China’s Web3 White Paper Fuels Crypto Frenzy In Hong Kong; CZ Reacts
Changpeng Zhao, also known as “CZ,” the founder and CEO of Binance, shares his insights on China’s recent release of the Web3 Innovation and Development White Paper. The timing of this white paper coincides with the impending rollout of Hong Kong’s cryptocurrency licensing system.
China’s Web3 White Paper Unveiled
The Beijing Municipal Science & Technology Commission introduced the “Web3 Innovation and Development White Paper (2023)” during the Zhongguancun Forum. This document highlights the crucial role of web3 technology in shaping the future of the internet industry, creating a buzz within tech and crypto circles.
Hong Kong’s Crypto Licensing System
Hong Kong is emerging as a promising cryptocurrency hub and is set to unveil definitive guidelines for crypto exchange launches on June 1st, according to Julia Leung, the CEO of the city’s Securities and Futures Commission (SFC).
These regulations will enable retail investors to participate in the trading of major cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), starting from June 1st. However, certain restrictions apply to crypto exchanges serving investors with portfolios below HK$8 million.
Also Read: Hong Kong’s Retail Traders Embrace Conflux, the Chinese Ethereum – Coinpedia Fintech News
Exploring Further Initiatives
The SFC is not stopping at the crypto licensing milestone. They are actively exploring additional initiatives to evaluate the benefits of digital assets in financial markets. These include the tokenization of green bonds and the development of a proprietary Central Bank Digital Currency (CBDC) for Hong Kong.
The convergence of China’s Web3 White Paper and Hong Kong’s crypto licensing system signifies a significant turning point in the intersection of innovation and regulation. As these developments unfold, the tech and crypto communities eagerly await the future implications and opportunities they may bring.
China’s Prosecutors Witness NFTs to Have Crypto-Like Attributes
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China’s legal agency has issued a warning against NFTs and banned virtual assets nationwide, citing concerns over risk assessment and punishment. Although China’s crackdown on crypto trading has boosted the popularity of NFTs and reduced their risks, a report highlights financial, management, security, and legal risks. The report urges prosecutors to remain vigilant. NFTs offer ownership proof on a Blockchain but Chinese authorities question the enjoyment of ownership, given the ease of replicating digital art.
China’s CBDC, Digital Yuan Transactions Crossed the $14B Mark
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China’s central bank digital currency (CBDC), Digital Yuan has reached 100.04 billion yuan (~14 Billion) in transactions in its pilot phase. This makes the e-CNY, or digital yuan the most used CBDC globally.
According to a post on the Bank of China’s official WeChat page on October 10, the number of transactions performed in 15 provinces under the CBDC pilot framework had surpassed 360 million by the end of the summer. According to the report, more than 5.6 million merchant establishments currently accept digital yuan as legal money.
The financial regulator revealed its project development plans, which include the launch of cross-border payments between Hong Kong and mainland China.