Blockchain 

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

China’s Zhejiang province has processed nearly $6 million 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 the province as of Oct. 28. The officials said that the platform processed 41.7 billion…

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Blockchain 

China’s Army Considering a Blockchain Rewards System, Report

China’s military could implement a blockchain rewards system to manage personnel data and incentivize its workforce, the Global Times reported on Nov. 18. Citing a People’s Liberation Army (PLA) Daily report, the Global Times underscores that the blockchain system would likely not involve financial incentives, but would be used as an innovation strategy for the military’s management. Non-financial incentives The PLA is reportedly interested in using an immutable and secure blockchain-based system to manage personnel data; spanning records such as military training, career path, missions undertaken and performance reports.  The…

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Bitcoin 

What Powers China’s Crypto Mining Industry, and Is It Sustainable?

The cryptocurrency mining industry continues to grow daily, supported by a continuous stream of new and more efficient hardware. China is at the forefront of the industry, but as environmental concerns loom, the sustainability of their success is coming into question. Mining chip manufacturers, the most prolific of which are based in China, work tirelessly to develop ever-more-powerful processors. With each new iteration, these high-capacity chips require more and more energy to operate. Newer mining machines render old ones obsolete, resulting in an increasing flow of electrical waste, the majority…

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Blockchain 

Binance’s CZ Speaks Publicly About China’s Digital Currency

Binance CEO Changpeng Zhao, better known as CZ, predicted that the digital Renminbi token (RMB) would be based on blockchain.  Speaking today at BlockShow Asia 2019, CZ shared his thoughts on the digital currency in development by the People’s Bank of China.  The details of this currency are not officially known. It will certainly not be as decentralized as Bitcoin (as it will be issued by the central bank), but CZ thinks it is going to be a blockchain-based version of RMB. He explained his reasoning:  “The Chinese government wants…

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Ethereum 

Hopefully We Can Interoperate With China’s Crypto

Ethereum co-founder and founder of Consensys, Joseph Lubin, said that he hopes China’s Central Bank Digital Currency (CBDC) will allow for interoperability with public permissionless blockchains, including Ethereum. Ethereum is “a very positive virus” Lubin made his remarks during an interview with Forbes published on Nov. 9. He explained: “I assume it is going to be exactly what Chinese leadership thinks is most beneficial to Chinese leadership. Hopefully that’s also open and we can interoperate with it, but I don’t know.” Furthermore, Lubin added that he would like to see…

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Blockchain 

VeChain Unveils Food Tracing Solution Foodgates at China’s Import Expo

Singapore-based blockchain application platform VeChain has unveiled a new blockchain tracking system for the food and beverage industry. In a blog post on Nov. 7, the company confirmed it was working with food certification group DNV GL and supply chain specialist ASI Group on the project, known as Foodgates. VeChain “direct beneficiary” of pro-blockchain stance The original announcement came at this year’s China International Import Expo (CIIE), being held from 5-10 Nov. in Shanghai. “The immutability of public blockchain coupled with verifiable information makes this solution really unique,” VeChain COO…

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Bitcoin 

China’s President Xi ‘Credentialized’ Cryptocurrency, Says Novogratz

China’s President Xi Jinping gave credibility to blockchain and crypto by calling the country to accelerate blockchain adoption, said Galaxy Digital CEO Mike Novogratz. The cryptocurrency investor delivered his remarks speaking at the Reuters Global Investment Outlook 2020 Summit in New York on Nov. 5. Xi “just credentialized crypto and blockchain” Michael Novogratz, founder at crypto investment bank Galaxy Digital and a major Bitcoin (BTC) bull, believes that the Chinese president’s announcement in late October triggered the recent surge in Bitcoin’s price.  By urging China to embrace blockchain technology for…

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Bitcoin 

China’s Gold-Backed Crypto Would Be Bearish for Bitcoin

China launching a digital counterpart of the yuan backed by gold puts Bitcoin (BTC) at a disadvantage, veteran gold bug Peter Schiff claims. In a tweet on Nov. 2, Schiff, notorious for his cynicism when it comes to Bitcoin, attempted to counter criticism of his stance by Keiser report host, Max Keiser.  Schiff tells Keiser: gold backing beats BTC “According to @maxkeiser I’m an idiot because I think #gold is better money than #Bitcoin,” he wrote.  Schiff also repeated his oft-quoted idea that Bitcoin has no intrinsic value:  “He also…

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Blockchain 

Huawei Signs Deal With Digital Currency Research Unit of China’s Central Bank

Multinational telecommunications and consumer electronics giant Huawei has signed a strategic cooperation agreement with China’s central bank, the People’s Bank of China (PBoC). According to a statement from Huawei’s WeChat channel on Nov. 4, PBoC deputy governor Fan Yifei attended the signing of a fintech research cooperation agreement between Huawei and PBoC’s Digital Currency Research Institute at Huawei’s headquarters in Shenzhen. The announcement did not mention details regarding the agreement, or whether it includes joint research on blockchain technology or digital currencies. Huawei has not responded to Cointelegraph’s request for…

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Blockchain 

China’s Tech Capital Shenzhen Issues 10 Millionth Blockchain Invoice

Over 10 million blockchain-based invoices have been issued in Chinese tech capital Shenzhen, according to the Shenzhen Tax Service, as reported by English-language local news outlet Xinhuanet on Nov. 1.  Tencent-developed blockchain platform The tax agency also noted that the city is also actively promoting blockchain-enabled electronic billing. Shenzhen’s blockchain invoice system is reportedly developed by Chinese internet giant Tencent — the developer of the social media platform WeChat — together with the tax bureau of Shenzhen. The news comes a week after Chinese President Xi Jinping urged the country…

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