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Tag Archives: China

China’s Blockchain Attempt BSN to Reportedly Integrate CBDCs This Year

China is preparing a consequent major take on blockchain adoption. The country is developing a new project aimed at integrating international central bank digital currencies (CBDC) as a part of their recent blockchain endeavor, the BSN.Building a Universal Digital Payment Network as part of 2021 OutlookThe country’s national blockchain project, Blockchain Service Network (BSN), has featured another task on its way to adopting blockchain network and more standardized forms of digital currency...

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Google’s “Anti-BTC” Computer Is Replicated in China

People got kind of freaked out last year when Google, arguably one of the largest and most powerful internet companies in the world, said that it had built a quantum computing machine that could solve hard and extremely long mathematical equations. Everyone thought that perhaps bitcoin – which relies on such equations to be mined and to ensure security – would be at risk. Now, the same fear is arising, though it has little to do with Google and a lot more to do with China.Is China Going to...

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PlusToken Crypto Scammers Slammed With 11-Year Jail Sentence

Principal actors in the PlusToken Ponzi scheme have bagged 11-year prison sentences in China. The scheme managed to defraud investors of billions of dollars in various cryptocurrencies.End of the Road for PlusToken ScammersAccording to the South China Morning Post on Dec. 1, principal members of the PlusToken scam project were sentenced to 11 years imprisonment by a Chinese court. The suspects were found guilty of duping investors of $2.25 billion worth of crypto tokens.As previously reported...

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Canaan Sees Over 75% Decline in Net Revenue in Q3 as Bitcoin’s Price Surge

Chinese Bitcoin mining firm Canaan has recorded a loss in yet another quarter but is showing positive signs of a recovery as share price and market capitalization spikes. Following a disappointing initial public offering (IPO) last year and declining inventory sales, the company has seen the balance of power shift considerably to major competitors MicroBT and Bitmain.$12.7 Million Loss for Q3 2020Bitcoin miner maker Canaan has reported a 75.7% year-on-year (YOY) decline in net revenue as part...

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US Spy Chief Reportedly Worried About China’s Crypto Dominance

With China making significant strides in crypto and blockchain development, the US Intelligence apparatus is reportedly worried about the US falling far behind its current economic rival.From crypto mining to central bank digital currencies (CBDCs), there is a popular narrative that Beijing controls vast swaths of the emerging digital economic landscape. A dismissal of the value proposition of digital assets has seen the US seemingly far behind the curve in terms of crypto innovation.Crypto...

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China Bank Wants to Raise $3 Billion with Bitcoin’s Help

China Construction Bank – one of the largest financial institutions in the country – is unveiling its new funding plan that will potentially allow the firm to raise more than $3 billion from bond sales. What’s the big clincher? People will be able to purchase these bonds with bitcoin and other forms of crypto.China Bank Sees Bitcoin as a Potential ToolChina has had a very odd relationship with bitcoin and its altcoin cousins. On the one hand, bitcoin has potentially surged so much because the...

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Chinese Bitcoin Miners Can’t Pay Power Companies as Government Reportedly Freezes Bank Cards

The ongoing assault on money laundering in the Chinese telecoms and crypto industry has seen Bitcoin miners facing difficulties in paying electricity bills as banks freeze cards associated with cryptocurrency transactions. Three-quarter of Chinese Bitcoin Miners Can’t Pay for Electricity According to a local news outlet, in a tweet thread on November 16, 2020, Chinese miners were reportedly experiencing difficulties in paying electricity bills. The outlet was able to survey...

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Bitcoin Breaks Above $16K For The First Time Since January 2018: The Crypto Weekly Market Update

Bitcoin is up by a total of around 5% this week. However, the most interesting part is that it finally broke above the coveted $16,000 mark for the first time since January 2018. This time, however, things are looking a lot more stable. BTC had a few attempts at $16,000 and managed to convincingly break through today. Ironically, it’s Friday the 13th so there goes the myth of bad things happening on this date. At the time of this writing, the price is trading at above $16,200...

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Another Crypto Exchange in China Goes Kaput

China is proving itself to be a hard nut to crack when it comes to crypto. The country is on the verge of releasing its new digital yuan to the public, and already the nation wants to make sure it doesn’t have any competition to worry about. Thus, it is cracking down on all cryptocurrency exchanges, and it appears another one doing business in China has just shut its doors permanently.China Has Shut Down Another Trading FirmToken Better is a prolific cryptocurrency trading platform based in...

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Major Chinese Bank to Sell $3 Billion of Debt Using Blockchain

One of China’s biggest banks is selling $3 billion worth of bonds to investors. The offering allows clients to make purchases with cash and Bitcoin.  Raising $3 billion From A Bonds Sale China Construction Bank Corp. aims to raise up to $3 billion from a planned sale of bonds. As per a recent news report, the offering is a mutual partnership with Hong Kong-based fintech company Fusang. The project will focus on both individuals and institutions, which can trade in and out of...

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