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.

enjin wallet partners samsung blockchain phone

Samsung Partnered with Enjin (ENJ) for Blockchain Wallet on Galaxy S10?

BREAKING: Enjin scores the biggest partnership in crypto history: Enjin wallet will be installed on Samsung phones and will be used for...
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...
New Regulations on Blockchain in China

New Blockchain Regulations in China Are Scary

Chinese Government issued the new set of regulations for the projects that work on blockchain. My friends, this is crucial.  Asia Crypto Today translated the...
chinese banks

Chinese Banks have Made Great Progress in the Application of Blockchain Technology

Despite cracking down on ICO's last year, blockchain technology has continued to make great strides in China. There has also been rumblings of China...

“Chinese Google” Baidu Published White Paper of their Own Blockchain Platform

The team of the Chinese search giant Baidu published white paper v1.0. The strategy of the independent network system "Xuper Chain". Baidu Blockchain Lab released...
china village

How Blockchain Helped a Small Village in China out of Poverty

Farming which has been characterized as a low-income business in Haosheng Village has witnessed a huge change and has significantly improved the living conditions...
shenzhen tax bureau

Official Announcement: Blockchain Tax Receipts Have Arrived in China

In Western countries, there are receipts and more receipts. In China there is a receipt and there is a “Fapiao” --- a legally recognized...
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...
How Blockchain Can Shake Up the Future of Intellectual Property

How Blockchain Can Shake Up the Future of Intellectual Property

I'm sure most of us knows someone who illegally downloads music, games, software, art, books, etc. It is a rampant problem in those industries...