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?

Thailand’s Leadership In Cryptocurrency

Thailand’s Leadership In Cryptocurrency Thailand is the only country that is not bothered by the debate about which category digital assets and currencies fit...
Chainlink Founder Thinks DeFi Apps are Ticking Time Bombs

Chainlink Founder Thinks DeFi Apps are Ticking Time Bombs

Chainlink co-founder Sergey Nazarov expressed his opinion regarding the apparent data-related risks being ignored by some Decentralized Finance (DeFi) platforms, in an...
tmall brings blockchain vechain

Could Vechain (VET) Help? Tmall Brings Blockchain Technology to Business

Blockchain technology is continuing to pervaid into all aspects of Chinese business and politics. Alibaba has begun using blockchain technology to secure...
bitmain cb insights

CB Insights Blockchain Report: Bitmain Second most backed company by investment

Venture capital research institution, CB Insights, has revealed that Bitmain is the second most backed blockchain company by investment. The "Blockchain Trends...
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...

Shenzhen Special Economic Zone to support digital currency

Shenzhen, a city that sits on the border of Hong Kong in China has been chosen by the Chinese central government to...
Baidu Blockchain

Baidu Blockchain Looks Towards Building A Big Medical Network

Baidu, through its blockchain wing, Baidu Super Chain, is working towards building a blockchain-based big medical network. The move further illustrating that...
huawei blockchain plans

Huawei’s Director on the Blockchain: a Massive Outbreak in 2019

Since the release of the "Huawei Blockchain White Paper" in April 2018, Huawei officially signaled to enter the blockchain. As a world-class...