Crypto holders in China are protected by the law in case of theft, misappropriation or breach of a loan agreement despite the ban on crypto.
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Crypto holders in China are protected by the law in case of theft, misappropriation or breach of a loan agreement despite the ban on crypto.
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While cash is associated with more anonymity, it’s still less mobile and easy to use in large amounts than a digital currency, China’s CBDC project lead Mu Changchun said.
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Tether USDT stablecoin cannot be used for salary payments, a Chinese court ruled, citing the country’s blanket ban on all types of crypto transactions.
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Recent geographical traffic data highlights that Chinese traders continue to access centralized exchanges despite a regulatory risk.
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China has expanded its central bank digital currency pilot program to include the payment of tax, stamp duty and social security.
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“We solemnly call on consumers to […] be vigilant and stay away from NFT-related illegal financial activities,” said the associations.
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China has carried out multiple crypto crackdowns and enforced numerous bans on crypto markets since 2013, however, Chinese traders have always found a way to bypass these bans.
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Chinese tech colossus Tencent has continued its foray into the metaverse after filing a patent for virtual concerts, flying in the face of warnings from Chinese banks and regulators.
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Foreign users tend to use hardware e-CNY wallets more at the Olympics, while domestic users mainly go for software wallets.
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Bitcoin and nonfungible tokens are all over the Olympics this year while China’s CBDC is there too amid a controversial rollout.
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