Tag: Chinese

The Hunt for the Russian Trace: Chinese Banks Implement Stricter Compliance for Foreign Payments

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Chinese banks have implemented additional compliance measures for payments from the United Arab Emirates (UAE), India, and Hong Kong, which have traditionally served as trade partners for Russia. These measures aim to identify Russian businesses using third countries as proxies to complete payments. Chinese banks now require documentation confirming that goods will be sent directly […] Source link

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Chinese city launches gov’t-backed metaverse platform

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On May 22, Nanjing, the capital city of China’s eastern Jiangsu province, inaugurated the Chinese Blockchain Technology and Application Innovation Platform to foster and advance metaverse research and development across the country. The newly established state-backed entity is led by the Nanjing University of Information Science and Technology (NUIST). As per an announcement on NUIST’s official social media account, the platform consists of founding members representing diverse academic institutions and blockchain-related companies throughout mainland China. The platform aims to bring together the resources of academic institutions and enterprises in China,…

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Chinese prosecutors to crack down on ‘pseudo-innovation’ in NFT market

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On May 15, the Supreme People’s Procuratorate of the People’s Republic of China, the national agency responsible for legal prosecution, shared its thoughts on the non-fungible token (NFT) market. In an article published, three authors laid out the prosecutors’ vision of the market risks and the following reasons to enforce it more actively. The article pays attention to the tendency of “securitization” of NFTs, i.e. the shared ownership of one copy by multiple users, which, in the authors’ opinion, no longer corresponds to criteria of non-reproducibility, indivisibility and uniqueness. Among…

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Bolivia Mulls Chinese Yuan for Trade Settlements, Steve Hanke Proposes 30-Day Solution for Venezuelan Inflation – Bitcoin News

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Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue, Bolivia mulls using the Chinese yuan in international trade settlements, inflation reaches 108.8% in Argentina, and Steve Hanke states he can eliminate Venezuela’s inflation in 30 days. Bolivia Mulls Using Chinese Yuan in International Trade Settlements The government of Bolivia has announced it is considering the usage of the Chinese yuan as a replacement for the US dollar for international trade settlements. The Bolivian President…

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