Crypto in China

When it comes down to developing a central bank digital currency (CBDC), perhaps no country is more advanced than China. Upon carrying out several tests in recent months, the People’s Bank of China said that the interest in the innovative initiative is surging, but bitcoin could also have a vital role in that. BTC Behind the Surging CBDC Demand? Although some reports claim that four of every five central banks are currently working on launching their own CBDC, China has been...

Bitcoin is at its “inflection point” caused by the current global economic situation, said Dawn Fitzpatrick – the Chief Investment Officer of Soros Fund Management.However, she also warned that the upcoming launch of CBDCs could harm the first-ever cryptocurrency in the short-term.BTC’s Inflection PointFounded in 1969 by Georgi Soros, Soros Fund Management is a privately owned hedge fund sponsor investing in public equity and fixed income markets. The organization’s CIO recently spoke about...

There is a long-lasting argument in the world of crypto that bitcoin is somehow negative for our environment. That it utilizes too much electricity, and as a result, our atmosphere is likely to take a real kick in the rear at some point in the future. Now, that argument is being pushed further, as data from Bank of America suggests the mining sector utilizes more energy than American Airlines, a company that flies more than 200 million people across the country each...

While some Chinese companies have purchased BTC and ETH, others, such as the social media giant Weibo, have reportedly halted the accounts of three of the largest crypto exchanges – Binance, Huobi, and OKEx. Weibo has justified its decision by outlining “abnormal practices” and breaching security risks.Weibo Targets Crypto ExchangesIt may not come as a surprise that a Chinese-based company has a somewhat hostile approach towards the cryptocurrency industry, keeping in mind the country’s...

Chinese tech company Meitu has announced a massive purchase of 380 BTC and 15,000 ETH, representing an entry of about 40M USD, as of writing these lines, into the cryptocurrency market.This came just one month after tech mogul Elon Musk, the founder of Tesla, announced that the company would be purchasing 1.5B USD worth of Bitcoin.Although a large Hong Kong-listed firm publicly buying Bitcoin is undoubtedly noteworthy in and of itself, it’s interesting to note Meitu founder Cai Wensheng’s...

From both ends of the world, bitcoin is the target of much speculation. In the west, it appears to be the subject of positivity, with the likes of Citibank commenting that bitcoin is likely to be at the center of much cultural and revolutionary change. In the east, countries like China are looking to implement serious limits on bitcoin and crypto mining. With both sides offering opposing views, it looks like bitcoin has used this time to heal some of its wounds and...

Bitcoin and most alternative coins are not the only crypto-related gainers during the ongoing bull cycle. The price developments have pushed numerous industry companies to see stock increases, including Chinese mining firm SOS Limited, which also received an endorsement from Shark Tank’s Kevin O’Leary.SOS Limited Recent DevelopmentsWith a membership base of about 20 million in China, SOS is an “emerging blockchain-based and big data-driven marketing and solution provider,” which recently...

​Bitmain co-founder Jihan Wu officially announced his resignation in a signed statement published on Tuesday.An excerpt from Wu’s cryptographic message reads: “The disagreement between Micree and myself, the two co-founders of Bitmain, has been finally settled in an amicable and, more importantly, a constructive manner.”As part of the settlement, fellow co-founder and rival Micree Zhan bought out Wu’s ownership equity valued at $600 million.According to Wu’s statement, two-third of that sum...

China has always had the upper hand when it comes to bitcoin mining. The country hosts two of the largest distributors and builders of mining equipment in Bitmain and Canaan Creative. However, as of late there appears to be a national chip shortage, which means China may be losing its edge when it comes to extracting new crypto units.China Is Starting to Lose Its EdgeRight now, the prices of mining machines and related equipment have surged like there’s no tomorrow in China given how rare...

China will launch another major test for its digital currency, the digital yuan, in January. Local reports affirm that Sichuan’s capital Chengdu will be the next hotspot for the consequent tryout of the nation’s future virtual asset.The Local Government Giving Away $4.6M Worth of CBDCAccording to a recent media report by mobile payment network Mpaypass, the capital of the Chinese province of Sichuan, Chengdu, will be the next area, which will test the efficiency of China’s digital yuan....