Category Archives: Industrial and Commercial Bank of China

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Token Grab Still on in China Despite Ban

China has a ban on crypto and ICOs but the Chinese crypto enthusiasts keep on coming, with tokens available for those that want to flout state rules.

ICOs banned in China are increasingly coming under pressure and most of the big names have set up overseas to avoid becoming entangled in complicated prohibitive regulations. Thus, any advertising relating to ICOs is quickly jumped on by the authorities in an attempt to eradicate them from mainland China.

Clearly, the way to survive the ban is to do your business quietly, which is what many investors have learned to do, ensuring that their crypto life goes on as normal. The latest method to circumvent rules and buy tokens is for buyers is to log in on a platform for over-the-counter (OTC) transactions, where WeChat, Alipay or bank transfer mainstream currencies are readily available. Even setting up an ICO is possible if you know how, according to local media, as many Chinese companies are setting up overseas.

Despite the obvious continuation of trading and increase in peer-to-peer activity, the Chinese government recently called its a ban a “success”. Zhang Yifeng, a blockchain analyst at the Zhongchao Credit Card Industry Development Company, commented on recent government data which suggested that Chinese yuan (CNY) was currently being used in less than 1% of crypto-trades:

“The timely moves by regulators have effectively fended off the impact of sharp ups and downs in virtual currency prices and led the global regulatory trend.”

However, the word “success” may be purely subjective on this occasion, seeing that the ban drove out Binance, one of the world’s largest cryptocurrency exchanges, along with other hugely “successful” platforms, taking along with them an enormous investment pool.

With the latest revelation that the Industrial and Commercial Bank of China (ICBC) intends to focus on developing blockchain technology, China’s blockchain growth goes from strength to strength regardless, and this is clearly where China sees its future regardless of any later decision they may take on lifting the current crypto ban. Financing events this year have involved far in excess of CNY 6 billion, with over 10% of blockchain businesses being able to obtain more than CNY 100 million yuan of financing to further develop their enterprises.

 

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No Rest for China As Country’s Largest Bank Adopts Blockchain

The Industrial and Commercial Bank of China (ICBC) has revealed that it intends to focus on developing blockchain technology.

This is a major development in terms of China’s push to integrate blockchain technology into financial systems as the ICBC is the country’s largest banking institution with over 5,000 corporate and 530 million personal customers.

The bank’s chairman Yi Huiman has indicated that the ICBC will focus on “intelligent banking” and “accelerated deployment in the field of financial technologies”, as it moves forward. This includes cloud computing, big data, artificial intelligence (AI), blockchain, and Internet of Things (IoT).

China’s government has publicly expressed that it is in favor of blockchain technology, with comments made at the highest level that it plans to integrate it wherever possible. This commitment doesn’t extend to cryptocurrency, which it continues to publicly admonish and prohibit at every opportunity, both at government level and in the state-run media.

In August the government released its guide entitled ‘Blockchain – A guide for Officials’,  which covers many facets of the nascent technology offering counsel to government officials. In an excerpt from the book in the chapter ‘From Internet Thinking to Blockchain Thinking’, Ye Hao, president of People’s Network writes:

“We call on the industry peers to continue to look at the blockchain technology with a development perspective. Looking at the blockchain label from a scientific perspective, look at the blockchain industry with a strategic eye, look at the blockchain business opportunities with a calm eye, promote the sustainable and healthy development of the blockchain industry.”

Such opportunities are being seized almost weekly in China, with fresh developments utilizing DLT such as projects targeting the State Aerospace Industry, updating its electronic invoicing using the tech. In Sichuan Province just last week, a new blockchain company has been formed to target “forestry economic development and industrial poverty alleviation”.

 

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