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Chinese Courts Deploy Blockchain-Powered Electronic Door Seals for Enhanced Property Security

Chinese courts are adopting blockchain-based door seals that will optimize property security by enabling real-time video surveillance and sophisticated alarm systems. This move is intended to eradicate the conventional paper seals, which are not tamper-proof. Setting the ball rolling The Executive Bureau of the People’s Court in Beijing, China, set a precedent by using a … Continue reading Chinese Courts Deploy Blockchain-Powered Electronic Door Seals for Enhanced Property Security

Shanghai High Court Pilots Blockchain Technology to Record Hearings for Court Reform

Shanghai’s high court has started using blockchain technology to record hearings as part of its court record reform pilot. During the meeting on the reform of court records, participants took part in observing the whole process of the court trial of a dispute over the equity transfer contract heard by the Shanghai Minhang District People’s … Continue reading Shanghai High Court Pilots Blockchain Technology to Record Hearings for Court Reform

China Has Kickstarted the Experimentation of a Blockchain Pilot in its Equity Trading Industry

The China Securities Regulatory Commission (CSRC) has kickstarted the experimentation of a blockchain pilot for the equity trading industry in the country. The China Securities Regulatory Commission issued a letter on July 7, approving five regional equity markets, including centers in Beijing, Shanghai, Jiangsu, Zhejiang, and Shenzhen. Announced by the Beijing Local Financial Supervision and … Continue reading China Has Kickstarted the Experimentation of a Blockchain Pilot in its Equity Trading Industry

What is VeChain?

VeChain was founded in Shanghai in 2015 by the former CIO of Luis Vuitton China, Sunny Lu. It is a blockchain platform designed to improve business processes and supply chain management via more efficient information sharing. While many blockchains are purposed for financial gain through improving and marketing the underlying technology to attract investors for … Continue reading What is VeChain?

Suzhou Next City in China to Test Digital Yuan DCEP in Red Envelope Event

As part of its continued efforts to launch its digital yuan dubbed the Digital Currency Electronic Payment (DCEP), China’s central bank is scheduled to test its central bank digital currency for the second time in Suzhou on December 12. The city located in Jiangsu Province of East China will play host to a shopping festival … Continue reading Suzhou Next City in China to Test Digital Yuan DCEP in Red Envelope Event

PlusToken Crypto Scam Masterminds to Serve 11 Years in Prison

A Chinese court in the Eastern province of Jiangsu has slapped the ringleaders of the PlusToken Ponzi scheme with 11 years of prison after they made off with cryptocurrencies worth 14.8 billion yuan, which translates to approximately $2.25 billion from investors. One of the biggest Ponzi schemes in China PlusToken has set the record of … Continue reading PlusToken Crypto Scam Masterminds to Serve 11 Years in Prison

China expands digital yuan usage for cross-border trade

China is expanding the use cases for its central bank digital currency (CBDC), the digital yuan, also known as e-CNY, to promote cross-border trade in its Belt and Road initiative. The digital yuan was one of the first CBDCs to be developed and widely tested, with the government having expanded its testing parameter to include … Continue reading China expands digital yuan usage for cross-border trade

Changshu Civil Servants to Receive Digital Yuan as Payment

Changshu, a city located in the Jiangsu Province of China, has issued a notice stating that all civil servants in its jurisdiction will be paid their full salaries in digital RMB or digital yuan from May 2023. This means that civil servants, including public service personnel, public institution personnel, and personnel of state-owned units at … Continue reading Changshu Civil Servants to Receive Digital Yuan as Payment