fbpx
Skip to content Skip to sidebar Skip to footer

Huobi, China Telecom & Finance Giants Form China Government-Backed Blockchain Alliance

Cryptocurrency exchange Huobi’s Chinese branch announced its membership in the recently launched Blockchain-Based Services Network (BSN) Development Alliance. 

The membership was announced at a conference partially sponsored by the State Information Center (SIC). Alongside Huobi, the alliance has also recruited China UnionPay, China Mobile, China Telecom, China Merchants Bank International and Tencent-backed WeBank. 

This is after the Chinese government’s recently passed law to regulate cryptography starting January 1, 2020.

The network will be tested in 54 cities across the country as well as Hong Kong and Singapore for projects such as smart city management, according to the president of China Unionpay, Wenchao Shi at the test announcement.

“When developing an app, people would think about Android and IOS systems,” Shi said. “We hope BSN would be the first thing that people would think whenever they want to develop their own blockchain technologies.” 

Huobi China has been trying to re-establish itself as a blockchain service provider ever since the Chinese 2017 crackdown on crypto exchanges. 

During the same period, the company started its global expansion and brought its trading businesses to Singapore, Japan and South Korea. 

Huobi China, headquartered in Hainan province strengthened its relationship with the Chinese government by establishing a Communist Party of China branch in its local blockchain subsidiary Beijing Lianhuo Information Services LLC in November 2018.

Leave a comment

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain & crypto news provider, covering daily news focused on trading and investment developments in bitcoin and crypto. We bring you expansive crypto news coverage around the world. We offer many thought leadership opinions from blockchain experts and leaders of the industry.

Subscribe to SCN

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

111 North Bridge Road, 21-01, Peninsula Plaza, Singapore 179098.

Phone: +65-80282938

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

Follow Us On

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us