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. 

Newsletter
Retail users may have to wait in much of the world, however.
Law Decoded: Bank payments going global with stablecoins and CBDCs, Jan. 15–22
Kollen Post
2021-01-22T19:23:44+00:00
7092
News
Investors are suing a Bitcoin mining company for allegedly fabricating the existence of BTC mining farms in China and reportedly misleading the public.
Alleged ‘ghost’ Bitcoin mining firm traded on Nasdaq faces class-action lawsuit
Greg Thomson
2021-01-22T13:20:58+00:00
5162
News
The past two years were much harder on the dollar, however.
While China's CBDC sets the pace, the yuan stumbles in usage abroad
Kollen Post
2021-01-21T20:00:00+00:00
4342
News
The city of Shenzhen has launched the third round of its central bank digital currency pilot in the form of a promotional lottery scheme offering residents hand...
Chinese cities continue to promote digital yuan through festive lotteries
Marie Huillet
2021-01-21T11:06:54+00:00
7012
News
A representative for the Jack Ma Foundation confirmed to reporters that the businessman had “participated in the online ceremony of the annual Rural Teacher ini...
Jack Ma resurfaces in new video after an almost 3-month ‘disappearance’
Marie Huillet
2021-01-20T09:53:08+00:00
8420
News
The Bank of France processed $2.4 million worth of fund units using a CBDC in December as part of ongoing experiments into blockchain and stablecoin technology....
Bank of France settles $2.4M fund in central bank digital currency pilot
Greg Thomson
2021-01-19T11:37:23+00:00
11616
Analysis
The yuan is not seen as a major currency. Could digitizing it change that? China is breaking new ground in the Shenzhen region and beyond.
China turns up pace on CBDC release, tests infrastructure prior to adoption
Andrew Singer
2021-01-16T07:47:00+00:00
15914
News
China is building a new system to integrate international central bank digital currencies as part of its national blockchain project, the BSN.
China’s blockchain project BSN to pilot global CBDC system in 2021
Helen Partz
2021-01-15T11:49:57+00:00
7017

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