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Tencent Gets Green Light for Blockchain-Enabled Invoice Standard

Chinese internet giant Tencent has been given the go-ahead by China’s State of Administration of Taxation to generate a draft for a blockchain-powered invoice standard. Tencent will be partnering with the Shenzhen Taxation Bureau and the China Academy of Information and Communications Technology to oversee this project. The projectis called the “General Framework of DLT-Based … Continue reading Tencent Gets Green Light for Blockchain-Enabled Invoice Standard

Blockchain-Based Invoices Reached $1 Billion USD in China with 10 Million Invoices

Shenzhen’s pilot blockchain technology invoice system has reached a new milestone. The program known as ‘fapiao’ which allows the Chinese government to track purchases and prevent tax evasion, has just issued its 10 millionth invoice. This comes from over 7,500 companies using the e-invoice system to date. The program has now been active for over … Continue reading Blockchain-Based Invoices Reached $1 Billion USD in China with 10 Million Invoices

China’s Central Bank Digital Currency Research Unit Signs Deal with Huawei

The Chinese central bank, People’s Bank of China’s (PBoC) Digital Currency Research Institute, has signed an agreement with multinational telecommunications giant Huawei. Fan Yifei, the PBoC deputy governor signed the fintech research cooperation agreement between Huawei and PBoC’s Digital Currency Research Institute in Shenzhen at Huawei’s headquarters. Huawei said that the “strategic cooperation” agreement is for FinTech research. Fan also … Continue reading China’s Central Bank Digital Currency Research Unit Signs Deal with Huawei

Chinese Police Put MicroBT CEO Under Microscope Over Alleged Dispute With Bitmain

As stated by a local news outlet, the Chinese Police have just resumed its investigation of intellectual property infringement involving Yang Zuoxing, CEO of Shenzhen Bit Microelectronics Technology and Bitmain. In the course, Yang was being arrested to help in the investigation of the patent of Bitmain he allegedly infringed upon and if found guilty, … Continue reading Chinese Police Put MicroBT CEO Under Microscope Over Alleged Dispute With Bitmain

China’s Central Bank Partners with Commercial Banks and Telecom Giants to Test Digital Currency in Two Major Cities

New developments of China’s central bank geared towards testing its digital currency electronic payment (DCEP) in the cities of Shenzhen and Suzhou. The People’s Bank of China, the country’s central bank is on track to become the first central bank on the globe to issue a national digital currency. Huang Qifan, the Vice Chairman of the China International … Continue reading China’s Central Bank Partners with Commercial Banks and Telecom Giants to Test Digital Currency in Two Major Cities

China is Expecting its First-Ever Blockchain Exchange-Traded Fund

Shenzhen is expecting its nation’s first exchange-traded fund (ETF) that will track blockchain-themed stocks as underlying assets. Penghua Shenzhen Stock Exchange Blockchain ETF’s application was filed by the Chinese asset management firm, Penghua Fund. The Shanghai Securities News reported that the application was accepted by the China Securities Regulatory Commission (CSRC). The proposed blockchain ETF aims to track … Continue reading China is Expecting its First-Ever Blockchain Exchange-Traded Fund

With 245 Investments and Financing Deals in Blockchain, Will China Carry on Its Expenditure in the Future?

According to a study from Xinhua, a Chinese government-run financial media, and Rhino Data, revealed that the total amount spent in investment deals pertaining to blockchain is responsible for 24 billion yuan ($3.6 billion). On Jan. 15, an official figure has been released by Xinhua, showing that the figures mentioned earlier have declined by 40.8%, within one year. … Continue reading With 245 Investments and Financing Deals in Blockchain, Will China Carry on Its Expenditure in the Future?

Coronavirus Measures in China Delay Crypto Hardware for MicroBT and Bitmain Customers

The coronavirus is causing mass disruption throughout Asia and has now been declared a ‘global health emergency’ by the World Health Organisation. The Chinese government has taken drastic isolation measures, and over 40 million people are effectively on lockdown. One of the leading manufacturers of crypto mining hardware, MicroBT recently notified customers via WeChat that their shipments would be delayed at … Continue reading Coronavirus Measures in China Delay Crypto Hardware for MicroBT and Bitmain Customers

South Korean Tax Specialists Advocate for Lowered Crypto Taxation

Members of the Korean Tax Policy Association are calling on the government to consider applying a low-level tax on crypto transactions. The South Korean administration is contemplating taxing cryptocurrencies as part of its tax reform plan for 2021, but specialists feel it requires in-depth conceptualization. The perplexing issue of crypto taxation The tax experts aired … Continue reading South Korean Tax Specialists Advocate for Lowered Crypto Taxation

China Establishes First-Ever Blockchain Zone in Central Province of Hunan

The first provincial blockchain zone has been established in China, in the central Chinese province of Hunan. The “Wanbao” blockchain zone is located in the city of Loudi, marking the first blockchain zone in China, according to a local Chinese report. China’s 2019 blockchain zone development report placed the city of Loudi at 17th among domestic … Continue reading China Establishes First-Ever Blockchain Zone in Central Province of Hunan