China’s annual ban explains the “cryptocurrency collapse” trend… etc.

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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.

Will China ban cryptocurrency again?

FUD observers caught a glimpse of an old darling, namely, the China Internet Finance Association, the China Banking Association and the China Payment and Clearing Association and other three government agencies in China Re-warned the public about the risks of investing in cryptocurrencies.This can be traced back to In 2017 ruled that all exchanges must be closed with one 2018 ICO ruling. But is this actually illegal?

For starters, these types of announcements are a good indication that cryptocurrencies are beginning to become popular. Whenever speculative digital assets begin to make headlines and permeate more mainstream culture, these warnings and reminders will prevail as a way to prevent more open adoption.

last year It has been determined that owning virtual currency is not illegal in itself, Only the virtual currency cannot be used as legal tender.Even if the exchange is considered illegal, many exchange activities are still being carried out across the country, and even cooperation with government organizations In a free trade zone And hold large-scale events. As long as it does not violate other laws, such as money laundering, fraud or assisting in capital flight, it is free to innovate. If it were not for this convenient fact, then Shanghai’s “Our Man” might not have too many columns to write.

FUD causes an epic crash

As people’s concerns about a similar bear market in 2018 began to emerge, China’s FUD seemed to be a turning point. “Cryptocurrency collapse” has become the most popular keyword on the Internet in China. Search engine Baidu and Weibo platform Weibo. In case anyone suspects, an asymptomatic COVID-19 case in central Anhui Province ranks first.

Not reporting regulations to Nervos

The Nelworth Foundation has Established an innovation fund with CMB International, Is a wholly-owned subsidiary of China Merchants Bank. China Merchants Bank is one of the top ten banks in terms of shareholding. With more than 84,000 employees. The joint fund aims to initiate ecosystem construction on Nervos and provide strong verification for the Hangzhou-based blockchain network.

source: World Digital Asset Summit

Events in Shanghai

If you want to meet with China’s top blockchain influencers and projects this week, chances are that Shanghai is the best place to find them. Bellagio hosted the World Digital Asset Summit, which is a fascinating event These include symposiums, keynote speeches, charity auctions and banquets of many top projects and venture capital in the field. The offline event calendar has been fully functional in China, and it has successfully avoided the major blockade faced by many other countries/regions in 2021.

Huobi invests 100 million USD fund

Huobi Group, which owns the largest cryptocurrency exchange of the same name, established an investment institution on May 14. The main goal of the fund is to support NFTs, games and Huobi’s own smart chain HECO projects. In the next three years, Huobi Ventures will inject US$100 million into the project through strategic investments and mergers and acquisitions.

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