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. 

The firm’s NFT marketplace solution included “web hosting, digital marketing & content delivery” infrastructure but is no longer listed on its website despite s...
Alibaba Cloud launches NFT solution, then quickly memory holes it
Brian Quarmby
Last week brought some notable reactions to the stablecoin’s depegging in the East Asia region.
Law Decoded, May 30–June 6: Terra’s aftermath in China, Japan and South Korea
David Attlee
China's advanced CBDC strategy sees digital yuan airdropped to thousands of people. Meanwhile, Binance Labs raised $500 million for a new Web3 fund.
Crypto Biz: Helicopter CBDC money rains on Shenzhen, May 26—June 1
Sam Bourgi
Market Analysis
BTC price looks to break out of its downtrend, yet pro traders are still unwilling to add leveraged positions.
Bitcoin price broke to the upside, but where are all the leveraged long traders?
Marcel Pechman
China has used its Economic Daily media outlet to signal that further regulatory action may be taken toward stablecoins in the wake of the collapse of Terra’s a...
Chinese state media signals tighter crypto regulations in Terra aftermath
Jesse Coghlan
The move comes as part of a government effort-led to revitalize consumer spending as a zero-COVID policy has devastated China’s economic hubs.
City of Shenzhen airdrops 30M in free digital yuan to stimulate consumer spending
Zhiyuan Sun
In a move to comply with Chinese regulatory policies, Stepn will be blocking users based in mainland China from its mobile app.
Stepn to block mainland China users to comply with regulatory policies
Arnold Kirimi
Three ​​Republican senators introduced a bill to protect Americans from the "Authoritarian Digital Currencies Act."
Draft bill to ban China’s digital yuan from US app stores
Helen Partz

Follow us on Facebook