Hong Kong authorities are working with China’s central bank to test the digital yuan in payment scenarios. E-commerce giant JD.com will accept the digital currency during a trial on Dec. 12. Another crypto exchange founder is taken into custody by Chinese authorities, and Yunnan officials shut off power to crypto mines. Singapore’s new blockchain-based trading platform will be interoperable with China’s BSN.
The world of blockchain moves fast, and nowhere does it move faster than China. Here’s what you need to know about China’s block-world in the week of Dec. 1-8.
Digital yuan partnerships
- The chief executive of Hong Kong’s Monetary Authority said it is in talks with the People’s Bank of China Digital Currency Research Institute to test the digital yuan for cross-border payments. (Hong Kong Monetary Authority)
- JD.com will be the first online platform to accept digital yuan payments during a trial in Suzhou starting on Dec. 12. (Reuters)
Crypto crackdown continues
- Authorities in China’s southwestern Yunnan province turned off the electricity supply to several miners in the region on Nov. 30, according to blockchain reporter Colin Wu. Wu added that it is a local government initiative rather than a nationwide crackdown. (Wu Blockchain)
- The founder of Hong Kong-based cryptocurrency exchange CEO Global has been taken away by Chinese authorities who are investigating fraudulent bank cards. The platform said it will indefinitely suspend all over-the-counter trading. (CEO Global, in Chinese)
BSN in Singapore
Singapore is launching a platform to test blockchain-based innovations for international trade. The platform, led by the city’s innovation agency and the Singapore University of Social Sciences, will be integrated with the Blockchain Services Network, a Chinese government-supported blockchain framework. (Singapore University of Social Sciences)