Why China’s Ban Was The Best Thing For Bitcoin In 2021
The latest ban on Bitcoin activity in China generated negative headlines in 2021 but looking back, it was the best thing that could have happened last year.When China’s bitcoin crackdown came into effect, many speculated that the industry would never recover. Amazingly, though, the ban served to highlight both the resilience of the sector and the entrepreneurial spirit of the miners who keep the wheels of the blockchain turning.Despite the People’s Bank of China (PBOC) deeming crypto-related activities illegal in September, bitcoin enjoyed a banner year in 2021, smashing its previous....
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For nearly a month, rumors surrounding China’s alleged bitcoin regulations have been running rampant. Earlier in November, bitcoin actually underwent a serious financial dump, falling by nearly $40 overnight as the rumors swelled to ridiculous proportions. Now, it appears those rumors are coming true, and investors are wondering which direction bitcoin will sway. China’s state council is imposing stricter regulations for businesses that invest abroad. While this isn’t the full-on legislative map reported earlier, the move is likely to bear some consequences on the overall price and on the....
Some 450,000 JD.com customers have used China’s digital yuan for payments as of June 2021. E-commerce giant JD.com took payments in China’s central bank digital currency (CBDC) at a massive local shopping event.JD.com accepted digital yuan (e-CNY) for payment on its e-commerce application for the Singles Day promotion period which began on Oct. 31 and ended on Nov. 11, the firm confirmed on Thursday.Singles Day is an unofficial shopping holiday in the country that also celebrates people who aren't in a romantic relationship. “100,000 people had used e-CNY on JD.com’s app during the....
The platform will close all its over-the-counter (OTC) trading services because of the risks related to uncertainties from China’s regulatory policies/
The new compliance services could further boost China’s efforts in the blockchain race against the U.S.
China's latest five-year plan mentions blockchain technology specifically and signals an increasing focus on the research of emerging technologies. China’s determination to stay ahead of the curve when it comes to the utilization of blockchain technology was evidenced again this week, after the release of the country’s latest five-year development plan. The word “blockchain” was reportedly mentioned for the first time in the 14th of China’s regular five-year plans, which lay out the country’s economic priorities for the period from 2021 to 2025, according to local news outlet....