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?

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...
Chinese Blockchain Companies Are On Fire

Chinese Blockchain Companies Are On Fire

Southmoney.com has published the report on 78 Chinese blockchain companies and their impressive profit growth in the recent years. Clearly, China’s blockchain companies are on...
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...
ScreenShot  at..PM

Alibaba Cloud’s Blockchain Ambition Shows as it Actively Seeks Top Spot in Cloud Computing

Blockchain has opened up a new battleground in the fiercely contested world of cloud computing. From the early days of the IBM and Microsoft...
mcafee header

Cryptocurrency guru, John McAfee, opens his own Weibo account; Announces new blockchain website

Earlier today, John McAfee tweeted that he had joined Weibo, a Chinese microblogging site similar to Twitter and Instagram. In the post, he thanked...
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...
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...
blockchain jack ma

Jack Ma Talks Bitcoin and Blockchain – No Change in His Thinking

At the 20th Annual CAST (China Association of Science and Technology) event, Jack Ma once again discussed Bitcoin and blockchain. He said...
26,677FansLike
20,447FollowersFollow
10,000SubscribersSubscribe