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. 

Anatoly Legkodymov, founder of China-based crypto firm Bitzlato, was arrested under suspicion of money laundering related to illicit Russian finance.
Enforcement goes on with Bitzlato action: Law Decoded, Jan. 16–23
David Attlee
China’s central bank digital currency (CBDC) has seen new use cases in recent days, including buying securities and making offline payments.
China’s digital yuan gets smart contract functionality alongside new use cases
Jesse Coghlan
A new survey from CasperLabs found that despite education gaps, enterprise adoption of blockchain technology in the U.S., U.K. and China is set to increase in t...
90% of businesses adopting blockchain technology, data
Savannah Fortis
After founding Ant Group in 2014, Chinese billionaire Jack Ma is now ceding control of the company as part of Ant’s corporate structure changes.
Jack Ma surrenders control of fintech giant Ant Group
Helen Partz
The 13.61 billion e-CNY represented roughly 0.13% of the 10.47 trillion yuan in circulation at the end of 2022.
China’s central bank includes digital yuan in report on currency circulation
Turner Wright
Former Chinese Communist Party member Xiao Yi seemed to speak with a very subdued voice from what appeared to be prison, apologizing for supporting a Fuzhou cry...
Former CCP official apologies for ‘grave losses’ as a result of supporting crypto miner: Report
Turner Wright
New Year Special
While regulations were once seen as hurdles to crypto adoption, they are now perceived as the fastest way to attain global mainstream adoption.
Crypto regulation world: How laws for digital assets changed in 2022
Arijit Sarkar
A former China central banker said cumulative e-CNY transactions only crossed $14 billion in two years, adding the results were “not ideal.”
Former Chinese central banker says digital yuan ‘usage has been low’
Jesse Coghlan

Follow us on Facebook