Rail cargos from China to Europe can now be delivered in days instead of months, after a new blockchain system was installed at a major Chinese rail port.
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.
Here’s what crypto and blockchain industry experts from China think about the digital yuan and how it has affected the blockchain space.15020
Filecoin’s sudden rise to the top 10 cryptocurrencies by market cap, however brief, points to its potential as it’s driven by community in China.25762
A Nasdaq-traded Chinese Bitcoin mining firm has seen its shares fall 20% after a damning short report unveiled some alleged dodgy dealings.12352
The tech company has been on a buying spree of late, racking up $100 million worth of Bitcoin and Ether.11841
The chief marketing officer a blockchain security company has been charged with embezzlement; Peter Thiel calls Bitcoin a ‘weapon’ of China (but no one cares); and CZ’s net worth rises to $1.9 billion.6483
Without suitable allowances from lawmakers, Bitcoin, like the internet, can be used in ways that could compromise U.S. prowess, says Anthony Pompliano.17415
Participants will receive a discount for every central bank digital currency expenditure worth 100 yuan.7257
An XRP advocate started a petition to SEC chair nominee Gary Gensler, asking him to end the lawsuit against Ripple should he be confirmed as the new chair.20580
Peter Thiel has urged the U.S. government to reappraise China’s relationship with Bitcoin from a geopolitical perspective.17845
U.K.-based Argo Blockchain just did record revenues, but a new report suggests 75% of Bitcoin mining still takes place in China, where “blood coin” is made.8738
Cryptocurrency miner supplier Ebang has officially launched its own crypto exchange after an invitation-only beta phase earlier this year.7919
The central bank says strong interest in its CBDC project is partly being driven by Bitcoin's recent surge, despite cryptocurrency still being banned in China.11184
Retail investors are flocking to buy Filecoin on exchanges with predominately Chinese user bases and the head of the PBOC thinks the digital yuan has an uphill battle to take on Alipay and WeChat Pay.14452
Nervos Network rallied 341% in a month as plans to launch a DeFi platform and new layer-2 offerings bear fruit.15363