Sentiment in China has eased as Bitcoin searches on WeChat have declined 7% this week, and searches on the bear market have increased by 102%. A trend that remained strong was with NFT, with WeChat searches increasing 86% over a seven-day period. Token sales were another hot event that sparked interest in Casper Labs after CoinList’s subscription topped 100,000 on global platforms.

The Dao-as-a-Service platform, Dora Factory was one of the most famous tokens traded from China. The DoraHacks-backed project held a symbolic public launch on March 21 with listings on OKEx, Gate and MXC. DoraHacks is known for hosting developer events and is one of the most active blockchain developer communities in China. In 2021, the team will host a number of global hackathons in regions such as Singapore, USA, Germany and India.

Real world events go back to the spring season
Cointelegraph China opened its Hot Trends 2021 event in Chengdu on Thursday, welcoming a number of projects and industry players to the southern city. Event speakers and committees explore sustainability trends such as DeFi and NFT. Chengdu has always been an important city for cryptocurrency operations in China due to the low electricity costs and the developed infrastructure.

Defi Solana and Serum Night in Shanghai
Solana and Serum hosted a DeFi Night in Shanghai on March 20, and continued to develop the ecosystem in Asia. The event was also attended by speakers from Aave, Chainlink, Multicoin Capital, Raydium and The Graph. The arms race for the ecosystem has become important as major players such as BSC, Huobi (Heco), OKEx (OKExChain) and Solana are trying to get their share of a large group of developers in cities such as Shanghai, Beijing, Shenzhen and Hangzhou. FTX founder Sam Bankman-Freed gave the keynote address at the event via pre-recorded video.

RMB digital tester
According to Yu Wai-man, the Hong Kong Monetary Authority has started working with the Cryptocurrency Research Institute of the People’s Bank of China to test technology that allows the digital yuan to be used for cross-border payments. Yu is the current CEO of HKMA. On March 19, it was announced that the launch of these financial services is expected in the second half of this year.

Also on March 19, several state-owned companies, led by the CPC Working Committee, began implementing the digital yuan, which will be used as a payment method for charging electric vehicles in the new Xungang district near Beijing. These companies included subsidiaries of PBoC Bank, Bank of China, China Telecom and China State Grid. Linking the digital yuan to clean energy initiatives is fast becoming a priority for government agencies, especially with the announcement that a new five-year plan will aim to achieve carbon neutrality by 2060.

On March 23, Chinese state media Media Sina reported that the six largest state-owned banks have begun testing digital yuan wallets. Banks will be able to approve testers, who can then download the mobile app and create an additional account. The first phase of the official beta program is set to begin next month.

Ant Group Blockchain Document
On March 17, Ant Group, a major financial company affiliated with Alibaba, released a white paper on blockchain and public services. The document outlines how public organizations can use IT, digital identity solutions and blockchain infrastructure to deliver and manage data. Ant Group has gone through a difficult period after the cancellation of its upcoming listing among concerns about interest rates on e-lending.

Money laundering studies
Finally, on March 21, the People’s Bank of China (PBC) and the Supreme People’s Procuratorate (China’s highest judicial authority) opened six cases involving modern money laundering practices, most of which involved bitcoin and cryptocurrencies. In one case, the convict was sentenced to two years in prison and a fine for illegally collecting money through an unlicensed cryptocurrency exchange.