China

Small and medium Chinese investors are "licking the blood on the edge of a knife," when investing in the Metaverse. At least that is what a report in a Chinese state-owned paper claims. Since Mark Zuckerberg announced that Facebook will be rebranding into Meta Platforms, companies have been racing to claim the space. The Metaverse will be a digital space where users can interact with each other and their virtual environment. The tech could revolutionize the way we work, travel…

Crypto markets are in the red after a 7-week rally. Major cryptos dropped with Bitcoin on Tuesday, down from record highs just a week ago. Bitcoin was down 7.3% in the last 24 hours. At one point, the largest crypto briefly dipped below $60,000, going as low as $58,702. It later rebounded, trading at around $60,550. At the same time, the largest smart contract crypto Ethereum dropped 9.2% to $4,287. Binance Coin dropped to $583, 9% down in the same period. Solana…

Could the Chinese government reconsider its stance against cryptocurrencies? The country's National Development and Reform Commission (NDRC) recently published a report seeking public opinion on the matter. China has dictated multiple bans on Bitcoin over the past 8 years. However, the government may have the motivation to not altogether reject its adoption. China Consults the Public Earlier today, the commission published its report to its website under the "Soliciting Opinions" (translated) category. It states that central departments have revised one…

Cryptocurrency mining remains profitable. However, it has come under significant scrutiny in the past few months. Things took a turn for the worse when the Chinese government hit mining. Beijing cracked down on mining this year by continuing its hardline stance on the crypto industry. A Long Way Here The nuances between China and mining are pretty interesting. For years, Beijing has made it clear that cryptocurrencies aren’t welcome in the country. First, it released a circular in 2017 confirming…

Recent reports show that China is increasing its crackdown on crypto mining activities. The main reason behind the crackdown was China's 5-year plan to be carbon neutral. Yet, other reports state that power shortages in the upcoming winter could be the reason behind the crackdown. Furthermore, China could be looking to strengthen its digital yuan.  China Intensifies War on Crypto Miners Recently, there have been reports that China is increasing its crack illegal crypto mining. The China crypto crackdown has…

Bitcoin's bullish wave has been remarkable since late last year and has continued into the New Year. The massive surge in price has attracted international attention, and now Chinese media warn citizens about the bullish run. Bitcoin A High-Risk Investment China’s state media has been broadcasting messages asking citizens to be skeptical about the rise in Bitcoin price. National tabloids the Economic Daily and People’s Daily have published articles classifying the crypto asset as a high-risk investment.  Coincidentally both tabloids…

Singapore appears to be taking a step closer towards massive blockchain adoption, according to the latest reports. Today, local news revealed that the Singaporean government had launched a blockchain program called Singapore Blockchain Innovation Program (SBIP). The blockchain program is backed by Enterprise Singapore, the Infocomm Media Development Authority (IMDA), and the National Research Foundation Singapore. $8.9million Grant Made Available For Blockchain Research SIBP was launched with an $8.9 million grant and aimed to strengthen the country’s blockchain infrastructure. SIBP…

Two weeks ago, China's second-largest bank, the Chinese Construction Bank (CCB), announced plans to sell $3 billion worth of debt using the blockchain.  The deal to issue the debt on a blockchain, featuring Hong Kong financial tech firm Fusang would have been the first digital bond issue by a Chinese Bank using the blockchain technology.  Fusang is a Hong Kong digital exchange licensed by Labuan's financial regulator, Malaysia. According to the announcement, the offering would allow clients to purchase via…

Chinese crypto exchange Huobi is set to take over the reins of Bithumb, according to reports. The Korean news outlet, The Bell, revealed today that Huobi had expressed an interest in purchasing Bithumb. Bithumb is the largest crypto exchange in Korea and has been actively looking for a buyer since a takeover deal collapsed in September.  The report further says that Huobi could take a majority stake in the Korean exchange. It is also understood that shareholders of Bithumb parent…