A drop in crypto prices is expected before Spring Festival as Chinese miners cash out. Five projects disappear from Binance Smart Chain, taking $3 million.
Fintech
Alipay, JD Digits, Didi remove all bank deposit products: report
Regulators completely banned on Jan. 15 the sale of bank deposit products on third-party platforms to minimize risk from highly leveraged banks.
Chengdu to distribute $7.7 million in its first digital yuan lottery: report
The public digital yuan lottery in Chengdu will be the biggest one yet, distributing RMB 50 million to lucky winners via red envelopes.
New digital payment rules likely to hit Ant Group, Tencent
The new antitrust rules for China’s digital payment market could trigger a regulatory review of Ant Group and Tencent based on market share.
Bytedance unveils Douyin mobile payment tool to rival Alipay, WeChat
Douyin Pay was recently added to the app, allowing users to buy virtual gifts for livestreamers and pay for goods on the app’s e-commerce platform.
Jack Ma resurfaces amid regulatory clampdown
The Alibaba and Ant Group founder, Jack Ma, made his first public appearance in months at a video conference with rural teachers.
Ant Group digital yuan tests, Iran’s Chinese miners: Blockheads
Ant Group employees can use the Alipay app for digital yuan transactions in select locations, including the Lujiazui district in Shanghai.
PayPal now the sole owner of a payments firm in China
PayPal is the first foreign firm to fully own a licensed payment operator in China, as regulators seek to liberalize the finance sector.
Asian Financial Forum to convene world’s leading voices Jan 18 – 19
This forum will gather more than 160 global political leaders, financial and investment experts, and economists from all over the world to discuss economic trends and post-pandemic recovery plan.
Digital yuan goes physical, mining rig prices rise: Blockheads
The digital yuan is trialed again in Shenzhen, at ATMs and via a smart card. Crypto mining rig prices soared as Bitcoin hit the $41,000 mark.