It was a relatively quiet week in China’s blockchain space as events were overshadowed by the surge in the BTC price and the Coinbase direct listing in the U.S. Many locals reacted with surprise to the news, showing that exposure to cryptocurrencies is still relatively isolated in the world’s most populous country. Many netizens responded skeptically to the Coinbase story, with news aggregation account “Jiemian” on Weibo calling Bitcoin a scam, highlighting its connection to terrorists, and encouraging investors to stick to China’s A-shares. (For a quick comparison, the Shanghai composite index is down 2.13% this year, while Bitcoin has …

After four months of closure, Iran’s largest Bitcoin mining facility is set to resume its operations. According to a report by IranWire, the decision to restart operations at the Bitcoin mining farm was due to massive financing put up by Chinese backers. Located in Rafsanjan, a city in the Kerman Province of southeast Iran, the Bitcoin (BTC) mining farm was at the center of controversy earlier in 2021. Back in January, the authorities in the province ordered the closure of the mining hub amid sweeping electricity blackouts in Iran. Indeed, the Rafsanjan Bitcoin mining center reportedly consumes 175 megawatt-hour of …

Macau is pushing forward with preparations fo the roll out China’s digital yuan, which could help crack down on tax evasion in its opaque gambling industry. On Tuesday, Ho lat Seng, chief executive of the Chinese island territory, told local lawmakers the government is planning to amend legislation that would allow the regulated issuance of China’s digital yuan to facilitate trials of the digital currency: “We will keep communication with the People’s Bank of China and start a feasibility study around launching the Digital RMB in Macau. Therefore, we need to add provisions in relevant law to allow for the …

The China–Europe rail trade route has been subject to a major speed upgrade thanks to the application of blockchain technology, reports China’s People’s Daily Online. The Chengdu International Railway Port in Sichuan province was installed with the blockchain-powered Sino-Europe Trade Link 2.0 platform by the Industrial and Commercial Bank of China. As well as cutting down on time-consuming logistical document checks, the new system will reportedly allow foreign trade companies to raise money directly from the bank to speed up cash flows. Trades where cargo was delivered from China by rail used to take over a month to reach their …

This is Part One of a multipart series on blockchain and crypto in China. Read Part Two about the role of emerging technologies in the future of finance in China and globally here. China has been discussing the possibilities of national digital currency for half a decade, and the Chinese digital yuan project — referred to as the Digital Currency Electronic Payment, or DCEP — has years of history. Back in 2014, the People’s Bank of China set up a research group “to study digital currencies and application scenarios.” The research team was conducting a digital currency study and reportedly …

Filecoin (FIL) is one of the most prominent coins in the storage sector of cryptocurrencies. In the past month, the price and market capitalization of FIL has rocketed to new highs. On April 1, the coin reached $233.68 along with breaking into the top 10 cryptocurrencies by market capitalization. Basically, Filecoin is a decentralized cloud-based data storage network that allows its users to gain rewards on selling their excess storage on an open-source platform. Filecoin is made by Protocol Labs. Although FIL’s stint in the top 10 list was short-lived, it’s important to note that Filecoin’s fully diluted market capitalization …

The share price of Chinese Bitcoin mining company Ebang continues to fall, while the firm refutes claims made in a Hindenburg Research report that alleged it was pilfering American investors’ cash. The Hindenburg Research report, published on Tuesday, described Ebang as “simply the latest chapter in the ‘China Hustle’ disguised as a Bitcoin mining play.” The report alleges that Ebang raised hundreds of millions of dollars through public offerings in the United States under the guise of operating as a Bitcoin (BTC) mining company. The money raised in the funding rounds was reportedly funneled out of the company in “a …

Hong Kong tech company Meitu has taken the total value of its cryptocurrency holdings to approximately $100 million after the firm disclosed the purchase of an additional $10 million worth of Bitcoin (BTC) on Thursday. Meitu HK, the wholly-owned Hong Kong subsidiary of Meitu Inc (incorporated in the Cayman Islands), acquired 175.67798279 units of Bitcoin for a combined price of $10 million, implying a purchase price of around $57,000 per coin. The purchase was reportedly made using existing cash reserves, based on spot prices on the open market. Last month, Meitu racked up $90 million worth of cryptocurrency purchases split …

Blockchain security company Beosin has been the focus of a major scandal after its chief marketing officer, Gao Ziyang, was taken into custody and charged with embezzlement of state-owned assets. He is alleged to have been using government funds to unsuccessfully short Bitcoin (BTC), resulting in a massive liquidation of over 300 million renminbi, or $45 million. Beosin, also known as Lianan Tech, had a working relationship with Chinese authorities and was helping them investigate fraudulent fundraising schemes. After the seizure of funds back in 2020, Beosin was tasked with storing and selling the assets, to be later returned to …

Bitcoin can undermine the U.S. dollar if the United States does not take a lead role in accepting it, argued Anthony Pompliano. Speaking to CNBC on April 8, the Morgan Creek Digital co-founder followed up on a warning from investor Peter Thiel that China could use Bitcoin (BTC) to destabilize U.S. dollar hegemony. Thiel cautions over Bitcoin threat "I do wonder at this point whether Bitcoin is to be thought of, in part, as a Chinese financial weapon against the U.S. It threatens fiat money, but it especially threatens the U.S. dollar," Thiel had said in an appearance at the …

South China’s Hainan Province, which administers the prefectural Sansha City on a disputed archipelago in the South China Sea, will run a two-week campaign later this month to promote the use of the digital yuan among island residents. The city, established in 2012, is on the front line of disputes over territorial claims in the South China Sea and is unusual in being both the People Republic of China’s smallest city by population and its largest by geographic reach — formally encompassing over 280 islands and their surrounding waters, reaching almost 800,000 square miles of sea and land area. Between …

The Ripple community has launched a new petition to “stop the war” on XRP. Crypto & Policy founder Thomas Hodge has started a Change.org petition directed at Securities and Exchange Commission chair nominee Gary Gensler, asking him to end the SEC’s lawsuit against Ripple once he’s confirmed as chairman of the commission. Announcing the news Wednesday, Crypto & Policy called on Gensler to investigate the potential motives of former SEC chair Jay Clayton and his SEC Director of Corporate Finance William Hinman for “favoring” Bitcoin (BTC) and Ether (ETH) while harming XRP. The petition alleges that Clayton and Hinman could …