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China’s private cryptocurrency sector effectively quashed after Sichuan mining ban, bank trading blocks
China’s crackdown on cryptocurrency mining has now shut down more than 90% of the country’s bitcoin production capacity, after a ban on mining in hydropower-rich Sichuan was put in place over the weekend. Additionally, the central bank moved to close remaining loopholes that allowed “cryptocurrency speculation.”
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The two Chinese government moves that spooked the bitcoin market
China is continuing its ongoing restriction of cryptocurrency business and two recent announcements have added to global worries about the value of virtual money. But China’s cryptoheads are unlikely to change their plans.
NFTs in the P.R.C. — crypto art craze comes to China
Non-fungible tokens, or NFTs, took the international art world by storm in March after the sale of a piece of digital art for nearly $70 million. The Chinese art world and China’s many cryptocurrency entrepreneurs are taking note.
Bitcoin mining is still huge in China despite new ban in Inner Mongolia
Since 2017, the Chinese government has imposed many regulations that have made life difficult for miners of bitcoin and other cryptocurrencies. But they soldier on, and look set to prosper.
Beijing pushes digital currency amid fears of a dollar planet
China is on track to become the first country to launch a state-backed digital currency. Pilot testing is now being expanded beyond the four initial cities, and the Commerce Ministry wants to be ready for launch by the end of 2020.
Will China succeed in blockchain?
No other country has laid out, funded, and executed as comprehensive a blockchain policy as China.
Chinese blockchain is booming, but can the industry survive government support?
Much like its anti-corruption campaign, China’s crypto crackdown is relentless. Beijing views decentralized digital currency as a conduit for money laundering and capital flight. In contrast, Beijing sees crypto’s underlying blockchain technology as useful. Blockchain can help China boost its tech prowess, improve supply-chain integrity, and surmount bottlenecks across many industries, particularly financial services.
Get ready for Beijing bitcoin
Blockchain, the technology behind cryptocurrencies, got a big boost in China last week. About two years after banning bitcoin exchanges and shutting down server farms that produced cryptocurrency in the country, China appears set to likely be the first country to launch its own sovereign digital currency.
Will cryptocurrency from Beijing revolutionize global money?
Xinhua reports that the National People’s Congress (NPC) “on Saturday voted to adopt a national law on cryptography,” to take effect January 1, 2020. It “encourages and…
Ep. 12: Bitmain — the Most Valuable Crypto Company in the World?
As a TechBuzz China listener, you must be at least a little bit crypto-curious. This week on TechBuzz China, we talk in-depth about Bitmain, the…