News
The metaverse and NFTs are in the crosshairs of the People’s Bank of China, which wants to track them with Anti-Money Laundering tools.
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China News
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.
- Analysis
Cryptocurrencies, including CBDC’s, have now become a part of the narrative on sanctions due to high adoption.
1862 - Newsletter
An online initiative to secure a rare copy of the U.S. Constitution shows the power of Web 3.0 collective action.
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Is Ethereum the blockchain of choice for financial institutions in Southeast Asia, or will companies seek alternatives due to limitations?
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China is considering imposing harsh penalties on state-owned firms that continue mining cryptocurrencies.
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A former CCP official from Jiangxi province allegedly abused his administrative powers to undermine the political principle of “two maintenance,” which relates to the notion of firmly maintaining the authority of the party.
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Insurance and risk management for digital assets will increase investor confidence, said OneDegree.
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Some 450,000 JD.com customers have used China’s digital yuan for payments as of June.
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Fears about the stock market and Tether’s reserves have also led some to believe that Bitcoin’s price could be in trouble.
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Making the e-CNY more privacy-orientated aside, the PBoC already has ambitions to bring the CBDC onto the world stage.
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China’s CBDC hit 62 billion yuan in total transactions processed, according to PBoC’s digital currency head.
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Google searches for “NFT” again overtook “cryptocurrency” queries in September after a significant spike in March.
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By shutting down derivatives trading on Huobi, the company takes one more step toward closing its operations in China.
3017 - Markets News
China’s exit from Bitcoin mining is now all but unnoticeable as network fundamentals take care of their own recovery.
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Brick and mortar crypto exchanges are common in Hong Kong, but concerns remain around uncertain regulations that could demolish these shops entirely.
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