China

A recent report by TokenInsight noted that China is losing its dominance over the Bitcoin mining industry. The report released by the cryptocurrency analytics company cited data from Cambridge University’s Centre for Alternative Finance. According to the data, the aggregate electricity usage of Bitcoin miners from China was 75.63 percent in September last year and it declined to 65.08 percent by April 2020. During the same period, the data revealed that electricity consumption from Bitcoin miners in the United States rose from 4.06 percent to 7.24 percent. Similarly, it seems Bitcoin mining…

Are governments keen to regulate cryptocurrencies to prevent financial fraud and protect citizens, or are they using regulation to Stifle Decentralized Finance? "What Was TON And Why It Is Over" is the title that was given to the parting statement made by Telegram's co-founder after Telegram was recently forced to abandon the TON blockchain project. After a continuous legal battle with the US Securities Exchange Commission (SEC), this ensued, which accused Telegram of conducting an illegal ICO sale and issuing…

A higher academic institution training Communist Party officials (Central Party School) in China has released a new book regarding cryptocurrency. On May 19, reports by a local blockchain news agency noted that the Party School of the Central Committee of the Communist Party of China published the book and it is one of the books in the book series on disruptive technologies. The focus of the book series is on the provision of a learning source for party officials and the general public…

China is still strengthening the regulatory space in its economy as it has just suggested new restrictions on online lending. Banking regulator in the country asked for public opinion on another guideline for banks’ Internet loans, towards tightening scrutiny of the banking domain through the improvement of risk management and enhancement of consumer protection. This new guideline stipulates issues which include the maximum loan amount, repayment period, and the purpose of the loan. According to the China Banking and Insurance Regulatory Commission, the…

People have been considering Asia as the world’s cryptocurrency hub for a long time now. There has been remarkable growth in the cryptocurrency domain in nations such as Japan, Singapore, South Korea, and China. China is in the last stages of creating a central bank digital currency (CBDC), thereby proving that the continent has placed itself ahead of others regarding digital assets. Recently in a podcast, Adam Traidman, the joint founder of one of the pioneering Bitcoin wallets on the app store (BRD) spoke about China’s digital Yuan and…

According to China’s Office of the Central Cyberspace Affairs Commission (OCCAC), the third round of blockchain projects towards approval by the Chinese regulators is taking off. The latest addition to the commission’s registry is 224 distributed ledger technology (DLT) ventures and it includes leading technology companies Alibaba, Baidu and China Mobile. It seems that the news was first revealed by a Twitter user AliceolaCrypto on April 26: “#China has just announced the 3rd batch list of #blockchain filings, 224 projects approved…

Get the weekly summary of cryptocurrency market trends, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $219,3 billion. Bitcoin almost recovers to trade at its pre-pandemic value of $7,800 Ethereum sees a 10% increase in price compared to last week. XRP price increases by 3% and gets closer to the $0.20 resistance level Crude oil price goes to an unprecedented negative value. China’s digital Yuan attracts the interest of McDonald’s,…

An official press release by RippleNet member and fintech platform NIUM announced a partnership with a payment technology firm known as Geoswift. The purpose of the partnership is connecting China to the world. That is, NIUM users will be able to leverage RippleNet for money remittances into China. Fourteen banks in China will also enjoy real-time services. Among them are Bank of China, Bank of Shanghai, and the Industrial and Commercial Bank of China. Likewise, the partnership avails consumers and businesses the opportunity to…

Get the weekly summary of cryptocurrency market trends, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $208 billion. Bitcoin returns to trade above $7,000 less than a month before the halving Ethereum ends the week trading above $183 XRP continues its struggle to overcome the $0.20 barrier The OPEC announces the largest historical cutback of crude oil production in history. COVID-19 has now surpassed over 2 million cases worldwide Crypto…