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Real reason for China’s war on crypto, 3AC judge’s embarrassing mistake: Asia Express

Published 08/17/2023, 07:36 PM
Updated 08/17/2023, 10:40 PM
Real reason for China’s war on crypto, 3AC judge’s embarrassing mistake: Asia Express

Our weekly roundup of news from East Asia curates the industrys most important developments.

On Aug. 11, a Chinese individual known only as Mr. Chen was sentenced to nine months in prison after helping his friend, Mr. Lin, purchase 94,988 Chinese yuan ($13,104) worth of Tether (USDT) and earning a commission of 147.1 Yuan ($20.24).

Because Mr. Chen shared his personal bank information for the peer-to-peer fiat-to-crypto transaction, Chinese authorities considered the act to be money laundering and imposed a harsh sentence.

Chinese judge explains in a prior case why a Bitcoin lending agreement was legally invalid even in the event of a breach of contract. (Jstv)
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Chinese President Xi Jinping explains during the Shanghai Cooperation Summit why ‘”friendly nations” such as Belarus and Iran should develop their own CBDCs. (CCTV)
3AC co-founders Kyle Davies (left) and Su Zhu (right). (X/Twitter)

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