The People’s Bank of China releases a digital yuan wallet app. China’s state grid completes the country’s first digital yuan smart contract payment in the solar power industry. The eastern city of Ningbo embraces blockchain technology. Taiwanese pop star Jay Chou shows support for friend’s NFT project. 

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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 Dec. 29 to Jan. 4.

Digital yuan progression

China’s central bank, The People’s Bank of China (PBOC), released a digital yuan wallet app on various app stores on Jan. 4. PBOC’s Digital Currency Institute, the developer of the national digital currency, also developed the app. The app is a consumer-facing payment app, helping the central bank to carry out trials of digital wallets, exchanges, and circulation services using the digital currency. (China Star Market, in Chinese)

China’s state grid in the northern province of Hebei collaborated with several companies and the local branch of the Industrial and Commercial Bank of China to facilitate the country’s first digital yuan smart contract settlement case in the solar power industry. The grid company first calculated the revenue for a centralized solar power provider, then used the digital yuan’s smart contract feature to pay an equipment rental company, leaving the remaining income for farmers who installed solar panels and shared the power. The grid claimed such a payment set-up helped all parties recover funds faster. (STCN, in Chinese)

Ningbo embraces blockchain 

China’s eastern city of Ningbo released a blockchain tech white paper on Dec. 30. The white paper laid out a plan for Ningbo to develop its blockchain sector. By 2023, Ningbo wants to develop one to two top blockchain companies with global influence, set up one national blockchain laboratory, and have one to two blockchain-focused industrial parks. The white paper said Ningbo has over 90 blockchain projects under construction, with a total investment of more than RMB 600 million. (China Star Market, in Chinese)

Jay Chou shows love for NFTs

Taiwanese pop star Jay Chou’s fashion brand Phantaci and an NFT company Ezek jointly released a new digital avatar series called “Phanta Bears” on New Year’s Day and sold 10,000 copies. Ezek was co-founded by Chou’s friend Will Liu. The digital bears traded at 0.4 ETH on Monday, up from the insurance price of 0.26 ETH, or about $1,000. Chou has changed his Instagram profile picture to the digital bear to show support, but on Monday, his record label JVR Music released a statement clarifying that Chou himself has no business ties with Phanta Bears and is merely happy for his friend’s success. (JVR Music, in Chinese)

Qin Chen

Qin is a News Editor at TechNode. Previously, she was a reporter at Inkstone, a China-focused news site owned by the South China Morning Post. Before that, she worked in the United States for five years....