Shanghai issued new regulations to facilitate data sharing and develop other data-related high-tech areas such as blockchain. In Xiong’an New Area, a bank issued China’s first blockchain-powered loan. ChainNews shutters its operations.
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 Nov. 25 to Nov. 30.
Blockchain love
- Shanghai legislators announced on Monday a new set of data regulations, due to take effect in 2022. The regulations are the nation’s second regional set of rules to focus on data. Southern tech hub Shenzhen issued the first such regulations in late June. The regulations are aimed at protecting personal data, promoting “free and orderly data exchanges,” and aiding development in big data analytics, cloud computing, blockchain, AI, and other high-tech areas. Four days before the regulations were announced, Shanghai opened a new data exchange in the Pudong district to facilitate data trading. (Shanghai government, in Chinese)
- China’s Xiong’an New Area issued an RMB 6.4 million ($1 million) loan through blockchain, the country’s first such financing case. A local branch of Shanghai Pudong Development Bank (SPDB) issued the loan to three construction companies that built the new area. The blockchain loan service is a new financial product from the SPDB. The product has a 6% interest rate and offers loans of up to RMB 20 million per transaction. (People’s Daily, in Chinese)
- The tax bureau from a local region in the central province of Hunan has been studying blockchain technology to expedite the real estate transaction tax process. Tax workers from Loudi Economic and Development Zone have reportedly been using blockchain technology to refine the process and provide a more precise service. (China Star Market, in Chinese)
ChainNews no more
Chinese media reported on Nov. 26 that prominent crypto news outlet ChainNews had shuttered its operations. The outlet announced a suspension of service due to “site upgrades and maintenance” on Nov. 15. The outlet had remained active on Twitter until Nov. 25. (China Star Market, in Chinese)