Alibaba sells out 50 digital mooncakes in non-fungible tokens (NFTs), ahead of the Mid-Autumn Festival. The Bank of International Settlement urges central banks worldwide to act fast and develop their own national digital currency. Beijing’s regional equity market uses blockchain in its fund registration and transfer system.
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 Sept. 8 to Sept. 14.
Mid-Autumn Festival NFTs
- Chinese tech giant Alibaba released 50 NFT mooncakes, priced at RMB 1 each, on its e-commerce platform Taobao ahead of the Mid-Autumn Festival, Chinese media reported on Sept. 10. Chinese people celebrate the festival, falling on Sept. 21 this year, with lanterns, family gatherings, and mooncakes, a traditional pastry. The virtual mooncake was built by the firm’s blockchain platform AntChain. (Shuguguan, in Chinese)
- Chinese state-run newspaper Securities Times warned of a “huge bubble” in the NFT market in a Sept. 10 commentary. The article said many buyers see NFTs as speculative purchases rather than as valuable applications. The article cited Chinese crypto entrepreneur Justin Sun’s $10.5 million purchase of a digital avatar earlier this month as evidence of “deviating the real purpose of NFTs.” (Cointelegraph)
More digital currency
A senior official from the Bank of International Settlement (BIS) urged major central banks to act fast on developing digital currencies or risk falling behind private sector initiatives. Benoit Coeure, a leader of the BIS Innovation Hub, said central banks worldwide are falling behind major tech companies in digital payments. China is the first major economy to develop its own national digital currency, while most European Union countries, the UK, and the United States are still weighing their options. (Reuters)
Blockchain use cases
- China’s highest economic planner gave the green light for state grids to use blockchain technology for green power trading, according to a National Development and Reform Commission response on Sept. 7. The Commission also said that the State Grid has applied for a patent on a blockchain-based green power certificate trading system. (Coindesk)
- Beijing Equity Trading Center, the city’s regional equity market, also known as Beijing Fourth Board Market, is building a fund registration and transfer system powered by blockchain technology, according to a senior official from the center on Monday. The official said that the system aims to meet higher confidentiality requirements for private fund transactions and will lay a technical groundwork for state-led data exchange in the future. (China Star Market, in Chinese)