The team behind CNHC Group, the issuer of CNHC, a stablecoins pegged tothe offshore yuan, and HKDC, one tied to the Hong Kong dollar, was arrested inShanghai, according to a local news outlet, PANews. CNHC Group has been renamed to Trust Reserve.
The team was reportedly taken away from their company buildingin Pudong, Shanghai, by police officers and was detained. According toPANews, which visited the offices of CNHC, the premises had a notice written ‘Judicial Seizure, Strictly No Vandalism’ signed on May 25.
As of press time, Finance Magnates is yet to get a response from CNHC Group about the development and will update this story once new information is available.
Chinese Yuan Stablecoin Issuer
CNHC stablecoin is fully backed at a 1:1 ratio to the CNH, the Chinese offshore yuan traded outside Mainland China. In March, the cryptocurrency exchange KuCoin, through its investment arm KuCoin Ventures, leda $10m funding round for CNHC Group.
Technically, CNHC isbased on two blockchain networks, Ethereum and Conflux, the latter being anEthereum-compatible blockchain built for cross-border applications andcross-chain operability. Conflux operates in China and has partnered with ChinaTelecom in a blockchain-integrated sim card project.
China Continues Crackdown on Digital Assets
China has imposed a ban on cryptocurrencies in starkcontrast to Hong Kong, which is re-establishing itself as a digital assets andfinancial services hub. In October, the regulators in Hong Kong said they wereworking to introduceproper regulations governing digital assets similar to those in the traditional financialspace.
On the other hand,Beijing is workingon a central bank digital currency (CBDC),also known as the Digital Yuan, as an alternative to cryptocurrencies and theunderlying blockchain technology. With China marking major milestones with its Digital Yuan pilot, theonce-booming crypto industry faces tougher regulations.
Moreover, China iscreating a two-tier distribution system involving the People’s Bank of China and commercial banks to distribute the DigitalYuan. The arrangements would see the apex monetary authority distribute the CBDC to commercialbanks, allowing customers to convert their fiat currencies to digital currency.
Options’ Paris office; BidX’s new Liquidity Manager; read today’s news nuggets.
The team behind CNHC Group, the issuer of CNHC, a stablecoins pegged tothe offshore yuan, and HKDC, one tied to the Hong Kong dollar, was arrested inShanghai, according to a local news outlet, PANews. CNHC Group has been renamed to Trust Reserve.
The team was reportedly taken away from their company buildingin Pudong, Shanghai, by police officers and was detained. According toPANews, which visited the offices of CNHC, the premises had a notice written ‘Judicial Seizure, Strictly No Vandalism’ signed on May 25.
As of press time, Finance Magnates is yet to get a response from CNHC Group about the development and will update this story once new information is available.
Chinese Yuan Stablecoin Issuer
CNHC stablecoin is fully backed at a 1:1 ratio to the CNH, the Chinese offshore yuan traded outside Mainland China. In March, the cryptocurrency exchange KuCoin, through its investment arm KuCoin Ventures, leda $10m funding round for CNHC Group.
Technically, CNHC isbased on two blockchain networks, Ethereum and Conflux, the latter being anEthereum-compatible blockchain built for cross-border applications andcross-chain operability. Conflux operates in China and has partnered with ChinaTelecom in a blockchain-integrated sim card project.
China Continues Crackdown on Digital Assets
China has imposed a ban on cryptocurrencies in starkcontrast to Hong Kong, which is re-establishing itself as a digital assets andfinancial services hub. In October, the regulators in Hong Kong said they wereworking to introduceproper regulations governing digital assets similar to those in the traditional financialspace.
On the other hand,Beijing is workingon a central bank digital currency (CBDC),also known as the Digital Yuan, as an alternative to cryptocurrencies and theunderlying blockchain technology. With China marking major milestones with its Digital Yuan pilot, theonce-booming crypto industry faces tougher regulations.
Moreover, China iscreating a two-tier distribution system involving the People’s Bank of China and commercial banks to distribute the DigitalYuan. The arrangements would see the apex monetary authority distribute the CBDC to commercialbanks, allowing customers to convert their fiat currencies to digital currency.
Options’ Paris office; BidX’s new Liquidity Manager; read today’s news nuggets.
