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China has launch ed its first industrial park dedicated to developing and applying the digital yuan, or e-CNY, in the city of Nanjing, Jiangsu province. The park, which covers an area of 10 square kilometers, aims to attract more than 100 enterprises and institutions related to the digital currency ecosystem, such as financial technology, blockchain, big data, artificial intelligence, and cloud computing. The park was officially opened Oct. 12 by signing a strategic cooperation agreement between the Nanjing municipal government, the People’s Bank of China (PBOC), the central bank’s Nanjing branch and the Nanjing Economic and Technological Development Zone. The agreement outlines the park’s vision, goals and plans, which will serve as a platform for innovation, experimentation and promotion of the e-CNY. You might also like: People’s Bank of China Pledges to “Accelerate” Blockchain Development, Boost Local Industry The park will also host several pilot pr...

In just a year, Hong Kong has moved from being a cryptocurrency-unfriendly region to claiming the top spot among the most cryptocurrency-ready countries and territories. What is the reason for such dramatic changes? According to Forex Suggest research, Hong Kong is best suited for widespread crypto currency adoption. A country that is ready to implement crypto currency has certain indicators, including the number of businesses accepting crypto currencies, a favorable regulatory environment, a thriving startup culture, and fair tax policies. Source: Forex Suggest A brief history of Hong Kong crypto regulation In October 2022, Hong Kong authorities officially announced that they intend to develop the cryptocurrency market in the region by creating appropriate regulatory standards. It was reported that the government, together with local financial regulators, will create “favorable conditions” for the development of the local cryptocurrency industry. Local authorities also announ...

In the latest BRICS developments, China is advancing to generate a trade deal worth $19 billion with Africa and use the Chinese Yuan as payment. The ongoing China-Africa Economic and Trade Expo aims to defy the Western ‘debt trap’ and usher in a new era fostering trade ties, according to a report. The move comes when a handful of African countries are looking to join BRICS and accept the new currency. The annual trade expo aims to strengthen long-term trade partnerships and is expected to generate $19 billion in deals. Also Read: BRICS : 5 New Countries To Join BRICS Alliance in August The multi-billion dollar BRICS trade deal could be settled in the Chinese Yuan and not the U.S. dollar. The development comes at a time when Kenyan President William Ruto urged Africa n nations to stop using the U.S. dollar for global trade. Ruto asked African countries to pay with the U.S. dollar while settling cross-border transactions with the U.S. only. He advised Africa...

Meitu was one among many public companies that purchased Bitcoin to hold as a treasury reserve during the peak of the bull run last year and now joins the list of companies that have suffered heavily due to the bear market. Hong Kong tech giant Meitu made headlines in April last year after it reported nearly $100 million in crypto holdings. However, with the advent of the bear market, the tech firm has lost nearly half of the valuation of its crypto holdings. According to a local media report, Meitu reported an impairment loss of over 300 million yuan, approximately $43.4 million, on their crypto holdings. An impairment loss is a loss in value of an asset when it falls below the carrying value of the investment. The financial filing revealed that the impairment loss has more than doubled from the last quarter, something the firm had anticipated earlier. The tech giant has said that its crypto holdings could impact the net loss of the company by the end of the first half of the year...