Two popular online brokers in China that provide overseas trades ceased showing Bitcoin ETFs on their platforms. Ant Group and Tencent stopped referring to NFTs as NFTs, using “digital collectibles” instead. The former governor of China’s central bank longs for a day that the digital yuan will become the world’s best central bank digital currency.
Blockchain
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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 Oct. 20 to Oct. 26.
Bitcoin ETFs and NFTs
- Chinese online brokers Futu and Tiger Securities stopped showing Bitcoin ETFs after two such ETFs were launched in the US last week, according to a report by Chainnews on Oct. 25. One of the ETFs, ProShares Bitcoin Strategy ETF (BITO), was once the most popular stock on Tiger Securities. (Chainnews, in Chinese)
- Ant Group and Tencent stopped using the term “non-fungible tokens (NFTs)” to refer to or describe their NFT platforms and products, Chinese news outlet Jiemian reported on Oct. 23. Instead, the two tech giants are now describing NFTs as “digital collectibles.” Chinese authorities have not banned the usage of NFTs, but state media have warned of a “huge bubble” in NFTs. Both Tencent and Alibaba later responded to Chinese journalist Colin Wu, stating that their business is different from overseas NFTs platforms, and that they refuse to use virtual currencies. (Jiemian, in Chinese)
Digital yuan and blockchain
- Li Lihui, former governor of China’s central bank, said China should build the digital yuan (China’s state-backed national digital currency) into the world’s best central bank digital currency. Speaking at an asset management forum held in Beijing on Oct. 23, Li said the goal will uphold the country’s monetary sovereignty, protect its financial security, and grow its power. Li suggested the central bank should improve the underlying technical architecture, upgrade its digital currency operations and management, and promote digital currency in more use cases. (Chinanews, in Chinese)
- A government-backed big data development administration in China’s eastern city of Wenzhou issued the region’s first blockchain-powered certificate of personal digital assets last week. The system can reportedly be used to protect personal data, including marriage registrations, residency registrations, social security records, and real estate mortgage data. (China Star Market, in Chinese)