China Crypto News — May 18
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Japan Exchange stops privacy coin trading; China National Committee identifies 421 fraud coins; JD blockchain game went live briefly; JD logistics believes Blockchain can reduce cost
Coin and Exchange News
– The Coincheck Exchange announced the suspension of the four cryptocurrency services of Monero (XMR), Dash, Zcash (ZEC), and Augur (REP).
Previously, Matsumoto CEO of the MONEX Group, which acquired Coincheck, said that if Coincheck were to be used as an exchange, it would be difficult to continue using anonymous currency. The four cryptocurrencies Monero (XMR), Dash, Zcash (ZEC), and Augur (REP) are all cryptocurrencies with high privacy component. The Financial Services Agency of Japan also pays close attention to issues such as money laundering and tax evasion for anonymous currencies. These currencies will be converted into Japanese yen after June 18, 2018.
-JD Blockchain Game: Jingdong Blockchain game “Haxi Village ????” was made available on the WeChat platform briefly, but it was taken offline soon after for maintenance.
The game is built on the blockchain and there are “Jing” coins in the game that customers can purchase. The concept of the coins is that the total amount would constant, and the output is reduced by half every two years.
– Head of JD Logistics R&D: Blockchain can reduce business costs
Cheng Yan, head of Jingdong Logistics R&D Department, shared the research on the application of blockchain technology by Jingdong Logistics at a conference. Cheng Yan believes that blockchains can reliably transmit information between participants. This makes it possible to improve the overall efficiency of the entire chain, reduce business costs, and reduce business disputes. The blockchain can build a traceability and identifiable system for the logistics industry from production, warehousing, and distribution to product management. It fosters cross-border logistics and secure transaction and effective communication in a complex international supply chain system.
Macro and Regulation Watch
– National Committee on Internet Financial Security: we’ve found 421 kinds of fake virtual currencies, of which 60% are overseas. Yesterday, the State Committee of Experts on Internet Financial Security Technology released a warning report to guard against fake virtual currency platforms.
– Pilot test: The first “Agricultural Product Commitment Chain” project was held in Guizhou Province, China n May 17, using Fengshan Village as a pilot to apply Blockchain technology to agricultural roducts from planting, processing, selling, financial and ancillary services.
– Market commentary: Meng Zhaoli, Director of JD (Jingdong) Financial Research Institute: The depth and breadth of the combination of blockchain technology and finance are far from being saturated, and the application prospects are broad.
“But it is undeniable that there are still some risks in the industry that need our attention and vigilance.” Some illegal organizations and groups use the blockchain to conduct fraud and hype, which seriously disrupts the the market order. It is necessary to clarify the boundaries of the blockchain and ICO, and apply the technology within the scope of legal compliance. On the other hand, related technologies still need to be advanced, and the threshold for product development and promotion based on blockchain technology is still high.