China has always been a very interesting region to keep an eye on when it comes to cryptocurrency. Unfortunately, that is not always for the right reasons either, which is what makes every bit of news a double-edged blade. In the latest “publicity stunt” Chinese officials are now looking for ways to deanonymize cryptocurrency and blockchain service users.
China Still Dislikes Cryptocurrency
Over the past few years, it has become increasingly apparent China has no real love lost for cryptocurrencies.
As part of its desire to forge deeper ties with the Chinese government, Huobi Group, the parent company of digital asset platform Huobi, has formed a Communist Party committee in China, according to an announcement by the company. The new branch was established by a Huobi subsidiary, Beijing Lianhuo Information Service, and will reside in the Haidian District of the municipality of Beijing.
It is not uncommon for students to get crafty when they aim to mine cryptocurrencies. Some use the “free” electricity of their dorm to mine Ethereum and other altcoins. In China, one entire school seemingly had a secret Ethereum mining operation going for quite some time. Cheap electricity sparks a lot of interesting, albeit not always legitimate, business models moving forward.
Cryptocurrency Mining in China Remains Popular
No one will deny China has always been an awkward country when it comes to Bitcoin and other cryptocurrencies.
China is one of the more interesting regions to keep an eye on when it comes to innovative technological projects. One of the most recent ventures focuses on replacing street lights with a miniature moon. This will be achieved through a so-called illumination satellite, which should be put in orbit by 2020.
An Artificial Moon to Illuminate Streets
There is a case to be made for the project envisioned by Chengdu city officials.
The Shenzhen Court of International Arbitration (SCIA) has recently affirmed that cryptocurrencies, specifically bitcoin and several of its hard forks, are considered legal property and Chinese citizens have a right to own and transfer them.
The SCIA recently published an analysis of a contract dispute over WeChat, describing the legal proceedings of a case in which one individual managed nearly $500,000 worth of crypto assets on behalf of another private individual.
According to an October 18, 2018, update, “the websites and the services offered by Poloniex (as defined below) are NOT addressed to persons who have their registered office or place of residence in China, Germany, Pakistan, the U.
On February 4, 2018, at 10:10 p.m. China Standard Time, Financialnews, a rather small news agency under the administration of China’s central bank, the People’s Bank of China (PBOC), released an article that explicitly stated that “China will continue to watch virtual currency and activities related to it closely, and will take actions including shutting down commercial presences and exchanges within China’s territory to uphold China’s financial stability.
Ask most, and you’ll hear the opinion that Asia is a minefield when it comes to cryptocurrency. The mere mention of regulatory action on the already-volatile markets sends the price of bitcoin (and consequently altcoins) into a nosedive.
2017 has seen its spate of both good and bad stories for all sides of the cryptocurrency space. Whether you believe in dutch tulips or you worship at the altar of Satoshi Nakamoto, there were reaffirming and disheartening stories for evcxzxeryone. Below are five of the stories that darkened an otherwise positive year for the industry.
When the history of Bitcoin and blockchains is written, 2017 will be the year tagged as the “turning point” when Bitcoin and “red hot” blockchain technology went mainstream. The steadily rising bitcoin price and market cap is a key, though not the only, indicator that a tipping point has been reached.
On December 5, the Reserve Bank of India (RBI), the country’s central bank, cautioned investors of bitcoin, clarifying that the government is yet to regulate bitcoin and cryptocurrency exchanges within the local market.
“Bitcoin is thrown to the wolves,” the headline reads, punctuating the tail end of Saxo Bank’s prediction that the bitcoin price will soar above $60,000 in 2018 before crashing more than 98 percent to “its fundamental ‘production cost’ of $1,000.
Recently, various reports have been suggesting that China’s crackdown on cryptocurrencies will extend to mining, as state-run Sichuan Electric Power Corporation reportedly distributed a circular ordering grid-connected hydropower stations to stop supplying low-cost electricity to bitcoin mining operations. As reported by CCN, the report has been debunked as the company admitted it made several mistakes, including using unverified claims, on its circular.
Throughout this week, false reports regarding the legality of bitcoin and cryptocurrency mining have emerged. Local sources have revealed that bitcoin mining is not banned as of yet.
Unconfirmed Reports and Rumors
Initially, Sichuan Electric Power Company, released an unconfirmed circular which claimed that the use of electricity to produce and mine bitcoin is illegal. Caijing, an independent news publication based in Beijing, first reported on the circular released by Sichuan Electric Power Company, and more media outlets followed.
China’s Sichuan province is gearing up to extend its bitcoin ban to mining operations as part of its wider crackdown on the cryptocurrency industry.
According to local media outlet Tencent Finance, the state-run Sichuan Electric Power Corporation has distributed a circular ordering grid-connected hydropower stations to stop supplying low-cost electricity to bitcoin mining operations.
Because mining has become so competitive, few ordinary bitcoin users can make a profit mining the cryptocurrency.
The Big Bang Theory, one of the most popular sitcoms in history with 17 million average viewers for its latest season 11, will dedicate an entire episode on bitcoin.
Episode 9 of the Big Bang Theory season 11, which will air on November 30, 2017, is entitled “The Bitcoin Entanglement,” and analysts expect the show to introduce bitcoin to the mainstream, to an important consumer base for bitcoin. The Big Bang Theory is most watched amongst viewers in the age group of 19 to 35, which is a relatively young viewership for a popular sitcom.
The lead researcher at China’s central bank has claimed that a central bank cryptocurrency should be developed and issued at the earliest in the country.
According to statements reported by the South China Morning Post, People’s Bank of China (PBoC) lead researcher Yao Qian has expressed the immediate need for the central bank to develop and issue its own cryptocurrency as a means toward bolstering China’s digital economy.
The national securities regulators of China and Australia have entered an agreement to share information to promote FinTech innovation in each other’s markets.
The Australian Securities and Investment Commission (ASIC) and China Securities Regulatory Commission (CSRC) have inked a FinTech cooperation agreement that will see the two authorities share and use information on emerging market trends and developments to promote innovation in financial technologies with each other’s markets.
As Chinese bitcoin exchange Huobi suspends local CNY trading today, the ‘big three’ trading platform is looking at pastures beyond China.
In an announcement, Huobi founder Leon Li laid out the company’s future vision as the exchange implements “full cessation of all digital assets” trading against the yuan today.
I believe that this is not only a milestone for Huobi, but also a watershed in the history of Chinese digital assets and even a memorable day in the development of global digital assets.
CNLedger, a trusted news source within the Chinese cryptocurrency industry, has revealed that OKEX will soon launch peer-to-peer (P2P) over-the-counter (OTC) bitcoin-to-fiat trading platform.
“More OkEx (and likely, Huobi-Pro) will soon launch P2P bitcoin tradings with various fiat currency support,” CNLedger reported.
Кто знает подойдет ли этот кошелек для постоянного приема в сатоши? Я просто майнить не решился, но написал несколько ботов для того, чтобы они собирали с кранов монеты. Я так понял, что это веб-кошел...