Millions of dollars worth of China’s Central Bank Digital Currency (CBDC) has been handed out across the country over the Lunar New Year period in a bid to boost its takeup. According to a Feb. 6 report in the Global Times, an English-language outlet of the state-ran People’s Daily newspaper, around 200 “activities” for the e-CNY were launched across the country during the holiday period. These "activities" were made to “promote consumption” — the first of such since the government recently relaxed COVID-19 restrictions. Multiple cities reportedly gave away over $26.5 million, or 180 million yuan worth of the CBDC …

The upcoming Chinese New Year holidays on Feb. 12 could have an indirect impact on Bitcoin's (BTC) price and drive sell-offs on the market, according to a recent analysis. Per a Thursday report by cryptocurrency investment firm Stack Funds, the ongoing selling pressure on Bitcoin's price is likely to continue in the short term due to Asian miners increasingly offloading their funds amid the upcoming week-long holiday. With more than 60% of global Bitcoin mining pools located in China, Stack Funds head of research Lennard Neo suggested that a lot of selling pressure is coming from Chinese miners. The researcher …

Happy Chinese New Year! As the Year of the Yellow Mountain Dog has drawn to a close, it is time to look back at what happened. While there was a promising start in January 2018, when most altcoins were enjoying their all-time highs, the bear eventually took over, and the market delved into the so-called “Crypto Winter.” Nevertheless, there was good news, too: The United States regulators expressed their desire to stick to “positive regulation,” while big league investors poured some funds into a number of promising, compliant crypto projects (mostly stablecoins). Here is what was happening month-by-month, along with …

OKCoin gave away 10 Million RMB and encouraged users to give it to their friends through WeChat, following a growing trend of sending traditional red envelopes through the popular chat program. The promotion awarded users with an amount between 1mBTC and 1BTC, then encouraged them to send that amount (or more from their linked OkCoin account) to their friends. The amount sent to each friend would be randomly determined. While giving cash is sometimes seen as impersonal in the west, giving cold cash is an accepted and expected practice during the Chinese New Year. Giving out Red Envelopes full of …