ConsenSys has partnered with China’s Blockchain-based Service Network to accelerate the enterprise adoption of Ethereum apps in China.
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.
Do the benefits brought by Bitcoin and the improvement in our standard of living justify this additional use of energy?7979
Retail users may have to wait in much of the world, however.7829
Investors are suing a Bitcoin mining company for allegedly fabricating the existence of BTC mining farms in China and reportedly misleading the public.5622
The past two years were much harder on the dollar, however.4466
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 handouts during local festivities.7086
A representative for the Jack Ma Foundation confirmed to reporters that the businessman had “participated in the online ceremony of the annual Rural Teacher initiative event on January 20.”8479
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.11742
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.16003
China is building a new system to integrate international central bank digital currencies as part of its national blockchain project, the BSN.7071
The United States Federal Reserve needs its own digital currency to protect against a possible overnight proliferation of stablecoin technology, says Fed chairman Jerome Powell.14117
2021 & 2022 touted to be the most important years for the development of CBDCs12223
The Agricultural Bank of China has launched an ATM pilot program that enables citizens to convert cash and savings to and from the digital yuan.8764
After watching protestors scale the walls of the Capitol Building, the U.S. will likely not be in the mood for financial regulation in the next couple of weeks.13865
The trade war with China homes in on the country's thriving digital payments industry.15330