China’s e-payment giant will allow some users to link their accounts to the country’s digital yuan app.
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.
DOGE leading in volume and search hits, VeChain’s blockchain solution on state run CGTN, and HOO launches a smart chain of its own38281
The U.S. is slowly increasing its share of the Bitcoin hash rate.16733
CBDC tests are proceeding toward deployment, as Chinese internet, fintech and e-commerce giants are leading the digital yuan vanguard.22515
China is reportedly paying more attention to the crypto mining sector, amid concerns of its growing carbon footprint.12047
Huobi tackles the institutional market, you can now own an NFT of basketball star Yao Ming drinking red wine, and China’s digital yuan starts to target the private sector.11860
Bitcoin’s electricity bill has been attracting the attention of regulators worldwide.6752
Major tech and commerce firms have been instrumental in helping China's central bank develop the digital yuan.7142
Chinese e-commerce company JD.com has upped its support for the country’s central bank digital currency.6290
Leading Chinese banks are promoting the digital yuan over Alipay and WeChat Pay for an upcoming shopping festival in China.11284
Amid the COVID-19 pandemic, the role of digitalization has become central to achieving sustainability and lessening climate change.6141
- Our Man in Shanghai: DogeMania, ‘Dog-Coin’ trademark dogfight, hashrate outage, government warms up to crypto
Global BTC hashrates still down over 15% following accident, Dogecoin the subject of trademark applications, and government official mentions BTC as an investment alternative16016
Macau’s casino junket operators have already been on the rocks during the coronavirus pandemic, and some fear that they could be “faded out” following the introduction of a fully traceable digital yuan.11853
It’s not entirely clear when Terence Zeng assumed his leadership role, though the appointment appears to have been recent.14081
"If the U.S. stopped all the U.S. miners, Kazakstan stopped all the miners there — that kind of shuts down 80% to 90% of the hash rate pretty quickly," said Curtis Spencer.22440