DeFi is the word on everybody’s lips.
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.
Trusple platform promises to apply blockchain, AI and IoT technology to streamline cross-border trading processes for SMEs.4979
China faces economic risk as illegal gambling operators move 1 trillion yuan in funds from the country, partially in crypto, says a government official.3194
Global developers can now start building projects on top of Tezos through China’s BSN.7693
Chinese Free Trade Zone is open to experimenting with permissionless DeFi applications.6109
As the world continues to warm and face the effects of climate change, what does this mean for Bitcoin, blockchain and the world of crypto?7113
China's e-commerce giant will reportedly help develop apps that support the forthcoming digital renminbi.9225
China's central bank aims to challenge the global financial status quo.4260
But the company with the most patents isn’t even American.7346
The platform plans to assist in "building a from-farm-to-table traceability system" across China.8495
They’re entering the enterprise blockchain arena as part of a push towards empowering commercial applications.5565
North America now has its own Bitmain repair center.8098
China might lead the charge into the digital economy, but will being the first major economy to launch a CBDC be enough to win global reserve currency status?8495
Unlike China, Sweden, and Canada, Australia is reluctant to issue a CBDC.8054
The U.S. Justice Department has announced sanctions against two Russians, and the arrest of two Malaysians, over separate seven-figure crypto scams.2827