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Crypto in China

Here’s Why Bitcoin’s Hashrate May Drop Further This Week

Yesterday, the Bitcoin network witnessed approximately 22 exahashes per second (EH/s) exit the ecosystem, as noted by Hashr8’s Thomas Heller on Twitter. The self-professed “mining maximalist” also shared his estimation that we’ll see the BTC mining difficulty decline somewhere between 7.4% to 8.8% by the end of the week — a drop that, if true, would be the worst negative difficulty adjustment since the infamous, COVID-19-induced “Black Thursday” crash in March. However, none...

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Alibaba Founder Jack Ma: Digital Currencies Can Create Value

Founder and former executive chairman of the multinational technology conglomerate Alibaba Group, Jack Ma, believes that world regulators need to improve the legislation around digital currencies as they could create value. Ma: Digital Currencies Could Create Value In a recent speech reported by Bloomberg, the Chinese billionaire criticized the current global financial regulatory framework for its lack of innovation. He claimed that watchdogs are primarily focused on risk...

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Brendan Blumer Discusses What Makes Block.One So Important

Block.one and EOS are notable platforms for two reasons. The first is that they held a year-long coin offering between the summers of 2017 and 2018. The second reason? Because even though the Securities and Exchange Commission (SEC) went after the companies for hosting the token sale – which the SEC is typically known to do – both Block.one and EOS came out ahead and garnered a ruling in their favor. This is important given we’re now in a time when companies are known to fall apart the minute...

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Filecoin Plunges 80% in 4 Days While Miners Suffer the Most

Filecoin’s history has been turbulent since its creation in the early days of the crypto-verse. But investors can probably agree that nothing resembles what happened last week. Filecoin Traders Had a Hard Week… Speculators are having a rough time. The token initially had a brief and sudden rise of more than 100% immediately after its launch. Traders, analysts, and Filecoin fans were debating everywhere about the project’s fundamental value and how it could revolutionize the...

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Central Bank of Spain To Prioritize the Design and Study of a CBDC

The Central Bank of Spain published its Strategic Plan for 2020-2024, describing the objectives and strategies it will follow to boost its economy and adapt the country’s finances to the requirements of the modern era, and a CBDC is one of its priorities. The digital world is stealing the attention of the Spaniards. In its “Analysis and research priorities for the Banco de España: 2020-2024“, the Central Bank said it will prioritize the study of the legal, technological and...

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The Digital Yuan Has Entered a Whole New Period of Testing

The Chinese digital yuan is now a thing of reality. Following what has been a lengthy period of testing, the People’s Bank of China has launched approximately $1.5 million worth of the virtual currency.The Digital Yuan Is Being Released on 50,000 PeoplePrior, the digital yuan was being tested through American businesses such as Subway, but now, it looks like the currency has entered a whole new phase of its development process. The currency’s pilot program saw the Shenzhen Municipal...

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People’s Bank Of China: The Country Should Be The First To Issue A Digital Currency

China needs the advantage of the first issuer of digital currency and the first nation to come up with its digital asset, PBOC’s China Finance magazine article states.A New “Battlefield Of Competition” On The RiseAccording to an article published in China Finance, a magazine run by the People’s Bank of China (PBOC), cited by Reuters, the financial world will be taken ablaze by the issuance and circulation of digital currencies. The publication also reads that the right to issue and operate...

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Report: Three to Five Countries Will Replace Their Currencies With CBDCs By 2030

Three to five countries will completely replace their currency with a central bank digital currency by 2030, argued a recent report by a German-based fintech think tank.The document also warned that if the European Central Bank doesn’t accelerate its CBDC endeavors, the digital Yuan will overtake it but won’t disrupt the Dollar’s dominance.Countries To Fully Implement CBDCsThe European think tank focusing on fintech and blockchain research dGen published a study on the potential impact of...

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Report: The US and China Lag Behind Ukraine and Venezuela in Cryptocurrency Adoption

A report compiled by the blockchain forensics company Chainalysis indicated that cryptocurrency adoption is growing globally. By exploring four key metrics and separating the data country by country, the firm’s Global Crypto Adoption Index 2020 showed that Ukraine, Russia, and Venezuela lead the way.The metrics take into consideration the purchasing power parity (PPP) per capita. They measure on-chain cryptocurrency value received, on-chain retail value transferred, the number of on-chain...

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Centralized Exchanges Hurt as Chinese Investors Chase DeFi Gems

According to a recent publication, Chinese investors are using a lot of the ETH they buy on centralized exchanges to pursue DeFi opportunities.This essentially reduces liquidity, and exchanges are forced to limit or even suspend withdrawals.DeFi Growth In China Causes Issues For ExchangesThe DeFi craze exploded earlier this year. Projects began surfacing daily with new developments, promising high returns to lure investors into locking their cryptocurrency assets in their protocols.The total...

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