Official Chinese national news media outlet warns readers that Bitcoin could go to zero value in order to dissuade them from investing in and using cryptocurrency.
With one of the largest populations and economies in the world, China is a major driving force in commerce, finance and technology and has a storied history with Bitcoin (BTC).
“China bans Bitcoin” has graced media headlines repeatedly since the cryptocurrency’s inception, which signifies the government’s severe distaste for a currency beyond institutional control. The banning of Bitcoin use in China has taken the form of severely inhibiting or shutting down Chinese Bitcoin exchanges, which are the main methods of accessing Bitcoin beyond peer-to-peer exchange.
Despite this friction, China has emerged as a key player in the cryptocurrency industry in two wildly different ways.
Firstly, most of the hashing power (i.e., mining operations) of the Bitcoin network is concentrated in China, as miners have access to incredibly cheap hydroelectric power, giving them a sharp advantage over competitors in other locations.
Secondly, the Chinese government is developing its own sovereign digital currency that will reportedly use blockchain, presumably with strict administrative and capital controls antithetical to most cryptocurrencies.
The policy also covers secondary NFT trading as the firm notes that “accounts that provide services or content related to the secondary transaction of digital collections shall also be dealt with.”4880
It appears that not only was the sales contract invalidated, but the buyer paid for the car with a questionable digital token in the first place.6291
NFTs are still a gray area in China where, unlike cryptocurrencies, there’s no official ban on their use but the authorities have warned investors against the risks from time to time.3147
Numerous governments have tried to ban Bitcoin mining, but data and insights from those in the mining industry suggest that this is easier said than done.6702
An improving Tether discount in Asian markets and positive futures premiums for BTC and ETH suggest a slight recovery is in the making.13233
The firm’s NFT marketplace solution included “web hosting, digital marketing & content delivery” infrastructure but is no longer listed on its website despite still showing up in Google search results.4006
Last week brought some notable reactions to the stablecoin’s depegging in the East Asia region.1163
China's advanced CBDC strategy sees digital yuan airdropped to thousands of people. Meanwhile, Binance Labs raised $500 million for a new Web3 fund.1456
BTC price looks to break out of its downtrend, yet pro traders are still unwilling to add leveraged positions.5679
China has used its Economic Daily media outlet to signal that further regulatory action may be taken toward stablecoins in the wake of the collapse of Terra’s algorithmic stablecoin.2085
The move comes as part of a government effort-led to revitalize consumer spending as a zero-COVID policy has devastated China’s economic hubs.5411
In a move to comply with Chinese regulatory policies, Stepn will be blocking users based in mainland China from its mobile app.3200
Three Republican senators introduced a bill to protect Americans from the "Authoritarian Digital Currencies Act."3505
Developing countries have more than double the amount of people positive that the Metaverse will impact their lives, and they’d use it daily in comparison to developed countries.3613