Hong Kong-listed Company Meitu Declares Huge Loss Over Crypto Investment

Jul 3, 2022

Meitu, an Artificial Intelligence (AI) driven technological company has decried the continued fall in prices of cryptocurrencies. The Hong Kong-listed company, whose solutions are widely used in mainland China, Hong Kong, and Taiwan has declared some major losses over its cryptocurrency ...

Huobi Exchange to Layoff Staff Due to Drop in Revenue As a Result of Removing Chinese Users

Jun 28, 2022

Leading cryptocurrency exchange, Huobi is reported to be embarking on a massive layoff exercise that could see it cut down its staff strength by as much as 30%. In an exclusive report by top Chinese crypto journalist, Colin Wu, the layoff exercise is caused by a significant drop in generated r...

Drug Money Now Flowing Into Crypto, Chinese Anti-Drug Agency Says

Jun 27, 2022

Drug money has started flowing into the cryptocurrency market as trading in these illegal substances expands over the internet, a new Chinese government agency report has said. Attributed to the China Anti-Drug Network, the report says the new phenomenon took off in 2021 and has seen illic...

Chinese Miners Are Selling Off Their Mining GPUs in the Reseller Market

Jun 26, 2022

A massive sell-off of cryptocurrency mining GPUs has been reported among Chinese miners, and they are observed to be selling them at significantly low prices. Non-profitability of cryptocurrency mining has been identified as the main reason for this development. According to reports, NVID...

Chinese Court Declares Virtual Currency-Based Sales Agreement Invalid

Jun 19, 2022

A court of competent jurisdiction in Shanghai China has declared that an agreement between two parties over the sale/purchase of a vehicle is invalid. The reason for this declaration revolves around the legitimacy of the medium of transaction involved in the agreement, which is the use of virtua...

China Media Watchdog Differentiates Between Digital Collections and NFTs

Jun 18, 2022

Non-fungible tokens (NFTs) remain one of the hottest themes in the blockchain industry. Despite China’s ban on cryptocurrencies, NFTs, though in a different form and under specified regulation, are among the few aspects of the technology that still exist in the country. The existence of s...

China’s Fujian Province Bans Trading Platforms From Participating in NFT Transactions

Jun 12, 2022

A Working Group from the Fujian Province of China has released a memo to address the growing rate of NFT participation among the citizens of the region. This memo, which has been circulating across various social media platforms, is regarded as a “Reminder Letter” to reiterate the stan...

The Potential Impact of Increased Chinese CPI on Cryptocurrency

Jun 10, 2022

The Chinese government has released its latest inflation data, revealing the Consumer Price Index (CPI) statistics for May 2022. The CPI which is measured in relative terms reveals a year-on-year increase of 2.1 percent. This shows that compared to the past year, the relative prices pa...

Alibaba Integrates Cloud Service for NFT Solutions

Jun 9, 2022

China’s largest cloud service provider, Alibaba Cloud has announced the integration of NFT solutions on its platform. According to the company, customers can now build their NFT marketplaces by using solutions like web hosting, digital marketing, and content delivery, all of which are res...

Chinese Government Advised to Regulate Stablecoins in the Aftermath of LUNA Crash

May 31, 2022

There is a suggestion for the Chinese government to extend its cryptocurrency regulation to cover Stablecoins also. This is coming after hundreds of thousands of crypto users around the globe became victims of a crashed coin, LUNA. The LUNA crash became one of the major outcomes of the ...