Tags : China

Bitcoin

1,100 people arrested in China over alleged crypto fraud

Chinese police busted a network of more than 170 criminal groups as they arrested 1,100 suspects involved in money laundering by buying cryptocurrencies, security officials said in a statement. The charged individuals are accused of converting illegal proceeds into cryptocurrencies via crypto exchanges, the Ministry of Public Security said, without revealing the amount of money […]Read More

Regulation

Illegal coal extraction in China spurred Bitcoin mining ban

Rising cases of illicit coal extraction played a part in the recent Bitcoin mining ban in China, a report on business outlet Bloomberg said today. An estimated 65% of the world’s Bitcoin mining took place in China as of April last year. Climate warrior Officials of the country said last week they would target and […]Read More

Blockchain

China Merchants Bank joins local DeFi protocol to launch $50

Nervos, a China-based blockchain and decentralized finance (DeFi) protocol, today announced the launch of a $50 million fund with CMB International (CMBI), a wholly-owned subsidiary of China Merchants Bank, as per a release. 🗣 BIG NEWS Nervos has partnered with CMBI to launch #InNervation, a $50M fund for early and growth-stage startups building dApps, #DeFi […]Read More

Regulation

The ‘China crypto FUD’ is back again, but it’s misleading

Three industry bodies under the Central bank of China released a document today calling for a ban on financial institutions and online payments channels providing any services involving cryptocurrency, including but not limited to registration, trading, clearing, and settlement.  Additionally, the institutions would not be allowed to offer to save, trust or pledging services, nor […]Read More

Regulation

China Securities Journal sounds alarm on financial risks related to

A broader consensus on strengthening the supervision of Bitcoin and crypto transactions is being formed, as per an opinion piece in the China Securities Journal (CS) on Sunday. The CS has been assigned by China Securities Regulatory Commission, China Insurance Regulatory Commission, and China Banking Regulatory Commission as an exclusive channel for information disclosure, policy […]Read More

Market

Is China softening on Bitcoin? A turn of phrase stirs

They were only two seemingly innocuous words: “investment alternatives.” But when applied to Bitcoin — the seminal cryptocurrency — by an official from the People’s Bank of China in a recent panel discussion, they reverberated like a firecracker. “A remarkable step for BTC,” Lennix Lai, director of financial markets at OKEx, calls the statement. Michael […]Read More

Market

China turns up pace on CBDC release, tests infrastructure prior

The COVID-19 crisis has done little to dampen China’s interest in becoming the first major economy to distribute a central bank digital currency. Quite the contrary, its digital currency/electronic payment project appears to be picking up speed.  In the Shenzhen region, for example, 100,000 local citizens this month received for free a total of $31 […]Read More