Global crypto mining hotspot Inner Mongolia is considering shutting down mining within its borders as it pushes for zero carbon emissions. China’s central bank is joining hands with three other economies to test cross-border transactions using digital currencies. Domestic media research said that Chinese government procurement of blockchain technology has more than doubled in the last year.
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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 Feb. 23-March 2.
Crypto mining in danger
The municipal government of Inner Mongolia autonomous region proposed shutting down all cryptocurrency mining facilities in the region in pursuit of carbon neutrality, a major policy goal for the central government. Inner Mongolia is one of the areas in China that contributes significantly to the global Bitcoin hashrate, along with Sichuan and Xinjiang. (CoinDesk)
The digital yuan bridge
China, Hong Kong, Thailand, and the United Arab Emirates announced a joint experimental project to test cross-border transactions using central bank-backed digital currencies. The program aims to develop a proof-of-concept prototype using blockchain technology. (TechNode)
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Government-led blockchain
- Chinese government agencies more than doubled the number of tenders to procure blockchain technology to 72 in 2020 compared with 28 in 2019, and only 9 in 2018. Beijing, Guangdong, Fujian, and Shanghai were the largest investors in blockchain technology. (Blockchain Stronghold, in Chinese)
- The Blockchain Services Network is integrating the public chain initially developed by TON Labs, an offshoot of messaging network Telegram, in its Chinese version. (Cointelegraph)
The return of crypto trading
In a bull market last seen in 2017, Chinese investors are back at it: They are investing in cryptocurrencies, despite a domestic ban of cryptocurrency exchanges. (Reuters)
ZT investment
A press release from Sunday stated that Japanese fund SoftBank’s UK subsidiary had invested “millions of dollars” in Chinese crypto exchange ZT. Some industry insiders are skeptical about the investment, in part because ZT has reportedly had trouble with the police, and is not a well-known company. (Wu Blockchain)