China crypto news of the week (Sep 7 to Sep 13)

1.

Zhou Xiaochuan, the former governor of China's central bank, said that traditional supervision are no longer sufficient to deal with increasingly money laundering activities. This statement suggests that it may continue to crack down on money laundering involving cryptocurrencies

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2.

When the traditional Chinese Mid-Autumn Festival is approaching, Alibaba, China's largest e-commerce company, launched Mooncake NFT.

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3.

On the evening of September 7th, Bitcoin fell sharply. The price of Bitcoin on Huobi, the largest exchange in the Chinese region, once fell to $39818.18, which was a price difference of about $2,000 with other exchanges. The huobi ETH contract fell to $2841 and then quickly recovered, showing a huge price difference with the spot.

Huobi's response: It was caused by a large order, personal transaction behavior. Huobi system performed stably in the Sep 7. This shows the lack of depth of China's domestic exchanges.

4.

According to an article published on the website of the State Power Company of China, Lanzhou, Gansu, is conducting inspections on Bitcoin and other cryptocurrency mining, requiring companies to sign a letter of commitment not to conduct mining.

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5.

Tencent, the largest gaming company in the world and China, has registered the related trademarks of Metaverse. The concept of Metaverse in the Chinese stock market is rising wildly.

6.

Chinese official media: NFT is very popular, with a large number of Chinese artists participating, but its financial attributes should be minimized.

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7.

Hong Kong SEC: While developing cryptocurrency, we must also crack down on unlicensed cryptocurrency trading, and strengthen investor education.

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