Latest Beijing News

  • China Expands Digital Yuan Trials to Beijing and Neighboring Provinces
    China Expands Digital Yuan Trials to Beijing and Neighboring Provinces
    While there is not yet a set time for the expanded pilot program to begin, a policy framework should be complete by the end of 2020. China’s Commerce Ministry announced today that it will expand the trials of the nation’s central bank digital currency (CBDC) to include Beijing, as well as Tianjin and Hebei provinces. According to an Aug.
  • ‘It’s Too Hard to Participate’: CWV Partner on China’s Blockchain Blueprint
    ‘It’s Too Hard to Participate’: CWV Partner on China’s Blockchain Blueprint
    Collaborating with the government is never easy. Back in July, the Beijing government released its first blockchain application blueprint concerning government services in China.  According to Neo Wang, managing partner at public blockchain CWV, this application fell far short for people interested in contributing to the initiative.
  • Beijing selects Hong Kong's Greater Bay Area as first market to deploy DCEP
    Beijing selects Hong Kong's Greater Bay Area as first market to deploy DCEP
    Hong Kong's Greater Bay Area is a $2 trillion economy that has already been a proving ground for blockchain technology.
  • Hong Kong Wealthy Move Gold Offshore: Why Bitcoin Is Better
    Hong Kong Wealthy Move Gold Offshore: Why Bitcoin Is Better
    Precious metal dealers in the political and protest torn Hong Kong claim that the wealthy are moving gold offshore following a new security law passed by Beijing in July.
  • Chinese Schools Can’t Keep Up With Demand for Blockchain
    Chinese Schools Can’t Keep Up With Demand for Blockchain
    The Chinese academic sector is “seriously lagging” in terms of keeping up with demand for blockchain specialists. As the blockchain industry keeps expanding across China, there are concerns that the academic sector is failing to keep up with demand for comprehensive, undergraduate, blockchain-related educational programs. The head of the Digital Economy Development Research Center at the Beijing-based Communication University of China, Sun Daojun, said the first batch of “blockchain graduates” will start courses later this year and complete their studies in 2024. In the context of the latest Baidu’s Superchain whitepaper press conference, Sun told Mars Finance he believes that the Chinese blockchain industry is developing fast, but the educational sector “is seriously lagging” behind the demand of new professionals. The Chengdu University of Information Technology announced the official launch of the "Blockchain Engineering" undergrad course in March.
  • More Blockchain Graduates Needed to Meet China’s Burgeoning Demand
    More Blockchain Graduates Needed to Meet China’s Burgeoning Demand
    China’s first batch of blockchain graduates will begin their courses later this year, but will not complete their studies until 2024 – with a leading expert warning that the academic sector is “seriously lagging” behind industrial demand. Per Mars Finance, the head of the Digital Economy Development Research Center at the Beijing-based Communication University of China
  • China Never Banned Bitcoin as Commodity, Beijing Arbitration Commission Explains
    China Never Banned Bitcoin as Commodity, Beijing Arbitration Commission Explains
    The Beijing Arbitration Commission has published an article clarifying that bitcoin’s use as a commodity has never been banned in China.
  • Tech's Antitrust Issues Flare Up on Both Sides of the New ‘Cold War,’ Report
    Tech's Antitrust Issues Flare Up on Both Sides of the New ‘Cold War,’ Report
    At the request of the People’s Bank of China, Beijing could soon probe its digital payments monopolies, sources claim. Days after the CEOs of the world’s top tech firms faced antitrust hearings in the United States Congress, sources are alleging that Beijing too could soon probe its own digital monopolies.  A Reuters report published on July 31 cites anonymous sources who claim the People’s Bank of China has formally recommended that the State Council’s antitrust committee launch a probe into the activities of digital payments titans Alipay and WeChat Pay. The central bank has allegedly argued that both have used their ascendant position to stifle any possible competition in the field of digital payments.  If approved, an antitrust probe could be imminent China’s mobile banking sector processed roughly 56.2 trillion yuan ($8 trillion) in transactions in the last three months of 2019, according to Analysys statistics cited by Reuters.  Analysys estimates that AliPay, run by Alibaba affiliate Ant Group, and Tencent’s fintech business (largely WeChat Pay) occupy 55% and 39% of the country’s mobile banking market respectively. One of Reuters’ unnamed sources has said the PBoC formally recommended the State Council committee to investigate possible antitrust issues within the second quarter of 2020. Probe could throw cold water on Ant’s IPO plans The report notes that PBoC has already taken measures to erode the market dominance of both by announcing plans to standardize the interoperability of QR code payments in a bid to ease the entrance of smaller actors into the market. Should a formal antitrust investigation be launched, the news could be a blow for Ant Group’s highly-anticipated dual listing in Shanghai and Hong Kong, where it seeks an initial public offering at a valuation of a reported $200 billion. Following the central bank’s recommendation, the State Council antitrust has already been collecting information on bot
  • Chinese Arbitration Body Says Crypto Crackdown ‘Isn’t a Bitcoin Ban’
    Chinese Arbitration Body Says Crypto Crackdown ‘Isn’t a Bitcoin Ban’
    Beijing’s local arbiter has attempted to clarify the government’s stance on bitcoin (BTC) – and stated that the world’s most notorious crypto ban is not exactly a “ban” per se. In an unprecedented move from a Chinese legal body, the Beijing Arbitration Commission (BJAC) – one of nine local legal bodies established to police courts nationwide in 1995 –
  • Bitcoin is not Completely Banned in China: Beijing Arbitration Commission
    Bitcoin is not Completely Banned in China: Beijing Arbitration Commission
    Despite the country's stringent regulation on cryptocurrencies, it appears that Bitcoin is not entirely banned in China. The post Bitcoin is not Completely Banned in China: Beijing Arbitration Commission appeared first on CryptoPotato.
  • China Clarifies its Stance on Bitcoin: Legal if the Crypto Does Not Act as Alternative to Fiat
    China Clarifies its Stance on Bitcoin: Legal if the Crypto Does Not Act as Alternative to Fiat
    China has not always been friendly towards cryptocurrencies, however, the country has not completely banned Bitcoin, according to the Beijing Arbitration Commission.
  • China Didn’t Ban Bitcoin Entirely, Says Beijing Arbitration Commission
    China Didn’t Ban Bitcoin Entirely, Says Beijing Arbitration Commission
    Bitcoin-related activities are not prohibited by the Chinese government as the cryptocurrency acts as a virtual commodity. China, one of the world’s most strict jurisdictions for cryptocurrency trading, has not completely banned Bitcoin (BTC), a local non-profit arbitration organization says. According to a July 30 report published by the Beijing Arbitration Commission (BAC), China's prohibition of Bitcoin is more nuanced than some have suggested. Bitcoin does not constitute money in China In the report, the BAC clarified China's legal stance on cryptocurrencies like Bitcoin and outlined major crypto-related activities that are prohibited by the government.  According to the BAC, China prohibits token funding and trading platforms from engaging in exchanges between the legal tender and virtual currency or tokens. The commission then states that the same law that bans cryptocurrency as money, recognizes it as a virtual commodity.  Furthermore, existing laws are, according to the BAC, not specific enough to regulate Bitcoin as virtual property: "The "General Principles of Civil Law" do not make specific provisions on the extension and connotation of virtual property, but only stipulates that the protection of virtual property must be stipulated by law, and the specific protection measures of virtual property are entrusted to other laws.
  • Blockchain audit service brings security to China's blockchain industry
    Blockchain audit service brings security to China's blockchain industry
    Beijing Certificate Authority is the only certificate authority approved by the Certification and Accreditation Administration of China (CNCA) to work in the financial sector.
  • Chinese capital Beijing unveils its grandest blockchain plan to date
    Chinese capital Beijing unveils its grandest blockchain plan to date
    Beijing is launching a blockchain platform for enterprise financing, e-governance, and banking ahead of its bid to become a blockchain hub by 2022.
  • Beijing Says Blockchain Adoption Is Already Yielding Tangible Results
    Beijing Says Blockchain Adoption Is Already Yielding Tangible Results
    China’s blockchain kick is starting to leave a noticeable mark on the nation’s capital with the Beijing government reportedly deploying blockchain technology in 140 different use cases. Per a report from The Beijing News, blockchain-powered alternatives have helped do away with paper-based processes in 253 scenarios involving enterprises and 65 matters pertaining to
  • Beijing: 140 Government Services Applications Are Using Blockchain
    Beijing: 140 Government Services Applications Are Using Blockchain
    The Beijing government has released its first blockchain application blueprint for government services, claiming 140 applications already use the technology. The Beijing government will release its first blockchain application blueprint on government  services in China today, according to the local news on July 15.   According to the blueprint, 140 government service applications are already on the blockchain.
  • China to Test Digital Yuan on Food Delivery Platform With 435 Million Users
    China to Test Digital Yuan on Food Delivery Platform With 435 Million Users
    China’s central bank may test digital yuan on Meituan Dianping’s food delivery platform with 435 million users. The People’s Bank of China (PBoC) is planning to add the Tencent-backed food delivery giant Meituan Dianping to its list of platforms that will test real-world use cases of the digital yuan. Meituan Dianping is a Beijing-based food delivery platform that currently boasts of more than 435 million active users and billions of dollars of daily transactions.
  • Chinese Power Giant & World’s 5th Biggest Company in Blockchain Dive
    Chinese Power Giant & World’s 5th Biggest Company in Blockchain Dive
    The State Grid Corporation of China (SGCC), the largest utility company in the world, says it will launch a blockchain “lab” – in a bid to adopt blockchain technology to its business workings and internal operations. The SGCC is headquartered in Beijing, has around 1 million employees and, according to Fortune-compiled figures, is the world’s fifth-largest company
  • Digital Yuan Set for Real-world Ride Sharing Pilot with Apple-backed Didi
    Digital Yuan Set for Real-world Ride Sharing Pilot with Apple-backed Didi
    China’s digital yuan launch appears to be inching yet closer to rollout after reports in the Middle Kingdom surfaced linking a ride-share operator with pilots for the new central bank-run token. Per Beijing Business Today and Bloomberg, a digital currency unit of the central People’s Bank of China (PBoC) has struck a “strategic cooperation” deal to “explore the
  • Chinese Courts Use Blockchain for Property E-Sealing
    Chinese Courts Use Blockchain for Property E-Sealing
    Courts in China are rolling out blockchain-based electronic seals to protect property from being disturbed or damaged. 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 property By applying blockchain-powered e-sealing, courts are able to securely monitor a property in real-time with help of video surveillance, local news agency the Global Times reported on July 5.  Specifically, if the property is disturbed or being damaged, the blockchain system automatically turns on a surveillance mode and sends mobile warning notifications to plaintiffs and law enforcement personnel.