Global Times is pushing against cryptocurrencies like COVID-19, popular hydropower plants …

This weekly news aggregator from mainland China, Taiwan and Hong Kong seeks to curate the top industry news, including impactful projects, changes in the legal landscape and integration.

Flags and celebrations are the order of the day as the Chinese Communist Party celebrates its 100th birthday on July 1st. Many rightly identified the event as part of the driving force behind the rallies in their jurisdictions so that social issues do not distract from the festivities. A strong and balanced financial system is certainly one of the areas that tends to be in focus in the run-up to these major events.

The good news for the FUD-sensitive public is that regulation has loosened in the wake of these events in the past, allowing the real economy to regain a healthier balance with stricter regulatory requirements. Many in the industry hope they have plenty of room to innovate, especially the hardest-hit exchanges and miners. Rumors are circulating of the possibility of a regulated mining community that would allow the government to tax, regulate, and even participate in mining activities. This rumor may be based on optimism rather than fact, but it certainly makes sense to those who wonder why China’s leadership has allowed a burgeoning industry to penetrate the superpowers of Western nations amid a growing technology war.

Sensationality kindled the flames

In the final days leading up to July 1st, pressure seems to be mounting on those in the crypto space. Global Times, an English-language division of People’s Daily, published an article called báo Bitcoin can only exist underground. The article, written by a researcher from Renmin University and Beijing Foreign Studies University, predicts that illegal speculative activity in China will gradually be eliminated and prices will come down by then. Caixin, a business and finance magazine, published a scathing editorial on June 28th recommending using the same force the nation used to fight the epidemic to fight cryptocurrencies. This seems extreme given how seriously the country is taking the response to COVID-19. However, the leading local blockchain media groups are the latest victims as the microblogging platform Weibo bans popular BlockBeats and Chainnews accounts.

Long regulators

Leading exchange Huobi updated its user agreement on June 28 to exclude Chinese users from accessing futures trading. This follows a number of international restrictions focused on derivatives as regulators in Ontario, Canada as well as the UK have cracked down on Binance. Commodity futures trading is popular in China, and a protracted Huobi ban is likely to result in a deluge of Chinese users elsewhere. Overseas exchanges like Binance and decentralized protocols benefit the most.

Sell ​​dress

Small hydropower plants are a viable alternative for crypto miners who want to operate smart. The Xianyu thrift marketplace app, an Alibaba product, is said to have seen a surge in hydropower plants after large miners, former customers, were forced to shut down their headquarters facilities.

Sell ​​dress

On June 30, the Beijing subway began accepting payments in electronic CNY, according to an article on Cointelegraph. The pilot program is only available to clients of the Industrial and Commercial Bank of China, one of the largest banks by wealth. Beijing Metro has more than 10 million commuters daily, most of whom use QR codes or NFC chips in their cell phones to get on and off the train station. Suzhou, Shanghai’s neighbor, announced a similar program on June 29th.