China
UN approves NFT standards initiative led by Tencent
Chinese entertainment conglomerate Tencent has been approved by the United Nations to lead a project exploring the creation of a standard technical and security framework for non-fungible tokens (NFTs) . The project, dubbed a “technical framework for DLT-based digital collection services” will be the world’s first U.N.-approved standards initiative for NFTs, according to state-owned local media. The U.N. agency for information and communication technologies, The International Telecommunication Union (ITU) approved the project, which is expected to complete an initial draft by the end of 2022, according to a report from the South China Morning Post. Currently, any recommendations advised by the ITU only become mandatory and enforceable when nations adopt them as law. “The international stan...
‘China’s crypto ban had little impact on Neo,’ says organization’s developers
Once hailed as the “Ethereum of China,” Neo’s token price has fallen on hard times ever since the world’s most populous nation introduced a series of acute bans on cryptocurrency operations last year. In an exclusive interview with Cointelegraph, Neo’s developers — who wished to remain anonymous — explained that partners run most projects sponsored by Neo Global Development, or NGD, from a wide range of countries outside China t serve users all over the world. In addition, Neo continues to expand inside China. It is currently one of seven open permission blockchains servicing the nation’s Blockchain-based Service Network, or BSN. One of the group’s goals is to expand the adoption of nonfungible tokens (NFTs) in the country. There’s also ...
Law Decoded: Tangible wins, new menaces and the global crypto taxation drive, Feb. 1–7
Every global event or major political crisis these days can trigger a digital asset-related conversation. As China welcomes the world’s top athletes to the Beijing 2022 Winter Olympics, showing off ultra-high-tech facilities and sports infrastructure, some United States politicians have raised concerns over the Games’ potential to act as a booster to the digital yuan’s adoption. In neighboring Myanmar, the military government that had overthrown the nation’s elected leadership a year ago is now looking into launching its own digital currency, not to project economic influence but to improve the domestic payments system and the struggling economy more broadly. Below is the concise version of the latest “Law Decoded” newsletter. For the full breakdown of policy developments over the las...
COVID restrictions stymie digital yuan rollout at Beijing Winter Olympics: Report
Though athletes and support staff arriving for the Beijing 2022 Olympics still have the option of using digital currency for payments at many venues, the international test run of China’s CBDC is reportedly facing hurdles due to the pandemic. According to a Monday report from CNN, athletes, officials and journalists for the country’s Olympics games are largely separated from the population of China in a quarantine “bubble” to prevent the spread of COVID-19. These precautions combined with the Chinese government deciding to limit the number of in-person spectators may result in far fewer people testing the digital yuan as a method of payment at the major event. “The Olympic Games would have been the first real chance for tourists and Chinese nationals alike to familiarize themselves w...
China pilots nationwide blockchain development over real-world use cases
The Cyberspace Administration of China (CAC) announced the commencement of an in-house effort to expedite blockchain development and innovation across 15 zones and 164 entities. The initiative aims for the large-scale implementation of blockchain technology across businesses and government organizations in China. The CAC, along with other government agencies, directed the regulatory authorities to “promote the intensive and balanced layout of blockchain technology infrastructure in the region, form a large-scale production-level cross-chain data exchange support capability, and promote the formation of a multi-party collaborative blockchain industry ecology.” The notice also included a list of cities, companies and other entities — predetermined by the local and departmental re...
Bong Bong: RZA Files $2M Lawsuit Against Bootleggers Selling Fake Wu Merchandise
HipHopWired Featured Video Source: Sakura/WENN.com / WENN The RZA promotes peace and unity but he is still about his coin. He has filed suit against several parties who have been selling unauthorized Wu-Tang Clan merchandise. As spotted on Complex The Abbott is claiming different websites are profiting from his group’s logo without paying the proper licensing fees. According to documentation obtained by Complex RZA says that these merchants are guilty of “trademark infringement, counterfeiting, and false designation of origin”. Additionally the bootleggers, who are have been identified as all China based, are also passing the goods as genuine articles. “Many defendants also deceive unknowing consumers by using the Wu-Tang Clan Trademarks without authorization within the content, text, and/...
12 of Earth’s most remote places and communities
From eastern Greenland to northern Alaska, we explore some of the most remote places on Earth Whether it’s astronomical distances, inhospitable climates or extreme terrains that define these remote and hostile lands, there’s one thing they all have in common: they are on my bucket list. That and the fact that people live there. It’s highly unlikely I’ll actually make it to many of these far-flung realms – I certainly didn’t get to Ittoqqortoormiit on my 2019 trip to Greenland – but I salute the hardcore residents who carve out an existence in the most remote places and communities on Earth. 1. Ittoqqortoormiit, Greenland Ittoqqortoormiit is located on Liverpool Land, a peninsula in eastern Greenland and one of the most remote towns in the country. It was first inhabited in 1925 b...
Chinese Nationalists Call for Boycott of The Matrix Resurrections After Keanu Reeves Joins Tibet Benefit Concert
Keanu Reeves was recently announced for this year’s Tibet House US benefit concert, drawing backlash from Chinese nationalists — some of whom have called for a boycott of his latest film, The Matrix Resurrections. Reeves’ support for the cultural organization, which was founded in 1987 at the request of Tibetan leader the Dalai Lama, has struck a nerve. The People’s Republic of China annexed Tibet in 1950, which ultimately led to the exile of the Dalai Lama, and the Communist Party has cracked down on the region’s people and their culture since then. First held in 1989, the Tibet House US benefit concert is a fundraiser to support the work of the cultural embassy. It’s timed in conjunction with the Tibetan New Year, which has traditionally been marked by the Monlam Prayer Festival. Ad...
Chinese Release of Fight Club Includes Awkward Re-Cut Ending Where Police Save the Day
Fight Club ends with a battle of personalities and a series of fiery explosions, as an anarchist plot to upend consumerism brings buildings crashing to the ground. But as Vice notes, Chinese censors prefer the message that evil is always punished and the state will forever triumph over lawlessness, which is why the country’s new version of Fight Club has been burdened with an awkward re-cut where police save the day. David Fincher’s Fight Club became an instant cult classic when it dropped in 1999, following the characters Tyler Durden (Brad Pitt) and the Narrator (Edward Norton) as they tried to punch their way through the alienation of modern life. But the cut streaming on the Chinese site Tencent Video tries to make the case that, ...
Vibe killers: Here are the countries that moved to outlaw crypto in the past year
Last week, Pakistan’s Sindh High Court held a hearing on the legal status of digital currencies that might lead an outright ban of cryptocurrency trading combined with penalties against crypto exchanges. Several days later, the Central Bank of Russia called for a ban on both crypto trading and mining operations. Both countries could join the growing ranks of nations that moved to outlaw digital assets, which already include China, Turkey, Iran and several other jurisdictions. According to a report by the Library of Congress (LOC), there are currently nine jurisdictions that have applied an absolute ban on crypto and 42 with an implicit ban. The authors of the report highlight a worrisome trend: the number of countries banning crypto has more than doubled since 2018. Here are the ...
Chinese police unearth multi-million-dollar DeFi rug pull
Beijing’s crackdown on crypto continued with the start of the new year, with the Chinese police freezing nearly 6 million yuan ($1 million) worth of crypto and arresting eight people involved with it. As per a report published in Nikkei Asia, the public security bureau of Chizhou unearthed a crypto rug pull scam that could be worth 50 million yuan ($7.8 million). The police began an investigation after an investor lost 590,000 yuan worth of crypto in June last year. The trail of the inquiry led to eight people living in different provinces. The police also seized luxury cars, villas and other expensive items from the accused that were allegedly purchased using the stolen money. The decentralized finance (DeFi) scam lured investors with promises of high returns by swapping liquid...
NFT sales and blockchain games continue to grow despite the recent market slump: Report
January 2022 continues to be rough for crypto investors as current markets see turbulent fluctuations in the price of Bitcoin (BTC) and other cryptocurrencies. Some have attributed the slump to recent federal intentions to introduce new rate hikes, and the political turmoil in Kazakhstan, which significantly lowered the hash rate of Bitcoin. On Jan. 14, the price of Bitcoin dipped below $42,000 as traders continued to hold out hope for bullish signals. Nonfungible token (NFT) trading and blockchain games, on the other hand, seem to have resisted the dip. According to reports from DappRadar, NFT transactions continued to increase amid declining crypto prices. The report stated that “the number of UAW connected to Ethereum NFT DApps grew by 43% since Q3 2021.” Numbers fr...
