‘Green-light’ for miners? CZ not responsible for BSC, Uniswap frauds on TV


This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations. Could green miners get a pass?Last week’s column had a look at the recent crackdown on cryptocurrency miners as China heads towards a more carbon-neutral policy. This week, the Southwest province of China was humming a slightly different tune as the Sichuan Energy Regulatory Office organized a symposium on the topic. The province has a heavy mining concentration due to low cost energy generated from a developed hydroelectric power system. The symposium failed to reach a resolution, leading to speculation that the green energy of the province will lead to much more positive regulation.Zhang Nangeng, CEO of mining-machine manufacturer Canaan, added to this speculation by calling for China to make allowances for green-energy powered miners. “For-profit miners prefer regions with low electricity prices that indicate oversupply, and likely energy waste. Bitcoin miners also help create jobs in impoverished regions and contribute to fiscal coffers,” pointed out the CEO. It seems unlikely that China will continue to allow miners to abuse coal-powered electricity in regions like Inner Mongolia, but for Sichuan there is definitely an argument to be made in favor of the lucrative mining industry. Uniswap rug pulls on state-run TVOn June 2, national television channel CCTV-13 reported on virtual currency fraud in their News Room segment. In the report, they introduced how a virtual currency TRTC was listed on Uniswap before having all the liquidity removed. Blockchain smart contract auditor SlowMist was also featured as they demonstrated how the fraudulent activity was conducted. In the TRTC case, 59 ETH were removed from the pools, worth about $100,000. CCTV-13 concluded by warning about the risks of financial fraud on cryptocurrency platforms such as Uniswap. On Twitter, Uniswap founder Hayden Adams mistakenly tweeted about the segment, confusing the video clip as a positive report. Apparently Adams hasn’t spent as much time practicing his mandarin as other early Ethereum pioneers Vitalik Buterin and Gavin Wood, who both have a decent grasp of the language.BS and C?In a Chinese-language interview on May 29, Binance founder CZ distanced himself further from Binance Smart Chain by claiming that it has no control over the chain and that it was not responsible for the creation of it. He coyly suggested that BSC has been a community project and that he rarely speaks to the team behind it. Binance and competing Chinese exchanges may be rethinking their positioning after a series of hacks and exploits have haunted the various ‘smart chains’ that offer further utility to exchange tokens and their users. Blockchain, not BitcoinDespite the increasingly harsh regulatory environment, China hasn’t backed down on its pro-technology stance. On May 31, new blockchain technician standards were released from the Ministry of Human Resources and Social Security and the Ministry of Industry and Information Technology. The standards detailed what skills and core competencies are required to work in the industry.$6.2 million CBDC airdropBeijing is launching another digital yuan lottery as it continues to push the release of the central bank digital currency. The Beijing Local Financial Supervision and Administration announced on June 2 that the government will distribute the free currency to citizens who apply before June 7. This comes in the same week that former People’s Bank of China director Yao Qian stated that the digital yuan was not to be used as a surveillance tool. He claimed the technology was initially developed to counter the private sector’s control of the payment sector. The western world might remain skeptical on this point but the need to balance the private sector is certainly plausible, given the national dominance of Alipay and WeChat pay.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 27,644.41
ethereum
Ethereum (ETH) $ 1,887.79
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 312.99
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.479642
cardano
Cardano (ADA) $ 0.378682
staked-ether
Lido Staked Ether (STETH) $ 1,887.60
dogecoin
Dogecoin (DOGE) $ 0.073015
matic-network
Polygon (MATIC) $ 0.919430
solana
Solana (SOL) $ 20.50
tron
TRON (TRX) $ 0.076716
polkadot
Polkadot (DOT) $ 5.44
litecoin
Litecoin (LTC) $ 91.00
binance-usd
Binance USD (BUSD) $ 0.999770
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.46
dai
Dai (DAI) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,688.42
uniswap
Uniswap (UNI) $ 5.10
chainlink
Chainlink (LINK) $ 6.55
leo-token
LEO Token (LEO) $ 3.58
cosmos
Cosmos Hub (ATOM) $ 10.78
okb
OKB (OKB) $ 46.91
the-open-network
Toncoin (TON) $ 1.90
monero
Monero (XMR) $ 153.52
ethereum-classic
Ethereum Classic (ETC) $ 18.30
stellar
Stellar (XLM) $ 0.089222
bitcoin-cash
Bitcoin Cash (BCH) $ 115.98
internet-computer
Internet Computer (ICP) $ 4.91
true-usd
TrueUSD (TUSD) $ 0.999846
filecoin
Filecoin (FIL) $ 4.61
lido-dao
Lido DAO (LDO) $ 2.11
hedera-hashgraph
Hedera (HBAR) $ 0.052528
aptos
Aptos (APT) $ 8.27
arbitrum
Arbitrum (ARB) $ 1.23
quant-network
Quant (QNT) $ 108.52
crypto-com-chain
Cronos (CRO) $ 0.060561
near
NEAR Protocol (NEAR) $ 1.63
vechain
VeChain (VET) $ 0.020286
apecoin
ApeCoin (APE) $ 3.22
ggtkn
GGTKN (GGTKN) $ 0.112323
the-graph
The Graph (GRT) $ 0.126990
algorand
Algorand (ALGO) $ 0.151662
paxos-standard
Pax Dollar (USDP) $ 1.00
the-sandbox
The Sandbox (SAND) $ 0.541402
frax
Frax (FRAX) $ 0.999658
edgecoin-2
Edgecoin (EDGT) $ 1.00
eos
EOS (EOS) $ 0.896392
aave
Aave (AAVE) $ 67.21