China Financial News

The Australian blockchain company Everledger has reportedly entered insolvency proceedings after failing to raise new funding from an undisclosed investor.

Beijing has said 'no' to crypto, but that doesn't seem to affect a number of Chinese citizens who have continued trading digital coins since the ban - reportedly, on exchanges including Binance, FTX, OKX, and Huobi.  

The race to create artificial intelligence (AI) continues as China pushes forward the development of home-grown AI without utilizing the latest technology from the United States due to current sanctions. 

Crypto-friendly Hong Kong is still gung-ho about giving its citizens access to crypto trading despite other jurisdictions “taking a step back,” claims the chair of the FinTech Association of Hong Kong (FTAHK).

The government of Kazakhstan has received 3.07 billion tenge (approximately $7 million) in tax payments from crypto mining entities in 2022, following the implementation of an amended law regulating the fiscal burden of mining cryptocurrencies, according to the local media reports.

Major media outlets such as The New York Times, The Financial Times, and Bloomberg have asked the court in FTX’s bankruptcy case to hand over a list containing the names of millions of FTX customers.

The French bank BNP Paribas is collaborating with the Bank of China (BOC) to promote China's digital currency, the digital yuan, to its corporate clients, the South China Morning Post reported. 

Despite Hong Kong steadily progressing with cryptocurrency adoption, mainland China has not changed its anti-crypto stance in terms of local regulations.

The Chinese arm of the French banking titan BNP Paribas announced it will launch a digital yuan wallet management platform, in another boost for China’s central bank digital currency (CBDC).

U.S. trade with the rest of the world increased in March as companies shipped more oil, natural gas and vehicles overseas and exported more products to China after it lifted Covid restrictions. 

BEIJING — A new restaurant scene is growing more popular across China: fine dining.

Bitdeer have announced plans to raise $500 million to set up crypto mining operations that use the Himalayan kingdom's plentiful hydropower. Huge amounts of electricity are needed to power the vast computer farms that mine for cryptocurrency, leading to heavy criticism of their impact on the climate and a search for greener mining options. Soaring energy costs have also squeezed crypto firms, leading to the birth of several initiatives to find cheaper and more sustainable ways to power their operations in a notoriously risky and volatile industry. The initiative announced on Wednesday by the Bhutan government's investment arm Druk and Nasdaq-listed crypto-mining firm Bitdeer includes the construction of data centres and investment in renewable energy such as hydropower and hydrogen.

U.S. trade with the rest of the world increased in March as companies shipped more oil, natural gas and vehicles overseas and exported more products to China after it lifted Covid restrictions. 

SINGAPORE—Activity in China’s services sector grew at a healthy pace in April, a sign that Chinese consumers continue to drive the country’s economic rebound as its factory sector quickly decelerates.

On May 4, cryptocurrency derivatives exchange Bitget announced it would allocate $10 million over five years for its novel corporate social responsibility project. Dubbed "Blockchain4Youth," the project will provide blockchain courses and certifications through Bitget Academy and host campus lectures in partnership with universities worldwide. In addition, Bitget staff wrote:

SINGAPORE—The top policy-making body of China’s Communist Party pledged to nurture the country’s economic recovery after better-than-expected growth in the first quarter of the year, signaling optimism over the outlook for the economy while acknowledging problems such as local-government debt and youth joblessness.

SINGAPORE—Activity in China’s services sector grew at a healthy pace in April, a sign that Chinese consumers continue to drive the country’s economic rebound as its factory sector quickly decelerates.

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Deepfake Generator, a New Service Offered by Tencent Cloud, Gives Users the Ability to Generate Fake Videos of Other People

The Chinese province of Hebei is attempting to spur digital yuan adoption by issuing residents central bank digital currency (CBDC) discount coupons.

Litecoin (LTC) can make some big gains versus Bitcoin (BTC), particularly as the August halving event gets closer, according to Litecoin's creator Charlie Lee.