Crypto in China

Jeremy Allaire – the CEO of stable coin issuer Circle – says that with bitcoin and Ethereum exploding in price as of late, he thinks countries like China – as well as many other Asian nations – are going to up their bitcoin demands and permit crypto mining like never before. Jeremy Allaire Thinks China Will Again Be a BTC Haven In a recent interview, Allaire said: Hong Kong is clearly looking to establish itself as a very significant center for digital asset...

A China-owned crypto mining facility could be built in the rural town of Vilonia, Arkansas, and the residents aren’t too happy about that. Will Vilonia Be a New Crypto Mining Hub? What’s odd is that the mining facility is controlled and owned by China, a country that not long ago decided crypto mining should be illegal due to the alleged harm it does to the atmosphere. The country announced that due to new “green” rules implemented by Beijing, all crypto mining...

Towards the end of May, crypto prices rose somewhat following news that Hong Kong would permit retail trading and move in the opposite direction of its mainland countrymen. Hong Kong Says “Yes” to Crypto Trading Bitcoin, for example, which had been trading in the mid-$26,000 range for several weeks, eventually shot beyond the $27K mark for the first time in a while, while Ethereum – which had fallen into the $1,700 range – shot up to about $1,850. The jumps...

A new bill is making its way to the Texas House of Representatives that might make it hard for crypto mining companies within the state to gain access to the funds and resources they need to stay afloat and function properly. Texas Crypto Bill Is the Wrong Move The bill, for one thing, would ensure that power costs for the largest crypto miner in the state will increase by as much as $30 million each year. Also, miners would only be able to provide a limited...

An analysis conducted by Atlantic Council revealed that 130 nations, or 98% of the global GDP, are “exploring” a central bank digital currency (CBDC).  11 countries have fully launched one, with China being an example. A Closer Look at the CBDC Trends The research estimated that 95 counties had joined the CBDC race in the past three years. As of the moment, 130 nations have introduced some programs, with many being developed economies, such as Japan, South Korea, Australia,...

Earn Your First Bitcoin Sign up and get $12 Bonus Referral bonus up to $3,000 Sign up The nation of Pakistan has issued a warning that it’s going to look into potentially banning crypto. Will Pakistan End All Crypto Activity? The news came by way of Pakistan Minister of State for Finance and Revenue Aisha Ghaus Pasha, who said in a recent Senate session that his country has no interest in...

Alibaba Group – a Chinese technology company specializing in e-commerce – announced that Joseph Tsai will replace Daniel Zhang as the entity’s new Chairman.  The Taiwanese-Canadian billionaire businessman is known as an advocate of the cryptocurrency industry, and his name has been involved with several digital asset projects. Recent sources revealed that Blue Pool Capital – an organization that manages the personal wealth of Tsai – participated in two of the funding rounds...

The ongoing regulatory enforcement actions are threatening to drive US crypto businesses offshore. The implications of such a shift for the country’s economy are significant, something that has translated into declining crypto prices, making investors even more jittery. While the market’s concerns regarding the potential removal of the US retail investor from the crypto capital markets are palpable, Arthur Hayes believes the fear is misplaced. Elimination of US Retail...

Coinbase CEO believes China might be looking to directly displace the US dollar from its role in global commerce. Coinbase CEO Brian Armstrong has recently shared his thoughts on cryptocurrencies and the approach of the United States toward the special asset class. He admits that recent happenings around the world of cryptocurrency have made it necessary for policymakers to be more hostile toward crypto. However, he also says that America should not lose sight of the fact that crypto may...

China seems to be opening up to some parts of the industry. Despite its hard stance on trading and owning cryptocurrencies like Bitcoin and Ethereum, the country is pushing for the development of Web3. During the parallel forum of the 2023 Zhongguancun Forum called Web3: Future Internet Industry Development, the Beijing Municipal Science and Technology Commission, alongside the Zhongguancun Science and Technology Park Management Committee, released a joint paper called...