In what can be seen as a severe crackdown on tech freedom, an anonymous developer in China was slapped with a fine equal to three year’s earnings – 1.06 million Yuan or approximately $144,907 – for employing a Virtual Private Network (VPN) to undertake remote work duties for a foreign employer. This acts caught the attention of local media, given these activities are considered innocent by many but viewed as cybercrime by the often impenetrable Great Firewall of China. The individual’s reliance on VPN allowed him to circumvent significant online restrictions imposed by the government, bringing under the scanner the sensitive departure of the governance from the fundamental principles supporting the use of the internet as a free space worldwide.
However, we can’t ignore the bright side. Alongside, the City of Hangzhou is stimulating consumption in the midst of the 19th Asian Games by airdropping 10 million e-CNY – digital yuan central bank digital currency, valued at around $1.37 million. This move offers food and beverage rebates to locals and spectators alike, thereby boosting the crypto economy and encouraging adoption of China’s CBDC. Still, skeptics might question the transient nature of the coupons – valid only for five days – and their specific applicability for certain food delivery platforms.
In Hong Kong, yet another anecdote unfolds. The collapse of the cryptocurrency exchange JPEX has led to the detention of 15 individuals and the seizure of financial assets, hinting at the potentially worst Ponzi scheme in the city’s history. While the immediate distress of the investors takes the limelight, underlying anxieties about the intrinsic safety of unregulated cryptocurrency exchanges surface.
In contrast, the Hong Kong-based CoinEx is reopening its doors despite a massive $70 million wallet hack, thanks to the solid backup of its cold wallets and the CoinEx User Asset Security Foundation. This instance offers a stark contrast to JPEX’s debacle and raises eyebrows over the inconsistent security measures adopted by different exchanges.
Lastly, Alibaba, the tech conglomerate, also joins the foray. Planning to create its wallet-as-a-service solution by pairing its Cloud subsidiary with crypto custodian Cobo, it aims to convene the convenience of digital wallets and vested crypto securities.
While the Asian crypto landscape resonates with contrasting narratives – restrictive policy making on one end and progressive digital adoption on the other – the future, particularly the interaction of decentralized networks with centralized authority, remains in the realm of speculation.
Source: Cointelegraph
