Crypto in China

It looks like North America is about to become a major player in the bitcoin mining sector thanks to companies like Core Scientific.Core Scientific Is Paving the WayThe enterprise has recently inked a deal with a mining equipment venture in Malaysia to purchase more than 17,500 Antminer machines from Bitmain. The company has already gotten its hands on some of these machines and have installed them so that miners can begin extracting new coins. The rest of the machines are slated to arrive by...

Well, here’s something you don’t see every day. Bitcoin outranked by another coin… You may not believe it, but in China, that appears to be the case.China Isn’t Too Crazy About BitcoinChina has put out a list of its top digital currencies. It’s strange considering how strong of a presence bitcoin holds in the country, but according to the Center for Information and Industry Development (CCID) of China, bitcoin is only the 12th best coin available to traders. This is in sharp contrast to many...

More companies are utilizing blockchain, reveals a recent study compiled by the multinational professional service network Deloitte.Interestingly, the Asia-Pacific region appears to be leading on the matter with the most use cases employing the distributed ledger technology (DLT).Blockchain MaturesDeloitte surveyed nearly 1,500 senior executives and practitioners from large companies from 14 countries, including Canada, the UK, the US, Singapore, Israel, China, and Germany. In its third...

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Steven Mnuchin to “go after Bitcoin” as early as mid-2018 amid the ongoing trade war with China, according to an unpublished book written by his former national security advisor John Bolton.Trump Against BitcoinPresident Trump has not been supportive of any cryptocurrency as he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...