The bright side of Evergrande’s collapse? More crypto volatility

    Evergrande’s ongoing bankruptcy saga has significant macroeconomic implications — including for the global cryptocurrency market. As Evergrande Group, China’s heavily indebted property developer, files for bankruptcy in the United States, many are concerned about how this will impact the global economy and cryptocurrencies. The situation represents one of the largest debt faultings in the world and will have…

    China launches blockchain-powered data exchange

    The platform will facilitate the buying and selling of Web3 data among enterprises, with Alibaba Cloud and Huawei among the companies to participate. During the 2023 Hangzhou Summit held in Hangzhou, China, government officials unveiled a new data exchange powered by blockchain technology. Over 300 enterprises, including Alibaba Cloud and Huawei, participated in the exchange’s…

    China proposes to bring its social credit system to the metaverse: Report

    Proposals to a United Nations group reportedly show China wants digital IDs and real-world punishments for actions that occur in the Metaverse. China is reportedly looking to implement a system akin to its social credit system, but in the Metaverse and other online virtual worlds. Proposals viewed by POLITICO and reported on Aug. 20 show the state-owned…

    Crypto trading an important part of the virtual asset ecosystem — Hong Kong SFC chief

    Julia Leung Fung-yee said incorporating virtual assets into the regulatory system was crucial after FTX’s bankruptcy. The CEO of the Securities and Futures Commission (SFC) of Hong Kong, Julia Leung Fung-yee, addressed Hong Kong’s embrace of Web3 regulation following the collapse of crypto exchange FTX in November 2022, stating that crypto trading is an important part of…

    Is the cryptocurrency market about to break its 10-week losing streak?

    Regulatory uncertainty and the lack of transparency on stablecoins caused crypto markets to trade at its lowest levels in 3 months. The cryptocurrency total market capitalization fell to $1.02 trillion on June 15, its lowest level in three months. But while the derivatives market’s resilience and end-of-week price gains amid uncertainty in stablecoins’ reserves provides hope for…

    China to gain most from restrictive US crypto regulations: Coinbase CEO

    The Coinbase CEO has been hugely critical of the U.S. failure to provide the crypto industry with regulatory clarity and has long argued it will push firms offshore. “Adversary nations” like China could ultimately benefit from restrictive crypto policies in the United States, warns Coinbase CEO Brian Armstrong. In a May 30 op-ed for MarketWatch,…