Jinan City Embraces CBDC Payments
Jinan, the capital of Shandong Province in eastern China, has begun promoting the adoption of the country’s central bank digital currency (CBDC) by implementing digital yuan payments on all of its bus routes. The city implemented CBDC payments on two bus lines during the demonstration phase. Following the trial period, the city announced that the […]
Zhengzhou City Releases Policy Draft to Support Metaverse Industry
Zhengzhou, China, released a series of policy proposals on May 24 to support metaverse companies operating in the region. The government will establish a 10 billion yuan ($1.42 billion) fund to promote the industry’s growth and development. According to the government draft, metaverse enterprises that relocate their headquarters to Zhengzhou will be eligible to receive […]
CCTV Network Removes Video Depicting Crypto Support
A crypto video was aired on CCTV Network Hong Kong, which made many speculate about crypto support by China. However, the video has been removed from the platform. CCTV, a state-affiliated media organization in China, aired a video about cryptocurrency on May 24 that attracted significant attention on Crypto Twitter. The CEO of Binance, Changpeng […]
Crypto Fuels Fentanyl Ingredient Trade In China
An Elliptic report revealed that Chinese chemical manufacturers accept cryptocurrencies for fentanyl precursors and have received over $27 million in crypto payments. Doctors legally prescribe fentanyl for severe pain, but illegal producers and sellers also offer it as a recreational drug. Fentanyl is highly addictive and can cause fatal overdoses. Most of the fentanyl trafficked […]
China Researches AI Development Without US Chip Technology
Due to sanctions, China continues to research the development of homegrown artificial intelligence (AI) without using the most advanced chip technology from the United States. According to a report from the Wall Street Journal, Chinese companies are researching artificial intelligence (AI) methods to develop AI using weaker semiconductors and chip combinations to avoid reliance on […]