Blockchain 

Binance Gets Banned on Weibo as China Continues Crypto Crackdown

Binance has had its official account on Weibo, the Chinese version of Twitter, banned due to unknown violations as the Chinese government tightens regulations on cryptocurrency. Binance and Tron Blocked on Weibo Weibo is claiming “violation of law and regulation” as the reason for the ban, but “China’s Twitter” failed to give any additional information on the recent account suspension. Tron, along with Binance, has also been blocked, but Huobi and OKEx, which are two Chinese-based exchanges, remain active on the website. Chinese President Xi Jinping banned Bitcoin back in 2017…

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Blockchain 

Bitcoin Price Gains as China Scraps Crypto Mining Ban

Bitcoin made gains last week after new documents from the Chinese government revealed that the country was reversing its decision to ban blockchain mining, with President Xi Jinping expressing his support for blockchain technology. Back in April, The National Development and Reform Commission in China published a list of industries that it believes should be restricted or limited, which featured crypto mining. President Xi Jinping’s recent comments in support of blockchain coincided with a sizeable gain in the value of Bitcoin, going from $7,500 USD to $10,500 USD in just a few…

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Blockchain 

China to Release Its Own Cryptocurrency Soon

Cryptocurrency may have been completely unknown for most people around half a decade ago, and most of the banks in the world did not even take it seriously. However, things have changed dramatically over the past few years, and many banks are now considering the possibility of launching their own digital currencies. Facebook (NASDAQ:FB) announced its own cryptocurrency last month, while American banking giant J. P. Morgan (NYSE:JPM) has come up with its own as well, and in a new development, it has emerged that the Chinese central bank is close to…

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Blockchain 

China Appears to Soften Its Stance Regarding Cryptocurrency

In an unexpected move, a major Chinese state bank has posted what appears to be a positive infographic on its website detailing the history of Bitcoin and some basic cryptocurrency concepts. The infographic notes the impressive gains that Bitcoin has benefitted from recently and appears to address the relevance of cryptocurrency in today’s world. Trading of Bitcoin and cryptocurrencies in China has been illegal since the country banned Bitcoin exchanges back in 2017. While the ban forced some exchanges to move their operations to other countries, it is believed that…

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Blockchain 

When will China Legalize Bitcoin Again? The Impacts on the Market

In September 2017, China conducted a nationwide blanket ban on cryptocurrencies, exchanges, and ICOs. This had a global impact. After all, before the crackdown, the country of the red dragon accounted for nearly 80 percent of the world’s crypto transactions and ICOs and housed the biggest crypto mining operations. So what happened after the ban? Well, cryptocurrency development didn’t stop. The miners moved, most going to Mongolia. ICOs registered in Singapore. And the big Chinese exchanges just moved to Japan or Hong Kong. So what’s up with China? Hope on…

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Blockchain 

Walmart China Launches Blockchain Platform to Aid with Food Safety Scandals

As with cryptocurrencies, several companies are moving into the blockchain space. The latest, however, is Walmart China, which is the Chinese branch of the US supermarket chain. Here’s what we know. Walmart China Blockchain Platform: What We Know On June 25, Walmart China said it’s launched a blockchain platform that will address food safety concerns. According to the press release, the company will be working with PwC, VeChain, and other blockchain players on the ‘Walmart China Blockchain Traceability Platform.’ While the announcement came out today, the Walmart China blockchain platform…

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Blockchain 

Bitcoin Miners Diversifying from China to the US over Regulatory Concerns

Bitcoin miners in China are increasingly looking for diversification out of the country because of the anticipated crypto mining ban, the Chinese government’s thoughtful position regarding cryptocurrency, and the increasing pressure from the ongoing trade war with the US. Squire Mining to Host 41,000 ASICs Canadian-based blockchain firm Squire Mining, a leading miner in the world in terms of hashpower, has signed a letter of intent seeking to host more than 41,000 Bitcoin ASICs in the US. This move is part of an agreement with Kevin Turner-led Core Scientific, which…

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