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. 

Markets News
China’s exit from Bitcoin mining is now all but unnoticeable as network fundamentals take care of their own recovery.
New Bitcoin hash rate highs remove any trace of China mining ban
William Suberg
Brick and mortar crypto exchanges are common in Hong Kong, but concerns remain around uncertain regulations that could demolish these shops entirely.
OTC crypto shops flood Hong Kong, but regulations may impact their presence
Rachel Wolfson
The move could signal plans by Chinese authorities to amend its previous negative stance on Bitcoin and cryptocurrency mining activities.
China’s state planning agency calls for public opinion on Bitcoin mining ban
Osato Avan-Nomayo
News implements its own blockchain to issue free NFTs to attendees of its annual JD Discovery conference.
Chinese e-commerce giant drops NFT series on its own blockchain
Helen Partz
Markets News
No amount of FUD can keep Bitcoin down, and China has once again given bulls a boost with its bans.
BTC price is up 50% since China ‘selflessly’ banned Bitcoin mining
William Suberg
Governments in Asia are quickly researching or implementing CBDCs. What does this mean for the region’s overdependence on the U.S. dollar?
Asian CBDC projects: What are they doing now?
Jinia Shawdagor
Russia’s Irkutsk region saw its energy consumption rates surge by 160% following China’s crackdown on crypto mining.
Russia considers new energy tariffs as Chinese crypto miners relocate
Helen Partz
The U.S. now accounts for more than a third of the total Bitcoin mining activity, with Kazakhstan and Russia also becoming major locations.
US dominates global Bitcoin hash rate distribution after China crackdown
Osato Avan-Nomayo

Follow us on Facebook