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.

blockchain in china

China’s Central Bank gives opinion on blockchain and banking

China’s central bank, the institution set to bring a national digital currency to China imminently, has released a report on blockchain which claimed that...

Russian Social Media Platform VK Dips Toes in Crypto

VK, a giant social media platform in Russia, is making first steps in the field of cryptocurrencies and blockchain. It has just launched a...
Chinese internet blockchain

Chinese Internet Companies, Huawei, Tencent Lead Blockchain and 5G Charge

Forecasts into 2019/2020 technology trends have revealed that blockchain technology and fifth-generation (5G) networks are edging closer to the center stage. Interestingly, Chinese Internet...
Will china ban bitcoin?

Association Of Securities Companies In Thailand Plan To Launch Joint Crypto Exchange

  Amidst Thailand's institutional and growing interest in crypto trading, the Thailand association of securities firms are planning to launch a new crypto exchange platform...
hiwifi wang chuyun arrested

BlockChain WIFI, HiWiFi Founder Arrested in Shenzhen

Wang Chuyun, Hifiwi’s founder, and other businessmen in China have been put in prison following a series of arrests in the city of Shenzhen....
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,...

What’s Going On? Now BitMex in Hot Water for Leaking Customer Details

Just when you thought Halloween was over, BitMex has struck fear into its own customers’ hearts after allegedly leaking their email addresses online. It is...
Asia Blockchain

Asia’s Blockchain Shift

The blockchain policies are changing across Asia with developments in the blockchain field in 2019. Accordingly, more countries are paying attention to cryptocurrency and...
Will china ban bitcoin?

OPEN Platform – A token swap like no other

OPEN Platform recently launched their token swap last week with their first snapshot. Interested parties had to register their wallet by Thursday, June 28...
blockchain in china

State of Blockchain in China – Cautionary Tales and Development Stories

On August 27th Hong Kong-listed company Tongcheng Holdings did a deal with Firecoin, transferring 73.73% of their shares to Firecoin’s Chairman in a move...