VeChain still popular in China, crypto media shutdown and OKEx goes global – Cointelegraph Magazine

This month, the crypto media shutdown and OKEx goes global. VeChain is still popular in China while TRON comes up with a new plan to become a decentralized entertainment platform.

The “which crypto has the most developers” is a question that has been asked before. The answer to this question is VeChain.

This weekly compilation of news from Mainland China, Taiwan, and Hong Kong aims to select the most relevant stories in the sector, such as notable initiatives, legislative developments, and business blockchain integrations.  

The crackdowns in China have been ongoing for more than a year, and the top-down government’s pressure is still being applied. Most projects based in China find methods to get around rules by concentrating on technology, but few are in a particularly favorable position. Finding qualified personnel to recruit, among other things, will become more challenging as conservative local residents express worries about safety and the industry’s long-term viability. 

At home, new policies have been implemented.

Some projects, such as VeChain, are focusing on their blockchain-as-a-service technology and are well positioned to continue operating. For China, blockchain has long been considered as a critical technology, particularly when it comes to food safety and other socially responsible uses.

Last week, the smart contract platform debuted its traceability solution with long-term partners PwC at China’s prestigious International Import Expo. This year’s exhibition was much greater than normal, since it coincided with China’s 20th anniversary of joining the World Trade Organization. President Xi Jinping of China issued a video statement to commemorate the expo’s inauguration, stressing, as usual, how China is effectively opening up and progressing. 

VeChain joined @PwC in a talk on Air Trace at the 4th #CIIE. We are honored to be a part of this historic occasion and to demonstrate our expertise in low-code blockchain development, which will be used to power more big digital projects in the future. 🤝 pic.twitter.com/jUb3HeUz5D #CIIE2021

November 9, 2021 — VeChain Foundation (@vechainofficial)

Enterprise blockchain solutions were all the rage a few years ago, but today there are less and fewer rivals to VeChain, as most have shifted to DeFi or just gone silent. The real problem will be persuading China’s organizations to choose a genuinely public solution over a consortium model with all the decentralized bells and whistles.

Alibaba and JD.com, for example, have their own private blockchain systems that may be near enough to actual blockchain technology for government authorities to ignore the specifics.

A fresh leaf has been turned.

OKEx founder Star Xu’s LinkedIn profile suddenly said he was in San Francisco, causing a stir in the gossip pages. The leader of the second biggest exchange by volume has come under examination this year as a result of the new exchange laws. His hasty presence in the United States implies that OK Group is serious about separating from China, and that the company will be allowed to pursue new markets without fear of legal repercussions. OKEx has seen rapid growth in recent months and is now focusing its efforts on the GameFi and NFT categories in order to achieve a competitive advantage. 

Star Xu, the founder of OK Group, has relocated to Silicon Valley.

Huobi, on the other hand, seems to be betting on Singapore to help it recover from a rough third quarter of 2021. Huobi Global confirmed its withdrawal from the nation, clearing the way for Huobi Singapore to enter the country legally.

Users will have until March of next year to transfer to Huobi Singapore, after which their Global accounts will be terminated. Many of the industry’s biggest names have made Singapore their safe haven, citing a progressive regulatory framework, good quality of life, and a multi-cultural setting that makes both English and Chinese speakers feel at ease. 

Media and mining continue to be targeted.

The Chinese Cyberspace Administration issued a warning to leading blockchain media businesses on October 13 ordering them to cease operations. ChainNews and Block123, two of the most well-known sites, were among them.

Alibaba Cloud servers turned down key services, including the APP and web page. Naturally, Twitter and Telegram channels remained unaffected, leaving international sites as one of the remaining sources of information for Chinese users. To get beyond the big firewall, this will need some extra networking technologies, but it should have the desired impact of limiting excessive retail speculation while still enabling genuine tech adopters to participate. 

Stability is difficult to come by for industry members.

In other regulatory developments, the Chinese government has cautioned state-owned firms to avoid participating in bitcoin mining. Many public utilities, such as electric utilities, telephone companies, and oil firms, are still owned and run by political parties.

Those in these companies come with a number of rewards, such as benefits and stability, but they frequently pay less than jobs in the private sector. Corruption and backroom transactions were formerly a common means for these workers to increase their pay, but since Xi Jinping entered power and made anti-corruption a priority, the danger of being exposed has skyrocketed. One Jiangxi official has already been ousted from the party and office as a result of the crackdowns. 

The “solana rumors” is a popular cryptocurrency that has been around for quite some time. It was rumored to be shutting down, but it is still going strong in China. The crypto media shutdown and OKEx goes global – Cointelegraph Magazine.

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