The first known digital yuan B2B transaction took place in northern China, while regulators called for its accelerated rollout. China’s State Grid is working with a Beijing-based blockchain company to revamp its data management. Singaporean DBS Bank issued bonds using blockchain. Fenbushi Capital raised $23 million to invest in Filecoin projects.


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 March 23 – 30.

Digital yuan everywhere

  • The first B2B transaction using China’s digital currency took place between two companies in Dalian, a city in northeast Liaoning province. Two local companies completed a transaction for fuel using a settlement platform for B2B transactions using the e-CNY. (Grand View News, in Chinese)
  • Mu Changcun, head of the central bank’s Digital Currency Research Institute, proposed a set of rules for sovereign digital currencies at a seminar at the Bank of International Settlements. (Reuters)
  • A group of 28 Chinese regulators including the People’s Bank of China, the Ministry of Commerce, and the Cyberspace Administration of China called for accelerating digital yuan pilots, prioritizing cities active in new forms of consumption for pilots, and improving operating efficiency and transaction costs. (Office of the central government statement, in Chinese)
  • Six state-owned banks have started competing for digital yuan wallet users, and have set user acquisition targets for their staff. The banks are Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, Bank of Communications, and Postal Savings Bank. (Payments Encyclopedia, in Chinese)
  • Changsha in central Hunan province joined the pilot programs—more than 3,000 local businesses accept the central bank-backed digital currency. (Changsha Evening Post, in Chinese)

SOE chain

China’s State Grid will use Wanglu Tech’s consortium chain to integrate data in a city in eastern China. The state-owned company likely won’t be the last to adopt blockchain: The central government recently named blockchain a strategically important technology. (TechNode)

Blockchain bonds

DBS Bank worked with Shanghai Pudong Development Bank and China Central Depository and Clearing to issue RMB 2 billion ($304 million) of tier-two capital bonds using a consortium blockchain. (China Banking News)

Network upgrade

Neo is launching N3, the third version of its network, which promises faster transaction speeds and low transaction costs, oracles, distributed file storage, and a new governance mechanism. (TechNode)

The investments

  • Shanghai-based venture capital investor Fenbushi Capital closed a $23 million round for a Filecoin ecosystem fund. The VC said it will not invest in projects related to Filecoin mining. (Fenbushi Capital official Medium account)
  • Gaming company The9 agreed to purchase 482 MicroBT M31S+ Whatsminer crypto mining rigs. The9 is partnering with MicroBT competitor Canaan Creative to launch a mining business. (The9 statement)

Cryptocurrency heists

  • Police in Jiangsu province busted an operation that was selling plug-ins used to hack mobile games. The global network of cheat code sellers was using Bitcoin for transactions and had a turnover of hundreds of millions of US dollars. (CCTV, in Chinese)
  • Six suspects were arrested in Jiangxi province for stealing RMB 14.5 million worth of cryptocurrencies by hacking phones. (Beijing Youth Daily, in Chinese)

The mining

  • According to the National Development and Reform Commission, the Inner Mongolia autonomous region has been slow to implement energy consumption rules. The province had proposed shutting down cryptocurrency mines in the region, and analysts expect the latest government reprimand to lead to further restrictions. (Wu Blockchain, in Chinese)
  • Deputy mayor of Ya’an, a city in Sichuan province in China’s southwest, voiced support for the local mining industry. (Wu Blockchain)

Eliza was TechNode's blockchain and fintech reporter until July 2021, when she moved to CoinDesk to cover crypto in Asia. Get in touch with her via email or Twitter.