Crypto in China

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....

Bit Digital – a NASDAQ-listed company, is to face a class-action lawsuit. A recent report by J Capital Research alleged the Bitcoin mining firm in “fake cryptocurrency business.”Impossible to Operate 22,869 Bitcoin Miners in ChinaBitcoin mining company Bit Digital is facing a class-action lawsuit on allegations of fraud and misleading its clients. According to an official court document filed in the Southern District Court of New York on Thursday, by plaintiff Anthony Pauwels, the case seeks...

Although Bitcoin is still officially banned in China, the country portrays the most significant chunk of BTC trading volume, new research says. Additionally, the world’s most populated continent, Asia, occupies the largest market share, whale activity, and larger trades.China Dominates The Crypto FieldChina’s government has repeatedly outlined that BTC is officially banned within the nation’s borders. Nevertheless, the country has remained one of the largest and most crucial players in the...

China is preparing a consequent major take on blockchain adoption. The country is developing a new project aimed at integrating international central bank digital currencies (CBDC) as a part of their recent blockchain endeavor, the BSN.Building a Universal Digital Payment Network as part of 2021 OutlookThe country’s national blockchain project, Blockchain Service Network (BSN), has featured another task on its way to adopting blockchain network and more standardized forms of digital currency...

People got kind of freaked out last year when Google, arguably one of the largest and most powerful internet companies in the world, said that it had built a quantum computing machine that could solve hard and extremely long mathematical equations. Everyone thought that perhaps bitcoin – which relies on such equations to be mined and to ensure security – would be at risk. Now, the same fear is arising, though it has little to do with Google and a lot more to do with China.Is China Going to...