Crypto in China

This week was nothing short of exciting in the cryptocurrency markets. Bitcoin definitely woke up from its slumber and made a few aggressive moves upwards. Altcoins felt the pain as most of them decreased in value as the king of crypto took its toll. In seven short days, Bitcoin went from around $9,600 to $11,400, charting gains upwards of just shy of 20%. Earlier on Monday, the cryptocurrency catalyzed its performance, jumping from $9,800 to $11,200. After that, it...

China has no reservation against ‘Bitcoin activities as virtual commodities,’ the Beijing Arbitration Commission (BAC) said in a report today. The report also added that the country’s laws and regulations ‘do not prohibit’ private possession and legal circulation of BTC.Bitcoin Is Not A Currency, But A ‘Virtual Commodity’Today local non-profit arbitration organization, the Beijing Arbitration Commission, pointed out in a report that Bitcoin cannot be used as a currency. It is not a legal...

After perpetuating one of the largest fraudulent projects in the crypto industry, the core team behind the popular PlusToken crypto scam has finally been arrested by the Chinese police, a Thursday report revealed.27 PlusToken Key Members ArrestedAlthough earlier reports suggest that some of the PlusToken officials were caught months ago, today’s report notes that the 27 individuals arrested were the core members of the fraudulent scheme, bringing the saga to an end.Chinese law enforcement has...

Often referred to as the ‘Chinese Ethereum,’ NEO has teamed up with the state-backed BSN to drive mainstream adoption. NEO will become one of the technological pillars of the BSN, which includes tech and payment giants such as China UnionPay and China Mobile, in addition to the Chinese State Information Center, the official announcement stated.It’s official! United by our shared commitment towards greater #blockchain adoption and innovation #Neo and @bsnbase will work hand in hand to provide...

The CBDC race is about to heat up again with nations across Asia leading the way in crypto research. Japan is the latest to accelerate progress, joining China and Thailand, which are already well underway with their respective digital currencies.Japan Forms Crypto Research TeamThe Bank of Japan (BoJ) stated on Monday that it has started with the formation of a ‘Digital Currency Group, ’ which will operate under the umbrella of the Payment and Settlement Systems Department. The primary goal of...

Bloomberg reports that the People’s Bank of China (PBC) intends to begin testing its central bank digital currency (CBDC) on several platforms operated by the food delivery giant backed by Tencent Holdings – Meituan Dianping.China’s CBDC On A Food Delivery PlatformCiting people familiar with the matter, Bloomberg informs that the large Chinese web-based shopping platform for locally found foods, consumer products, and retail services – Meituan Dianping – has been in contact with the PBC for a...

Bitcoin Mining Rechenpower: Kasachstan schliesst zu China, Russland und USA auf. Im Jahr 2018 waren die weltweiten Nachrichten von der Kryptowährung Bitcoin geprägt. Rasante Kursanstiege sorgten für Aufsehen und immer mehr Anleger interessierten sich für die Kryptowährung. Anders als bei herkömmlichen Währungen, bei denen offizielle Notenbanken Geld mit speziellen Maschinen...

Chainlink continues with its impressive price performance after reaching a new all-time high today. Interestingly, the latest surge coincided with the launch of China’s Blockchain Service Network, which integrated Chainlink’s price oracles into its ecosystem.China’s BSN LaunchesAs CryptoPotato reported in March this year, the world’s most populated country planned to introduce a DLT-based platform called the Blockchain Service Network (BSN). It allows the development of applications, smart...

Blockchain utilization is continuously rising in various countries across the world, a recent report revealed. It outlined that US-based companies have been awarded the most substantial number of patents for blockchain endeavors, but the Chinese multinational giant Alibaba is the single entity to receive the most.Blockchain Patents Across The MapThe report from the China Patent Protection Association (CPPA) examined data from 2014 to the middle of 2020 regarding the number of blockchain...

If you thought that the city of Wuhan was done for 2020, well, think again. Reports have it that at least some of 83 tons of gold bars, used as collateral for loans, turned out to be gilded copper. For more than five years, Wuhan Kingold Jewelry has been getting gold-collateralized loans worth over 20 billion yuan ($2.8 billion) with the fake bars. 83 Tons of Fake Gold Bars According to a report by ZeroHedge, Wuhan Kingold Jewelry Inc., a company founded and operated in Wuhan, China, has...