Memcoin cultures clash
Feed Every Gorilla (FEG) became the source of the drama after Chinese President Xi Jinping posted the memes. The token claims to be using the proceeds to care for the gorillas and has attracted attention among the tokens associated with the animal, accumulating a market value of over $ 1 billion. Some members of the Chinese community found the memes offensive, and not finding support from the team, they began leaving the project. The accident spread quickly, and China’s central exchanges, including OKEx and Gate.io, responded by removing the tag. FEG fell about 75%, after which it came back a bit on Thursday.
The community has split, with one side claiming that Chinese censorship has been introduced into the cryptocurrency community. In all likelihood, the decision to remove the mark was more cautious than anger, as cryptocurrency exchanges operating in a legal gray area often find it beneficial to avoid being associated with scandal and controversy.
The digital yuan to the digital dollar
Algorand uploaded a webinar on China’s progress in the central bank digital currency (CBDC) on Thursday. The event was hosted by the Blockchain-based China Services Network and was attended by CEO of Algorand Foundation Sean Lee, David Chen of Tezo, and Charles d’Ossy of ConsenSys. All speakers commented positively on China’s approach to central banks’ digital currency, with an emphasis on marketing and incentives, which led to pilot projects targeting banks, corporations and technology companies across the region.
By discussing the challenges of launching the CBD, participants also compared the general pattern of developing the digital yuan with the American one. Sheen suggested that despite the lack of publicity, the Biden administration had been briefed on other nations’ progress in this area, and suggested that the United States might not be as negative as it appeared. The US dollar enjoys a strong position against other local currencies, which gives the US more flexibility and patience in how to use new technologies, as there is less pressure to take the first step. On the other hand, China could gain much more from increasing the use of the yuan in international scenarios.
Alipay also allows users to participate in the CBDC exam, according to Cointelegraph reports. The Financial Services app played an early role in testing, but it is one of the first signs that retailers will soon have access to the digital yuan directly through the app. Cointelegraph also said on Thursday that the Hong Kong Monetary Authority had given the green light to continue testing the digital yuan for cross-border payments.
Babel closes a $ 40 million tour
Babel Finance, one of the largest cryptocurrency institutions in China, has announced the completion of its first round of fundraising. The company provides credit, trade and other financial services to high net worth businesses and individuals, making it an important part of the Chinese investment ecosystem. The tour was attended by Zoo Capital, Sequoia Capital China, Dragonfly Capital, Bay Capital and Tiger Global Management.
Refusal of banking services
China Citic Bank has announced that bank accounts cannot be used to trade cryptocurrencies such as Bitcoin (BTC). It lists a number of reasons, including protection against money laundering, protection of the legal payment status of the yuan, and protection of public property rights.