Good morning Asia, here's what's making news today: 1. Bitcoin inches down but holds near $23.5K amid continued inflation and rate hike angst. 2. Layer 1 blockchain Coinflux and China have a complicated relationship. TheSamReynolds and JPRubin23 write
Beijing is pro-blockchain, but anti-crypto. It sees the former as a key technology, as important in the 21st century as the hypertext transport protocol was in the 20th; the latter is a speculative asset that inhibits the worst parts of capitalism.
You can use the technology within the country, just not trade the token. A version of NEO is available on, for instance, but this exists as a universe from the NEO the rest of the world sees in order to comply with local law. Within China, CFX relies on Conflux’s sponsorship mechanism, which allows ordinary users to interact with smart contracts without holding crypto. Stuff still exists on-chain minus the gas fees.
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