Crypto in China

The digital currency will allow anonymity to users… but only to an extent. Analysts are predicting the government-backed crypto will be out early next year. Blockchain efforts by the People’s Bank of China have ramped up in recent weeks. China has brushed aside concerns that its planned government-backed crypto will be used to keep tabs on the activities of its citizens. Allegedly, users of the centralized digital currency will be guaranteed ‘controllable anonymity’ as long as they are not...

China is on a fast track to becoming a global digital currency power. Billionaire Michael Novogratz warns that the country might undermine the United States’ reserve status. Some politicians are wary about embracing cryptocurrency networks. Billionaire Michael Novogratz has warned that the United States’ reserve status is likely to be undermined by China’s blockchain and cryptocurrency revolution. In the forewarning, he underscores that China is already ahead in some areas such as fintech,...

The Chinese involvement with blockchain is set to increase even further. According to a recent report, the giant country will increase its blockchain investments, which are expected to surpass $2 billion in 2023. The news may not come as a surprise as the total interest in China has risen after President Xi’s endorsement a few weeks ago.China To Spend $2 Billion On BlockchainThe global market intelligence company, IDC, recently published a report showing that China’s take on blockchain...

Chinese State Media Praise Bitcoin as a “Successful Application of Blockchain” Blockchain fever overruns the people’s republic Bitcoin propaganda comes as China preps to launch digital currency in 2020 China has taken yet another step towards fully embracing Bitcoin, calling it “The First successful application of blockchain technology.” The entirety of the people’s republic has been on a blockchain hype beyond anything thing imaginable recently. However, this latest admission from Chinese...

Every year on November, 11, the Chinese celebrate the biggest shopping event knows as Singles’ Day. It is always a big deal for the retailing giant Alibaba and legions of other online shoppers, and this year is no exception. Alibaba, that has been promoting the event since 2009, has said that in the first nine hours, sales for the Singles’ Day shopping blitz reached 158.31 billion yuan ($22.63 billion), which is equal to more than half of last year’s record haul for the 24-hour event.Singles’...

Bitcoin mining in China is no longer in the line of fire.Bitcoin Mining Is A-OKFollowing several years of going back and forth on the subject, regulators within China’s borders have finally decided that bitcoin mining should be allowed to continue without interference from the government. The country had long considered banning the process of extracting new bitcoins as a means of protecting the environment, though now it appears those fears have subsided.The bulls are seeing this as a huge...

After a few days of sideways trading, Bitcoin made a move. The cryptocurrency lost around $800 in the last 48 hours. At the time of this writing, the cryptocurrency is trading at about $8,800.Two weeks ago, the Chinese President announced that the country should put more effort into embracing blockchain-based technology, and Bitcoin’s price skyrocketed by severe 40%. After that, however, the price retraced to around $9,300 and traded in this range for a while.Yesterday,...

Most of the asset inflows recorded by Binance this year have come from Huobi – a China-based cryptocurrency exchange. The reports come after a few weeks of serious Chinese interest as well as major blockchain-oriented announcements coming from the country.Binance’s Inflows From ChinaInitially established in China, Binance left the country when the government placed a ban on trading and had its headquarters in Malta. With the latest news coming from China, though, and the interest picking up,...

Software giant Microsoft is developing a new way to ensure newly created cryptocurrency tokens are easy to audit and much harder to fabricate.Microsoft Brings Azure to the TableKnown as Azure Blockchain Tokens, the platform has been utilized by several video game companies to create tokens that players can earn through gameplay. Now, Microsoft is taking the system to new heights and spreading its services to companies like General Electric, which is now among the first major conglomerates...

The People’s Bank of China (PBOC) and the Shanghai commerce commission have issued a joint statement signaling their support for blockchain use in commerce. China Goes All-In on Blockchain According to the agencies, decentralized technology can be used in trade finance to resolve asymmetries and validate transactions. In the published document, the two government institutions underscore the cost-effectiveness of blockchain systems, while affirming their appropriateness in international...