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China Digital Currency Launch ‘Definitely’ in 6-12 Months — Investor

China will “definitely” deploy its new digital currency within the next six months to a year, a local blockchain investor has said. Speaking to CNBC on Nov. 20, Edith Cheung, partner at blockchain-focused venture capital fund Proof of Capital, appeared convinced about the digital currency’s imminent arrival. Cheung: rollout could come in May 2020 “I think definitely within the next six to twelve months,” she told the network about a launch time frame.  China has …

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China’s Zhejiang Processes $6B via DLT Medical Billing Platform

China’s Zhejiang province has processed nearly $6 billion via a blockchain medical billing platform using Ant Financial’s blockchain technology, Chinese publication QNSB reports on Nov. 18. Successfully piloted in 2018, the blockchain-enabled platform allows citizens to make doctor’s appointments, get prescriptions as well as pay, record and store their medical bills online. At a local blockchain event on Nov. 18, the Zhejiang Provincial Department of Finance announced that the platform had 480 medical institutions across …

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Chinese State Media Says Most ‘Blockchain’ Firms in China Are All Hype, No Code

Chinese news program Focus Report has said that there are around 32,000 companies in China that claim to use blockchain technology. Reportedly, the real number is not even 10% of that. On Nov. 18, the predominant state television broadcaster in Mainland China, CCTV, aired an episode by Focus Report, titled “Blockchain is not a Cashchain.” The episode takes a closer look at companies who reportedly misuse the concept of blockchain technology to create business momentum …

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China Is Poised for Another Crypto Trading Crackdown as Speculative Fever Returns

Financial regulators in China appear set to crack down on cryptocurrency trading again after President Xi Jinping’s praise for blockchain technology revived speculation in the sector. Regulators in each district of Shanghai must search and inspect local crypto exchange-related services before Nov. 22 and report to the central bank for further actions, according to an official notice signed by the Shanghai Internet Finance Rectification Agency and the Shanghai Bureau of the People’s Bank of China. …

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Softbank-Backed Blockchain Firm OneConnect Eyes $100M Nasdaq IPO

Softbank-backed Chinese fintech OneConnect has filed for an Initial Public Offering (IPO) with the United States Securities and Exchange Commission (SEC). As Bloomberg reported on Nov. 13, OneConnect is the blockchain- and AI-focused fintech arm of Chinese insurance giant Ping An. Seeks $100 million and Nasdaq listing The report claims that the filing seeks to raise $100 million, eyeing listing on the Nasdaq Global Market or New York Stock Exchange, if approved.  Morgan Stanley, Goldman …

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Fintech Arm of Chinese Insurance Giant Files for US IPO After Blockchain Push

OneConnect Financial Technology, the fintech arm of China’s largest insurance company, filed a prospectus on Wednesday for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). The firm plans to list its shares on NASDAQ. OneConnect’s filing with the SEC today called for a target raise of $100 million, though that figure could go higher. Reuters reported in September that the company was looking for a New York listing after it failed to …

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Chinese Blockchain Spending to Exceed $2B by 2023

China’s spending on blockchain technology will exceed $2 billion in 2023, official state-run publication Xinhua reported on Nov. 10. The report claims that blockchain development in China will see a compound annual growth rate of 65.7% from 2018 to 2023. China’s banking sector responsible for the bulk of blockchain spending in 2019 Citing a study by American market intelligence firm IDC published on Nov. 7, the report says that the bulk of China’s blockchain spending …

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Huobi Chain Blockchain Completes Planned Open Source Developer Rollout

Cryptocurrency exchange Huobi has open-sourced the development of its Huobi Chain blockchain, the company has confirmed. In a press release shared with Cointelegraph on Nov. 12, Huobi said that Huobi Chain, which it unveiled in June, was now available to any GitHub developer. Huobi encourages regulator involvement The aim, it explains, is further interaction between developers and regulators, Huobi Chain’s target audience. “Since the start of this project, our goal was to create an inclusive …

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Chinese Forex Regulator SAFE Expands Blockchain Cross-Border Pilot

Chinese regulator State Administration of Foreign Exchange (SAFE) expanded its blockchain cross-border financing pilot program. Local news outlet GlobalTimes reported on Nov. 11 that the system now covers 19 provinces and cities, up from nine. The development is unsurprising given that at the end of October SAFE deputy head Lu Lei said that there are plans to use blockchain and AI in cross border financing with particular attention devoted to risk management applications. “No space …

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Shanghai Gov’t Partners With 6 Banks on Blockchain Alliance for Trade

The municipal Shanghai government has joined forces with financial institutions to create an alliance to foster the use of blockchain for global trade.  The Global Times reported on Nov. 7 that during the China International Import Expo earlier today, the Shanghai Municipal Commission of Commerce, Shanghai Customs and representatives from six bank branches — including the People’s Bank of China and Bank of Communications — signed a Blockchain Alliance proposal for the city’s e-port area. …

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