China

The post China Busts $1.9 Billion Underground Bank Operation Using USDT appeared first on Coinpedia Fintech News An underground bank operation in China was busted for using USDT for foreign currency exchanges involving transactions worth $1.9 billion. The underground operations began on January 21, primarily to smuggle medicine, cosmetics, and investment assets overseas. Authorities destroyed the underground operations in Fujian and Hunan, and the police froze $20 million linked to the operations. Despite the ban on using cryptocurrencies and crypto…

Bitcoin Asia in Hong Kong had over 5,500 attendees, half of whom came from China, where the government has been cracking down on crypto for years. The organizers say the recently launched crypto ETFs were the biggest attraction, with most investors interested in learning about investing in them. Bitcoin Asia, a crypto conference held in Hong Kong on Thursday and Friday last week, attracted over 5,500 attendees, half of whom were from mainland China, where crypto has been banned for…

The post EigenLayer Sparks Controversy Over Excluding US and China Users appeared first on Coinpedia Fintech News Eigenlayer, a prominent Defi player has caught the attention of the crypto community as its highly anticipated token distribution through airdrop excludes the US and China among other jurisdictions. This has ignited debates over its accessibility and regulatory concerns. The $15 billion Eigenlayer project was criticized for blocking US and China users. In response to the feedback, It plans to announce an additional…

The post Harvest Global Eyes China Market with Spot Bitcoin and Ethereum ETFs on Stock Connect appeared first on Coinpedia Fintech News Han Tongli, the Chief Executive Officer of Harvest Global Investments, indicated that his firm might seek approval to list spot Bitcoin and Ethereum exchange-traded funds (ETFs) on the Stock Connect scheme. Their listing is expected to potentially give investors from mainland China direct access to these products in about two years.  During the Bitcoin Asia conference in Hong…

The potential opening of Hong Kong’s Bitcoin exchange-traded funds (ETFs) to investors from mainland China has sparked a flurry of excitement and speculation within the cryptocurrency market. On April 30, Hong Kong launched spot Bitcoin and Ethereum ETFs, marking a significant development for crypto trading in Asia. Although the initial trading volume was modest, the geographical and economic proximity of Hong Kong to China has raised prospects of cross-border crypto investments. Will China Enable Access to Bitcoin ETFs? Richard Byworth,…

Months after the US Securities and Exchange Commission approved its first-ever spot Bitcoin ETF, Hong Kong’s Securities and Futures Commission (SFC) is reportedly on the verge of agreeing on a similar product in Hong Kong.  It is reported that four mainland Chinese and Hong Kong Asset Managers have submitted their applications to this effect.  An asset manager in China, Harvest Fund Management, is reportedly in line to receive approval from Hong Kong’s Securities and Futures Commission (SFC) to launch a…

Hong Kong to launch Bitcoin Spot ETFs with substantial Chinese funding, signaling the rise of digital assets in traditional finance. Anticipation grows over Bitcoin’s potential to reach $100,000 in the second quarter of 2024. Following the footsteps of the U.S. Securities and Exchange Commission (SEC), which previously approved Bitcoin Spot ETFs, Hong Kong is poised to launch its own Bitcoin Spot Exchange-Traded Funds (ETFs) by the end of April. As highlighted in an earlier CNF post, this move symbolizes a…

Little Red Book (XiaohongShu), the Chinese version of Instagram, integrates Conflux Network as a permissionless blockchain allowing users to showcase NFTs minted on Conflux on their profile page in the digital collection section called ‘R-Space.’ The platform has more than 200 million active monthly users, and this integration brings NFTs a step closer to mass adoption, where people actively use Web3 technology daily within a Web2 system. Little Red Book has previous alliances with blockchains and NFTs but never a…

According to various reports, on Tuesday, August 23, China entered the next phase of the pilot test for its central bank digital currency. The public transport system in the city of Guangzhou now accepts digital yuan (e-CNY) payments for bus fares. Guangzhou Transportation launched a digital RMB payment code that residents can use to pay for rides. Passengers first need to download the Digital RMB app and fund their accounts. Then they can simply scan the QR code displayed in…