Here is everything you might have missed regarding these stories (and more) in this week’s edition of OKEx Insights’ China Market Watch.
State Council of China pushes blockchain in four free-trade experimental zones
The State Council of China highlighted the importance of blockchain technology by fostering the development of four free-trade experimental zones in China:
According to the State Council’s announcement, the use of blockchain technology facilitates a paperless cross-border trading environment and helps to formulate technical and regulatory standards in free-trade experimental zones.
Key takeaways
The purpose of blockchain applications differs slightly in each free-trade experimental zone. The Beijing experimental zone aims to construct a digital trade finance ecosystem and support the research and adoption of DCEP. For the Hunan experimental zone, the aim is to enhance offerings in financial services. The Anhui experimental zone aims to streamline the administrative processes, while the Zhejiang experimental zone aims to use blockchain technology to establish a regulatory sandbox for fintech projects.
The free-trade experimental zones further illustrate China’s push to be the world leader in blockchain solutions.
Justin Sun’s Weibo banned for the fourth time
TRON founder Justin Sun had his Weibo’s account banned for the fourth time. According to Weibo’s official account, Sun’s account ban follows violations of the Weibo community rules.
Despite the ban of Sun’s personal account, Weibo accounts for his crypto projects — such as TRON and DeFi project JustSwap — remain in normal operation.
Key takeaways
Sun is well known for his aggressive (and arguably disingenuous) marketing strategy in the crypto space. On Sept. 19, Sun claimed that JustSwap is the first-ranked decentralized exchange and that he is considering launching an airdrop for JustSwap users. Furthermore, the TRON Foundation recently apologized to the public for Sun’s false statement that TRON reached 10 billion users — a number greater than the population of the planet. The fourth ban of his personal Weibo account is, therefore, unsurprising.
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