Crypto in China

China continues its crackdown on crypto exchanges. Binance and Bithumb raid rumors cause widespread FUD. Will China’s U-turn on crypto impact the market? The Peoples Bank of China (PBOC) has reiterated its position on crypto trading, vowing the immediate disposal of cryptocurrency exchanges. For weeks China’s strict attitude towards cryptocurrencies has seemingly morphed into something less stringent. Blockchain technology has been championed within the country, and a lighter touch was...

Yesterday, Bitcoin’s price went through a serious decline, losing more than $550 of its value in a matter of hours. Today, news from China came that the country’s views on cryptocurrencies remain unchanged and that they are, in fact, illegal. Almost immediately after that, Bitcoin lost another $500, marking a 6-month low.China Clarifies: Cryptocurrencies Are IllegalA few weeks ago, China’s president, Xi Jinping, urged the country to get more involved with blockchain-based technologies....

Bitcoin shows signs of a pump-and-dump scheme.A renowned analyst says BTC is dying.Despite the bearish sentiment, countries around the world want to allow investors to trade the pioneer cryptocurrency.On Oct. 25, Chinese President Xi Jinping addressed the nation about the “important role [that blockchain technology would play] in the next round of technological innovation and industrial transformation.” He declared that his administration would focus on getting China to “take the leading...

A rising number of companies in China are claiming to be related to blockchain technology. Multiple media outlets have issue warnings to put an end to the frenzy. The Chinese government vows for blockchain, not cryptos. Following Chinese President Xi Jinping’s decision to “accelerate the development of blockchain technology,” a massive number of companies in the nation claimed to have shifted their focus towards blockchain. The move was seen as a way to improve brand awareness, generate...

An inter-ministerial committee in China plans to reward individuals who report illicit ICO fundraisers. The decision could likely boost China’s crackdown on the regional cryptocurrency industry. ICOs are operating freely in China despite a sweeping 2017 ban. China is planning to provide monetary perks to eligible individuals who expose illegal cryptocurrency crowdfunding campaigns. According to sources cited by Sino Global Capital’s CEO Matthew Graham, China’s interministerial...

The former CEO of one of the most popular Bitcoin exchanges from a couple of years ago, Bobby Lee, said in an interview that he expects for Bitcoin t overtake gold in less than ten years. He also shared his thoughts on Facebook’s Libra, as well as the increased interest in the field coming from China.Bitcoin To Overtake Gold in 10 YearsIn a new interview, Bobby Lee, the former CEO of Bitcoin exchange BTCC, shared his thoughts on some of the most pressing matters within the cryptocurrency...

China may use blockchain to organize and incentivize its military  Could China’s embrace of blockchain cause another pump? The people’s republic softens its stance on crypto. China’s latest blockchain initiative could see its army rewarded in cryptocurrency tokens. Just as the blockchain hype in China appeared to be simmering down some, The People’s Liberation Army (PLA) Daily –  a state-sanctioned newspaper of the Chinese army – proposed a blockchain-focused overhaul of the...

Traditional markets and indexes are currently hitting new records. In one such first-ever milestone, the Dow Jones Industrial Average rallied to a record 28,000 plus levels on Friday. The rally comes amidst waning tensions in the U.S.-China trade war with the hope of reaching a trade deal between the two economic powerhouses.On Friday, November 15, Dow Jones’s 30-stock average climbed 222.93 points at 28,004. In just the last four months, the Dow Jones price index has surged by 1000 points....

Russia, China, as well as the other members of the international group of emerging nations BRICS, which include India, Brazil, and South Africa, plan to create a cryptocurrency designed for payment settlements.BRICS Contemplating A CryptocurrencyBRICS is an international group of emerging nations that includes some of the world’s most prominent economies. Namely, these are Brazil, Russia, India, China, and South Africa.According to popular Russian media, during the business council of the...

In yet another example of China’s changing view of cryptocurrency, the People’s Liberation Army’s (PLA) media mouthpiece is calling for its soldiers to be rewarded with crypto to incentivize performance.A Tokenized Rewards and Demerits SystemA recent article in the military-run PLA Today suggested that some form of cryptocurrency could be used as part of a performance assessment rewards system that would gauge how well soldiers completed tasks, progressed in their training, and other...