China crypto news of the week (May 3 to May 10)

Highlight of the week: SHIB brought the fanaticism of MEME culture from the West to China. Both Huobi and OKEx, the two largest exchanges in China, announced the listing of SHIB today. Although this is the name of a dog, SHI means shit in Chinese, and the Chinese call it "shitcoin". It has risen by more than 400% in 24 hours. "Shib Rise" has become the 8th most popular search on Sina Weibo (China's Twitter). Huobi, the largest exchange in China, Shib ranks sixth in turnover.

This transmission between the West and China continues the continuity of the MEME culture. There are more retail investors and big exchanges in China. An interesting fact is that the largest contract trading volume of Dogecoin is on the Chinese exchange Huobi. But this transmission seems to be one-way, and the Chinese community has no ability to create its own MEME.

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1.China's state-owned bank, CITIC Bank, announced that in order to maintain the legal currency status of the RMB and prevent money laundering risks, institutions and individuals are prohibited from using this bank account to purchase and trade Bitcoin and Litecoin, etc.

CITIC stated that bank has right to suspend relevant account transactions and cancel relevant accounts. China does not prohibit bitcoin transactions between individuals, but some banks restrict bitcoin transactions to avoid money laundering.

2. China’s OTC king and Tether shareholder Zhao Dong will hold a court session in Hangzhou on May 12 on suspicion of illegal business operations and aiding in information network criminal activities.

3. Many Chinese mining machine companies are considering making Litecoin/Dogecoin mining machines. The L3+ mining machine in China at the end of 2018 only sold for $60 each. Currently, Dogecoin mined every day is worth $10 and LTC is worth $2. Miners who forgot these ‘crap’ and not sold have become rich again.

Jiangzhuoer, a Chinese big miner, said that DOGE revenue only accounted for a small part of his L3+ output in the past. But now the funds for selling DOGE far exceed his all electricity bill of L3+ mining machines. But he replaced all DOGE & LTC produced to ETH.

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