China Arrests 63 People For Crypto Money Laundering Of $1.7 BLN
The probe on money laundering started after a concerning increase in deposits totaling more than 10 million yuan hit a local bank
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Latest firstChinese govt announces metaverse in VR research plan
The Chinese government has introduced a strategy to incorporate VR and AR into the everyday routines of the Chinese citizens
Chinese Cyberspace Regulator Closes 100+ Websites That Advocate Crypto
105 websites dedicated to advocating virtual currency marketing, publishing, and pushing explainers on cross-border currency speculation and virtual currency mining were closed. Social media giants Weibo, Baidu have closed 12,000 illegal accounts that promote virtual currency investments.
China’s BSN Chair described unregulated crypto as “Ponzi Schemes”
Key Takeaways Yifan He described the virtual currency concept model X-to-earn as a “phishing strategy.” He believes all unregulated cryptocurrencies, including Bitcoin are Ponzi schemes Yifan He, CEO of Red Date Technology, is the latest to express his skepticism towards…
Bitcoin’s Price Could Drop to Zero, Says Chinese State-Run Media
Key Takeaways An official national news outlet in China cautions readers against buying and using cryptocurrencies by stating that Bitcoin’s value may decrease to zero. According to the newspaper, a highly leveraged market “full of manipulation and pseudo-technology concepts” was…
Top Chinese Messaging app WeChat bans NFT/Crypto Related Accounts
Key Takeaways As part of the new rule, WeChat public accounts involved in the issuance, trading and financing of crypto and NFTs will be banned The rule also applies to accounts that provide services or content related to the secondary…
A Contract based on Virtual Currency is Ruled Invalid by a Chinese Court
Key Takeaways As per a Chinese court, a vehicle contractual agreement in which the buyer decided to pay in a digitally produced form of money is void because a virtual currency cannot flow freely in the market as a currency.…
Will the Surge of Hong Kong Stock Market Affect Crypto?
The Hong Kong stock exchange gained double digits during the afternoon trading session today. The gain happened after China’s State Council pledged support for the market. According to Xinhua, the State Council’s Financial Stability and Development Committee has pledged to…
Reportedly Bitmain is Accused of Being Probed in China
Follow us on Google News Key Takeaways: In the Chinese community, there are allegations that Bitmain is being probed. Du, the CEO of Bitmain’s mining operation, categorically rejected it. Bitmain was one of the first companies to develop an application-specific…
Joe Tsai Likes Crypto, He’s Executive Vice-Chairman of Alibaba Group
Follow us on Google News Key takeaways: Joe Tsai, a billionaire with an estimated net worth of $8.7 billion and the vice-chairman of Alibaba, sent out a mysterious tweet. “I like crypto,” the tweet stated. Following China’s crypto prohibition in…