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. 

Opinion
The opportunity in Bitcoin mining has never looked better, and the U.S. has the infrastructure to take the chance.
If you have a Bitcoin miner, turn it on
William Szamosszegi
2021-07-31T15:11:00+01:00
35391
Analysis
Why is China forsaking cryptocurrencies at the same time that legacy U.S. banks, long wary of crypto, appear to be discovering its virtues?
A trade war misstep? China is vacating crypto battlefield to US banks
Andrew Singer
2021-07-30T13:34:00+01:00
10447
News
The famous economist has warned that western nations risk losing out to China in the emerging digital economy if they continue to be dismissive of crypto.
Western nations need better public-private cooperation on crypto, says Mohamed El-Erian
Osato Avan-Nomayo
2021-07-29T16:00:40+01:00
1572
News
Restrictions in China have forced homegrown Bitcoin miners to move out to crypto-friendly nations such as Canada, Kazakhstan and the United States.
Bitcoin hash rate rebounds as major miners are coming back online
Arijit Sarkar
2021-07-29T12:55:13+01:00
10019
News
Genesis plans to more than triple its hashing capacity from 2.6 EH/s to 8.1 EH/s.
Genesis Digital Assets raises $125M as mining sector pivots to the west
Samuel Haig
2021-07-29T02:32:29+01:00
1855
News
Rich Checkan described CBDCs as the spawn of Satan and thinks that Bitcoin is still a speculative asset and not a currency alternative yet.
CBDCs ‘concocted in hell by Satan himself,’ says ASI president Rich Checkan
Brian Quarmby
2021-07-28T06:49:56+01:00
5165
News
Huobi's move follows a similar decision by crypto exchange OKEx, which resolved to dissolve its China-based entity in late June.
Huobi winds down former exchange operator in China
Marie Huillet
2021-07-27T10:46:00+01:00
3270
News
China has been increasing its regulatory pressure on crypto firms to help Chinese citizens stay clear of high-risk investments.
China’s crackdown signals an oncoming crypto ban, Bobby Lee says
Arijit Sarkar
2021-07-26T09:29:08+01:00
10975

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