Some people believe that crypto is a replacement for the traditional gold-backed currency. Some people believe that it will replace the traditional currency in the near future. Some people believe that it might replace the traditional currency in a long-term perspective. However, it would not be farfetched to say that for some, it is a long-term investment, just like gold.
China has been a major player in the cryptocurrency industry, especially when it comes to Initial Coin Offerings (ICOs) and blockchain development. In fact, it was recently reported that China was planning to issue a new national coin, that would be backed by physical precious metals like gold, silver, and platinum, as well as blockchain-based digital assets.
This week, China and South Korea are trying to clean up the mess that cryptocurrency has left behind. The two countries have been at loggerheads over the past few months, with China banning banks and payment processors from trading cryptocurrencies, and South Korea banning anonymous transactions, among other measures. Both countries have made progress, and experts hope they will continue to work together in their fight against crypto-crime.. Read more about bitcoin may options and let us know what you think.
This weekly round-up of news from mainland China, Taiwan and Hong Kong seeks to gather key industry news, including influential projects, regulatory changes and blockchain business integrations.
Flags and celebrations were the order of the day when the Chinese Communist Party held its first meeting of the year on May 1. July celebrated his 100th birthday. Many have seen this event as part of the motivation behind the recent crackdown on cryptocurrencies, as meaningful holidays encourage leaders to clean up their jurisdictions so that public concern does not distract from the celebration. A strong and unified financial system is certainly one of the areas on which attention is usually focused before such major events.
The good news for FUD-sensitive members of the community is that regulations have been relaxed after such events in the past, allowing the real economy to return to a healthier equilibrium within the strict limits of the law. Many in the industry are hoping that they will have more room to innovate, especially the stock exchanges and miners who have been hit harder than others. There have been rumors of the possibility of a regulated mining community that would allow the government to tax, regulate and even participate in mining activities. This rumor may be based more on optimism than reality, but it certainly makes sense to those wondering why China’s leaders would leave a growing industry to Western powers amid an escalating technology war.
Sensations fan the flames
In the final days before July 1, the pressure on the crypto-currency space seems to have increased. Global Times, the English-language division of People’s Daily, published an article titled Bitcoin can only exist underground. The paper, written by a researcher from Renmin University and Beijing University of Foreign Studies, predicts that illegal speculation in China will gradually disappear and then the price will fall sharply. Caixin, an economic and financial journal, published a scathing editorial on June 28. recommending that the same force the government uses against epidemics should also be used against cryptocurrencies. This seems extreme given how seriously the country has taken its response to COVID-19. However, leading local blockchain media groups became the latest victims when microblogging platform Weibo suspended popular accounts BlockBeats and Chainnews.
Long controls
Leading exchange Huobi updated its user agreement on June 28, denying Chinese users access to futures trading. The move follows a series of international restrictions aimed at derivatives, when regulators in Ontario, Canada and the UK imposed restrictions on Binance. Futures trading is very popular in China, and a long-term ban on Huobi would likely cause Chinese users to look elsewhere. Foreign exchanges, such as Binance, and decentralized protocols will benefit the most.
Dam for sale
Small hydropower plants are a possible alternative for cryptocurrency miners who want to work in secret. Alibaba’s Xianyu app has reportedly increased demand for hydropower plants as many large mining companies that used to be customers have been forced to close.
Dam for sale
The Beijing subway was running at 30, according to an article in Cointelegraph. June started accepting payments in electronic Chinese yuan. The pilot program is only available to customers of the Industrial and Commercial Bank of China, one of the largest banks by assets. More than 10 million people take the subway in Beijing every day, and most of them use QR codes or NFC chips on their mobile phones to enter and exit stations. Suzhou, a neighbor of Shanghai, announced on 29. The month of June offers a similar program.The Chinese government is still trying to ban cryptocurrencies. However, as the former head of the central bank of China said, it is difficult to do so considering the rapid and unstoppable growth of Bitcoin and other digital currencies. To make matters worse, a recent poll has found that nearly half of the Chinese people support the use of cryptocurrency as a means of payment.. Read more about crypto transactions over $10k and let us know what you think.
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