China news

Mining firms told to orderly exit business, ICOs banned, shut down domestic exchanges, blocked 124 offshore exchanges, Baidu and WeChat restrict or ban crypto related content. UPDATE: STOs are illegal. The Ministry of Industry and Information Technology calls for the acceleration of the development of blockchain related standards.

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China’s Forex Regulator Pilot Blockchain Powered Cross-Border Trade Finance Platform

China’s foreign exchange regulator, the State Administration of Foreign Exchange (SAFE), will pilot its cross-border trade finance platform supported by blockchain, according to local financial news media outlet CNStock on April 24. The platform was initiated by the forex bureau and developed in collaboration with Hangzhou Blockchain Technology Research Institute (ZCBTRI) which is a subsidiary of the country’s money printer – China Banknote Printing and Minting Corporation. Backed by the state, it is claimed the second blockchain project with far-reaching influence in the domestic financial sector, after the launch of a similar platform for cross-border trading across Guangdong-Hong Kong-Macau Greater Bay Area, which is shepherded by the country’s central bank PBoC. According to the report, China’s traditional import and export trade financing system has long been beset by low operational efficiency and asymmetrical data sharing for its reliance on labor and paper, which ultimately increases the financing cost of enterprises for its high verification cost, incomplete financing information, repeated financing and supervision issues in the process of cross-border trade financing. To address these issues, the platform will manage the entire trade financing process – verifying the authenticity of customs documents and automatically calculate corresponding financing balances, thus to prevent double or excessive financing. The pioneering use of tripartite privacy protection cryptography scheme on the platform will ensure business information, which are recorded onchain for real-time and transparent data sharing, visible only to counterparties and regulators. The pilot of the platform will run for six months in three foreign trade-concentrated provinces – Jiangsu, Zhejiang and Fujian – and two cities, Shanghai and Chongqing. A plurality of major banks in the country have also participated in it, including Bank of China, China Merchants Bank, Industrial and Commercial Bank of China, etc. After the success of the pilot, the platform is expected to be promoted nationwide, and more business scenarios may be supported in the future.
8BTC

China Retailer JD.com Saw Free-Range Chicken Sales Increase With Help From Blockchain Integration

China Retailer Says That Free-Range Chicken Sale Increase Improved With Help From Blockchain Technology Blockchain technology offers an honest and immutable ledger, which has attracted the attention of multiple industries for their supply chain management. The food industry has seen plenty of benefits from this ledger, especially in verifying freshness. In a recent report from […]
Bitcoin Exchange Guide

Beijing Welcomes First Blockchain-Enabled CITIC Notary Office to Open in China

Blockchain technology is widely appreciated for its ability to maintain a consistent and reliable ledger that cannot be changed once something is posted to it. Considering the nature of notary services, this type of ledger would be ideal for keeping track of notarized records. In China, the first blockchain-enabled notary for the country has opened […]
Bitcoin Exchange Guide

No, China Didn’t Ban Bitcoin Mining

If you’ve gone anywhere near the internet this month, you’ve probably heard about the untimely demise of China’s Bitcoin mining industry. As reported in many media outlets, some three quarters of Bitcoin mining is now non grata in the People’s Republic, which appears to have taken an unusually firm stand on environmental protection. But, as often occurs in the cryptoverse, news of Bitcoin mining’s death was wildly exaggerated. Contrary to what our mainstream media friends at Bloomberg, Business News Network and Forbes have published, China did not ban crypto mining this month. That may be confusing if you read the following headlines: “China Plans to Ban Cryptocurrency Mining in Renewed Clampdown”  “China’s Shutdown of Bitcoin Miners Isn’t Just About Electricity” “China Says Bitcoin Mining Is Wasteful. Now It Wants To Ban Mining.” These lurid titles went on to explain in their alarming articles that China mines close to 75% of Bitcoin globally, that the country is concerned with “wasted energy” and criminal activity, and that major cryptocurrency giants, such as Bitmain, could be forced to relocate. One quote by Bloomberg read: “Beijing was said to have asked local agencies at the time to try and push miners out of business.” These quotes and headlines had a lot of readers concluding that China will ban cryptocurrency mining, as they did with ICOs and domestic spot trading in 2017, which caused Binance to flee. This ICO ban was put forth by the People’s Bank of China (PBoC), financial regulators, and other government agencies directly within the Chinese central government. Here’s what really happened in early April… The National Development and Reform Commission (NDRC) is China’s macroeconomic planner, and the Commission proposed thousands of industries that it would like to encourage, limit, and eliminate. This document was only published in Mandarin, and according to Katherine Wu, one line item among thousands in the “elimination” section of the 130-page document read: “The mining of virtual currencies (such as the mining process for Bitcoin and other virtual currencies).” The NDRC has maintained this public list of industries since 2005 and amends it every couple of years.  This section typically includes business activities that the country feels are wasteful and harmful to the environment; in 2016, “beverage packaging” was listed for elimination.  Comments close on this proposal on May 7th, so as of right now, this public list isn’t even finalized. When finalized, and assuming mining remains in the elimination section, some Chinese provinces may choose to avoid prioritizing this motion. According to Dovey Wan, who analyzed the 2011 guideline, most industries listed in the 2011 version have been unaffected and are still present in the newest guideline. She also noted that implementation of these guidelines, if they are ever put into effect, will take tens of years and there will be minimal impact on local mining. Guys, let’s not FUD about China banning crypto mining OK? There is a same guideline published in 2011 Most of the stuff should be eliminated in the 2011 version guideline 1) still happily hang around 2) reappear in the 2019 guideline https://t.co/CS4P5lMN4E — Dovey Wan (@DoveyWan) April 9, 2019 This could spell trouble down the road for China’s miners, especially as competition increases from the country’s growing industrial sector. For now, we’ll wait until May 7th when the NDRC list becomes official. When mainstream headlines suggest that the sky is falling, it’s wise to look up before you panic.  The post No, China Didn’t Ban Bitcoin Mining appeared first on Crypto Briefing.
CryptoBriefing

Bitcoin [BTC] will have the hardest time replacing fiat in China, says Joyce Yang

The cryptocurrency market has managed to establish a stronghold in some countries like the United States and China. However, information pertaining to the market differs between the two countries, partly due to the language barrier. Joyce Yang, the Founder of Global Coin Research, spoke about how Weibo, the Chinese version of Twitter, differed from American Twitter in terms of information about cryptocurrencies, on Anthony Pompliano’s podcast ‘Off the Chain’. Yang took the example of Tron, stating that their marketing techniques contained different messages for their Chinese counterparts when compared to the ones in the US. According to her, this is not just in online media. In fact, even the content that CEOs like Changpeng Zhao of Binance provide to the media of the two nations differ significantly, she said. Interviewers in China ask more direct questions to CEOs and the reporters have more access to them compared to the US, said Joyce, who is well-versed in Mandarin and translates interviews. This is when Yang discovered that some pieces of information provided by crypto-personalities were never made available in English interviews or to crypto-followers in the West. This gap in terms of information also exists online. Yang explained that Asian crypto-followers were aware of the happenings in the American market. However, according to her, it is not the same with American crypto-followers, which casues a knowledge gap. An increased rush of funds and projects is coming to the US from Asian countries. Tron, for instance, entered the US market after having achieved a strong position in the Chinese market. According to the Founder of Global Chain Research, Tron along with EOS and Binance could be the most valuable companies in Asia continuing to run in the long-term as they have the money. However, talking about Bitcoin and China, Yang was of the view that China would be the hardest place for Bitcoin [BTC] to replace fiat. China creates and manages a narrative wherein Yuan is readily made available for people to use. The only use of Bitcoin for them will be to carry out international transfers. The post Bitcoin [BTC] will have the hardest time replacing fiat in China, says Joyce Yang appeared first on AMBCrypto.
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DIGEST

Russia to associate crypto with money laundering, an oil-backed Russian coin initiative, USA to further handle blockchain, the skeptical as for innovations Ohio, South Africa reporting growth in banking sector, blockchain for deals in Spain, Seoul to back blockchain startups, +1 exchange bankrupt in South Korea, Turkish operator to use blockchain for data maintenance, Australian AUSTRAC to test blockchain for financial reports

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DIGEST

Startups in Switzerland and Liechtenstein, natural integration of crypto into Switzerland's banking system, Jamaica's JSE and securities, more crypto exchanges news: South Korea and Cayman Islands as newsmakers, Malta's MFSA scam 'scanner', fund for blockchain integration in Uzbekistan, Kik against SEC trial

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DIGEST

Tether destroyed 500 million USDT, Swissquote allows ICO participation, Coinbase added its first stablecoin, IDEX to block NY users, Vertex Ventures invests in Binance, the biggest crypto theft in Australia, Sony creates contactless hardware wallet, Japanese crypto exchanges got a self-regulatory status, Bitcoin Futures still lack volume — in this weekly news

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DIGEST

Russia edits its draft law on cryptos, Japanese crypto exchanges gain power to self-regulate, Albania plans for regulatory framework, FATF to come up with its first set of crypto rules, CGL partners with National Bank of Canada and Skuchain, China plans implementation of new rules, SEC confirms the launch of FinHub, owner of Unocoin arrested for operating BTC ATM

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Bitfinex goes insolvent around the time of the April bubble, coincidence? No.

This is Willybot all over again. CryptoTrading claims 850mil is "seized" by officials. Bitfinex/Tether co obtain a 900mil line of credit with a 6.5% interest rate. Markets see unprecedented buying action, with Bitfinex as the leading exchange, leading to the 20k USD bubble. You can't tell me that the timing of this is all coincidence. This is the exact same thing that happened with MtGox and it's market manipulation effort to pay back its losses. On March 29, after further discussions, the representatives disclosed in a letter to the AG that the credit line had been closed and “during November 2018, Tether transferred $625 million held in its account at Deltec to Bitfinex’s account at Deltec. Ergo, Tether is not currently backed by a reserve (unless they have access to another credit line we aren't aware of, seems unlikely though). In other words a portion of this market is currently propped up by money that does not exist. So people can stop saying that this news "shouldn't impact Bitcoin", because it clearly should and will.
/r/BitcoinMarkets

XRP/USD and Stellar Lumens [XLM/USD] Price Analysis: Bear reigns as prices stagnate

The cryptocurrency market saw a roller-coaster ride over the past couple of months, and that was reflected in the prices and market caps of top cryptocurrencies. XRP, the third largest cryptocurrency, was stuck in the bear trap with no room for any bullish movement, while Stellar Lumens [XLM], which performed well at the start of the bull run, shared a similar fate to that of XRP. XRP 1 day Source: TradingView The one-day chart for XRP showed a downtrend that pulled the price from $0.517 to $0.371, while the long term support held at $0.291. The Bollinger bands moved parallelly due to the continuous sideways movement of the market. The Chaikin Money Flow indicator was below the zero line, as the capital leaving the market was much more than the capital coming into the market. The Awesome Oscillator recorded low amplitudes due to the lack of market momentum in the XRP ecosystem. XLM 1 day Source: TradingView XLM’s one day graph saw a drop in price from $0,278 to $0.138, while the long term support was at $0.074. The Parabolic SAR was above the price candles which signified that the cryptocurrency was going through a bearish atmosphere. The Relative Strength Index was closer to the oversold zone, a sign of the selling pressure being more than the buying pressure. The MACD indicator underwent a bearish crossover that caused the signal line and the MACD line to converge below. The MACD histogram was a mix of bearish and bullish signals. Conclusion The above-mentioned indicators clearly indicated that the cryptocurrency market was still in a bearish trudge and that there was no bull run in sight. This was evidenced by the significant drop in market momentum. The post XRP/USD and Stellar Lumens [XLM/USD] Price Analysis: Bear reigns as prices stagnate appeared first on AMBCrypto.
AMBCrypto

Bitfinex Allegedly Covers $850 Million Loss With Tether Funds

Bitfinex Allegedly Covers $850 Million Loss With Tether Funds The New York Attorney General’s office has alleged that crypto exchange Bitfinex lost $850 million and subsequently used funds from affiliated stablecoin operator Tether to secretly cover the shortfall, according to an announcement published on April 25. Attorney General Letitia James revealed that her office obtained […] Cet article Bitfinex Allegedly Covers $850 Million Loss With Tether Funds est apparu en premier sur Bitcoin Central.
Bitcoin Central
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