Category Archive : China

Will Paraguay become the new Valhalla for crypto mining? Chinese investors to enter the market





RIO DE JANEIRO, BRAZIL – The exodus of bitcoin miners from China and introducing a bill to regulate digital asset mining in Paraguay could trigger a wave of major investment in the country. Paraguay could host more than 500,000 cryptocurrency miners within three years if it consolidates its Bitcoin-friendly policies.

Currently, at least eight Chinese business groups are said to be interested in moving…

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Take Five: Jobs, crackdowns and a fork

July 30 (Reuters) – 1/ OUT OF SURPRISES?

Is this year’s sharp U.S. growth rebound losing momentum? A raft of economic data due in the world’s biggest economy will provide clues.

U.S. non-farm payrolls on Aug. 6 will offer a snapshot of July hiring. Economists polled by Reuters forecast the economy added 926,000 jobs in July after June’s forecast-beating 850,000 in June. Before the payrolls, the ISM manufacturing report and Purchasing Managers’ Index (PMI) surveys will be released.

The strength…

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Western govts should stop dismissing crypto revolution as speculative, criminal, Mohamed El-Erian says

Mohamed El-Erian. (Photo by Rob Kim/Getty Images)

  • Mohamed El-Erian said western governments need to take the “crypto revolution” more seriously.
  • The economist said the West risks losing out to China, which is developing its own digital currency.
  • El-Erian said regulators should stop seeing crypto as the purview of criminals and speculators.
  • For more stories go to www.BusinessInsider.co.za.

Western governments should stop dismissing cryptocurrencies as only being useful for…

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Global stock markets rise as Robinhood’s IPO falters





Global stock markets rise as Robinhood’s IPO falters | Fortune

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The inside story of one of China’s last bitcoin mining tycoons

A Chinese crypto mogul who says he was once responsible for nearly 10 percent of all bitcoin mining in the world is opening up about how China’s crackdown has decimated his business. 

A 40-year-old businessman named Liu Weiman, who spoke to news Web site Caixin (paywall) under a pseudonym, operated more than 10 bitcoin farms in China’s Sichuan province that would mine 70 to 80 bitcoins per day during peak seasons. 

About 900 new bitcoins are issued each day…

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Ex-Bank of China Chief Issues DeFi Warning

Source: Adobe/concept w

The former head of the commercial banking giant the state-owned Bank of China has sent out a warning about decentralized finance (DeFi) and cryptocurencies.

Per the 21st Century Business Herald, via East Money, Li Lihui, who was appointed President of the Bank of China in 2004, stated that “decentralized finance has provided a challenge to the traditional model of centralized finance.” He added that DeFi is “separate” from “the current financial…

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Why China created a digital currency

 

 

 

When money meant coins a thousand years ago, China invented paper cash. In a reimagining of money that could rock a pillar of American power, the Chinese government is already minting cash digitally.

fpri.org

Cryptocurrencies like bitcoin have hinted at a possible digital future for money, despite the fact that they exist outside of the established global financial system and are not legal tender like government-issued cash.

The Chinese central bank, which will issue the new electronic…

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PayPal’s new ‘super app,’ to include messaging, is ready to launch – TechCrunch

PayPal’s plan to morph itself into a “super app” has been given a go for launch.

According to PayPal CEO Dan Schulman, speaking to investors during this week’s second-quarter earnings call, the initial version of PayPal’s new consumer digital wallet app is now “code complete” and the company is preparing to slowly ramp up. Over the next several months, PayPal expects to be fully ramped up in the U.S., with new payment services, financial services, commerce and shopping…

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Crypto users double to 200 million in 4 months fuelled by bitcoin, Shib, doge

NEW DELHI: Driven by a spike in bitcoin prices during January and February as well as the adoption of altcoins during May, the global crypto population doubled from 100 million to 200 million within a span of just four months.

Overall, the number of global crypto users reached 221 million as of June end, according to a report by cryptocurrency exchange Crypto.com.

The report also showed that altcoin adoption was likely spurred by the influx of new users…

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China tech crackdown forces investors to give other markets a second look





China tech crackdown forces investors to give other markets a second look | Fortune

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