NFT News by Thebittimes.Com

The new BRICS member Ethiopia is signing Bitcoin mining deals with its alliance partner China. The Ethiopian State Electricity Company launched affordable hydropower to attract foreign investments into the country. Ethiopia’s pursuit for foreign exchange currencies netted China’s interest making the two BRICS countries sign a Bitcoin miners deal. China found Ethiopia’s hydropower electricity affordable and lucrative, attracting the perfect opportunity for Bitcoin miners. Also Read: BRICS : US Dollar Ranks 10 Out of 180 Global Currencies BRICS member Ethiopia is the first African country to take precedence over concerns raised by climate change activists. The deal has positioned Ethiopia to be among the leading destinations for Bitcoin mining and BRICS is making the most of the situation. BRICS Starts Bitcoin Mining: China’s BTC Miners Find Haven in Ethiopia Source: chinaobservers.eu A Bloomberg report sheds light that 19 Bitcoin miners from China ...

The latest financial stability report from the People’s Bank of China reveals a distinct section for crypto - assets . According to the report released on Dec. 22, the strategic inclusion of this section aims to bridge data gaps, alleviate fragmentation, and eradicate regulatory arbitrage while addressing the role of the Financial Stability Board (FSB) in a comprehensive paragraph focusing on the regulation of crypto assets. The report reveals that the cryptocurrency market constitutes 1% of the global financial system, emphasizing its relatively confined association with traditional finance while highlighting several potential risks associated with cryptocurrency regulatory arbitrage, citing concerns about susceptibility to hacker attacks, market manipulation, and defi governance mechanisms. You might also like: China accelerates CBDC pilot with cross-border precious metals transaction Notably, the report highlights specific instances, such as the Terra ecosyst...

While Justin Sun immediately took to X to discuss the hack that occurred on his Crypto exchange HTX (formerly Huobi ), news of the loss has trickled into China through foreign media reporting. Sun hasn’t posted on his Weibo since the day before the hack, which resulted in a loss of about 5,000 ETH, transpired. CoinDesk and other outlets reported on September 25 that Huobi had suffered an $8 million hack, with Sun promising that the amount was nothing when compared to the “$3 billion worth of assets held by (Huobi) users” and that “all funds are secure.” It’s unclear why Sun hasn’t taken to Chinese social media to assuage the fears of users on the mainland, as according to SimilarWeb most traffic to the site appears to come from “other” jurisdictions, implying most customers are Chinese or Hong Kongers. The site has also seen a dramatic rise in Russian users since the War in Ukraine began . Since the most recent hack, the HT token — formerly the Huobi Token — ...

The move comes as several prominent Chinese blockchain executives have been arrested this year. After a surge in personal identity thefts and digital financial crimes, Chinese police are more closely scrutinizing the Web3 sector. During a press conference hosted by China’s Ministry of Public Security on Aug. 10, Jinfeng Sun, political commissar of the Network Security Bureau, said there had been a spree of incidents involving the use of Trojan viruses, phishing sites, infiltration tools and cyberstalkers in fraud and data theft. Specifically, Sun said: “[We have been] monitoring [the use of] Chat GPT, cloud computing, blockchain, deepfake AI and other new emerging technologies, new applications, new organizations [in these incidents]. We [the Ministry] will strike hard at such methods as we research their use. Sun disclosed that there had been 79 cases of fraud involving deepfake AI, such as impersonation via digital face-swap, leading to the arrest of 515 individuals. On July 18, S...

Soramitsu is developing a cross-border payment system that uses Cambodia’s CBDCs and targets Japan, India, China and Southeast Asia. Japanese blockchain startup Soramitsu is exploring new central bank digital currency (CBDC) applications with a new project on the cross-border payment system for Asian countries . Soramitsu will deploy Cambodia's CBDC and fiat-pegged stablecoin s as part of its new payment system targeting countries like India, China, Japan and regions like Southeast Asia. The new project builds upon Soramitsu’s CBDC expertise, including its involvement in the Asian CBDC project Bakong in Cambodia and Laos' Lao kip, Nikkei reported on Aug. 8. Launched in 2020, Cambodia’s Bakong is a public-private initiative allowing Cambodian residents to pay at stores or send money through a mobile app using the local currency riel or U.S. dollar. Since launch, Bakong’s adoption has expanded to countries like Malaysia, Thailand and Vietnam. By late 2022, Bakong reportedly h...

In early November, the Chinese government made an ambitious plan to boost the nation’s VR industry, and now it seems local tech companies are using the World Cup to test-run their products. Chinese firms bet on “Metaverse-like” experiences for FIFA World Cup China-based technology companies are reportedly working on tech that would give Chinese soccer fans the ability to watch the FIFA World Cup within the metaverse. The efforts are part of a five-year plan released by the Chinese government in early November to boost the capabilities and development of the local virtual reality (VR) industry. Video streaming platform Migu is one of six Chinese firms that has secured the rights to show the World Cup and plans to create a “Metaverse-like” space accessed through VR headsets for users to watch a livestream of the game, according to a Nov. 20 report from the state-run media outlet Global Times. ByteDance, who owns TikTok and its Chinese version Douyin, received licensing rights to air the...