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. 

News
The Mate40 series will reportedly enable dual offline transactions and allow users to control anonymity.
New Huawei smartphone will feature a hardware wallet for digital yuan
Jack Martin
2020-10-30T10:11:22+00:00
8384
News
30 new blockchain adoption applications will be considered as part of the city's two-year plan.
Chinese city seeks to power urban governance and more using blockchain tech
Felipe Erazo
2020-10-29T21:47:50+00:00
7095
Follow up
Canada's central bank recognizes that CBDCs are a necessarily international issue.
Will they or won't they? Central banks eye each other's digital currency moves
Marie Huillet
2020-10-29T11:25:11+00:00
2766
News
“We need to prevent dollarization — this is one of the major designing points of the Chinese DCEP,” said Zhou Xiaochuan.
Digital yuan will combat US 'dollarization' says former PBoC governor
Turner Wright
2020-10-29T01:18:15+00:00
5377
News
Eight of the western world’s top DeFi projects have joined an industry consortium that is supported by a Shanghai science and technology institution.
East meets West as eight top projects join global DeFi alliance
Samuel Haig
2020-10-27T05:53:17+00:00
12859
News
The current conservative international financial system doesn't suit young people or young economies, says Ma.
Alibaba’s Jack Ma praises the disruptive nature of digital currencies
Michael Kapilkov
2020-10-26T21:45:00+00:00
29309
Expert Take
Central bank digital currencies will fundamentally change our conceptions of money and its uses.
Central bank digital currencies have the power to upend global finance
Kristin Boggiano
2020-10-26T18:09:39+00:00
7251
Analysis
Fed Chairman Powell sees no urgency to develop a CBDC, but eventually, the world’s top central bank must act, say experts.
Bahamas strikes first with Sand Dollar amid US–China CBDC faceoff
Andrew Singer
2020-10-26T17:05:35+00:00
25156

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