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
DeFi is the word on everybody’s lips.
DeFi hype has just begun says Neo founder
Ting Peng
2020-09-27T17:00:00+01:00
9152
News
Trusple platform promises to apply blockchain, AI and IoT technology to streamline cross-border trading processes for SMEs.
China's Ant Group launches cross-border trade platform to support SMEs
Jack Martin
2020-09-25T13:52:00+01:00
4927
News
China faces economic risk as illegal gambling operators move 1 trillion yuan in funds from the country, partially in crypto, says a government official.
Chinese govt. official: Gambling gangs use crypto to transfer funds abroad
Mohammad Musharraf
2020-09-25T13:02:00+01:00
3167
News
Global developers can now start building projects on top of Tezos through China’s BSN.
China’s BSN International integrates support for Tezos network
Helen Partz
2020-09-25T10:27:59+01:00
7564
Interview
Chinese Free Trade Zone is open to experimenting with permissionless DeFi applications.
Chinese state-endorsed public chain to act as a global DeFi bridge, says Conflux Founder
Ting Peng
2020-09-24T18:50:00+01:00
6072
Analysis
As the world continues to warm and face the effects of climate change, what does this mean for Bitcoin, blockchain and the world of crypto?
Bitcoin adoption heats up as climate change wreaks havoc worldwide
Jonathan DeYoung
2020-09-24T15:30:00+01:00
7081
News
China's e-commerce giant will reportedly help develop apps that support the forthcoming digital renminbi.
JD.com's fintech wing partners with PBoC on digital currency projects
Mohammad Musharraf
2020-09-21T14:57:00+01:00
9212
News
China's central bank aims to challenge the global financial status quo.
Beijing sees digital currencies as ‘new battlefield’ in global finance
Marie Huillet
2020-09-21T09:58:00+01:00
4254

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