent Government Internal Mining

1. NFT trading platform UMX Art suspended by Wechat

There’s a NFT trading platform UMX Art in China suspended by Wechat. The plaform registered a Wechat official account, and users can bid and trade NFTs directly there using RMB. But the thing is the money users bid will directly go to the company behind UMX, rather than a smart contract. Users can get back the money if they fail to give the best offer. But there’s a risk of the company pull the rug. Also, the platform actually has nothing to do with NFT. They only sell arts and put them onchain, that’s all.

2. The acceleration of the digital RMB pilot program: the large-scale digital currency wallet has grown significantly, and its functions have become more abundant

The digital RMB pilot program continues to advance and is accelerating. On the one hand, the digital RMB pilot scenario “full bloom”, covering life payment, catering services, transportation, shopping and consumption, government services and other fields; on the other hand, digital RMB wallets opened by state-owned banks have grown significantly and have wallet functions constantly enriched.

According to industry insiders, pilot verification of real users and large-scale centralized testing in batches have been carried out in many places to fully test the stability of the digital RMB business system, product ease of use, and scenario applicability, and stage results have been achieved. However, the digital RMB rules system still needs to be improved, the acceptance environment needs to be optimized, and the payment system needs to be improved.

3. Canaan Technology’s Q2 revenue was 1.082 billion yuan, and net profit reached a record high of 245 million yuan

On September 15th, Beijing time, Canaan Technology (Nasdaq: CAN) announced its financial report for the second quarter of 2021. According to data, the company’s second-quarter revenue was 1.082 billion yuan ($168 million), setting the best order in the company’s history. Quarterly revenue, which was mainly due to the substantial increase in total sales computing power. In the second quarter, the company’s total sales computing power was 5.94 million TH/s, a year-on-year increase of 127% and a month-on-month increase of 200%, setting a record high in the company’s single-quarter history.

4. Hangzhou 2022 Asian Games released the digital torch

It will be sold on Alipay on September 16, priced at 39 yuan each. These torches are all recorded on the AntChain (owned by Alibaba) and issued on the AntChain, with a total of 20,000 limited editions.

5. Hebei Provincial Cyberspace Administration and relevant departments to carry out internal virtual currency mining and transaction rectification

Hebei Cyberspace Administration, in conjunction with the Provincial Public Security Department, Shijiazhuang Branch of the People’s Bank of China and other departments, deployed special rectification actions against virtual currency mining and transaction behavior.

The rectification action requires that, before September 30, relevant government agencies in the province must carefully verify and inspect the information systems in use, further improve system security measures and internal management systems, and strictly prevent the use of system computing power to engage in illegal virtual currency mining.

6. Well-known Chinese actor and singer Shawn Yue auctioned his NFT collection

Well-known Chinese actor and singer Shawn Yue auctioned his collection of NFTs at Christie’s, including Cryptopunk #9997, Bored Ape Yacht Club (BAYC) #8746, meebits #6337, to celebrate his 40th birthday. Part of the proceeds from this auction will be donated.

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