Crackdown on cryptocurrency mining to achieve SDGs, boom of “loser coin”, etc.—Review of China Blockchain Week (May 11th to May 18th)
Sichuan authorities may put more pressure on cryptocurrency mining activities to meet the Sustainability Goals (SDGs) set by the central government. The new token, named Losercoin, capitalizes on retail investors' feelings of being "always left behind." Dalian is promoting B2B applications of the digital yuan, and Hong Kong is considering cross-border transactions using the digital yuan.
A new cryptocurrency that seeks to own failure is booming in China. Losercoin is the native token of decentralized exchange LoserSwap, a project started by a team of self-described “two poor guys” from rural China who lost a lot of money trading cryptocurrencies, according to their website.
The founders appear to have capitalized on the rich bloodline of Chinese investors who are feeling underdogs, promising not to take advantage of them with rumors and pool-run scams. ing.
On Losercoin's fan site, a post titled "How to know if you're a loser" includes comments such as "I like cheap and free things like LOWB", "I always feel like I'm out of place, It always loses when everyone else is making money.” (translated by CoinDesk). LOWB is his Losercoin ticker code.
Hashtags such as “Losercoin” and “LOWB” have been viewed 17 million times on Chinese social media “Weibo” at the time of writing, peaking around May 11. (CoinDesk)
However, the consolation victory was short-lived. Data from CoinMarketCap shows that the coin's price rose when these hashtags trended on Weibo, but has since fallen below its launch price.
For once, we all need to win.#losercoin $LOWB https://t.co/tPiMgvom9V
— Losercoin (@loser_coin) May 17, 2021
Huobi Global, the parent company of cryptocurrency exchange Huobi, has launched a US$100 million venture capital fund. Blockchain startups, especially he invests in DeFi (decentralized finance) and he in NFTs (non-fungible tokens). (Decrypt)
A WeChat article by a Tencent research institute called on authorities to consider including Bitcoin and other cryptocurrencies in China's foreign exchange reserves, says Chinese blockchain mogul Colin Wu reported. The institute removed the article within 24 hours, Wu wrote on his Twitter account. (Wu Blockchain)
[via TechNode] @technodechina
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