China's Crypto Crackdown Shakes: Billions of Illegal Bitcoin (BTC) Transactions Revealed.

Recent developments in #ChinaDrama show that cryptocurrencies continue to be used despite the government's current ban. Many raids by Chinese police have revealed the use of cryptocurrencies for illegal transactions worth billions of dollars.

A #Bloomberg report revealed that in May, police in China uncovered an underground bank linked to illegal transfers worth 13.8 billion yuan (~$1.9 billion). Authorities detected several illegal currency exchanges involving unauthorized conversions worth nearly 2 billion yuan and transactions worth over 1 billion yuan.

In contrast, #Chinese citizens are still thought to be interested in digital assets. Many people are using crypto as an alternative investment tool in an environment of falling real estate prices, while others are using crypto as a channel to bypass foreign transfer limits.

Chengyi Ong, head of #APAC policy at Chainalysis Inc., stated in a statement that there is still a significant amount of crypto activity going on in China. According to Ong, this may be caused by not strictly enforcing the ban. Still, the decentralized and peer-to-peer nature of crypto activities may be one of the contributing factors.

Recent discoveries by Chinese authorities highlight the difficulties of enforcing a nationwide crypto ban. Despite government efforts, significant crypto activity continues, driven by underground banks and illegal exchanges. The massive influx of crypto into China demonstrates the continued interest and participation of Chinese citizens in digital assets. Going forward, the effectiveness of the ban will likely depend on implementing stricter enforcement and addressing the root causes of crypto use.
$BTC

ZAN and Mysten Labs Join Forces to Propel Web3 Infrastructure Forward!

Palo Alto, CA, August 13th, 2024 – In a groundbreaking move, ZAN, the web3 technology arm of Ant Digital Technologies, has announced an exciting partnership with Mysten Labs, the trailblazers behind the Sui blockchain. This collaboration is set to supercharge the development and adoption of web3 applications across the APAC region.

With this alliance, ZAN is stepping up to integrate Sui into its ecosystem, focusing on two critical areas: KYC infrastructure and RPC node services. Mysten Labs will provide cutting-edge technological support, empowering ZAN to offer robust KYC solutions and officially launch RPC node services, enhancing Sui's scalability and accessibility for developers and users alike.

Cobe Zhang, COO of ZAN, expressed the company's enthusiasm: “Sui is a shining star in the public chain space, known for its innovation and value creation. At ZAN, we share a commitment to building next-generation web3 infrastructure. Together with Mysten Labs, we aim to push the boundaries of what's possible in the web3 industry.”

This partnership will explore opportunities in payments, digital identity, data, and more, with a shared vision of creating innovative solutions that benefit consumers and businesses. Both ZAN and Mysten Labs are eager to drive the development of web3 super apps and will keep the community updated on their progress.

Adeniyi Abiodun, Chief Product Officer and Co-Founder of Mysten Labs, added, “Collaborating with ZAN is a significant step for Sui and the broader web3 ecosystem in the APAC region. We’re excited to bring e-KYC solutions to the digital asset space and accelerate the creation of innovative applications that will impact millions.”

Stay tuned for more updates on this exciting journey as ZAN and Mysten Labs work together to shape the future of web3!

#CryptoNews #Binance #APAC #DigitalIdentity #eKYC