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China Rolls Out National Blockchain Network to Enhance Virtual Economy

Posted on January 12, 2020January 12, 2020 by Rehan Yousaf

China’s nationwide blockchain network is due to be launched in the upcoming months. The blockchain-based service network (BSN) will contribute to improving the infrastructure of the blockchain sector in the country to develop the layout for newer blockchain projects and accelerate the growth of smart cities and the virtual economy. The BSN is being released six months after the testing process for the technology began. The new network will be backed by the State Information…

China Targets Bitcoin Miners in the Sichuan Province Due to Dry Season

Posted on January 1, 2020January 1, 2020 by Julie Williams

China is no fan of crypto. But no worries yet as the Chinese government isn’t kicking all the Bitcoin mining farms out of the country. Instead, it is calling for reduced activity in Bitcoin mining farms, especially those located in the Sichuan province. The province of Sichuan has a local government in China. Calling Bitcoin mining in the area to an abrupt stop shouldn’t be a big deal, right? Well, we are not so sure…

First China-Based Blockchain ETF Awaits Regulatory Approval

Posted on December 31, 2019December 31, 2019 by Rehan Yousaf

Penghua Fund, an asset management firm based in the Guangdong province of China, has filed an application to list a blockchain-centered exchange traded fund (ETF) in China. Shanghai Securities News reported that if the application is approved, which is currently under review by China Securities Regulatory Commission, this would mark the exchange traded fund as the first one of its kind in the country that is solely focused on blockchain. The application by Pengua Fund,…

Chinese Official Affirms Expansion of Blockchain Cross-Border Pilot Program

Posted on December 26, 2019December 26, 2019 by Rehan Yousaf

Lu Lei, China’s deputy head of the State Administration of Foreign Exchange (SAFE), recently engaged with stakeholders at a conference in Beijing where he said that the state agency is currently considering expanding the blockchain pilot to facilitate an enhanced integration of fintech and foreign exchange markets. Lei said that in order to expand its blockchain cross-border platform across global forex markets, the government will undertake a prospective study to assess and evaluate regulatory measures…

Chinese Regulators Probe Fitness App Qubu for Illegal Crypto Fundraising

Posted on December 19, 2019December 19, 2019 by Julie Williams

The latest on the crypto scam list is a pyramid scheme organized by a Chinese fitness app called Qubu. The app promises its users some amount of its native tokens ‘Candy’ for completing daily exercises. All the user has to do is to walk 4,000 steps a day for 45 days and he/she is qualified for 15 Candy tokens. Sounds too good to be true, yes? Organized like an innovative blockchain idea, Qubu made its…

Arrested Founder of Bitmain’s Rival MicroBT Is Accused of Embezzlement

Posted on December 17, 2019December 17, 2019 by Julie Williams

The drama in the crypto mining arena just got a lot more intense and interesting as the founder of Bitmain’s top rival firm MicroBT is currently still in the Chinese police custody. The suspect, who was reportedly nabbed by the police at the end of October this year, happens to be one of Bitmain’s ex-employees. Yang Zuoxing was one of Bitmain’s finest chip designer at a time, and he is lauded for his role in…

China Still Rules the Crypto Mining Landscape with 66% of Global Hashrate

Posted on December 15, 2019December 15, 2019 by Julie Williams

The role that China plays in the crypto ecosystem is one that would take a whole lot to replace. New data reveals that despite casting out all forms of crypto activities, China is still the primary home to crypto mining. Statistics from a new CoinShares report show that China is the country that holds the largest share of hashrate across the globe. Hashrate is necessary for producing new digital coins. With China holding over 60%…

People’s Bank of China Explores Digital Yuan to Eliminate Cash Use

Posted on December 10, 2019December 10, 2019 by Rehan Yousaf

Since 2014, the People’s Bank of China (PBoC) has been exploring a virtual asset transactions system and now will be launching a pilot test of its national cryptocurrency in two major cities in China, Shenzhen and Suzhou. By doing so, People’s Bank of China is developing the next step for its crypto payment system. According to Caijing Magazine, the Chinese central bank will be undertaking small-level crypto operations for the remainder of this year and…

Thailand’s Police Arrested 24 Chinese Citizens Over Bitcoin Call Center Scam

Posted on December 9, 2019December 9, 2019 by Rehan Yousaf

According to local news outlets in Thailand, 24 Chinese have been arrested in the country under the accusation of running a crypto investment scam. The authorities conducted the raid in a call center where the Chinese nationals were allegedly conducting a Bitcoin(BTC)trade con scheme. One of the news outlets who reported the events of the arrest, Chiang Rai Times, further detailed that the alleged scam had been operational since March of this year. Currently, the…

Outrageous Predictions: New Asian Virtual Currency Will Counter Dollar’s Dominance

Posted on December 8, 2019December 8, 2019 by Rehan Yousaf

According to the new release of ‘Outrageous Predictions’ by the banking fintech company Saxo Group, The United States dollar’s long-lived reign as the main reserve currency might soon meet its end, especially as China has started working on the creation of a new digital currency that is driven by blockchain technology. The prediction alleges that after its long history of funding itself in the US dollar, China has been a main constituent for the staggering…

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