China’s anti-crypto onslaught continues, as a prohibition against commercial venues from hosting crypto-related events has been extended to Guangzhou Development District, local media outlet Jiemian reports August 29. Guangzhou Development District is a special economic zone in southern China, close to Hong Kong. The district’s Financial Development Bureau reportedly issued a notice of the new ban August 24, warning of the need to “maintain the security and stability of the financial system.” As reported last week, the move follows an almost identical ban first imposed upon venues in Beijing’s Chaoyang district in mid-August. China’s has this month redoubled its efforts …

Multiple Chinese authorities issued a stark warning about illegal fundraising attempts claiming affiliation with the cryptocurrency industry in a bulletin Friday, August 24. Sounding the alarm on “lawless entities” attempting to amass funds “using the banner of ‘financial innovation’ and ‘blockchain’” and distributing “so-called ‘virtual currency,’ ‘virtual assets’ and ‘digital assets,’” the document urges the public to be “rational” about blockchain-related information. Its authors include China’s Banking Regulatory Commission, Ministry of Public Security and the People’s Bank of China (PBoC). “Such activities are not really based on blockchain technology, but rather the practice of speculative blockchain concepts for illegal fundraising, …

The Agricultural Bank of China (ABC), the world’s fourth-largest bank by assets, has issued its first loan on blockchain, local news outlet Financial News reported July 31. State-owned ABC, which counts itself among China’s “Big Four” lenders, revealed it had issued a loan worth around $300,000 backed by a piece of agricultural land in the Guizhou province. According to Financial News, the bank will “buil[d] blocks with local people, pilot land and resources bureaus, and agriculture and animal husbandry bureaus,” through the blockchain system, adding that the loan aimed to “support the local tea industry.” The blockchain project received participation …

China will lead an international research group on the standardization of the Internet of Things (IoT) and blockchain technology, local news outlet Science and Technology Daily reports July 18. The joint technical committee of the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) have adopted the proposal for the creation of this international research group after a month of a discussion by committee members. Science and Technology Daily, the official newspaper of the Ministry of Science and Technology of China, writes that the creation of this group means China has won “discourse power” in technology integration: “It …

China’s central bank, The People’s Bank of China (PBoC), has stated that the Chinese yuan now accounts for less than 1 percent of global Bitcoin (BTC) transactions, local news outlet Asia Times reports today, July 9. The PBoC released a new report on Friday, July 6, indicating that the yuan’s share of global Bitcoin trades has plunged in the months following the government’s crackdown on the cryptocurrency industry, Asia Times reports. Whereas in 2017, Chinese exchanges accounted for over 90 percent of the global crypto industry –– a figure corroborated in this week’s PBoC report –– their current less than …

The Digital Currency Research Lab at the People’s Bank of China (PBoC) has filed a new patent this week for a digital wallet that would allow users to track their transaction histories. The patent application was submitted with China's State Intellectual Property Office (SIPO) Friday, June 22. The new patent outlines how the proposed digital wallet could be used to track transaction data in coordination with a centralized digital currency issuance registration agency. The wallet would enable multi-signature security and manage digital assets that are encrypted - as existing cryptocurrencies - with private keys. Transaction queries would yield results including …

Governor of the People’s Bank of China (PBoC), Zhou Xiaochuan, said in a press conference that authorities are not rushing to issue a national digital currency and still do not recognize Bitcoin as a legitimate payment method, reports China Daily on March 9. Zhou expressed the PBoC’s position frankly: “We do not currently recognize Bitcoin and other digital currencies as a tool like paper money, coins and credit cards for retail payments. The banking system does not accept it.” As part of a press conference at the annual National People's Congress, Zhou said the PBoC “must prevent substantial and irreparable …

The People’s Bank of China (PBoC) has visited Coinbase and Ripple on a US research delegation about the “significant” issue of cryptocurrency. As local news outlet Sohu reports this week, the visit to various San Francisco startups was part of a mission to understand US approaches to Blockchain regulation. "The PBoC was one of the parties to travel, with representatives also coming from the Shanghai New Financial Research Institute and Peking University Digital Finance Research Center, among others." “Through this mutual communication, the delegation members reached a number of effective and valuable conclusions [on fintech regulatory approaches],” Sohu reports. In …

The People’s Bank of China (PBoC) is reportedly considering a blanket ban on ICOs if lawmakers find “large risks” to consumers. According to reports from a meeting earlier this month by local news outlet Tencent, the PBoC is actively assessing possible limits on ICO activities in China. A source told the publication that the meeting included participation from the country’s Securities and Futures Commission, and Banking Regulatory Commission among others. Among the tools under consideration are controlling the size of ICOs, beefing up requirements for disclosure of information and more overt warnings about the risks associated with investing. “In addition, …