Home Blockchain News

Blockchain News

Status of Blockchain in China

The Blockchain China relationship has an intriguing past and an exciting future. Speculation on cryptocurrencies are banned, yet China has wholly endorsed the technology than underpins Bitcoin-blockchain.

2017 saw a huge shift in the relationship between Bitcoin in China. At the start of the year the interaction between the 2 were very tight. China was the biggest Bitcoin market in the world and was home to the largest Bitcoin mines and cryptocurrency exchanges like Binance.

However, towards the end of 2017, the Chinese government criminalized Bitcoin and cryptocurrency activities such as mining and exchanges. Bitcoin miners were forced to close shop while most exchanges like Binance relocated to safer jurisdictions. This removed China from being the largest to the smallest, almost insignificant, cryptocurrency market. Despite this, people are still interested in Bitcoin and the profits it can bring, so speculation continued underground.

In 2019 however, cryptocurrency and especially blockchain made a huge comeback. It was announced that the People’s Bank of China will issue DCEP (Digital Currency Electronic Payment), set to be the national digital currency of China. Unlike Bitcoin, DCEP is fully sanctioned by the Chinese government, and all Chinese merchants accepting digital payments must accept DCEP.

Further, China’s President Xi Jinping appealed for urgent development of blockchain before the Communist Party of China Central Committee. This lead to China-wide efforts at all levels to promote blockchain development. For example, state newspapers immediately published articles educating and praising blockchain technology and keywords like “Blockchain is a scam” was immediately censored by local social media. In a welcome turn, the cryptocurrency mining ban in China was also reversed.

Will china ban bitcoin?

PBOC Strikes Again, Alipay has Closed 3000 Accounts Related to Crypto Trading

Since our previous report on RMB trading volumes in bitcoin, more news has come out of China regarding additional measures to deal with illegal...
Will china ban bitcoin?

The Future of Blockchain in China Discussed at the 17th China Internet Conference

The 17th China Internet Conference was recently held in Beijing from July 10-12, 2018. What started as an event to discuss China's internet issues...
Chinese Crypto Miners

The Mass migration of Chinese crypto miners

  The Uncertain future of Chinese crypto miners can directly be attributed to the unsupportive policies of the Chinese government. This has many Chinese miners uncertain of...
Will china ban bitcoin?

Binance Syscoin (SYS) exploitation Potentially Hacked for $45 Million, Announces Unplanned Maintenance

Hack or not hack status: Not confirmed – no information from Binance team as of yet  Update #1: Binance announces unplanned system maintenance; rumors of Syscoin...
Will china ban bitcoin?

Alibaba Blockchain-based Remittance Service

Jack Ma, the chairman of Alibaba, recently referred to Bitcoin as a bubble. However, he doesn't think there is an issue with the blockchain...
ChinaandFrancePartnerTogetheronaBlockchainSupported,Eco FriendlySkyscraper

China and France Partner Together on a Blockchain Supported, Eco-Friendly Skyscraper

China has made plans to build a blockchain supported skyscraper in Hangzhou. The project, launched last month, will see Systemic, a French business cluster...
binance cz

Binance Founder, Zhao Changpeng, Gives a Candid Interview with Chinese Financial Website

In the decentralized crypto-space, Binance, created by Zhao Changpeng quickly became a hit in the market. Presently, it has become the world’s largest crypto-exchange,...
blockchain alibaba tencent baidu bat

How Chinese Tech Giants See the Future of Blockchain

The early morning of December 18, 2018, witnessed the celebration of the 40th anniversary of reform and with the opening held at...
Will china ban bitcoin?

Bitcoin Billionaire Secretly Recorded

https://www.youtube.com/watch?v=qSXJaPnDDi0 Bitcoin Tycoon Li Xiaolai has been Secretly recorded and this was one of the top news yesterday on Chinese social media. In this recording...
binance CEO

The Future of Blockchain According to Binance CEO

Changpeng Zhao is a pragmatic and mysterious billionaire. He is Binance CEO and also the founder of Binance, which has become the world's largest Crypto currency trading platform, up...
26,831FansLike
20,218FollowersFollow
10,000SubscribersSubscribe