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DCEP sees first payment trial in Shanghai, BTC trader robbed in Hong Kong

2021.01.08 Matthew Lam

A weekly overview of blockchain and cryptocurrency news from China and Hong Kong

China Market Watch image

Welcome to the first edition of China Market Watch in 2021!

China's digital currency, Digital Currency Electronic Payment, continued to take center stage in the first week of the new year as the first DCEP payment trial was made in Shanghai. The crypto industry in Hong Kong, on the other hand, did not start off on a positive note — a BTC trader was robbed for HK$3 million. Meanwhile, in the mining sphere, Canaan Creative released its latest ASIC model to cope with fierce competition from Bitmain and MicroBT.

Here's everything you may have missed regarding these stories, and more, in this week's China Market Watch from OKEx Insights.

Shanghai's first DCEP transaction completed

Dr. Yu Yiming, the doctor who discovered the first COVID-19 case in Shanghai, reportedly completed the first Digital Currency Electronic Payment trial payment in the municipality.

The DCEP transaction was conducted in the Shanghai Jiao Tong University School of Medicine's canteen. Yu used a bank card from Postal Savings Bank of China and completed the purchase via a point-of-sale machine.

Key Takeaways

  • This is the first time DCEP has been spent via a bank card, which shows the payment amount and total DCEP balance.
  • The Shanghai Jiao Tong University School of Medicine plans to extend the DCEP payment trial to include medical payments and car parking.

BTC trader robbed in Hong Kong

An unknown group of six individuals reportedly robbed a BTC trader for  HK$3 million — worth approximately $387,000 — after a face-to-face meeting on Monday, where the trader agreed to sell the criminals 15 BTC. 

The sender transferred the BTC to the receivers after receiving the cash. However, the recipients then drove the trader to a hillside and kicked him out of the car, stealing back the cash and two mobile phones.

The Hong Kong police are investigating the case and searching for the criminals.

Key Takeaway

  • Peer-to-peer cryptocurrency trading remains an unregulated area in Hong Kong. The Hong Kong Securities and Futures Commission has not released any guidelines for the regulation of this area.

Canaan releases latest ASIC model for BTC mining

China-based BTC mining manufacturer Canaan Creative released its latest ASIC mining model, the Avalon Immersion Cooling Miner A1066I.

According to the official website, A1066I is a liquid-cooled device that reduces cost-per-terabyte and, potentially, boosts computational power. The device also purports to promote eco-friendly energy consumption and noiseless operations.

Key Takeaways

  • The latest mining model release aims to boost Canaan's revenue from previous losses. As the first BTC mining manufacturer listed on NASDAQ, the mining giant reported a net loss of $12.7 million in Q3 2020.
  • The release is set to counter increasing competition from MicroBT, which set up the first offshore BTC mining factory in the U.S. market.
  • Compared to traditional air-cooled mining devices, a liquid-cooled mining device offers better protection against dust and overheating.

Exchange-related crypto stocks in Hong Kong surge over 50%

The stock markets in Hong Kong and China recovered in the first week of 2021. As of the time of writing, the Shanghai SE Composite and CSI 300 are currently trading at 3,551 and 5,418 — with weekly gains of 4% and 5.94%, respectively. In Hong Kong, the Hang Seng Index rose 2.15% this week and currently stands at 27,732.

Stock markets in Hong Kong and China recovered this week. Source: Trading Economics, Investing.com

The price of exchange-related crypto stocks in Hong Kong surged following the current BTC bull run. OKG Technology Holdings Limited (HKG.1499) surged 54.4% this week and priced at HKD 0.38 per share.

OKEx Insights presents market analyses, in-depth features, original research & curated news from crypto professionals. 

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