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Starting this year, Beijing's Chaoyang District will invest at least RMB 100 million annually into the development and growth of the Web 3.0 industry ecosystem. (Read More)
On May 27, 2023, the Beijing Municipal Science and Technology Commission and the Zhongguancun Science and Technology Park Management Committee unveiled the "Beijing Web 3.0 Innovation and Development White Paper (2023)" at the parallel forum of the Zhongguancun Forum titled "Web 3.0: Future Development of the Internet Industry." (Read More)
On June 27th, the Chinese media outlet Beijing Business Daily published an article titled "Bitcoin's Soaring Market Triggers Illegal Speculation Activities, OKX Resorts to 'Indirect' Marketing." (Read More)
Beijing has announced plans to accelerate the development of metaverse within all its corresponding districts. (Read More)
The Beijing Municipal Government has revealed a two-year metaverse blueprint. According to the report, the plan will spread from 2022 to 2024, compelling districts to [...]
The research report blamed the increase of Bitcoin's carbon footprint on the China mining ban and claimed Chinese miners were more renewable energy focused. Bitcoin network’s proof-of-work mining consensus has been a topic of evironmental, social and governance (ESG) debates for a long time and a new study may only add to the growing controversy… More
The post Bitcoin network’s carbon emission jumped 17% after China ban: Report appeared first on BTC Ethereum Crypto Currency Blog.
Senator Pat Toomey, a senior member of the U.S. Senate Banking Committee, urges the Treasury and State Departments closely examine Beijing’s CBDC rollout during the Olympic Games. (Read More)
Countries that hate cryptocurrencies are all jumping on the same bandwagon; creating central bank digital currencies that favor the government, not the people. China released a pilot version of their CBDC app to use the digital yuan on Android and iOS. Covered: China Releases Pilot Version Of App To Use Their CDBC On Android And […]
The post China Launches Digital Yuan CBDC App – What This Means For Crypto appeared first on CryptosRus.
For a minute there, it seemed like the FUD was over. The People’s Bank of China contributes to its country’s crypto-crackdown at the “Financial Knowledge Popularization Month,” People’s Daily Online reports from Beijing. Speaking at an event, Yin Youping, Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China, claimed: “We remind the people once again that virtual currencies such as Bitcoin are not legal tender and have no actual value support.” Related Reading | “The Death Of China’s Bitcoin Mining Industry,” 7 Takeaways From The Article Furthermore, Yin Youping classified all cryptocurrency-related investments as pure speculation. He advised the public to “consciously stay away” from virtual assets to avoid unnecessary risk, and to “protect their “pocket.” Nothing crazy coming from a fiat-fuelled bureaucrat. Nevertheless, an interesting new piece in China’s crypto-puzzle. Disclaimer: This article used Google-Translated quotes and information. Small inconsistencies are a possibility. What Else Did The People’s Bank Of China Said? Besides contributing to China’s crypto-crackdown, Yin Youping responded to the “rebound” in cryptocurrency trading in his country. The People’s Bank of China will: Work overtime to “detect overseas exchanges and domestic traders.” Block “trading websites, apps, and corporate channels.” Intensify “policy publicity,” to let everyone in China know the law of the land. Establish “a normalized working mechanism” and continue to crack down on cryptocurrency transactions. Maintain “a high-pressure situation.” The People’s Bank of China’s aim is pretty clear. And it seems to be working, Youping claimed that “the popularity of virtual currency trading has dropped significantly.” The Deputy Director also encouraged the general public to report “illegal fund-raising crimes” to the relevant authorities. BTC price chart for 08/27/2021 on Bitstamp | Source: BTC/USD on TradingView.com Does This Offer Insight Into China’s Crypto Strategy? In a thread summarizing the case, Chinese journalist Colin Wu gave us inside information that wasn’t part of the article. “By blocking exchanges and strengthening policy publicity, China’s popularity has dropped significantly.” 3. By blocking exchanges and strengthening policy publicity, China's popularity has dropped significantly4. Crack down on illegal fund-raising activities with virtual currency and blockchain. — Wu Blockchain (@WuBlockchain) August 27, 2021 One of the surprising revelations from Chainalysis’ Global Crypto Adoption report is that P2P trading “declined dramatically” in China. At the time, we naively asked: Why are Chinese people abandoning P2P trading so radically? Wouldn’t the “government crackdowns on cryptocurrency trading” cause a surge in old P2P trading instead? This “high-pressure situation” that the People’s Bank of China maintains might be the answer to both questions. As we learned, both “the popularity of virtual currency trading” and “China’s popularity” dropped significantly. China’s cracking down on the general population as much as on their biggest industries. Bloomberg tried to explain their moves by defining the “New China Model” as: If China is abandoning the Silicon Valley model, what will it replace it with? Insiders suggest it will be less founder-driven and more China-centric. Related Reading | China Banned Bitcoin Mining. What Happens To Small Hydropower Stations Now? We finished that article with more questions than answers. From “Why is China dwarfing its biggest industries and players? Is the “China Model” just concerned with scale?” To “Is their crackdown on Big Tech even related to their crackdown on Bitcoin mining?“ And concluded: There’s only one thing we can know for sure: China’s making big coordinated moves when it comes to tech. And they seem to have a plan. Maybe their plan is simpler than we thought. It’s possible that The People’s Bank of China is just going to make it really really hard for the common citizen to access Bitcoin. And, China’ll use propaganda and repetition to keep people in check and scared of the unknown. One of Bitcoin’s prototipical adversarial scenarios. A battle that Bitcoin expected sooner or later. Featured Image by Bruce Röttgers on Unsplash - Charts by TradingView
Beijing is prepared to apply a new policy to strengthen the actions to foster energy conservation in several aspects of the city’s operations, promoting carbon and pollution reduction. The plan proposes to increase the oversight level on Bitcoin mining activities, thwarting its remnants. Beijing to Thwart Cryptocurrency Mining Activities in Energy Conservation Plan The city [...]
The post Beijing Targets Cryptocurrency Mining Operations in New Energy Conservation Plan appeared first on Crypto Breaking News.
Bitman Technologies, a Bitcoin (BTC) mining firm based in Beijing, China, has reportedly been fined $25 million yuan ( $3.6 million) by local tax authorities. Local news outlet Sina Finance reported on Tuesday that the fine was imposed by the Beijing Municipal Taxation Bureau of the State Administration of Taxation.
According to the outlet, the BTC mining firm withheld a total of 16.6 million yuan ($2.4 million) in personal income tax ought to be paid on its employees’ travel subsidiaries and other benefits. The outlet attributed the details to Qichacha, a Chinese platform that offers data on private and public companies in the country.
Furthermore, Sina Finance reported that in August 2022, the company was served with a notice to pay the said sum. However, it failed to pay the sum, the report said. Bitmain is yet to release an official comment on the development as of press time.
Bitmain was founded in 2013 by Co-Founders Micree Zhan and Jihan Wu. Apart from operating BTC.com and Antpool, which are two mining pools for BTC, the company is also a leading manufacturer of Bitcoin mining hardware.
Bitmain Faces Chinese Crypto Crackdown
In recent years, the company has had trouble with its manufacturing business in China owing to government crackdown on cryptocurrency mining. In October 2021, the company announced that it will halt the supply of its Antminer to mainland China (excluding Hong Kong and Taiwan) from the 11th of that month.
Months earlier, that is in June 2021, the manufacturer halted the global sales and delivery of its machines amidst government crackdown on crypto mining. Furthermore, Finance Magnates reported that in November of that year, the Chinese authorities warned state-owned companies against dealing in crypto mining and threatened to impose punitive measures against firms that run afoul of its rules.
However, the question of whether China will soften its hard stance against cryptocurrency in light of the new crypto regulations in Hong Kong remains unanswered.
Bitcoin breaks $30K; Cypator's crypto ECN; read today's news nuggets.
This article was written by Solomon Oladipupo at www.financemagnates.com.
China’s relationship with Saudi Arabia is growing as the country’s Cabinet has agreed to join the Shanghai Cooperation Organization (SCO). The diplomatic move made by the kingdom began with a memorandum of understanding in September, and at the end of March, Saudi Arabia’s Cabinet approved the decision to become a dialogue partner. The Cabinet’s decision [...]
The post Saudi Arabia Strengthens Bond With China by Joining SCO Bloc as Dialogue Partner appeared first on Crypto Breaking News.
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