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.

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...
buterin blockchain event

Ethereum Founder, Vitalik Buterin Set to be at Shanghai Global Blockchain Event

Ethereum founder, Vitalik Buterin is the first major names to put themselves down to attend the 2019 Shanghai Blockchain International Week event...
JP morgan blockchain

JP Morgan Chase Leads the way in Blockchain adoption with Asian banks not far...

JP Morgan, a reputable bank in the United States, has made notable strides in embracing blockchain technology. From its investments in blockchain,...
Ferrum Network

Introducing the Ferrum Network Blockchain

In a notable development, BTMX.com (BitMax.io) intends to exclusively launch the Ferrum Network (FRM) on August 5th, 2019. The Ferrum blockchain network...
Baidu blockchain

Baidu Makes Blockchain moves

Chinese internet giant, Baidu is making moves into blockchain technology. This comes after the search engine company continues to diversify operations with...
kazakhstan privacy

Kazakhstan’s Plan to Blow away The Right to Privacy Shows need for Blockchain

Authorities in Kazakhstan have taken the curious step of Intercepting HTTPS Internet Traffic of all citizens forcefully, which has proven a big...

Building a Custody Solution for the Future: Alexandre Kech, CEO, Onchain Custodian

As more and more people switch on to cryptocurrencies and blockchain the need for the institutions and exchanges to have strong and...
phillipines singapore blockchain

The Philippines and Singapore Cooperate to send Tokenized Fiat using Blockchain

With those hooked to the traditional financial sector finding it hard to trust the new revolution, the Philippines and Singapore have united...
Dapp Cocoa China Eco Conference

Dapp Review and Cocoa China will host the global blockchain game eco-conference in Shanghai

Dapp Review and Cocoa China have announced last week that they will hold the first global blockchain game eco-conference in Shanghai on...
SilkChain E-Dragon Middle East

SilkChain: E-Dragon to Give Blockchain to the Middle East

SilkChain proudly refers to itself as the "first project in the world that dedicates blockchain technology to improving international trade and consumer...
27,620FansLike
18,651FollowersFollow
10,000SubscribersSubscribe