Damus, a Twitter alternative backed by Jack Dorsey that integrates the Bitcoin Lightning Network, has been banned from Apple’s China App Store, according to a tweet by Damus.

An economics professor and former adviser to the People’s Bank of China has urged the Chinese government to reconsider its ban on cryptocurrencies. He warned that banning crypto activities could result in missed opportunities that are “very valuable” to regulated financial systems.

The harsh events of the crypto market in 2022 have certainly called for a deeper focus on regulation. As a result, this will allow governments to implement taxes for the crypto market. Similarly, the TRON [TRX] network confirmed that it was open-minded to the idea of taxing cryptocurrencies if it would help the industry grow in the right direction.

Suzhou, a city of 12 million people in China’s Jiangsu Province, released a plan on Wednesday to become a hub for metaverse development and innovation, aiming to attract more than 200 companies working in the virtual reality technology industry by 2025.

Over 300,000 stores and vendors in Changsha, China, now accept digital yuan payment – as the central bank digital currency continues to break new ground in the country.

China has had a tumultuous relationship with the cryptocurrency sector and the speculation regarding a comeback is growing.

Hainan province, a popular tourist destination in South China, published a notice on Sunday vowing to step up oversight on non-fungible tokens (NFT), or “digital collectibles,” which authorities said come with risks of fraud, money laundering and illegal fundraising. The local authorities added that although regulating digital collectibles is an urgent matter, it’s essential to guide the NFT industry to empower its tourism and culture as Hainan develops its free trade port. (forkast)

China has enabled smart contract functionality for its central bank digital currency (CBDC), the digital yuan, through the e-commerce app Meituan, one of China's largest food delivery and lifestyle apps.

Soochow Securities, a Chinese securities firm, enabled e-CNY payments on its mobile application on Monday, marking the first use case of the central bank digital currency in securities market trade, according to state-backed finance outlet China Securities Journal. Soochow Securities’ e-CNY payment function, which was launched in cooperation with the Bank of China, allows investors to purchase wealth management products with the digital yuan. (forkast)

For the first time ever, the People’s Bank of China (PBOC) has included its central bank digital currency (CBDC) in official cash reports. China’s digital yuan, otherwise known as e-CNY, amounted to 13.61 billion yuan (roughly $2 billion) by the end of December, per official figures reviewed by the South China Morning Post. That reportedly converts to 0.13% of China’s outstanding monetary base supply. (Blockworks)