Monday, August 3, 2020
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Digital Yuan CBDC Momentum Grows as More Chinese Firms Get to Testing

Despite the global economic crisis and the consequences of the coronavirus pandemic, the development of the Chinese national cryptocurrency, the Digital Currency Electronic Payment, is steadily progressing. The increase in the number of large companies joining the digital yuan initiative as partners in testing and implementing the technology is clear

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US Agency Says Chinese Drug Traffickers Used Bitcoin to Launder Proceeds

The U.S. Office of Foreign Assets Control (OFAC), a division of the Treasury Department, sanctioned four Chinese nationals for allegedly using cryptocurrency to launder proceeds from illicit drug transactions. In a press release Friday, OFAC announced that Songyan Ji, Longbao Zhang, Guifeng Cheng and Guangfu Zheng, as well as Global Biotechnology Inc.,

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Former Chinese Official Says CBDC Will Pave Way for Digital Stocks

Xiao Gang, the former chair of the China Securities Regulatory Commission, says in his latest book on China capital market reforms that the development of a central bank digital currency (CBDC) will pave the way for digital stocks.Stocks and currencies are separate entities in traditional finance, however blockchain-based digital currencies

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Chinese Province to Use Quarkchain for Construction Resource Management

Blockchain firm Quarkchain has announced a partnership with the ecological department of Northeastern Chinese province Shanxi.Quarkchain and the Shanxi province will jointly develop an environmental governance platform on blockchain (EGPB). This platform will be used by the local administration for construction resource management and trading. Quarkchain stated that, while limited construction

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Chinese Steelmaker Settles $16 Million Iron Ore Deal on Blockchain

In its first-ever, the Chinese steelmaker Nanjing Iron and Steel Company said it has completed an iron ore trade on the blockchain.The steel company obtained a $16.87 million shipment of steelmaking ingredients from the joint venture between the multinational mining group Rio Tinto and Hancock Prospecting Pty. Ltd. The shipment

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Chinese Courts Use Blockchain for Property E-Sealing

Several courts in China have implemented blockchain technology as a way to secure properties with an electronic seal.The Executive Bureau of the People's Court in Haidian District, Beijing, has reportedly deployed a blockchain-based electronic seal to secure a property in Chaoyang district.E-sealing system applies blockchain to protect the propertyBy applying

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