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.

DeFi Balancer Made A Grave Mistake, Now They Are Paying Users

DeFi has proven that decentralization comes at a price, at least in its early stages. This time, the Balancer Protocol becomes the new victim...

China’s BSN VS RippleNet Cloud: Blockchain Cloud Wars

Ripple has announced that a Brazillian bank became the first financial institution to join in its blockchain cloud service, RippleNet Cloud. Meanwhile, the State...
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 interview with...

Chinese Bitcoin Billionaire Li Xiaolai Secretly recorded

A secret recording of the biggest Chinese Bitcoin Tycoon Li Xiaolai has emerged yesterday on Chinese social media.  In this recording, he calls out...
Huobi logo

Huobi adds an International Blockchain Initiative to Growing Blockchain network

Huobi is continuing its blockchain shift as its China branch added to its many partnerships by joining the Blockchain Governance Initiative Network (BGIN).  The network...

Blockchain has many usages in Coronavirus Fight

The Coronavirus is wreaking havoc across the world as Bitcoin’s price falls rapidly, international borders close and large events are cancelled. As the issues...

China creates its first Undergraduate Degree for Blockchain

China’s Ministry of Education has approved the creation of the nation’s first blockchain undergraduate degree it has been revealed this week. According to a Jinse...

Walmart Partners with Blockchain Company Hyperledger

Walmart and 7 other companies have joined the open-source blockchain consortium Hyperledger. Announced at the Hyperledger Global Forum 2020, Walmart and others will now be...
blockchain in china

China’s Central Bank gives opinion on blockchain and banking

China’s central bank, the institution set to bring a national digital currency to China imminently, has released a report on blockchain which claimed that...

Blockchain: What Is Hindering Its Development?

Since the launch of Bitcoin 10 years ago, blockchain has been regarded as the internet infrastructure of the next-generation internet. Token economy and consensus...
25,714FansLike
19,670FollowersFollow
10,000SubscribersSubscribe