Chinese state media asks regulators to eradicate crypto mining activities in the country. A top Chinese stock photo and video site launch an NFT-like platform. Ningbo sees blockchain tech as a future growth point in the city’s digital economy five-year plan. Changsha becomes the first Chinese city to process tax payments and fees in digital yuan.
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 Dec. 22 to Dec. 28.
Chinese state-backed newspaper Economic Daily published an op-ed to ask regulators to eradicate crypto mining activities on Dec. 25. The piece acknowledges recent success in cracking down on mining operations from state-owned enterprises, adding that regulators also need to go after personal mining projects or small operations. For example, some internet cafe operators, graphics card sellers, and harddrive sellers mine crypto independently with high-performance equipment. Since May, Chinese officials have been on a widespread campaign to sweep mining operations across the country. (China Star Market, in Chinese)
Stock photo and media agency Visual China Group (VCG) launched a digital collectible platform called Yuan Shijue (meaning meta visual) on Dec. 26. The platform is powered by blockchain technology and sells digital artworks similar to non-fungible tokens (NFTs). The inaugural sales include ‘The Hope Project (Big Eyes)’ by Xie Hailong, a photo featuring a schoolgirl in a rural area, and an iconic photojournalism work in China. The piece is selling at RMB 199 ($31) and is limited to 10,000 copies. VCG will donate the sales to a youth development foundation. Similar to most Chinese NFT-like selling platforms, buyers aren’t allowed to resell or create derivative works, aligning with the government’s goal of preventing speculation in the market. (Lanjinger, in Chinese)
Blockchain tech and digital yuan
- The eastern city of Ningbo released its five-year plan on the digital economy on Dec. 27, emphasizing digital economy expansion. The municipal government laid out planned future growth points such as a new generation of AI and blockchain technology. The plan aims to reach RMB 1 trillion added value in the digital economy, increase its GDP proportion to 15%, and ensure a public data openness rate of more than 30% by 2025. (People’s Daily, in Chinese)
- Changsha, in central China, became the country’s first city to use digital yuan to pay taxes and fees as part of an experimental pilot program. Recently, a financial manager of a landscape company paid RMB 4,502 taxes in the national digital currency. As a result, the process will be rolled out to all residents and Changsha’s taxpayers can pay digitally once they open a digital yuan wallet. (Hunan Daily via cnBeta, in Chinese)