China: NFT searches spike in WeChat, Authorities Working On The Testing Of Digital Yuan For Cross-Bo
China is working on a number of projects simultaneously and is witnessing astounding results in its social media platforms, right from testing for digital Renminbi (RMB) along with the return of blockchain programs to the physical world.
China social media messaging platform, WeChat has experienced that searches for Bitcoin dropped 7% this week, while searches for “bear market” spiked 102%. One thing which remained strong which was incessant searches on NFTs received an 86% increase in the platform. Token sales captured the interest in Casper Labs that surged after signups on CoinList that breached 100,000 on global platforms.
China’s DAO-as-a-Service platform Dora Factory organised a high-profile token sale. The project, backed by DoraHacks, launched a public token launch on March 21 with listings on OKEx, Gate and MXC. DoraHacks, prominent for arranging developer events, is one of the most active blockchain developer communities. A global hackathon series is scheduled to be hosted by the team in 2021, along with regions including Singapore, the United States, Germany and India.
Cointelegraph China commenced their Hot Trends 2021 event in Chengdu on 25 March, welcoming a number of projects related to the blockchain space. The events’ programs are highly engaged in exploring the sustainability of trends such as DeFi and NFTs.
Chinese investors worry about a potential Bitcoin bear market as the digital yuan gets a workout on cross-border and electric vehicle charging payment tests. https://t.co/kmRIByPZYk — Cointelegraph (@Cointelegraph) March 26, 2021
According to current Chief Executive of the HKMA, Eddie Yue Wai-man, the Hong Kong Monetary Authority(HKMA) is currently working with People’s Bank of China Digital Currency Research Institute to test the the use of digital yuan for cross-border payments. The financial services are expected to launch in the second half of 2021, as announced by the firm.
On March 19, several state-owned companies namely, a sub-branch of the PBoC, Bank of China, China Telecom and the China State Grid, under the guidance of the CPC Working Committee started to test the digital currency as a method of payment in charging electric vehicles in the Xiongan new area, close to Beijing. Also, six largest major government-owned banks have started testing wallet services for the digital yuan, as reported by Chinese state media outlet Sina.