The e-CNY app now allows tourists to top-up their wallets using Mastercard and Visa payments with a “recharge first and use later” option.
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.
Chinese scientists are reportedly considering constructing massive facilities to manufacture the technology necessary to create AI semiconductor chips locally.1205
Bitmain rolled out its efficiency-focused Antminer S21 at the WDMS, and Bitcoin miners shared their plans for boosting productivity via green energy.8540
China’s capital outflows reached $49 billion in August, its highest in nearly eight years. Analysts are debating whether it could be a boon for Bitcoin and crypto.27028
Johnny Ng of Hong Kong’s Legislative Council said he “sincerely invites” Vitalik Buterin to Hong Kong to better understand the situation regarding its crypto-friendliness.5815
The launch comes just weeks after Chinese authorities began accepting applications for public-facing AI systems.5546
The U.S. and Vietnam completed business deals and partnerships worth billions of dollars to advance the AI, semiconductor and cloud computing industries.5620
Senators Richard Blumenthal and Josh Hawley's framework emphasizes that technology companies cannot rely on liability protections to shield them from legal actions.1663
The U.S. presidential election is nearing, and with it comes the use of tech like AI on social media platforms to manipulate voter sentiment.2522
The new entity, ZAN, will help the parent company shake off its affiliations with Web3 and proceed to the IPO.2900
Despite heavy government regulations and ongoing struggles with hardware sourcing, Tencent’s large language model has been released for business use in China.3280
Taiwan’s crypto watchdog has drafted 10 guiding principles for virtual asset service providers operating in the country.6858
The accounts had over 8 million in combined followers before they were removed.3310
The amount of exposure places Tether in the top 22 biggest holders of U.S. Treasury bills, ranking above countries like Spain, Mexico, Australia and the United Arab Emirates.3315
The CEO of Chinese tech-giant Baidu said that, since China’s new AI regulations have been in place, over 70 AI models have been released in China with over 1 billion parameters.2187