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. 

Blackouts for safety inspections in China’s Xinjiang region have significantly impacted the hash rate of many top Chinese Bitcoin mining pools.
Chinese mining pools’ hash power plummets amid regional blackouts
Samuel Haig
Coinbase and cryptocurrencies viewed cynically on Chinese social media, and news of a large mining GPU smuggling bust in Hong Kong.
Our Man in Shanghai: Coinbase listing scorned, graphics cards seized, nostalgia coins rule
Ben Yorke
A Chinese–Iranian Bitcoin mining facility is set to resume operations after being forced to shut down earlier in the year.
Chinese investors reboot Iranian Bitcoin mining facility
Osato Avan-Nomayo
Macau’s government is taking steps toward introducing a digital currency to combat tax evasion and money laundering in the gambling hub.
Macau poised to amend laws to enable digital yuan trials
Brian Quarmby
Rail cargos from China to Europe can now be delivered in days instead of months, after a new blockchain system was installed at a major Chinese rail port.
Blockchain provides major boost to speed of China–Europe rail trade
Greg Thomson
Experts Answer
Here’s what crypto and blockchain industry experts from China think about the digital yuan and how it has affected the blockchain space.
How the digital yuan stablecoin impacts crypto in China: Experts answer
Max Yakubowski
Filecoin’s sudden rise to the top 10 cryptocurrencies by market cap, however brief, points to its potential as it’s driven by community in China.
FIL on the rise: Filecoin’s upcoming production cut alters tokenomics
Anirudh Tiwari
A Nasdaq-traded Chinese Bitcoin mining firm has seen its shares fall 20% after a damning short report unveiled some alleged dodgy dealings.
Ebang refutes Bitcoin ‘China Hustle’ claims as share price falls 20%
Greg Thomson

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