China Crypto Roundup (Mar. 15-Mar. 21):Hong Kong Test Digital RMB, Ebang Launched 6nm ASIC Chip

1. HKMA: We are working with the Digital Currency Institute of the People’s Bank of China to test the digital RMB

On March 15, Hong Kong Monetary Authority (HKMA) JP Eddie YUE said that they were working with the People’s Bank of China (PBOC) Digital Currency Research Institute to test the technology of using digital RMB for cross-border payments and make technical preparations.

2. Zhejiang Provincial Financial Industry Development “Fourteenth Five-Year” Plan: strive for the digital RMB pilot

On March 15, according to the official website of the Local Financial Supervision Administration of Zhejiang Province, the Province issued the “14th Five-Year Plan for the Development of the Financial Industry in Zhejiang Province” (draft for soliciting opinions). According to the draft, it will deepen the provincial construction of mobile payment, including striving for the pilot application of digital RMB, and encouraging and guiding relevant enterprises in Zhejiang to participate in the construction of digital RMB ecosystem and the research and development of the extension industry.

3. Ebang announces the Launch of a new 6nm Bitcoin mining ASIC chip

According to a press release published on March 17, Ebang, China’s second-largest ASIC-chip manufacturer, has completed a 6 nm ASIC chip designed for its Bitcoin mining machines. The company said that they expect the chip to give them a competitive edge in the market in terms of the performance it provides.

4. Luohu District, Shenzhen: to develop blockchain financial technology and promote international cooperation on digital RMB

On March 16, according to the official website of Luohu District of Shenzhen, the Bureau of Industry and Information Technology of Luohu District released the “14th Five-Year Plan for Industrial Development” to solicit opinions from the public. According to the draft, it will support the development of emerging fintech industries such as online credit investigation, technology insurance and digital finance, focus on the development of blockchain financial technology, carry out digital currency research and mobile payment and other new applications, and promote international cooperation on digital RMB.

In addition, the draft also mentions digital currency several times, saying it will promote research and application of big data, blockchain, digital currency and mobile payment, and establish a market-oriented fintech incubation platform and digital currency application scenarios. It will support cooperation between financial institutions and retailers, promote digital currencies, upgrade Internet financial technology, and boost the development of consumer finance.

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