Crypto in China

A&T Capital’s founding partner Yu Jun reportedly resigned from his position earlier this month. While the crypto fund cited “personal issues” as the reason, Jun has refrained from commenting on the matter. According to a statement to Bloomberg, A&T Capital said that Jun, a veteran in China’s crypto investor community, is no longer involved with the company’s operations. Jun was an investment director of Ant and assisted the Jack Ma-backed fintech empire to establish...

On March 23, CNBC reported that a group of Binance angels shared techniques that allow users to bypass the platform’s KYC, residency, and verification systems. CNBC confirmed the information by reviewing hundreds of messages posted on a Discord server and a Telegram group controlled and operated by Binance, which apparently ran from 2021 to March 2023. Crypto is banned in China, but Binance employees and volunteers tell people how to bypass the ban https://t.co/ddssYTwimH —...

Bitcoin has been having a very good year in 2023. The currency is up 50 percent since the end of 2022, and it looks like it’s going to be enjoying at least another few solid months in the coming future thanks to leniency from China. China Is Stepping Back Into the Crypto Picture For the most part, China has always been a big player in the bitcoin and crypto communities. The country once accounted for close to three quarters of the world’s bitcoin and crypto mining...

Increasing electricity costs and a decline in digital asset prices coupled with high mining difficulty in the fourth quarter slashed mining profit margins and made it difficult for miners to stay afloat. Chinese crypto mining rig maker – Canaan – reported a mining revenue of $10.5 million in the fourth quarter, representing an increase of 16.3% from the previous quarter. It was also up by a staggering 368.2% compared to the same period in 2021. But the bigger picture tells a...

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Tencent Cloud announced strategic collaborations with prominent companies in the crypto industry namely – Ankr, Avalanche, Scroll, and Sui – to support the development of the Web3 ecosystem. According to the official statement by the subsidiary of the Chinese tech giant, the latest move aims to establish close relationships with industry partners to assist developers to accelerate the adoption of Web3. Tencent Fortifying Presence in Web3 Tencent Cloud International’s Senior...

Alex Gladstein – CSO of the Human Rights Foundation – thinks bitcoin symbolizes some of the USA’s values based on the Declaration of Independence: free speech, property rights, and open capital markets. He argued that the primary cryptocurrency could thrive in democracies and struggle in totalitarian countries. ‘It’s Financial Privilege’  In a recent episode of Simply Bitcoin, Alex Gladstein presented himself as a keen advocate of the leading digital asset and pointed out its...

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The central bank of Japan will reportedly start testing the employment of a digital yen in April this year.  The institution has previously said they could take Sweden as a model for how to launch a CBDC. Catching up With China As reported by CNBC, the testing phase includes processing simulated transactions with private financial companies. Shinichi Uchida – Executive Director at the Bank of Japan – said consumers and retailers will be excluded from the experiment. “Our hope...

The Chinese Ministry of Science and Technology reportedly approved the launch of the National Blockchain Technology Innovation Center.  It will be based in the capital Beijing and will focus on use cases that could boost the local economy.  Unlike BTC, China is Supportive of Blockchain  According to recent coverage, the newly-formed entity will try to advance the financial network of the most populous country by implementing the use cases of blockchain technology. The center,...