Asia Blockchain Updates 2019.12.04 China is Censoring Every major Crypto Website, Korea will Abadon Dark Coins?

Etherscan has also been Kicked out of China,
Korea Gov Tries to Prohibit Dark Coins officially,
Chinese Major Insurance company’s blockchain subsidiary Listed on US stock market

Asia Blockchain Updates 2019 by Amy Kang
Asia Blockchain Updates 2019 by Amy Kang

Etherscan has been Blocked in Mainland China

Etherscan has been Blocked in Mainland China since Oct

The Chinese government has blocked access to, the Ethereum block explorer, It seems that China’s Government decided to use a firewall to restrict access to overseas Internet sites in Etherscan as well.

According to the Coindesk and CoinTelegraph’s report on Dec 3rd, they have tested to get in the website in China on that day, and they found out it was impossible to access the website through the Chinese internal IP address.

Media also reported that it was accessible to get in EtherScan without censorship last August.

According to a search by the International Civil Organization, since October 30 (local time), it has been unavailable to access EtherScan in China unless using a virtual private network (VPN).CoinTelegraph said, “(Etherscan Blocking) seems to happen recently.”

China’s government has not disclosed the reason for blocking.

Matthew Graham, head of blockchain investment firm Sino Global Capital, said, “ This is another typical case of friction that we can see between decentralization of Blockchain technology and actions that are fully-Controlled central Chinese government. These kinds of incidents should be expected more to happen in the future when more blockchain applications will be integrated into our lifestyle. ”

Korea Government to Consider a Policy to Abandon the Trading of Dark Coins

Korea Government is about to issue a Policy to Abandon the Trading of Dark Coins
Korea Government is about to issue a Policy to Abandon the Trading of Dark Coins

Korea government is recently considering again to issue a policy to prohibit the trading of so-called privacy coins (or dark coins) such as Monero (XMR), DASH and ZASH (ZEC). The risk of using Dark coins for money laundering is much higher than any other coins because the information of transactions is normally unknown.

Coindesk Korea recently obtained documents related to the “Act on Reporting and Use of Specific Financial Transactions (Special Financial Act)”, which was prepared and submitted to the National Assembly on Nov.

The document contains some examples and case studies of cryptocurrency that reflect the fact that certain coins have particularly at high risk of money laundering, including unknown transaction details, and so-called dark coins or private coins were in that example group.

The Special Financial Act has been categorized by the Enforcement Degree, also known as Presidential Decree.

Unlike the law, the Enforcement Decree (Presidential Decree) does not have to go through the National Assembly, so the process of enactment and revision is relatively less complicated.

For this reason, the law serves as a substantial principle and the Enforcement Decree becomes the actual law in order to reflect the opinion of the field more faithfully in the frequent changes of the law.

This is not the first time to comment about the dark coins and its risk of trading in the industry.

The financial authorities of Korea have questioned the privacy coin last September. At the time, the FSS official questioned about the reason why there is a high volume of Monero (One of the dark coins) trading in a meeting with major Korean cryptocurrency exchanges, the question refers to the “ Pumping of Trading volume” in Bithumb.

After the meeting, Upbit has decided to delist immediately Monero (XMR), DASH, ZASH, ZEC, Haven (XHV), Bittube (TUBE), and Pivex (PIVX) on September 30.

One Connect of Pingan, Aiming to Raise 500Mill USD in US IPO

Chinese Blockchain Company One Connect on US IPO
Chinese Blockchain Company One Connect on US IPO

A Chinese blockchain company, One Connect of Ping An, the largest insurance company in China, has submitted a revised prospectus to SEC for US IPO.

According to the Huaxia Media of China, the latest prospectus that One Connect officially announced that its US stock issue price range was between 12–14 US dollars, the total number of American Depositary Shares (ADS) issued was 36 million shares.

This is the first detailed IPO plan since November 14th when the first prospectus of Financial One Connect was issued on the SEC.

The prospectus issued by Financial One Connect on December 3 shows that it is determined to be listed on the NYSE with a listing code of “OCFT.” Based on the calculation of prospectus of One connect, the highest fundraising plan is about USD 504 million, and the lowest is USD 432 million.

This is less than half of the amount that was speculated previously by Industry experts who estimated the total raising should be USD 142 million.

One of the officials of Ping An has responded during the media interview, He said: One Connect itself and China Ping An have not released clear financing information for US IPO listing. The so-called financing of 1 billion US dollars was speculation from the outside. For Ping An of China, the listing of Financial One Connect is a part of the Group’s fin-tech strategy.

Moreover, the current development of the blockchain industry is supported by the central government. One Connect is the incubator company of Ping An. Their key product should be research and application of blockchain technology. Listing IPO is only a small part of the scheme to derive for its further development.

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