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Hong Kong’s Legislative Council Says Illegal Mining Will Face $500,000 Fine Or 5 Years Imprisonment
Summary: The Hong Kong's Legislative Council has previously sought advice on the risks and fraudulent activities of cryptocurrencies and related activities (such as mining). Legislative Council officials are negotiating whether to apply the Trade Descriptions Ordinance to Encryption supervision. It is reported that the Ordinance was passed in 2012, which stipulates that if unfair trade is ...
The Hong Kong's Legislative Council has previously sought advice on the risks and fraudulent activities of cryptocurrencies and related activities (such as mining). Legislative Council officials are negotiating whether to apply the Trade Descriptions Ordinance to Encryption supervision. It is reported that the Ordinance was passed in 2012, which stipulates that if unfair trade is discovered in Hong Kong, it will be punished.
Liu Yixiang, the director of Financial Services and the Treasury Bureau, responded that the procurement of mining equipment and of any other products related to virtual assets are within the jurisdiction of the Trade Descriptions Ordinance.
Liu also revealed illegal mining activities will be imposed a fine of $500,000 or five years in prison.
Mainland of China owns the top number of blockchain projects globally
The number of blockchain projects in China is a global leader. The report from Blockdata shows that China currently has 263 blockchain-related projects, accounting for 25% of the global total.
Last year, the World Intellectual Property Organization reported that a significant number of patent applications related to blockchain were from China. According to The International Patent Organization's data collected by Thomson Reuters, more than half of the 406 blockchain patent applications in 2017 came from China. China submitted a total of 225 blockchain patents, followed by the United States 91.
Southwest Jiaotong University has made a great effort on cutting-edge technology research
According to Nanchong News Network, the Ministry of Education of China recently announced the 2018 annual record and result of general undergraduate college major. Artificial intelligence major has included in the latest approved undergraduate major list. 35 Chinese universities obtained artificial intelligence major that has the first batch of construction qualifications. Southwest Jiaotong University attaches great importance to the intersection of artificial intelligence and rail transit, information, mathematics, mechanics, electrical, medical and other professional education. The university also vigorously develops intelligent transportation, big data intelligence, intelligent manufacturing, smart grid, cloud computing, blockchain, and other related research. Basic theoretical and cutting-edge technology research has achieved a series of important academic and applied achievements.
Xiong’an New District has celebrated its second anniversary as well as created a blockchain fund management platform
According to China’s Xiong’an’s official website, while celebrating the second anniversary of the establishment of the Xiong’an New District, it has continuously used innovative technologies to create a city of innovation. Especially in the area of blockchain, Xiong’an has created a blockchain fund management platform. This platform is a project integration management platform based on blockchain technology. Xiong'an relies on the platform to achieve transparent management of financing, fund management and wages for multiple construction projects.
Tags: Cryptocurrency,Mining
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