Chinese court rules salary payments in USDT as illegal
A Chinese court has ruled against salary payment using Tether USDT stablecoin as illegal citing the government’s ban on all types of cryptocurrency transactions last year. According to the local news outlet Beijing Daily, the Chaoyang District People’s Court in Beijing has decided that stablecoins like USDT cannot be used for wage payments. Due to […]
BSN blockchain set for expansion into international market
China’s state-backed blockchain company Blockchain Services Network (BSN) is planning to expand its offering to the international market scene with the launch of Spartan Network, its first foreign blockchain project With a push to its state-backed blockchain enterprise, Blockchain Services Network, China is attempting to tap into the international market (BSN). Red Date Technology, situated […]
Chinese Residents start paying taxes, other charges with digital yuan
Residents in three major Chinese cities have begun paying taxes, stamp duty, and social security contributions in the digital yuan (e-CNY), the country’s central bank digital currency (CBDC). According to a domestic news article, a number of government entities in Zhejiang province , which is located just south of Shanghai, are currently conducting real-world trials […]
China Takes Action Against Illegal Bitcoin Miners, Seizes Over 3500 Rigs
China is well-known for being very firm against the use of bitcoin and cryptocurrency mining. The country, which was once a Bitcoin mining powerhouse, is now cracking down on the cryptocurrency by confiscating equipment and hiking electricity bills. Last year, the country announced a complete ban on cryptocurrency mining, citing environmental concerns. Multiple provinces of […]
People’s Bank of China Expands Digital Yuan to More Cities
The People’s Bank of China has announced that 11 more cities would participate in its digital yuan program. Some of these cities’ residents have already begun to use digital yuan wallets. The People’s Bank of China, China’s central bank, will expand its digital yuan pilot program to 11 more locations, adding to the CBDC’s already-considered list […]