The rise of the Chinese AI unicorns doing battle with OpenAI

Artificial intelligence startups aim to fill the gap in China as OpenAIs ChatGPT became unavailable in the country.

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Chinese police bust $1.9B USDT underground banking racket

The authorities destroyed two underground operations in Fujian and Hunan, and the police also froze 149 million yuan worth $20 million linked to the USDT banking operations.

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UBS: Asias Affluent Embracing Crypto, Gold, and Chinese Currency Over US Dollar

The Asian wealthy are increasingly turning to Bitcoin and gold for diversification amid rising economic uncertainties in China and the dollar markets. A report by Swiss bank UBS revealed that affluent investors in Asia are expanding their investment horizons beyond traditional assets like stocks and bonds. According to the report, wealthy individuals in Asia are [...]

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Surge in Cryptocurrency Cartel: Chinese Police Nab Six in $300M Bust

In a significant cryptocurrency crackdown on illicit financial activities, the Public Security Bureau of Panshi City, Jilin Province, revealed the dismantling of an underground banking operation exploiting cryptocurrency. This operation, with a staggering sum of approximately 2.14 billion yuan involved, underscores the growing challenges posed by the illicit use of virtual currencies. The modus operandi […]

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President Biden Blocks Chinese-backed Bitcoin Mining Firm From Owning Land Near a Wyoming Nuclear Missile Base

The mining firm posed a threat to national security, Biden said in an announcement.

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Bybit CEO: Strengthened BTC as Chinese Capital Flows to Crypto Amid Weaker Yuan

China’s Response to Tariffs Boosts Bitcoin Outlook In a move to counter tariffs imposed on Chinese goods by the United States, China has strategically devalued its currency, the yuan. This decision has not only shocked global markets but has also led to a surge in Bitcoin’s value. By devaluing the yuan, China makes its exports [...]

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Filecoins liquid staking team under investigation by Chinese Police report

The team behind Filecoin's staking platform STFIL claims that they are under investigation by Chinese police.

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Chinese Police Investigate STFIL Team Members in Filecoin (FIL) Liquid Staking Protocol

Chinese police are investigating STFIL technical team members, who relocated 2.5 million FIL tokens to an unknown address during an unscheduled protocol update, seeking community assistance to protect stakeholders' interests. (Read More)

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Bitcoin ETFs May Soon Go Live in CHINA via Hong Kong - Bitcoin's Next Potential BIG BOOM that Most Don't Know is Coming...

On numerous occasions, China has banned various activities with bitcoin (BTC) and cryptocurrencies, including trading, transactions, and mining. For this reason, in mainland China, the launch of exchange-traded funds (ETFs) based on this type of financial asset is not permitted.

However, Hong Kong, while part of China, is considered a 'special administrative region' able to govern itself separately from mainland China in certain cases, one of which is the ability to regulate Hong Kong-based investment firms. When it comes to crypto, Hong Kong allows companies and residents to invest, putting them at odds with mainland China, where crypto remains banned.

Bitcoin ETF's via Hong Kong....

Financial news outlets in China are now reporting that financial giants such as Harvest Fund and Southern Fund have submitted applications to launch bitcoin ETFs through their Hong Kong subsidiaries. Harvest Fund manages more than $230 billion in total assets, while Southern Fund manages over $280 billion.

Additionally, smaller companies like 'Jiashi Fund' are attempting to use their Hong Kong subsidiary, 'Jiashi International,' to offer clients access to a Bitcoin ETF.

Regardless of size, all companies that have applied are now awaiting the decision of the Hong Kong Securities and Futures Commission, the regulatory authority that will be deciding on these applications.

Approval May Come Soon - Catching Many Off-Guard...

According to reports from China, these firms are expecting to receive approval to launch their Bitcoin ETF products and believe they could be actively promoting them as early as this quarter.

Bitcoin ETF approval in Hong Kong would be another major milestone for Bitcoin, making it easily accessible in one of the world's largest financial markets.

China has been off the radar for most crypto investors as there's been little reason to pay much attention as it's remained firm on their existence stance, and while trading continued in Hong Kong, the volume coming from this small beacon of freedom isn't determining any winners and losers.   But ETF's bring the potential for large investments from Chinese corporations, potentially attracting other Asian nations already active in the Chinese markets. 

An Influence on Mainland China...

If Bitcoin ETFs in Hong Kong turn out to be a success, and especially if they manage to attract international capital, companies in mainland China will likely respond by putting pressure on the government to reconsider their stance toward bitcoin.

Chinese President Xi Jinping will find it difficult to defend the position if the US, European nations, and now Hong Kong companies stake their claim in the multi-billion dollar Bitcoin ETF market, while those in mainland China are forced to remain spectators.

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Author: Adam Lee 
Asia News Desk / Breaking Crypto News

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China Makes Advances in Ditching the US Dollar for Settlements — Inks Deal With Brazil and Completes First Yuan LNG Purchase

China has been advancing its goal of positioning the yuan as an alternative to the U.S. dollar for settling international payments. The Chinese government recently struck a bilateral deal with Brazil to settle trades using their national currencies and completed a purchase of Liquefied Natural Gas (LNG) with a French company using yuan as payment. [...]

The post China Makes Advances in Ditching the US Dollar for Settlements — Inks Deal With Brazil and Completes First Yuan LNG Purchase appeared first on Crypto Breaking News.

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OpenAI Anticipates Tripling Revenue by 2025 as Chinese AI Companies Gain Momentum

OpenAI predicts a threefold increase in revenue ahead of competitors closing the gap OpenAI, a research organization focusing on artificial intelligence technologies, anticipates a significant boost in revenue as its competitors strive to catch up in the evolving landscape of AI development. The company, known for its cutting-edge advancements in AI research, is poised to [...]

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Chinese coins see increased demand as Hong Kong embraces crypto

Hong Kong Securities & Futures Commission concluded its consultation about crypto trading platforms regulation a week ago. Meanwhile, the move has opened the doors for retail investors to participate in crypto trading, concurrently promoting cryptocurrency adoption. However, Hong Kong highlighted that retail players could only trade top assets, including Bitcoin and Ethereum, citing volatility. Also, …

<p>The post Chinese coins see increased demand as Hong Kong embraces crypto first appeared on CCNC | Cryptocurrency Newscast.</p>

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Chinese Yuan to Replace US Dollar as World’s Reserve Currency, Says Russian Banker

Russia’s second-largest bank’s chairman says there is every reason to expect the Chinese yuan to replace the U.S. dollar as the world’s main reserve currency. He highlighted that the central bank of Russia has already begun investing its reserves in yuan, and over 70% of the trade turnover between Russia and China is settled in [...]

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Here Are The Top 3 Chinese Coins To Buy As China Leads The Bull Run

As June 1 draws closer and the Hong Kong and Chinese investors look forward to legally trading cryptocurrencies once more, the market has already turned bullish. So far, Chinese coins have led the pack when it comes to gains, so here are three of the most popular Chinese tokens likely to rally if the bullish [...]

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Almost 50 Russian Banks Accept Yuan Deposits Amid Low Demand for Dollar Accounts

A growing number of banking institutions in Russia are offering customers the option to save in Chinese yuan. The trend coincides with declining demand for U.S. dollar and euro deposits amid currency restrictions that triggered a flight of funds to bank accounts abroad. Demand for Dollar, Euro Accounts Expected to Drop Further, Requests for Yuan

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Argentina to Settle Chinese Imports in Yuan to Safeguard Dwindling Dollar Reserves

The economy minister of Argentina, Sergio Massa, announced that starting this month, payments for imports coming from China will be settled using the Chinese yuan. The agreement, which will allow the country to safeguard its dwindling dollar reserves, involves the disbursement of more than $1 billion in April. Argentina to Settle Bilateral Transactions With China

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FTX’s Bankman-Fried Is Allegedly Using Alameda Funds to Pay for Legal Defense

According to two sources close to FTX, Sam Bankman-Fried, the disgraced co-founder, gave his father, Stanford Law professor Joseph Bankman, millions of dollars. The funds are reportedly being used to pay for legal costs. The sources said that Bankman-Fried allegedly gave “at least $10 million” from the now-defunct quantitative trading firm Alameda Research to his [...]

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Shanghai Clearing House Introduces Support for Digital Yuan Settlements

The Shanghai Clearing House, Asia’s first counterparty clearing institution, announced support for payments made with the digital yuan Monday. According to reports, the move will allow companies to settle transactions for commodities in bulk, promoting the digital yuan, the Chinese central bank digital currency (CBDC), in international markets. Shanghai Clearing House to Support Digital Yuan

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Chinese Banks Support Hong Kong Crypto Firms

Chinese state-owned banks in Hong Kong are offering banking services to crypto firms ahead of a new licensing regime for crypto exchanges in June. Despite an ongoing crypto ban in China, representatives from Chinese banks have reportedly approached crypto firms in Hong Kong to offer banking services. (Read More)

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Former FTX CEO Sam Bankman-Fried Faces New Bribery Charges for Alleged Crypto Payment to Chinese Officials

Sam Bankman-Fried (SBF), the former CEO of FTX, now faces a 13-count indictment as U.S. officials have added new charges. One of the new charges alleges that SBF leveraged $40 million to influence “one or more Chinese government officials.” Details of the Bribery Charges Against Sam Bankman-Fried Sam Bankman-Fried (SBF), the co-founder and former CEO [...]

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