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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 iPhone 11 Love Affair Could Send Apple Stock to New Highs

Analysts have expressed concerns towards declining sales of Apple products since early 2019, particularly after AAPL’s $44 billion sell-off last month. Its flagship iPhone 11, however, is selling unexpectedly well in China, which may be the catalyst Apple stock needed. Pinched by the U.S.-China Trade War, as well as shifting tastes among Chinese consumers towards […] The post China’s iPhone 11 Love Affair Could Send Apple Stock to New Highs appeared first on CCN.com
CCN

China’s Inner Mongolia to Drive Out Cryptocurrency Miners

Authorities in China’s autonomous region of Inner Mongolia released a notice requiring local cryptocurrency mining firms to stop their operations, according to ChainNews. Is Inner Mongolia Starting a Trend Among China’s Authorities? China has enjoyed that status of the world’s hub for cryptocurrency mining since it hosts a good share of crypto miners who’re looking for cheap electricity. Inner Mongolia has been among the Chinese regions where many mining firms chose to establish their operations. The coal-rich area allows miners to benefit from inexpensive electricity. Other regions, like Sichuan and Yunnan, are also attractive for miners as they have cheap hydroelectric power. However, now Inner Mongolia’s authorities are backpedaling on crypto mining. Five local departments, including the Financial Office, the Office of the Ministry of Industry, Development and Reform Commission, the Big Data Bureau, and the Public Security Department released a notice stating that cryptocurrency mining wasn’t helping the local economy at all, calling it a pseudo-financial innovation. The authorities decided to cease support for crypto miners even though some companies managed to reach exclusive agreements with municipalities. For example, Bitmain has an agreement with the authorities of Ordos to get even cheaper electricity. The decision of Inner Mongolia’s departments might point to the general attitude of China’s government towards mining operations. In April of this year, we reported that China’s National Development and Reform Commission (NDRC) had revealed its plan to eliminate Bitcoin mining within the country. The chances are that the process starts with Inner Mongolia. Mining Crackdown to Be Carried Out in 2 Phases The strategy to drive out crypto miners will have two separate phases. The first phase, planned for the period from September 3 to September 25, 2019, the region’s cities will examine the situation and will self-report. They will provide feedback to the region’s Ministry of Industry and Information Technology before September 30. The second phase starts on October 10 and continues until the end of the month. Inner Mongolia’s departments will form a joint inspection team to conduct supervision and report on the rectification. Do you think Inner Mongolia’s decision will have a serious impact on crypto mining in China? Share your thoughts in the comments section!  Images via Shutterstock The post China’s Inner Mongolia to Drive Out Cryptocurrency Miners appeared first on Bitcoinist.com.
Bitcoinist

New iPhone 11 Could Become Apple’s Next Best-Selling Product in China

Coinspeaker New iPhone 11 Could Become Apple’s Next Best-Selling Product in ChinaIt seems that this year will be a boom period for Apple Inc. as both high end and low-end spectrums of its phones are having a great reception albeit in two different continents and markets. Feelers coming in from Apples’ preorders in China indicate that the iPhone 11 might just become just the device that Apple needs to drive sales this year. The Chinese market has already chosen the iPhone 11 as the most popular Apple product this year.Natural Attraction or Business Gimmick?Usually, the Chinese market has to pay a premium on all iPhones sold within China. However, the California tech giant had to cut such premiums down. That may have spurred the interest of those who just had to buy an iPhone but couldn’t afford to do so previously.Chinese customers still have to pay between 10.5% and 12.5% which is around 5,499 Yuan ($777). This, of course, is cheaper than last years’ iPhone XR which still had a hefty premium of 28%. These premiums come amidst criticism that prices are way too high because most of the manufacturing activities of the iPhones occur in China.According to CNBC, major e-commerce retailer Fenquile reports that 40% ordered the 128 GB iPhone 11 while 20% ordered the 64GB version indicating the massive demand for it.A Sudden Reversal of FortunesCome December, the US markets for the iPhone and other high-end products are going to face issues. These issues will come from the tariffs that are as a result of the fallout of the US-China trade war. How these tariffs will affect iPhone prices in the US remains yet to be seen.While the Chinese are already implementing 5g technologies and Apple is yet to catch up. This, of course, gives no indication that the innovators won’t be able to introduce a 5G phone next year which is what exactly they are already planning.Notable research analyst for TF Securities, Ming Chi-Kuo believes that both the iPhone 11 and iPhone 11 pro’s sales will reach 75 million units this year. He gave his views in a research note that Apple Insider had ad access to, revising his estimations upwards to 70 to 75 million units from 65 to 70 million units previously.He further gave indications as to the preferences of the American market for the iPhone 11 pro and the cheaper iPhone 11 for the Chinese. He identified the various flexible payment options for the Americans and the reduction of market premiums for the Chinese which will spur demand upwards.He further expected the Chinese to take the practical choice of using the iPhone 11 as a suitable upgrade rather than the iPhone 11 pro due to higher prices. As for the trade war tariffs which will come into effect on December 15th, he didn’t expect Apple to increase the prices of its products but rather the absorption of the tariffs will be a likely scenario.This goes in tandem with the technology giant’s decision to keep prices of its watch phones the same earlier this year.The iPhone 11 vs. iPhone 11 ProApple seems to have made things interesting for its fans this time with slight differences between the iPhone 11 and iPhone 11 pro. The iPhone 11 is a little slower than the iPhone 11 pro due to differences in the CPU and GPU. The iPhone 11 has a 6. Inch liquid retina display while the iPhone 11 pro has a super retina display with a 2 million to 1 contrast OLED.In terms of GPU, the iPhone 11 has an A13 Bionic chip with a neural engine while the iPhone 11 pro has an A13 7nm bionic chip which is sensitive to battery use and only takes what it needs from the battery as per tasks executed.Whichever of the versions you choose, you can be sure of a great piece of engineering which Apple is always known for globally.At the time of writing, AAPL stock is down by 0,69% making $217.25 per share.New iPhone 11 Could Become Apple’s Next Best-Selling Product in China
Coinspeaker

Panicking China’s Abrupt Oil Squeeze May Hasten Trump Trade Deal

This week, a major oil processing plant in Saudi Arabia was destroyed by a barrage of drone attacks, removing 2 million barrels from global surplus. The surge in the price of oil could place more pressure on the economy of China, which could have an impact on the ongoing trade deal talks. China, the biggest […] The post Panicking China’s Abrupt Oil Squeeze May Hasten Trump Trade Deal appeared first on CCN.com
CCN

Is China Finally Easing Up on Cryptocurrencies?

It looks like some people (or entities) can change their minds after all. Despite a mixed relationship with cryptocurrency in the past, the People’s Bank of China (PBC) appears to finally be easing up to it.  Is China Becoming “Friendlier?” As China’s central bank, the financial institution is looking to release its own digital currency in the future. This is not the same digital currency that China had initially announced weeks ago as a means of combating Libra. This would be an entirely separate entity, as according to experts, the establishment is beginning to see the benefits of mainstream coins like bitcoin, Ethereum, Litecoin, EOS and bitcoin cash. This should come as relatively surprising news given that China has not always been kind (or fair) to digital currencies. The country has initiated a full ban on initial coin offerings (ICOs) and foreign exchanges and is even considering a full ban of cryptocurrency mining, though the country has been slow to act on this. Kevin Sekniqi, co-founder and chief protocol architect at AVA Labs, says:  China’s foray into digitizing the yuan is a key milestone in changing how money is represented, stored and moved. Global sovereign level adoption of digitized assets is a testament to how transformative and impactful decentralized ledger networks have become… Coupled with the fact that China has completely adopted digital payment technologies, we can hope that a digital currency issued by the PBOC will further augment China’s ability to build many new financial primitives. Dave Hodgson, director and co-founder of NEM Ventures, seems to agree with Sekniqi, though he’s critical of the centralized nature of the bank’s new digital currency, commenting that this goes against everything crypto is all about. He states:  It’s positive to see the Chinese Central Bank engaging with digital financial services and moving towards a better user experience for its citizens, but the proposed approached is still a centralized system, run by a national government… This wouldn’t be considered a decentralized cryptocurrency and in the People’s Bank of China’s words, ‘It is to protect our monetary sovereignty’ – a pseudonym for control over currency… I believe that this move will likely disrupt other digital currencies in China, such as WeChat and Alipay. While other governments may take note and follow suit, this currency doesn’t appear to be cross-border and is centrally controlled, which makes it a different proposition to cryptocurrency altogether.  Many Banks Will Do the Same Thing Tomer Afek, CEO and co-founder of Spacemesh, says that other banks are likely to copy the work of China’s Central Bank, which could lead to a world of multiple cryptocurrencies:  Cryptocurrencies are a necessary evolution – and revolution…I envision a world where multiple cryptocurrencies exist, each one serving a different need. The central banks will become another set of competitors and service providers in this system. The post Is China Finally Easing Up on Cryptocurrencies? appeared first on Live Bitcoin News.
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Token Swap: Tether Announces Token Burn Of Over 400 Million USDT

Tether has shared a piece of information about a forthcoming token burn which according to announcement would take place shortly. According to a tweet from their official Twitter handle, Tether plans to shortly move 400 million Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them. Tether will shortly move 400m Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them. — Tether (@Tether_to) September 16, 2019 Tether Minted 300 million USDT Few Days Ago Few days ago, Tether took to Twitter to inform its users that it was coordinating with a third party to perform a chain swap. This was planned in order to convert some tokens from their original Omni to an Erc 20 protocol. At the time of the initial announcement, 300 million Tether USDt was announced to have been minted for the swap. However, these conversions took place few days ago as Tether promised the token swap wouldn’t disrupt the total supply. In few hours Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 300M USDt. Tether total supply will not change during this process. — Tether (@Tether_to) September 12, 2019 Whale Alert, a twitter account dedicated to alerting the community of big cryptocurrency transactions, noted the coinage described above in a tweet published on Sept. 12. As per a second tweet submitted as an answer to the first one, Whale Alert offered an explanation of the type of transaction: “This USDT mint is part of a swap. The corresponding burn on Omni has not taken place yet.” And finally, Tether is burning the Omni Tether that was already converted to ERC20. Until now, no token burn has taken place on Omni blockchain. In July, it was reported that Tether accidentally minted and burned 5 million USDT tokens. However, Tether long-standing controversy about issues relating to transparency and market manipulation. The post Token Swap: Tether Announces Token Burn Of Over 400 Million USDT appeared first on Coingape.
CoinGape

Zero-Knowledge Proof Solution from QEDIT Implemented Into Kaleido Blockchain For Transaction Privacy

Kaleido, a startup blockchain solution from ConsenSys Venture Studio has gone on record to become the first blockchain platform to implement the zero-knowledge proof solution from QEDIT—the crypto private company. A Non-compulsory Feature On September 13th, 2019 QEDIT shared a paress released with Cointelegraph where it stated that the partnership it had developed with Kaleido […]
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Cryptocurrency Exchange OKEx Korea Removes Privacy Altcoins

According to an official announcement made by the South Korean branch of OKEx, the popular exchange will delist five privacy coins as early as October 10, 2019. Complications for Privacy Coins Trading of Monero (XMR), Dash (DASH), ZCash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) on OKEx Korea will be suspended on October 10, 2019,Read MoreRead More. The post by Edoardo Vecchio appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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