China’s top court to study rules for crypto and AI cases

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US authorities charge Chen Zhi and seize $15 billion in Bitcoin. Source: Justice.gov Mainland China has had a rocky relationship with the cryptocurrency industry. In December 2013, the People’s Bank of China (PBOC) banned financial institutions from offering Bitcoin-related services and stated that Bitcoin was not recognized as a currency, in its first major prohibitive step against the crypto industry. Related: South Korean funeral company records $33M unrealized loss on leveraged ETH ETFs In September 2021, ten Chinese agencies, including the central bank and securities regulators, issued a blanket ban on all crypto transactions, Bitcoin mining and activities tied to initial coin offerings (ICOs) in the country. In February, the PBOC banned the issuance of unauthorized offshore Chinese yuan-pegged stablecoins and the unapproved issuance of tokenized real-world assets (RWAs). The structure of the digital yuan, China’s CBDC. Sources: Cointelegraph The latest ban came shortly after the Chinese government approved commercial banks to share interest with clients holding the country’s digital yuan, a central bank digital currency (CBDC) managed by state authorities. The development signal that the PBOC is doubling down on its efforts to launch its own yuan-backed CBDC as a new form of digital fiat money, instead of stablecoins. Magazine: 50K investors fight Korean crypto tax, Singapore cancels Bsquared: Asia Express More on the subject

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