Tencent launched a non-fungible token (NFT) trading platform. A local Chinese court is building a judicial blockchain to improve intellectual property litigation processes. China’s central bank said in a work meeting that they would continue to crack down on cryptocurrencies.
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 July 28 to August 3.
Tencent launches an NFT platform
Chinese tech giant Tencent launched an NFTs trading platform called Huanhe on Monday. The platform promoted the launch by issuing 300 NFTs style as vinyl records based on the popular Tencent-developed celebrity talk show “Shisanyao.” Each piece is priced at RMB 18 ($2.8). The platform is planning to sell NFTs in the forms of video, audio, photos, 3D models, and others, according to the platform’s introductory text. (Wu Blockchain)
Court builds judicial blockchain
A local court in the northeastern Chinese city of Hulunbuir, Inner Mongolia, said in an official WeChat post that it is building a judicial blockchain to improve litigation processes for intellectual property cases. The Hulunbuir Intermediate People’s Court said it wants people to submit evidence through the blockchain and use timestamp functions to preserve the evidence. The court is currently testing the blockchain. (Hulunbuir Intermediate People’s Court, in Chinese)
Central bank vows to continue crypto crackdowns
China’s central bank said it will continue its crackdown on virtual currencies in a work meeting for the rest of the year. A work report released Thursday listed regulating the growth of fintech platforms and punishing illegal virtual currency activities as priorities.
More digital yuan implementation
- More than 10 commercial banks in China have started to build teams to support digital yuan services, the 21st Century Business Herald reported. State-owned banks are currently the leading operators for digital yuan trials, which began in late 2019. The report found a number of smaller commercial banks, some privately-owned but not all, are working to support digital yuan. China Minsheng Bank recently posted hiring advertisements for digital yuan managers. Other banks include the Suzhou Rural Commercial Bank, the Bank of Shanghai, the Bank Of Changsha, and the Bank of Xi’an. (21st Century Business Herald, in Chinese)
- Beijing’s metro system expanded digital yuan support on Aug. 1 to include transport card machines and manned ticket booths. The subway system began a pilot program in late June that allows people to pay fares with digital yuan using the metro authority’s Ruubypay app, known as Yitongxing in Chinese. (MPayPass, in Chinese)