Crypto in China

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...

Barry Silbert – crypto entrepreneur and the leader of the Digital Currency Group (DCG) – has announced that he is looking to remove some of the heavy bitcoin business that’s been going on in China and move it back to the United States. How will he do this? Through a company he’s created called Foundry, via which he will invest roughly $100 million into mining operations situated throughout North America.Barry Silbert: Now Is the Time for the U.S. to ShineThe fact that China has become so...

The fact that China has become such a big “bitcoin nation” over the past several years is worrying to some. They are concerned that the country could potentially take over the space, which would ultimately mean the end of bitcoin and crypto as we know it.Is China Getting Too Powerful in the BTC Space?As it stands, China controls much of the global mining power. That means that most mining operations in the world either make their home in China or are powered by Chinese businesses or firms....

The Inner Mongolia region of China is a prime hotspot for bitcoin miners. The energy is cheap and plentiful, so if you’re looking to potentially be part of the extraction process for new coins, this is probably the place to do it in.China Takes Quick ActionHowever, if you show up to do business within this region, make sure you don’t lie on your application form, and always be clear about who you are and what you’re looking to accomplish. Approximately 21 mining farms – including those of...

Money attracts money, and Barry Silbert, CEO of Digital Currency Group, knows it. His company has already established itself as one of the most influential corporations in the entire crypto ecosystem. Today, it announced a new venture that will expand its reach into a whole new frontier: the crypto mining industry.In a recently issued press release, DGC announced the creation of a new subsidiary focused on cryptocurrency mining. Foundry, a company quietly founded last year, has received $100...

According to a new op-ed by Chris Larsen – the co-founder and executive chair of Ripple – the United States is losing the tech war against China and other nations.Chris Larsen: China Holds a Strong PositionRipple is presently the fourth-largest cryptocurrency by market cap after bitcoin, Ethereum and Tether. According to Larsen, nations such as China are way ahead when it comes to cryptocurrencies and are potentially putting lots of money into ensuring miners have everything they need to stay...

It looks like China is playing by its own financial rules. According to a new report released by blockchain security firm Chainalysis, the country moved as much as $50 billion in cryptocurrency out of the country last year as a means of avoiding present sanctions.China Has Its Own AgendaAs it stands, residents of China are only allowed to purchase up to $50K in foreign currency. Previously, many wealthy members of the nation sought to get around this rule by investing in real estate and other...

Despite numerous reports claiming that the Chinese central bank is experimenting with large volume transactions for its CBDC, the bank recently said that it’s focusing on small retail transactions but confirmed that the trials are ongoing in numerous regions.China’s CBDC Trialed For Smaller TransactionsIn the past few weeks, various reports claimed that the People’s Bank of China had tested its central bank digital currency (CBDC) with a massive transaction volume to determine how much load...

A new report indicated that East Asia remains the most active cryptocurrency market with the most significant number of daily transactions. At the same time, professional traders still account for most of the trading volume, while stablecoins, and especially Tether (USDT), have gained a massive market share.East Asia Dominates Crypto Trading MarketAccording to the recent report compiled by Chainalysis, “East Asia is the world’s largest cryptocurrency market, accounting for 31% of all...

Months after launching operations in China, the country’s Blockchain-based Service Network (BSN) saw the release of an official international website, aiming to attract global DLT developers as well.China’s BSN Goes InternationalThe Blockchain-based Service Network went live a few months back after a delay prompted by the COVID-19 pandemic. As CryptoPotato reported back then, the platform enables DLT developers to build applications, smart cities, and even digital economies on top of it...