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Shanghai's Blockchain Boogie: China's Digital Playground Just Got Groovier

In an unexpected move, Shanghai's integrating blockchain technology into its daily groove, giving us hope that China's icy stance towards blockchain might just be thawing.

July 21, 2023

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Shanghai, China's glittering megapolis has just dropped a roadmap that could radically repaint the Middle Kingdom's digital canvas. They're aiming to ride the blockchain wave, squeezing out every bit of efficiency and transparency for diverse sectors. It's a big thumbs-up to worldwide acceptance of blockchain, underlining its potential to shake up the game in finance, healthcare, supply chains, you name it. It's all in sync with China's master plan to reel in cost-efficiencies of blockchain in real-world industries.

Imagine a world where blockchain rules the roost in production, supply, and trading of commodities. Envision e-commerce platforms dealing in industrial products and helping legacy industries to leapfrog into the digital era. We're talking carbon emission management platforms built on blockchain and IoT tech, and a blockchain-driven platform for the automotive industry. With big auto players like BMW and Mercedes-Benz already dipping their toes in blockchain-based supply chain management, the future's revving up to be quite a ride.

Titled "Guidelines on the High-Quality Development of Manufacturing Internet Service Platforms," Shanghai's rulebook places blockchain in the VIP lounge of core technologies, rubbing shoulders with AI, big data, IoT, and the mobile web.

Shanghai's no rookie in the blockchain arena. It launched its first blockchain industrial complex back in June 2020 and is home to AntChain, the blockchain arm of China’s financial tech titan, Ant Group.

While cryptocurrencies have been getting a cold shoulder in China, blockchain technology's been getting red-carpet treatment across sectors. It's a tell-tale sign of the country's complex dance with digital assets – embracing the potential of blockchain technology while keeping cryptocurrencies at arm's length.

Is China’s Crypto Crackdown Policy Here to Stay?
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  • Uncle Sam Sells More Bitcoin: The US government's making bank, selling another 8,200 Bitcoin, according to on-chain data. Part of their mission to regulate crypto and keep the bad guys at bay, this sale's of proceeds from a raid on Silk Road, is bound to leave a hefty footprint in the market.
  • North Korean Cyber Bandits Strike Again: North Korean hackers are up to their old tricks, snatching from crypto companies via a shared cloud service provider. It's a grim reminder of the growing cyber threats looming over crypto land and the urgent need for ironclad security.
  • South Korea Calls on Crypto Avengers: The country's on a mission to put the brakes on North Korea's crypto crimes and they're rallying crypto firms for advice. It underlines the increasing role of cryptocurrencies in cybercrime and the call for international alliance to tackle the issue.
  • Crypto Media Behemoth on the Brink of a Major Deal: CoinDesk, the crypto media bigwig currently owned by crypto conglomerate Digital Currency Group (DCG), is teetering on the edge of a $125 million acquisition deal from a consortium including crypto investment firm Tally Capital and family office Capital6. While the potential deal shines a spotlight on the skyrocketing interest in crypto media amid the ongoing crypto fiesta, the sale will help DCG, which is trying to pull its Genesis unit out of bankruptcy.
  • Binance's Dutch Deferment to Coinmerce: After a thumbs-down from the Netherlands' central bank, Binance's giving Dutch users a detour to Coinmerce, a Binance broker. This comes as Binance weathers the storm of regulatory squalls across the globe.
  • Kuwait Pulls the Plug on Crypto: Kuwait's Central Markets Authority has banned all crypto activities, including mining. It's their strategic gambit to tighten the reins on the crypto market and curb the underbelly of illegal activities.
  • Hamsters Hustle in High-Stakes Crypto Casino: In an offbeat twist, hamsters are being used for gambling by degens using BUSD! The HamstersGG betting platform is letting users back their favourite hamster in a race. Talk about thinking outside the crypto box, though this move probably won't do it any favors as the exchange's shine fades among regulators globally.

Stay tuned for macro and markets updates this weekend in the Blockhead Business Bulletin!