Fri, April 26, 2024 at 19:14

• 

  Kang-hoon

  • Hello Annie.

  • Today, we have some news from China.

  • Yao Qian, a prominent pro-blockchain official, is under investigation by Chinese authorities for undisclosed violations of law.

  • 
• Annie

  • Oh really?😮 I remember hearing about him.

  • He played a pivotal role in developing China's Central Bank Digital Currency (CBDC), right?

  
• 

  Kang-hoon

  • Yes, you're correct.

  • Qian's efforts were instrumental in the conceptualization and rollout of the digital yuan, positioning China at the forefront of digital currency technology on a global stage.

• Annie

  • Wow, that's quite an achievement!

  • But why is he under investigation now?😕

  
• ADward

  • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

  
• 

  Kang-hoon

  • The specifics of the allegations against Qian remain vague, with authorities citing serious violations of discipline and law without providing further details.

  • 
• Annie

  • Hmm...that's a bit concerning.😟 What does this mean for the blockchain sector in China?

  
• 

  Kang-hoon

  • Despite the ongoing investigation into one of its key proponents, the blockchain sector in China continues to see interest and development, particularly in areas not directly related to cryptocurrencies.

• Annie

  • Oh, that's good to hear!

  • So, they're still pushing for blockchain technology?

  
• 

  Kang-hoon

  • Yes, indeed.

  • For instance, at a recent annual gathering of China's political and industry leaders in Beijing, proposals were made to accelerate the development of blockchain technology to enhance government services, supply chains, and trade.

• Annie

  • That sounds promising!😄 And what about cryptocurrencies?

  • Any developments on that front?

  
• 

  Kang-hoon

  • Well, China's financial giants, like Harvest Fund and Southern Fund, are venturing into the international cryptocurrency space with applications to launch a new spot Bitcoin ETF through their Hong Kong subsidiaries.

• Annie

  • Wow, that's interesting!

  • So, despite the investigation into Yao Qian, it seems like China is still moving forward with blockchain and digital assets.😊

  
• 

  Kang-hoon

  • Yes, it seems so.

  • This move is indicative of a nuanced approach to blockchain and digital assets, suggesting a potential softening of stance or at least an acknowledgment of the financial opportunities these technologies present on a global scale.

• Annie

  • So, would you say this news is good or bad for the market?🤔

  
• 

  Kang-hoon

  • Considering the broader implications, I'd say this news is good.

  • Despite the investigation into Yao Qian, China's continued interest in blockchain technology and ventures into the international cryptocurrency space indicate positive momentum for the market.

  • Upon comprehensive consideration, this news is perceived as a 😍Bullish.