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?

An Update From The Crypto Market Shows Neo Dominating Amidst ONT Collaboration

An Update From The Crypto Market Shows Neo Dominating Amidst ONT Collaboration The cryptocurrency market rose yesterday to a market cap of over $270 billion...
Will china ban bitcoin?

Review On South Korea’s Cryptocurrency Standpoint Go Become Harbor For Blockchain

Since the boom of investors into the cryptocurrency market in 2017, South Korea has been in the forefront and the views of the country...
Will china ban bitcoin?

Uganda Is Set To Have Its First Crypto To Fiat Exchange Powered By Binance

In an exclusive interview with Cointelegraph on Thursday was in June 28. The founder and CEO of Binance, Changpeng Zhao disclosed that his company...
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...
Will china ban bitcoin?

Controversies Surrounding Fcoin Crypto Exchange

Fcoin is a crypto exchange based in China and it officially launched sometimes last month. The crypto exchange was founded by Zhang Jian, a...
Will china ban bitcoin?

Malta Parliament Approves 3 Crypto Bills And Blockchain Technology In Second Reading

The Plenary legislative records from Malta's second parliament reading which held yesterday, June 26. The session conclusion was the approval of three cryptocurrency bills...
Will china ban bitcoin?

Deliberating On January’s Forecasts for The Cryptocurrency Market

Deliberating On January’s Forecasts for The Cryptocurrency Market Back in January, a number of experts and investors predicted a number of things for the cryptocurrency...
Will china ban bitcoin?

Exchange Manipulation And Market Conditions

Today, I was thinking about the current market conditions and I was pondering to what extent what we are seeing is artificial. We can...
Will china ban bitcoin?

Activists in china use Blockchain to Avoid Censorship

Sources claim that a student of Peking University, Yue Xin, who made accusations against the university’s authority for trying to silence her, has written...
Will china ban bitcoin?

Damas Into Blockchain china will follow

The Chinese women may build the Blockchain and crypto industry “Dama” is a Chinese word used in reference to married middle-aged...
26,127FansLike
20,432FollowersFollow
10,000SubscribersSubscribe