Crypto in China

Facebook’s future cryptocurrency project scaled back this week. At the same time, local Chinese reports indicate the country is advancing notably on its CBDC. Summarized information from this past week alone suggests the nation could be pushing the digital currency release as a response to Libra’s change of plans. Libra’s Less Ambitious Plans Facebook shook the world last year, announcing a “single global digital currency” dubbed Libra. Per Mark Zuckerberg, CEO of the social media giant,...

Some of the biggest Chinese companies have been tapped to be part of the government’s blockchain project. Among the picked are tech moguls like the e-commerce giant JD, the telecom equipment manufacturer Huawei Technologies, social media and tech Tencent Holdings, fintech firm Ant Financial Services, and search giant Baidu. China’s MIIT Assembles Blockchain Powerhouse As The Ministry of Industry and Information Technology (MIIT) announced earlier this week, the new “team” will go by the name...

China’s anticipated central bank digital currency (CBDC) may be closer to its launch, as per a screenshot circulating the internet. While testing should be entirely confidential, the leaked photo is hinting the test version of a mobile app developed by a large state-owned bank.An App For China’s CBDCInformation from a few weeks ago indicated that the People’s Bank of China (PBoC) had finished the development processes on its CBDC. As Cryptopotato reported, PBoC and all of the associates on...

China has always been in the spotlight when it comes to cryptocurrencies, despite the country’s controversial legislation on the matter.Last year, President Xi Jinping urged for further investments in blockchain-based technology, causing Bitcoin to mark an increase upwards of 40% in less than 24 hours. Now, however, regulations seem to be tightening up, and this will cause some changes in the cryptocurrency landscape, according to Changpeng Zhao, CEO at Binance.Cryptocurrency Operators To...

While reviewing the upcoming distribution of digital assets left in Cryptopia storage, Judge David Gendall at the High Court in New Zealand classified Bitcoin and all cryptocurrencies as “properties.” The decision means that users of the exchange are allowed to receive the remaining funds.New Zealand Court: Bitcoin Is PropertyCryptopia was a New Zealand-based cryptocurrency exchange with a significant number of users. In January 2019, however, the platform suffered two back-to-back hacks. The...

Die Shanghai Gas Group ist ein Energieversorguns-Unternehmen und arbeitet gemäss aktueller Medienmitteilung weiter mit VeChain an der Entwicklung und der Einführung eines blockchain-geschalteten Energieprojekts zusammen. Die Zusammenarbeit dient dazu, die Geschäftsprozesse zu optimieren, die Betriebskosten zu senken, die Effizienz der Lieferketten zu verbessern und ein vertrauensvolles „Energie-als-Dienstleistungs“- Ökosystem aufzubauen. Als eine der führenden Kräfte für die...

An alliance consisting of Chinese government groups, banks, and technology companies will launch the Blockchain-based Service Network (BSN) in April. The innovative platform will be among the first maintained by a central government. It will allow participants to operate on top of it, without having to design a new network from scratch.Blockchain-Based Service Network Comes In AprilAnnounced in the middle of October 2019, only a week before President Xi Jinping said China should invest more...

In the past seven days, bitcoin managed to add another 10% to its dollar-value as the price spiked from about $6,000 to its current point at $6,600. Yet, most of the time, it traded within a narrow range between $6,400 and $6,700. The overall volume has also declined, and, as such, the volatility decreased. If one thing is sure, though, is that Bitcoin doesn’t like to stay calm for long periods, and major action is likely underway.Most of the altcoins are following in Bitcoin’s lead and...

As Congress nears a deal on the economic stimulus package, the latest proposal has taken a crypto turn and is offering the notion of a potential digital dollar.Is a Digital Dollar Coming to the U.S.?Many countries, as of late, have brought up the idea of introducing a national digital currency for its citizens. China, for example, is arguably the biggest example, having divulged the secrets of its latest project in the digital yuan. The currency has stirred controversy among those who believe...

Despite the delay, the People’s Bank of China (PBC) is closer to launching its official digital currency. By working together with several large private companies, the nation’s central bank has finished the development process and is working on the proper legislation before the CBDC is released.China’s CBDC Is On Its WayAfter the COVID-19 outbreak, the Chinese central bank digital currency (CBDC) was delayed indefinitely. However, as the country is portraying initial stages of recovering...