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A weekly news summary from China, Taiwan, and Hong Kong attempts to plan the most important news in the industry, including influential projects, changes in the regulatory landscape, and enterprise blockchain integration.
Memecoin cultural conflict
After Chinese President Xi Jinping released the meme, the feed gorilla token, or FEG, became the source of drama. The token claims to use its income to care for gorillas and has attracted attention of animal-related tokens, with a market value of more than $1 billion. Some members of the Chinese community found memetic disgust and began to abandon the project without the support of the team.The incident spread quickly, and Chinese CeFi exchanges including OKEx and Gates responded By deleting the token. FEG prices fell by about 75%, and then rebounded slightly on May 13.
The community became divided, and one side claimed that the Chinese censorship system was imposed on the cryptocurrency community. In most likely cases, the decision to delist the token is likely to be made out of caution rather than anger, because cryptocurrency exchanges operating in a legal gray area often find it advantageous to avoid being associated with scandals and disputes.
Digital RMB and Digital Dollar
Algorand uploaded a webinar on China’s progress in CBDC On May 13, the event was hosted by China’s blockchain-based service network. Participants included Sean Lee, CEO of Algorand Foundation, David Shin of Tezos, and Charles d’Haussy of ConsenSys. All the guests at the conference positively commented on China’s approach to CBDC, with a focus on marketing and incentive measures, which led to pilot projects with banks, enterprises and technology companies in the region.
When discussing the challenges of launching a CBDC, the panel members also compared the public style of digital RMB development with the digital style of the United States. Shin suggested that despite the lack of publicity, the Biden administration has learned about the progress of other countries in this area, and hinted that the United States may not be as passive as it seems. The U.S. dollar has a strong position relative to other domestic currencies, which makes the United States more flexible and patient in deploying new technologies because there is less pressure to take the first step. On the other hand, in the international environment, China can gain more benefits by increasing the utilization rate of the renminbi.
Alipay also allows users to participate in CBDC testing According to Cointelegraph. The financial services application has been playing an early role in testing, but this is the first sign that retail users may soon be able to use the digital renminbi directly through the application. May 13, Cointelegraph also reported The Hong Kong Monetary Authority approved the continuation of the test of using digital renminbi for cross-border payments.
Babel completes $40 million in financing
Babel Finance is one of the largest cryptocurrency institutions in China, Announced the completion of its $40 million Series A financing. The company provides loans, transactions and other financial services to institutions and high-net-worth individuals, making it an important part of China’s investment ecosystem. This round of financing includes donations from Zoo Capital, Sequoia Capital China, Dragonfly Capital, BAI Capital and Tiger Global Management.
set up an account
China CITIC Bank The account announced by the bank is unavailable Trade cryptocurrencies like BTC. It cited many reasons, including preventing money laundering, defending the status of the renminbi as legal tender, and protecting social public property rights.
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