Asia Blockchain Updates 2019.11.07

Bithumb Launched Bithumb Family, Main net is coming soon, China Changed its mind about Crypto Mining, HongKong Partners with PBoC about Blockchain

by Amy Kang

Bithumb Announced the Launch of Bithumb Family and Bithumb Chain.

Bithumb and Bithumb Global held the ‘Bithumb Family Conference’ in Seoul on Nov 6 and at the same time has unveiled the Bithumb Family and its first public chain, Bithumb Chain.

Choi Jae-won, CEO of Bithumb Korea, a Bithumb operator, said, “Bithumb has grown into a global cryptocurrency exchange for the past five years, and it is right time to leap on to the next level.

CEO officially mentioned through the video in the conference why he created the Bithumb family, the reason why he changed its name from to Bithumb Korea.

The Bithumb family, which was unveiled on the day, is composed of 14 strategic partners in 8 business market, mainly Bithumb Korea and Bithumb Global. 14 partners including▲ Bithumb (Exchange) ▲ Bithumb Global (Exchange) ▲ Bithumb Singapore (Exchange) ▲ Bithumb Chain (Chain) ▲ Bithumb Wallet (Chain) ▲ BTC Investment (Blockchain Economy) ▲ BTC One (Blockchain Economy) ▲ Series One (Securities Type Token Issuance, STO) ▲ Code Box (STO) ▲ Bithumb Ortus (Overseas Trading, OTC) ▲ Bithumb Dex (Decentralized Exchange) ▲ Cross Angle (Research) ▲ INVAULT ▲ VAULTRUST .

One of the Bithumb officials said, “Except for Cross Angle, all partners include equity relationship with Bithumb.”

The Bithumb Chain was also unveiled at the event. “The Bithumb Chain is a back-end system that provides functionality similar to the mainnet,” said Xavier Sim Bithumb Global Co-Founder. The EaaS service can be used to create a decentralized blockchain trading system.

China Gov has Withdrawn “Crypto Mining won’t be Classified as an Industry”

The central government agency responsible for China’s economic policy has retracted its past position that cryptocurrency mining could not be classified as an industry.

China’s National Development and Reform Commission (NDRC) announced the final version of the amendment to the Manual of Industrial Restructuring Guidelines.

The amendment will enter into force on January 1, 2020.

The NDRC held a press conference of the final revision of the Manual of Industrial Restructuring Guidelines on Nov 5th. The official explained that since the draft amendment, about 2500 issues were received from the public on various issues, most of which were reflected in the final version. However, the commissioner made no comment on the bitcoin mining industry.

On the other hand, in Sichuan Province, which is known to be packed with bitcoin mining sites, after President Xi’s urge to promote blockchain, it has been argued that surplus hydro energy should be used as a new growth engine for mining and cryptocurrency.

HKMA Signed an MOU with PBoC for Blockchain Development\

Hong Kong Financial Management (HKMA) announced a memorandum of understanding agreement with HKMA’s subsidiary, Hong Kong Interbank Clearing Limited (HKICL) and the PBOC’s subsidiary, the Institute of Digital Currency on Nov 6.

The agreement aims to interconnect the existing HKMA’s eTrade Connect and the People’s Bank’s Trade Finance Platform by developing a proof of concept from the first quarter of 2020.

In a press release, HKMA said, “The successful completion of the interconnection will provide a more convenient trade finance service and will allow Hong Kong-based banks to expand their trade finance business.”



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