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. 

China still hosts 21% of the total global Bitcoin hash rate after the local government banned all crypto operations in the country last year.
China returns as 2nd top Bitcoin mining hub despite the crypto ban
Helen Partz
A district court in Shanghai ruled on a Bitcoin owner’s right to compensation in a case involving an unpaid loan and decided on Bitcoin’s legal status in the pr...
Shanghai court affirms that Bitcoin is virtual property, subject to property rights
Derek Andersen
Recent geographical traffic data highlights that Chinese traders continue to access centralized exchanges despite a regulatory risk.
Deribit and OKX attract significant traffic from China despite a blanket ban: Report
Prashant Jha
In response to the city’s COVID-19-related lockdown, Shanghai residents turned to the blockchain to preserve their experiences.
Hundreds of NFTs listed on OpenSea from Shanghai residents during COVID lockdown
Savannah Fortis
Altcoin Watch
Futures data and decreased demand for Tether signal that the crypto market is set for another round of pain.
2 key metrics point toward further downside for the entire crypto market
Marcel Pechman
China has expanded its central bank digital currency pilot program to include the payment of tax, stamp duty and social security.
Residents of 3 Chinese cities paying taxes and charges with digital yuan
Tom Mitchelhill
Markets News
The European Union “is finished,” Arthur Hayes says, while yield curve control will put the U.S. in a “doom loop.”
Ex-BitMEX CEO explains how Bitcoin will have hit $1 million by 2030
William Suberg
A user of the NFT marketplace NFTCN allegedly poached a creation of an artist and sold it as an NFT for $137 to another user.
Chinese court rules marketplace guilty of minting NFTs from stolen artwork
Arijit Sarkar

Follow us on Facebook