Shanghai Man: Economist says El Salvador ‘on road to death’, salaries paid in e-CNY …

Former banking heads question foreign monetary policies, staff paid with digital yuan in milestone pilot and an outsized Series A is closed by DeFi platform SynFutures.

Our Man in Shanghai has refused to let recent rules weigh down the news coming back from China. Enterprise blockchain, financial organization digital currencies and begin up comes still create a positive impact in an exceedingly region hoping to grow measure through technology.

Death march for El Salvador

The debate around Republic of El Salvador continuing in the week as media and officers tried to digest the adoption of Bitcoin as a national currency. JPMorgan expressed that there was little economic benefit, and John Hopkins University academician Steve Hanke warned that the move may “completely collapse the economy” of the tiny nation. the previous Bank of China deputy governor Wang Yongli took a really hard-line approach, by stating that volatility and an absence of regulation or controls would place the economy on a “road to death.” This quote, showing in state run media The Paper Gregorian calendar month nine, was a bizarrely direct and colourful statement on the problem.

Crypto innovation can be productive

Zhou Xiaoquan, a former governor of the People’s Bank of China, had a number of positive things to mention concerning cryptocurrency as a technology on June eleven. He spoke at an economic summit in Shanghai and noted the cryptocurrency innovation in China are often productive once it serves the important economy. He conjointly took some shots at different countries, stating that folks would be mistaken if they thought different countries were taking identical approach towards building monetary services. Zhou, UN agency is one amongst the foremost often-quoted economists within the country, felt there was very little stress on the link between monetary services and measure elsewhere within the world. supported the wild displays at the Miami Bitcoin conference a number of weeks past, his position may well be additional sound than others would care to admit.

Paid in e-CNY

China’s e-CNY tests continued with the primary reportable mass payment of salaries in Xiong’an, a vicinity close to the capital Beijing. According to Cointelegraph, the pilot received support from variety of national banks and saw subcontractors paying employees their salaries from a digital notecase.

Industrial blockchain worth $22.6B

On June 3, a government organization issued a report entitled the China Industrial Blockchain Development standing and Trend Report. in line with the report, in 2020, 222 industrial blockchain policies were issued, 12,059 new blockchain-related patent applications were approved, and 776 new blockchain enterprises were established. The report conjointly claimed that this market size of the commercial blockchain sector was around $22.6 billion U.S. dollars. Industrial blockchain is a vicinity that China is keen to grab management in, resulting in this explosive growth in recent years.

Only 5X the fun

Leading exchange Huobi shocked futures traders by limiting them to only 5x leverage on perpetual swaps and block new users from accessing the feature altogether. Futures commercialism, notably highly-leveraged futures commercialism, had forever been in style options on exchanges like OKEx and Huobi. it’ll be fascinating to check whether or not these new selections to limit risk are going to be damaging to those massive exchanges that also somewhat adhere to regulator rules. it is also attainable that it is a short resolution so as to avoid scrutiny during times of tighter management.

Futures of Singapore

While Huobi was alteration controls on futures traders, Singapore-based platform SynFutures was completing a Series A for $14 million. The spherical was semiconductor diode by Polychain Capital and enclosed names like Framework Capital, Pantera Capital, Bybit, Kronos analysis, WOO Ventures, Wintermute, and IOSG Ventures. SynFutures is making a trustless derivatives market wherever users will take positions on assets or something that has associate correct feed, as well as Bitcoin, the worth of gold, or maybe the Bitcoin hashrate. What many folks do not know is that the SynFutures team consists of members from Matrixport, a monetary service app that was associate outgrowth of huge Chinese mining conglomerate Bitmain. currently you recognize the entire story!

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.

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