Crypto in China

The economy in Russia isn’t doing too well. Not long ago, the ruble – the national currency of Russia – experienced a massive drop that saw many people turning to crypto as a means of keeping their wealth stable and steady during this ongoing time of economic strife. In addition, it was suggested that crypto was likely going to be a tool in Russia for avoiding U.S. sanctions. Russia Seeks to Trade Oil for Crypto Thus, it looks like digital assets have become prime...

Richard Turrin – Financial Technology Consultant at CNBC – argued that the Chinese central bank digital currency could challenge the dominance of the American dollar this decade. Specifically, he believes the e-yuan might replace its rival as the currency of choice in international trade settlements. Digital Yuan to Reduce the Dollar’s Usage? The Chinese government is known for having one of the most hostile stances on private cryptocurrencies. Last year, the authorities...

The Shanghai Public Security Bureau and the Yangpu Public Security Bureau conducted a joint investigation on pyramid schemes using cryptocurrencies. Shortly after, the authorities busted an online platform, which drained nearly $16 million in digital assets from its victims over the years. Shanghai’s First Cracked Crypto Pyramid Scheme According to a local report, the organization started its illegal activities in June 2020, and its leader was a criminal suspect named Mou....

Russland stellt um: Bitcoin oder chinesische Bezahlsysteme stehen zur Wahl. Es ist ein harter Schlag gegen die Bevölkerung in Russland und Belarus. Fast sämtliche Bankkarten funktionieren nicht mehr. American Express, VISA, Mastercard und PayPal — sie alle haben ihre Dienste für russische Kunden eingestellt. Für die Kunden der drei weltgrössten Kreditkartenanbieter bedeutet das: Sie können mit von russischen Banken ausgestellten Visa-, Mastercard-...

The central bank of China has recently issued a report claiming that bitcoin trading in the country has fallen from about 90 percent to ten percent worldwide at the time of writing. China Bitcoin Trading Has Really Fallen Automatically, we feel a huge inclination to shout, “Duh!” at the bank’s representatives. If they are reporting this in surprise, they are on the wrong track. China has worked very hard over the past year to ensure that bitcoin and crypto trading has no...

Visa and Mastercard joined the growing list of western financial companies that announced plans to withdraw from Russia. Looking for alternatives, the nation’s central bank said it has turned to China’s UnionPay system. President Vladimir Putin launched a “special military operation” against Ukraine less than two weeks ago, which still continues until this day with no real endgame in sight for either side. NATO and the EU decided not to escalate the conflict by getting...

Despite heavy calls from environmentalists to end the practice, it doesn’t look like crypto mining is leaving us anytime soon. In fact, it appears that the space is going to get even bigger in the coming years. Crypto Mining Continues to Expand There is a widespread desire for digital assets, and as this desire grows, miners are being asked to place more units into circulation. Thus, crypto mining is still very much in style, and so long as people continue to demand...

The American politician serving as the junior United States Senator for Texas – Ted Cruz – said he is a bitcoin supporter because the authorities cannot control it. He opined that China imposed its total crypto ban for the same reason. In addition, he opposed Justin Trudeau’s Emergency Act, by which the Canadian government froze the assets of the Freedom Convoy protesters. Communists Don’t Like BTC Because They Can’t Supervise It The 51-year-old member of the Republican party...

Chinese courts will now issue jail sentences if individuals engage in fundraising activities via crypto from the public. New Guideline: Crypto Fundraising, A Punishable Offence After an intense crackdown on trading and mining, China is taking its anti-crypto stance to another level. For the first time, the Chinese Supreme People’s Court has announced amending the interpretation of the nation’s Criminal Law to make public fundraising through “virtual currency” illegal....

Everyday transactions with China’s digital currency during the Beijing Olympic Games account for around 2 million yuan (approximately $315,000), a top official at the nation’s central bank said. He further revealed that foreign users employ hardware wallets when dealing with the product, while locals prefer software wallets. Digital Yuan Transactions During The Games China’s name pops up somewhat immediately when speaking of central bank digital currencies (CBDCs). Over the...