Bitcoin rose above $120.000 | Yiwu merchants trade stablecoins with monthly turnover exceed $1 billion | Shanghai State-owned Assets Supervision and Administration Commission collectively learns cryptocurrency | Chinese government uses Hong Kong to break

At 11:40 on July 14, the price of Bitcoin exceeded US$120,000 for the first time, setting a new historical record. In its research report, China's broker Huatai Securities mentioned, "In Yiwu, China, the center of the world's small commodity, stablecoins have become an important tool for cross-border payments. Some blockchain analysis companies estimate that the flow of stablecoins on the Yiwu market chain exceeds 10 billion US dollars in 2023." Some people also posted online, "More than 3,000 merchants in Yiwu have used USDT and other stablecoins to collect payments, and the monthly turnover exceeds 1 billion US dollars. China also wants to seize the opportunity to get a share of the pie in the new species of stablecoins. The "Stablecoin Bill" passed by the Hong Kong Legislative Council in May this year was completed For the world's first jurisdiction to establish a photo system for fiat stablecoins, as long as the company is registered in Hong Kong and has a paid-in capital of 25 million Hong Kong dollars, there is a chance to apply for a stablecoin issuance license. The Party Committee of the Shanghai State-owned Assets Supervision and Administration Commission held a study meeting of the central group to study the development trends and response strategies of cryptocurrencies and stablecoins. A local state-owned assets department that originally controlled most of the traditional industries and was accustomed to using the language of "industrial service to the country" is collectively learning stablecoins, but in fact, China has long missed the development opportunities of digital currency.