China's foreign exchange bureau says there is a need to regulate and classify the digital asset sector to improve the country's monitoring of illegal forex transactions.
The State Council issued a warning via the state-backed Economic Day that the metaverse might not be fit for some regions, cautioning its citizens against big metaverse bets.
The revised document revealed that Wuhan harbors ambitious plans to build at least two metaverse industrial estates before 2025.
China's adoption rates of its digital yuan have soared since its introduction, but privacy concerns and a gloomy economic outlook may affect its hard-won gains.
Hong Kong is moving closer to its goal of becoming an international virtual assets center as it opens its gates to retail investors through digital currency exchanges.
Macau is eyeing 'currency in digital format' as legal tender as digital payment adoption rises, and while merchants are expected to go along with the proposal, the same cannot be said about casinos.
Tianjin is now the eighth province to hike the rates specifically targeting the miners, but they all insist it’s a punishment, not a green light for the miners.
Amid privacy concerns, there has been a strong adoption of China's digital yuan, with transactions using the virtual currency exceeding $14 billion since its introduction in 2020.
Shenzhen-based companies single-handedly accounted for $7.3 million in transaction volumes out of the $22 million made by the four participating countries, according to reports.
As the U.S. fortifies its grip on the global financial system, Russia targets to give sanctions-hit countries an opportunity to carry out international business easily—by using CBDCs.
A month-long CBDC pilot program involving Hong Kong, Thailand, China, and the United Arab Emirates ends with millions in cross-border and foreign exchange transactions made, signaling a new track for economic growth.
The province has been cracking down on block reward miners for the past year and issued the warning amid mega data center construction in Western China.
