PBoC research unit says cryptocurrencies can’t replace legal currency but says government supervision still needed. Original Link
Blockchain technology could mitigate the menace of counterfeit goods in supply chains. Original Link
New regulations for security tokens could grow crypto trading in Taiwan. Original Link
Xunlei says the upcoming era requires real implementation of mass blockchain applications. Original Link
The new site will help improve blockchain security in China and help prevent problems with smart contracts. Original Link
In March, an investor threatened to commit suicide at OKCoin’s office after losing $1.6 million. Original Link
New rules bring new costs and tighter control to the country’s blockchain industry. Original Link
The draft regulations require blockchain users go through real-name registration, and service providers take responsibility for content. Original Link
Blockchain-based service providers in China would require all users to register their real names and state ID numbers. Original Link
The new platform seems to be specifically designed for the Chinese market. Original Link
Despite China lagging behind the US, the country could create more blockchain usage scenarios, said Liu Xiaolei. Original Link
Jack Ma topped this year’s Hurun Rich List thanks to new investment in Alibaba’s Ant Financial. Original Link
Baidu and Huobi have already set up offices on the Chinese blockchain island. Original Link
“I plan to spend several years to contemplate my career change. As for what I’m doing next, I’m not sure just yet.” Original Link
China’s new middle class is placing crypto eggs in their wealth management baskets Original Link
The deal is meant to put crypto, and Bitmain, in the public spotlight. Original Link
The Huashan Hospital is the first hospital in the country to integrate the blockchain electronic prescription service. Original Link
Alibaba, together with its affiliate company Ant Financial, tops the ranking with 90 related public patent applications. Original Link
The development of increasingly efficient—and affordable —alternative energy sources is prompting the evolution of a system that is more and more decentralized. Original Link
Huobi’s reverse takeover of a Hong Kong-listed company comes in the midst of another crypto crackdown. Original Link
The city wants to continue “maintaining the security and stability of the financial system.” Original Link
Investors are worried about the companies’ long-term viability as the value of cryptocurrencies continues to decline. Original Link
Tencent and Alipay may block transactions linked to cryptocurrency trading. Original Link
Events gathering cryptocurrency enthusiasts are a reminder for Chinese authorities that their struggle has had limited results. Original Link
WeChat and blockchain are the ingredients that will make tax invoices or “fapiao” less available on the black market. Original Link
In the age of the internet, we can send data and information to anybody around the world almost instantly at little cost. But when it comes to payments, the process is usually expensive and time-consuming because the architecture today is an antiquated infrastructure built decades ago.
Ripple, a US-based payment network and currency exchange, wants to solve this problem by utilizing the power of blockchain. On TechCrunch Hangzhou Blockchain Side Stage, Emi Yoshikawa, Director of Joint Venture Partnerships at Ripple, spoke about how Ripple is using blockchain technology to improve the fragmented infrastructure of payments today.
The idea behind Ripple’s Interledger Protocol is that anyone should be able to send money to anywhere in the world instantly at little or no cost and without the need for payer and payee to set up accounts on the same global payment service. The Interledger project aims to ease the friction of global payments by connecting banks and financial services into a single network. For banks and payment providers, Ripple is utilizing XRP, a highly-scalable digital asset that is used on the Ripple network, to reduce costs and improve efficiency for high-volume transfers.
When asked about whether Ripple is seen as a threat to existing banks and financial services, Yoshikawa said their technology is not just about reducing cost, but also about creating new opportunities that was not possible before—creating new types of business, providing greater access to financial services, etc.
“People tend to think that blockchain is a threat to existing financial services, but it’s not always the case,” Yoshikawa said. On the contrary: “We are providing solutions to help banks become better, so they can provide better services to their customers.”
In fact, Ripple is partnering with banks and financial services all around the world. While some do see blockchain technology chipping away traditional banking services’ source of revenue, however, Yoshikawa said, some innovative banks look at this as a way to create a new opportunities. Santander Bank, for example, has chosen to work with Ripple because “they were facing a lot of competition from fintech companies, like TransferWise and Paypal, and their market share in cross-border payment was quickly diminishing.” Realizing that sticking with the existing old technology is no longer an affordable option, Santander is focused on creating new opportunities.
Yoshikawa explains that ease of integration is part of why their services have been gaining traction in the financial industry. The integration process is easier than one would imagine because Ripple is not creating a new infrastructure, rather they are leveraging the existing infrastructure to enable ledgers and banks to talk to each other. For smaller banks, the integration process takes roughly three months. Also, Ripple is not only a technology provider, but they are establishing common rules for banks to use the technology.
“Low-value high volume use cases including remittances is an area that we’re focused on,” Yoshikawa said. Remittance is an area where there is still a lot of friction.
Yoshikawa believes that Asia is a critical market for Ripple. “Asia is the world’s center for remittance payments,” Yoshikawa said, “there is a lot of money going into Asia and flowing out of Asia as well.” In China’s case, their service can make far-reaching changes to the lives of migrant workers who rely on cross-border transfer services to send money back home. Other areas such as travel-based payments and e-commerce are also on the rise.
“Today’s cross-border industry is dominated by big western banks,” Yoshikawa said, smaller regional banks in Asia are increasingly seeing Ripple’s solution as a way to differentiate themselves and increase their competitiveness.