Nano Labs Adopts Bitcoin Payments to Embrace Digital Economy Growth
Nano Labs, a microchip company based in Hangzhou, China, recently announced its decision to accept Bitcoin as a payment method for its products, utilizing its business account on Coinbase. The announcement, released on Monday (November 11), highlights Nano Labs’ response to the rising demand within the tech sector for digital currency transactions.
According to the company, integrating Bitcoin as a payment option will provide “greater payment flexibility” to its customers. This strategic move positions Nano Labs as a proactive player in the expanding digital economy, especially amid growing cryptocurrency adoption globally.
"As cryptocurrency adoption continues to rise, particularly among businesses seeking efficient and secure cross-border transactions, this step demonstrates our commitment to the evolving digital economy," Nano Labs stated.
Following the announcement, Nano Labs’ stock price (NA) experienced a 2% increase, reaching $3.29 according to Google Finance.
China’s Evolving Stance on Crypto?
Historically, China has imposed strict regulations on cryptocurrencies. Since 2021, Beijing has restricted crypto mining and trading to mitigate financial risks and maintain domestic capital control. These measures followed the country’s 2017 ban on Initial Coin Offerings (ICOs) and the closure of local crypto exchanges.
Recently, however, regulatory attitudes appear to be softening. According to Sina Finance, former Chinese Finance Minister Lou Jiwei encouraged closer examination of cryptocurrency developments in a speech at the Tsinghua Wudaokou Chief Economists Forum in Beijing on September 28.
Additionally, in mid-September, a Shanghai intermediate court recognized Bitcoin as a unique digital asset with irreplicable value, further acknowledging its scarcity and significance.
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