Beijing’s state media is rallying behind Chang’an Chain, a homegrown blockchain infrastructure hailed as an answer to China’s “root drawback” of digital sovereignty.
A profile on Qianlong.com credit researcher Dong Jin and his crew for constructing a totally open-source and state-backed blockchain stack now powering nationwide digital tasks. Although little-known outdoors China, Chang’an Chain has gone by 21 iterations over six years and now claims to deal with over 100,000 transactions per second — a benchmark usually cited by next-generation blockchains aiming to match the dimensions of conventional monetary networks.
It’s reportedly being utilized in China’s nationwide actual property registration system and by firms to digitize provide contracts, permitting banks to confirm provider relationships and speed up mortgage approvals.
The profile comes simply as Chinese language tech giants foyer for the precise to situation yuan-backed stablecoins in Hong Kong. However Beijing is sending a distinct message at residence.
Notably, the Qianlong function doesn’t point out crypto or stablecoins as soon as. As an alternative, it reinforces China’s longstanding imaginative and prescient of blockchain as state-controlled infrastructure for trusted knowledge alternate and never a platform for digital currencies or hypothesis.
Whereas Hong Kong has rolled out maturing crypto laws to place itself as a regional hub for digital belongings, mainland China continues to ban cryptocurrency buying and selling, mining and alternate operations. However the current surge in world crypto markets has reignited hypothesis a few doable coverage shift. To date, Beijing hasn’t budged.
Assist for state-backed blockchains in mainland China has remained regular. In 2019, President Xi Jinping elevated blockchain to nationwide precedence standing, calling it a “core breakthrough expertise.” Whereas blockchain is just not listed among the many seven “frontier applied sciences” highlighted within the 14th Five-Year Plan — which incorporates AI, quantum computing and brain-computer fusion — it stays a core a part of China’s broader digital technique, notably in finance, governance, and provide chains. The plan’s improvement interval ends in December, with a ultimate efficiency assessment to be delivered by the State Council to the Nationwide Folks’s Congress through the annual legislative session in March 2026.
Quantum computing, one of many prioritized frontier fields, has been recognized as a possible risk to blockchain and Bitcoin safety as a consequence of its potential to interrupt cryptographic encryption.
This previous week, the South China Morning Submit reported that Chinese language researchers have developed a blockchain storage expertise that may resist quantum pc assaults
Japan’s Solana stablecoin research
Japanese digital-only financial institution Minna Bank has launched a joint research with Solana Japan, Fireblocks, and TIS Inc. to discover the issuance of stablecoins and the combination of Web3 wallets.
The research will concentrate on issuing stablecoins on the Solana blockchain, with potential purposes together with tokenized real-world belongings (RWAs) comparable to bonds and actual property, cross-border funds, and digital wallet-based monetary companies.
The transfer aligns with world developments, notably within the US and Europe, the place establishments are exploring stablecoin regulation and RWA tokenization. Japan was among the many first nations to determine a transparent authorized basis for fiat-backed stablecoins by revisions to the Fee Providers Act, which took effect in June 2023.
Minna Bank, which launched in 2021 and has surpassed 1.3 million accounts, goals to finally combine stablecoins and Web3 options into its core app as a part of its Banking-as-a-Service choices.
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North Korean defectors falling for crypto scams
South Korean police are investigating a suspected cryptocurrency funding rip-off that allegedly focused North Korean defectors.
In keeping with local media citing police sources, 21 complaints had been filed between July 4 and eight towards an unnamed suspect.
The suspect reportedly operated an workplace in Siheung, a satellite tv for pc metropolis of Seoul, the place he solicited investments into crypto merchandise by way of a selected platform. Buyers say their transferred funds had been transformed and deposited into platform accounts. Utilizing a cell app, victims believed they had been investing these funds into crypto merchandise.
Nevertheless, the app all of the sudden stopped functioning earlier this month, leaving customers unable to withdraw their cash. The overall losses claimed to this point quantity to roughly 1 billion Korean received (round $720,000).
Some complainants mentioned the suspect launched themself as a North Korean defector and persuaded different defectors and acquaintances to affix the scheme. Others alleged that the suspect was not the mastermind however certainly one of a number of operatives in several cities and earned commissions by recruiting new members.
Victims imagine many others have but to return ahead, suggesting the precise losses could possibly be larger.
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Indonesia’s licensed alternate lists for public buying and selling
Indokripto Koin Semesta has turn into the primary Indonesian crypto alternate operator to go public, itemizing on the Indonesia Inventory Change below the ticker COIN, the identical image utilized by Coinbase on the Nasdaq.
Shares jumped 35% on the July 9 debut.
Indokripto is the guardian firm of Central Finansial, a licensed crypto alternate, and Kustodin Koin Indonesia, a digital asset custodian.
Whereas usually neglected in world discussions, Indonesia performs a significant function in crypto adoption. In 2024, it ranked third in Chainalysis’ World Crypto Adoption Index and first in DeFi worth acquired.
Earlier this yr, Indonesia appointed the Monetary Providers Authority (OJK) because the official regulator for crypto belongings. To date, only one exchange — below the Indokripto umbrella — has acquired a crypto license.
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Yohan Yun
Yohan Yun is a multimedia journalist overlaying blockchain since 2017. He has contributed to crypto media outlet Forkast as an editor and has coated Asian tech tales as an assistant reporter for Bloomberg BNA and Forbes. He spends his free time cooking, and experimenting with new recipes.
