Chengdu will launch its first digital yuan lottery on Jan. 27, the fourth in China, distributing $7.7 million of the digital currency. Authorities busted a criminal network trading vast troves of personal data using cryptocurrencies. The global chip shortage is hitting cryptocurrency rig makers, and the BSN is partnering with New York Ethereum protocol ConsenSys Quorum.
The world of blockchain moves fast, and nowhere does it move faster than China. Here’s what you need to know about China’s block-world in the week of Jan. 19 – 26.
Chengdu’s first digital yuan lottery
Chengdu, a city in China’s southwestern Sichuan province, will launch its first digital yuan lottery to distribute RMB 50 million ($7.7 million) of the currency via red envelopes. The lottery is the fourth public digital currency trial to take place in China.
Bitcoin for private data
Chinese authorities arrested 30 people in connection with selling 600 million pieces of personal information collected across 10 Chinese provinces, and accepting RMB 8 million in cryptocurrencies as payment. The suspects were using the encrypted messaging app Telegram to sell the data. (Jiangsu Internet Police official WeChat, in Chinese)
The chip shortage
The global chip shortage has hit cryptocurrency mining rig manufacturers. As Bitcoin prices have risen, so has the demand for mining rigs. Chipmakers have been unable to keep up with demand. (Reuters)
The BSN update
The Blockchain Services Network, a government initiative to build an internet of blockchains, announced that it is partnering with ConsenSys. The New York company’s Ethereum-based enterprise blockchain solution Quorum will be available in over 80 nodes of the BSN in China. (CoinDesk)
Eastern Jiangsu province launched a blockchain-based platform for rural finance in collaboration with Ant Chain and Jinhu Rural Commercial Bank. The platform will support the management of land mortgage loans, using smart contracts to automate deposits and verification. (Letter Chain Finance, in Chinese)
The staff news
Huobi’s Chief Investment Officer Sharlyn Wu is reportedly preparing to resign from the cryptocurrency exchange. The CIO drove Huobi’s investments in decentralized finance over the last six months. (Wu Blockchain)