China News

China, a global economic powerhouse with the world’s largest population, drives significant global trade marked by rapid industrialization and economic growth. China once served as a center for crypto trading and had a vibrant ecosystem of exchanges. However, in 2017, the Chinese government outlawed domestic cryptocurrency exchanges and initial coin offerings (ICOs) because of concerns about financial stability. 

China intensified its regulations in 2021 by focusing on crypto mining — once a massive industry in the nation — citing concerns about speculative risk, financial stability and energy usage. Despite its hardline stance on cryptocurrencies, China is actively pursuing blockchain technology adoption across various sectors, including finance, supply chain and urban planning.

Blockchain parks and incubators have been established in various provinces and towns to aid new businesses and established firms specializing in blockchain technology. With its Digital Currency Electronic Payment system — a state-backed digital currency managed by the People’s Bank of China — China is at the forefront of central bank digital currency development. China wants to internationalize its currency and lessen reliance on the United States dollar in international trade and finance, and its CBDC, the digital yuan, is a component of that effort.

Market Analysis
Bitcoin price keeps going up, but retail traders are not piling in yet. Cointelegraph explores why.
Bitcoin price hit 2023 high, so why are retail traders waiting on the sidelines?
Marcel Pechman
Despite a downturn in its bottom line, the company has secured a deal with an institutional investor to potentially raise $125 million in capital.
Canaan secures new financing as revenue falls 55% in Q3
Zhiyuan Sun
A total of four foreign banks have integrated China’s e-CNY CBDC thus far.
More foreign banks join China’s CBDC pilot trials
Zhiyuan Sun
Market Analysis
BTC’s correction reveals a disconnect between pro traders’ confidence and retail investors’ skepticism amid regulatory shifts.
Bitcoin traders’ bullish bias holds firm even as BTC price dips to $37K
Marcel Pechman
Experts predict the global quantum computing sector will have grown from about $930 million in 2023 to $6.5 billion by 2030, but some global markets may be bett...
IBM brings ‘utility-scale’ quantum computing to Japan as China and Europe struggle to compete
Tristan Greene
The British bank will provide e-CNY CBDC services to clients and explore its future use in China’s financial system.
Standard Chartered joins China’s CBDC pilot testing
Zhiyuan Sun
Some believe that hybrid blockchains with both private and public aspects can solve AI’s black-box problem.
Can blockchain supply the guardrails to keep AI on course?
Andrew Singer
The CBDC-like bakong provides digital payment services in riel and the U.S. dollar. It has been steadily extending its regional scope.
Cambodian digital currency bakong amps up use case with Alipay agreement
Derek Andersen

Follow us on Facebook