Operators of $1B Ponzi scheme WoToken sentenced to 9 years in prison
A Chinese court has also ordered law enforcement agencies to seize $63.6 million worth of ill-gotten gains from the WoToken scam.
Latest China News
PBoC Governor gives DC/EP update
Peoples Bank of China governor Yi Gang gave several announcements regarding the DC/EP at Hong Kong Fintech week–Yi Gang's reports indicate progress.
Shenzhen pilot program highlights potential for digital yuan
The digital yuan is not a digital currency like Bitcoin, but a virtual fiat currency issued and controlled by the People's Bank of China.
China’s new draft law seeks to legalize digital yuan but ban competitors
In a new draft law, the bank proposed banning any yuan-pegged digital tokens, effectively killing off any competitor to its central bank digital currency.
New report highlights opportunities for fintech, blockchain growth in China
Partnerships that create ecosystems will be key to success in China's growing fintech market, according to the inaugural China Fintech Report.
Hong Kong finance chief open to collaboration on digital yuan
The Hong Kong government is reportedly exploring working with Chinese authorities to incorporate the digital yuan in wholesale and cross-border settlement.
China cracks down on extensive Tether-linked money laundering
The central bank detailed a recent case in which its Huizhou City branch uncovered a cross-border online gambling operation that relied on USDT for funds transfer.
Chinese consumers spend 8.8 million in digital yuan trial
Equivalent to around $1.3 million in spend, Shenzhen residents reportedly turn to the as-yet-unreleased digital currency for payments in a variety of everyday settings.
Blockchain platform verifies health for 17M Chinese tourists in 1 month
A blockchain-based health records system is gradually making it possible for mainland China to resume cross-border tourism to Macao.
Bitcoin Association teams up with SatoPlay for Bitcoin SV app dev event in Shenzhen
The Bitcoin Association will host a Bitcoin SV application development conference in Shenzhen, China on October 24.
McDonald’s and Starbucks not participating in digital yuan testing: report
The American fast food giants were previously thought to have been among the 3,000 firms taking part in trials of China’s digital yuan.
The CoinGeek Pulse: Episode 16
In this week’s CoinGeek Pulse, Shenzhen residents receive digital yuan in People’s Bank of China’s red packet giveaway, G20 wants to set standards for sovereign digital currencies, and James Belding gave an online demonstration of the Tokenized platform.