US senators tell athletes to avoid digital yuan, Chinese exchange volumes rebound … and more – Cointelegraph Magazine
The United States Senate has officially asked the US athletes to avoid using digital yuan as a payment option, while Chinese cryptocurrency exchange volumes have rebounded after a massive bear market drop, and more.
US senators tell athletes to avoid digital yuan, Chinese exchange volumes rebound after US demand ban. Bitfinex, Bittrex, and Kraken are willing to act as escrow services. On this week’s Cointelegraph Magazine podcast, we spoke with industry experts about their thoughts on the latest developments.
The United States Senate has sent a letter to the chairman of the NBA, protesting the league’s partnership with Chinese firm Antitan Holdings to launch a digital currency, “BasketballCoin”.. Read more about chinese yen and let us know what you think.
This weekly collection of news from Mainland China, Taiwan, and Hong Kong aims to compile the most significant stories in the sector, such as prominent initiatives, legislative developments, and corporate blockchain integrations.
Battle of the Olympic Games
We start this week with a tale from the US government, after months of writing about the Chinese government’s persistent activities. Three US senators signed a letter to the US Olympic and Paralympic Committee on July 19 asking that US athletes not utilize the e-CNY at the Winter Olympic Games in Beijing in February. The reasoning was that the digital money would be traceable after the athletes returned to the United States, in case China was interested in monitoring international biathletes and bobsledders during their offseason preparation.
Zhao Lijian, a spokesman for China’s Foreign Ministry, said that the senators should “stop causing problems” and “find out what a digital money truly is.” Zhao seems to think that US legislators are out of touch with current technology, something that crypto fans on Twitter have been complaining about for years.
With all of the humor aside, this speaks to an increasing tendency of consumers being entangled in geopolitical battles over technology, which may become a much bigger problem if CBDCs become more common. Users may opt to avoid specific hardware or applications that pose a data security risk, but it will be far more difficult to ignore the local currency. In China, cash is almost non-existent, with Alipay and WeChat accounting for the vast majority of everyday transactions. Traveling or residing in China without using the digital money would be a major hassle, and one that future generations are unlikely to like.
Taking the lead
According to Cointelegraph, Chinese Bitcoin miners made almost $7 billion in the previous year, 10 times more than miners in the second-highest nation, the United States. The regulatory crackdown this year may have somewhat disrupted this trend, but it still demonstrates China’s clout in the sector, particularly if big Chinese firms can continue to establish operations in neighboring nations.
In China, Axie Infinity’s token is gaining traction quicker than the game itself (Source: Axie Infinity).
Volumes on Huobi and OKEx, two Chinese exchanges, increased significantly compared to the same time last week, particularly on the derivatives side, where the two exchanges accounted for approximately 44 percent of Binance’s volume, up from 38.7% the week before. Axie Infinity, a gaming cryptocurrency, remained a popular trading option on Huobi on Thursday, coming in fourth behind BTC, ETH, and DOGE. In China, actual gaming hasn’t taken off, and despite the fact that the site has been unblocked by the Great Firewall so far, visitors to the site are still in the minority. Philippines visitors account for 40% of all website visits, while China accounts for less than 3%. Although China has the world’s biggest gaming population, restrictive cryptocurrency regulations are likely to stifle the development of public blockchain-based gaming for the time being. Speculating on gaming-related tokens, on the other hand, is expected to stay popular.
It’s worth mentioning that, in the near term, the impending restrictions make betting on exchanges a hazardous business. Many reports have circulated regarding Chinese authorities planning to take action, especially against repeat offenders in the region. Smaller nations’ regulators seem to be waiting to see who would be the first to strike.
Fossils that aren’t fungible
The South China Morning Post, Hong Kong’s most widely circulated daily, is establishing an NFT platform devoted to historical news and articles. Verified issuers will be able to mint and sell NFTs on this platform in an open market. This should appeal to a wider audience of Southeast Asian collectors and non-crypto native users, as well as a government looking to export soft power across the globe.
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