Crypto in China

President Donald Trump has urged Treasury Secretary Steven Mnuchin to “go after Bitcoin” as early as mid-2018 amid the ongoing trade war with China, according to an unpublished book written by his former national security advisor John Bolton.Trump Against BitcoinPresident Trump has not been supportive of any cryptocurrency as he pointed out himself in July 2019:“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air....

Despite the lacking demand as of yet, the Bank of Korea (BOK) has set up a legal advisory group to review any legal issues before possibly launching a central bank digital currency (CBDC) in the future.BOK To Review Legal Matters Around CBDCAccording to a local report from today, South Korea’s central bank has established a group consisting of a six-member panel. Among those are law professors and legal practitioners, including lawyers and BOK’s legal policy office. They will provide...

Chinese national college exams have reportedly included questions about cryptocurrencies in one of the test papers. About ten thousand applicants have to answer a question concerning Bitcoin mining in July this year.“Why Bitcoin Miners Would Cluster In The Province Of Sichuan?”As announced, the question looks for an analysis of the economic geography in Sichuan province and how it reflects on the Bitcoin mining industry in the region. This year’s national college tests’ edition, known as...

The Bitcoin hash rate appears to be migrating west after the percentage of BTC mining taking place in the United States increased by 78%, leading into 2020.That’s according to the latest data from the Cambridge Center for Alternative Finance (CCAF), presented in a report by TokenInsight, which shows the US-based Bitcoin hash rate rose from 4.06% to 7.24% between September of 2019 and April of 2020.US-Based Bitcoin Hash Rate Climbs 78%While that moved the US into second place in CCAFs global...

China Zheshang Bank (CZB) – a national joint-stock commercial bank based in the Zhejiang province – has employed blockchain technology to bring an asset-backed commercial paper (ABCP) to the Chinese financial market. Competed last week, the issue was worth nearly $17 billion.A Chinese Bank Employs BlockchainCZB successfully executed the issue called “Lianxin 2020 Lianjie First Phase Asset-backed Commercial Paper” on June 5th, a local report informs. It became the country’s first ABCP and one...

The Federal Reserve of Philadelphia believes that central bank digital currencies (CBDCs) could significantly impact global finance. In a recent paper, the Fed even suggested that digital currencies could replace commercial banks if they manage to tone down any associated risks.Fed Philadelphia Pro-CBDCIn its comprehensive report on the matter, the Fed examined the potential merits and drawbacks of CBDCs in an ever-digitalizing world.“The introduction of a CBDC can represent an important...

The drama surrounding one of the world’s largest Bitcoin mining equipment manufacturers, Bitmain, continues. According to recent reports, exiled co-founder Micree Ketuan Zhan used private guards to storm in the company’s Beijing offices today.Using ‘Brute Force’ To Enter Bitmain’s OfficesThe controversy around Bitmain’s leadership continues with full force. A video showing several uniformed men marching in an office building is all over crypto Twitter.According to Dovey Wan, a popular...

Recent Chinese reports informed of hidden Bitcoin mining rigs stealing electricity in the northern city of Daqing. Interestingly, the perpetrators were concealing their operation under two mysterious grave mounds in a relatively empty field.BTC Mining Operations In HidingAccording to the recent report, a Chinese oil field company sent a tip to local police asking them to investigate suspicious power losses near Daqing. Upon arriving at the scene, the police officers spotted something somewhat...

OK Group, a leading blockchain company and operator of OKCoin cryptocurrency exchange, has announced the launch of a new blockchain development scheme to help develop blockchain talents in China.OK Group Launches OK RecruitAccording to the press release, the initiative dubbed “OK Recruit” is a blockchain recruitment and training scheme designed to help create hundreds of job opportunities in different areas of the blockchain industry, particularly in research, development, and...

Tension between the U.S. and China is spiking, and many are worried about what will happen with bitcoin.China Is Being Eyed by the U.S.On Thursday, President Trump explained to a room full of reporters that he and fellow regulators are looking into what their options are for dealing with China. The nation is widely blamed for the release of the coronavirus on the world, and Trump is potentially looking to initiate economic strikes against China in the form of further sanctions and tariffs.The...