The Taiwanese Ministry of Digital Affairs (MODA) plans to implement decentralized technology into its web portal in an effort against cyberattacks. InterPlanetary File System (IPFS) is a Web3 technology that government officials will employ for decentralized file sharing. IPFS identifies content through file hashes, which allows files stored by multiple parties to be found anywhere and can be accessed by simple HTTP. This development comes after the controversial visit of United States House Speaker Nancy Pelosi to Taiwan, despite warnings from mainland China. Since the visit, government websites have faced multiple attacks sourced from the mainland. This includes a distributed …

Bitcoin (BTC) investors in China plan to buy the dip despite an ongoing market correction and a nationwide crypto ban, a new survey shows. Consensus sees Bitcoin at $10K A survey of 2,200 people conducted on China-based social media platform Weibo found that 8% would buy Bitcoin when its price hits $18,000, according to Wu Blockchain. While 26% of the respondents prefer to wait until BTC reaches $15,000. But a majority anticipated the price to fall even further with 40%, saying they would buy BTC at $10,000. In a survey of more than 2,200 people conducted in Chinese crypto community …

According to data obtained from local news outlet Sohu.com, the Shenzhen Chamber of Commerce has recorded over 2.6 million signups for its latest digital yuan, or e-CNY, airdrop. Two months prior, the City of Shenzhen announced that it would be airdropping 30 million of the e-CNY central bank digital currency, or CBDC, to local residents to stimulate consumer spending as a recovery measure to the country's strict coronavirus lockdown. Users who received the airdrops through a randomized lottery selection could then spend the e-CNY vouchers at various participating merchants' terminals on Meituan, one of China's leading e-commerce platforms. The event, …

China’s internet giant Tencent has reportedly shut down one of the two nonfungible token (NFT) platforms owing to declining sales aided by the regressive monetary policies of the Chinese government. Tencent shut down one of its NFT platforms on July 1, while the other one is struggling to remain afloat. A report from a local daily indicates that the wind-down process for the same began in May. The tech giant transferred key executives responsible for managing the NFT platform in the last week of May and completely removed the digital collectible section from its Tencent News app by the first …

According to China's state institution Xinhua News Agency, Lan Zou, head of monetary policy at the People’s Bank of China (PBoC), announced that the country would be expanding the number of digital yuan (e-CNY) test sites in the country from 11 to 23. They are spread out across 15 out of 31 of China’s provinces and autonomous regions. The PBoC is China's central bank and is responsible for the development of the e-CNY central bank digital currency, or CBDC. During Wednesday’s press conference, Zou praised the success of the recent e-CNY rollout, stating: “e-CNY trials during the first half of …

China's biggest city Shanghai officially intends to boost the development of innovations such as blockchain, nonfungible tokens (NFTs), the Metaverse and Web3 during its next five-year plan. On July 13, Shanghai's Municipal Government published a draft of its "14th Five-Year Plan for the Development of Shanghai's Digital Economy." The document sets its mission of "promoting the deep integration of digital technology and the real economy," with "scientists judging technology prospects" and "entrepreneurs discovering market demand." The plan suggests supporting the enterprises that plan to construct the NFT trading platforms and "research and promote the digitization of NFT and other assets." …

It’s been a century or so since the property qualification came out of vogue, but it doesn’t seem a problem if you want to apply it to crypto and policymaking. An advisory notice released by the United States Office of Government Ethics last week states that the de minimis exemption — which allows for the owners of securities who hold an amount below a certain threshold to work on policy related to that security — is universally inapplicable when it comes to cryptocurrencies and stablecoins. As the note specifies, even holding a mere $100 of a certain stablecoin should prevent …

Bitcoin (BTC) starts another week in a precarious position near $20,000 ahead of fresh macro upheaval. After admittedly sealing its best week’s gains since March, the largest cryptocurrency is struggling to hold onto its recently-reclaimed levels. Major resistance zones remain overhead, and with inflation data due for release later in the week, the coming days could prove unnerving for risk assets everywhere. At the same time, crypto market sentiment is showing signs of recovery, and on-chain metrics continue to underscore what should be Bitcoin’s latest macro price bottom. With conflicting data everywhere, Cointelegraph takes a deeper look at potential market-moving …

Despite the myriads of state and federal regulatory hurdles faced by crypto businesses in the region, the United States plays a major role in preserving the Bitcoin (BTC) and crypto ecosystem. With China moving out of the picture following a permaban on crypto, the United States maintains the top position in terms of hash rate contribution and ATM installations worldwide. Prior to cracking down on BTC mining, China historically represented over 50% of the total hash rate up until Feb 2021. With China out of the competition, the U.S. picked up the slack to become the highest BTC hash rate …

Those of us anxiously awaiting a summer relief rally for Bitcoin (BTC) may have to wait a little while longer. The bear market is still cleansing us of our excess — and revealing the most toxic players in our industry. I’ve talked to you about Terra (LUNA) — now renamed Terra Classic (LUNC) — Celsius, Three Arrows Capital, BlockFi — what about Voyager Digital? The crypto broker filed for Chapter 11 bankruptcy this week, putting hundreds of thousands of creditors on high alert. This week’s Crypto Biz newsletter dissects Voyager’s bankruptcy proceedings and offers some potentially good news regarding Celsius. …

Despite the Chinese government banning all kinds of cryptocurrency transactions last year, some firms apparently still use stablecoins like Tether (USDT) to pay their employees. Beijing’s Chaoyang District People’s Court has ruled that stablecoins like USDT cannot be used for salary payments, the local news agency Beijing Daily reported on Wednesday. The Chinese court stated that virtual currencies like USDT cannot circulate in the market as a currency, which requires all employers to only pay their workers using the official currency, renminbi (RMB). The ruling came as part of a court case involving a staff member at a local blockchain …

Sequoia Capital China, the Chinese affiliate of cryptocurrency-friendly venture capital firm Sequoia Capital, is about to raise $9 billion for its four new funds focused on Chinese startups. In raising the capital, Sequoia China has already exceeded its initial target of roughly $8 billion, The Information news agency reported on Monday, citing two people familiar with the matter. The report notes that the final amount of the raise is supposed to be the biggest pool of capital ever raised by a single VC firm focused on Chinese technology startups. The funding round signals the growing investor appetite for tech investment …