More than 420,000 merchants in Changsha, China, now accept payments in the digital yuan, China’s central bank digital currency (CBDC).

The city is located in Hunan Province and was added to the pilot in April 2021.

In February this year, Changsha authorities said that 300,000 merchants in the city were processing digital yuan payments.

But the same authorities now say that figure has leaped up above the 420,000 mark, the Changsha Evening News reported (via the Hunan Daily).

Changsha claimed that this figure comprised bricks-and-mortar businesses only.

The city said that it did not take online vendors into account.

The city stated that 22 million personal CBDC wallets have been opened in the city since the pilot began.

In addition, 800,000 “public” wallets have been opened for firms and government organs located in Changsha.

The city added that a total of 62 million transactions have been made since the pilot began.

Changsha said that the total value of these transactions was over $1.4 billion.

Located in central China, the city is one of the nation’s most populous.

Over 10 million people live in the city itself and many more reside in the surrounding Greater Changsha Metropolitan Region.

CBDC on the Rise in China: Digital Yuan Gaining Ground?

According to the data released by the central People’s Bank of China (PBoC), the “popularity” of mobile payments reached the 90% mark last year.

The PBoC has begun cross-border pilots with Hong Kong and Macau, which will allow Beijing to test the CBDC in international markets.

Although Hong Kong is officially part of China, it retains a separate economic system.

This system is linked to Western and other Asian economies.

Macau also has a separate currency and economic system.

Some Hong Kong-based securities firms have recently suggested that a digital yuan link with Mainland China could allow entities based in Chinese cities to finance initial public offerings (IPOs).

This could well allow the digital yuan to find usage cases in “international markets,” as the PBoC continues to hunt for new CBDC breakthroughs.

#Binance #crypto2023 #hongkongweb3festival2023 #yuan #bitcoin

Ethereum Shapella Update Triggers Staker Withdrawals, Raises Concerns and Optimism

The recent Shapella update on the Ethereum network has caused stakers to withdraw thousands of ETH worth millions of dollars. While some analysts predicted a decline in the market value of ETH, the price has remained above $2,000, leading to cautious optimism among investors.

Withdrawals of over 270,000 ETH have been recorded since the update, with Lido, Figment, and Celsius Network being the leading withdrawal addresses. Lido also dominates the staking market with over 5 million staked ETH, followed by Kraken and Figment.

However, there are concerns about the future of the staking market, as Kraken faces a lawsuit by the CFTC, and Celsius faces insolvency issues. These concerns raise questions about the overall impact on ETH's value.

Despite liquidations amounting to over $73 million in the last 24 hours, funding rates stand at over 0%, indicating that investors anticipate a future price increase.

Key takeaways:

The Shapella update caused staker withdrawals of thousands of ETH worth millions of dollars.

Lido dominates the staking market with over 5 million staked ETH.

Kraken and Celsius face concerns about the future of the staking market.

Despite liquidations, funding rates indicate investor optimism for a future price increase.

Conclusion:

The Shapella update on Ethereum has caused staker withdrawals, leading to concerns and optimism among investors. While the future of the staking market remains uncertain, funding rates suggest that investors remain positive about the future value of ETH.

Hey, it's CryptoPatel here!

I'm passionate about providing you with the latest insights and analysis on the world of cryptocurrencies.

If you enjoy my content and want to show your support, please like, share, and follow me for more high-quality updates.

Thank you for your support, and let's continue to stay connected for more exciting content!

LIKE ❤️

Share ⏩

Follow 🤝

#eth2.0 #hongkongweb3festival2023 #fantasticdeals #cpi #shapella

HongKong Web3 Festival

Hong Kong Web3 Festival is a virtual asset-focused conference co-hosted by the HashKey Group and Wanxiang Blockchain Labs and organised by W3ME.

The festival will take place on April 12-15 at 5/F, Hong Kong Convention and Exhibition Center (HKCEC). This four-day event will have over 10,000 attendees, 300 distinguished industry speakers, about 100 Web3 projects, community partners and media partners around the world.

Hong Kong Web3 Festival provides a platform for industry leaders and investors to discuss Web3 technology and the key issues involving its future development in the region.  The event focused on key industry issues such as Web3 technology, blockchain-powered financial infrastructure, leading-edge Web3 applications, and changes in global regulations.

The Hong Kong Web3 Festival will invite global experts to share their Web3 technology solutions and Hong Kong regulatory representatives will also dive into and interpret the latest digital asset regulation policies.

The main stage session in the afternoon of April 12 is themed “What’s next for Virtual Assets”, featuring top-league guests such as Changpeng Zhao, Founder and CEO of Binance, who will be having a fireside chat with HashKey Capital’s CEO Deng Chao. 

💠On April 13, experts will discuss the latest Web3 infrastructure, the latest developments in the metaverse and NFT field. Expert panels will also cover Layer 2 networks, DeFi 2.0, Digital Wallet and DID, DePIN, Regenerative Finance (ReFi), and node validation services.

💠Dozens of Web3 and NFT entrepreneurial project teams will present their technology and achievements in front of leading venture capitals at the Web3.0 Demo Day session on April 14-15.

Building Web3 Together

Attending The Hong Kong Web3 Festival can help improve skills such as socializing, networking, communication, and teamwork. It can also provide opportunities to learn new things and gain new perspectives.

You can learn about the latest trends and developments in the Web3 industry from distinguished industry speakers and experts. “Openness” and “cooperation” are the spirits of Web3.

It also provides a platform for people to learn about virtual assets and how they can be used in their daily lives.

#originalcontent #hongkongweb3 #hongkongweb3festival2023

Bankrupt crypto exchange FTX has recovered $7.3 billion in cash and crypto assets.

The positive development has provoked thoughts of a relaunch in Q2, 2023, FTX attorney says.

FTX token (FTT) has reacted to the news with a 25% uptick in one hour and 103% in 24 hours.

FTX cryptocurrency exchange, now bankrupt, has hinted at a possible relaunch after recovering $7.3 billion worth of assets in both cash and crypto assets.

In a Wednesday hearing at a US bankruptcy court in Delaware, FTX attorney Andy Dietderich noted that with this recovery, the shamed crypto exchange records an increase of over $800 million since January 2023.

Dietderich also revealed that the company is deliberating on its future after months of hard work trying to collect resources and establishing what went wrong under the stewardship of the since-indicted ex-founder, Sam Bankman-Fried (SBF). Notably, the former FTX executive pleaded not guilty. Citing the legal rep:

The situation has stabilized, and the dumpster fire is out.

FTX benefits from the latest bull run

Dietderich has associated the latest development in the FTX ecosystem with the recent uptick in cryptocurrency prices. Using November 2022 crypto prices or rates, the total recovery would be valued at $6.2 billion. This was when the exchange filed for Chapter 11 bankruptcy protection following traders' move to withdraw $6 billion from the platform within three days. Worse, this was around the same time when industry peer, Binance Exchange, abandoned a rescue deal to save FTX.

The current FTX CEO, John Ray, has pointed out "improper fund transfers and poor accounting" at the imploded crypto firm, calling them out for their "complete failure" of controls.

FTX to negotiate a do-over, what this would mean for exposed customers

Looking ahead, FTX is in talks with stakeholders about a possible relaunch in its crypto exchange operations. According to Dietderich, the decision could come out within between April and June 2023.

Dietderich also explained what a relaunch could mean for customers with previous exposure to FTX. Notably, many customers have their crypto deposits still locked up as the bankruptcy case continues.

Thus far, the only customers that have been able to access their funds tied to FTX are its customers in Japan. Dietderich acknowledges the country's stringent crypto regulations as the primary influencer for that outcome.

Nevertheless, FTX would require massive capital to reboot its crypto operations as the current customer interface bears little to no connection with the movement of money in the back end. He said:

The app worked beautifully, but in truth, it was a façade.

Further, Dietderich acknowledged that it remains unclear whether the exchange should use its own funds to resume operations as opposed to using the money to compensate affected customers. Restarting the exchange might require outside funding or a sale of the exchange's assets. Some community members share the sentiment.

The exchange is working on a preliminary Chapter 11 plan to release the company from bankruptcy. The plan will be filed by July, according to Dietderich, who highlighted many details to be addressed as creditors push for their share of the firm's assets. The plan could be approved by Q2 of 2024 at the earliest.

FTX token (FTT) reaction to the news

The hope for a possible reboot has excited FTT holders, triggering a 25% uptick following the news. At the time of writing, the token is auctioning for $2.7, up 103% in the last 24 hours.

Based on CoinMarketCap data, trading activity for the token is also up by an outstanding margin, recording $233.188 million, up 2,382% in the last 24 hours.

#FTX #Binance #hongkongweb3festival2023 #fomc #cpi