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Letter: China’s crypto ban is better than regulation

If I were to print my own “money” and sell it door-to-door I would be locked up. Those engaged in the same activity online get away with it.

Gillian Tett (“Stablecoin investors need a wake-up call”, Opinion, October 15) suggests that a gentle “wake-up call” from the regulator is needed, in the form of increased scrutiny. The problem is that “regulating” insanity means ownership. “China shop rules” then come into play. When things break, blame passes through the regulator to the taxpayer. China has banned crypto. That’s regulation!

Neil McNaughton
Sèvres, France

Read more at www.ft.com

U.S. Becomes the Largest Crypto Mining Hub After Miner’s Exodus from China By DailyCoin

U.S. Becomes the Largest Crypto Mining Hub After Miner’s Exodus from China

The price of climbed above the USD 60,000 mark on Friday as investors and traders anticipate that the U.S. regulators will clear the first Bitcoin futures exchange-traded fund. According to a report by CNBC, the ProShares Bitcoin Strategy ETF is scheduled to debut at the New York Stock Exchange on Tuesday, and experts believe the SEC unlikely to object to the product. “The ETF news is being priced in with the market expecting an approval on Monday. This is driving the price up,” Vijay Ayyar, Head of Asia Pacific at cryptocurrency exchange Luno, told CNBC. As a result of the crypto boom that occurred earlier this year, many companies and organizations have become noticeably more open to blockchain technology and cryptocurrencies. ISW Holdings Inc. (OTC: ISWH), Riot Blockchain, Inc. (NASDAQ: NASDAQ:), Sphere 3D Corp. (NASDAQ: ANY), SOS Limited (NYSE: SOS), HIVE Blockchain Technologies (NASDAQ:) Ltd. (NASDAQ: HVBT)

Meanwhile, the U.S. has become one of the main hubs of the Bitcoin mining market. This is in large part due to the Chinese government’s crackdown on cryptocurrencies. Local…

Read more at www.investing.com

Chinese crypto investors look for ways to bypass restrictions · TechNode

Some Chinese crypto investors are looking for ways to bypass the country’s crackdown on crypto trading. Hardware wallet company Keystone stops selling its wallet to mainland Chinese customers. Guangdong government uses blockchain to facilitate bank loans for businesses. 

Blockchain
headlines

The world of blockchain moves fast, and nowhere does it move faster than China. Here’s what you need to know about China’s block-world in the week of Oct. 13 to Oct. 19.

Crackdowns on crypto 

  • Chinese media outlet Beijing Business Today reported on Monday that many Chinese crypto investors are registering overseas company identities to bypass crypto exchange restrictions on Chinese users. The reports found an increased demand for overseas company registration services, which has prompted numerous third-party companies to sell those services on China’s e-commerce apps. Major crypto exchanges have stopped serving mainland Chinese customers since China increased its crackdown on crypto trading in September. (Beijing Business Today, in Chinese)
  • Keystone, an open-sourced hardware wallet company, said it will stop selling its wallet to mainland Chinese users to…

Read more at technode.com

Bitcoin rally, first bitcoin-linked ETF to debut

The price of bitcoin, the largest cryptocurrency by market value, surged above $62,000 on Friday after news that the Securities and Exchange Commission would allow the first bitcoin-linked exchange-traded fund debut.

Bitcoin extended its rally over the weekend, currently trading at around $61,285, according to Coin Metrics.

That, along with other news, like Jamie Dimon calling bitcoin “worthless” and Coinbase announcing plans to launch an NFT, or nonfungible token, platform, dominated this past week. Here are seven key things that happened in crypto.

1. Jamie Dimon says bitcoin is ‘worthless’

Jamie Dimon, JPMorgan Chase chairman and CEO, isn’t a fan of bitcoin. “I personally think that bitcoin is worthless,” Dimon said during an Institute of International Finance event on Oct. 11, CNBC Pro reported.

But, “I don’t want to be a spokesperson — I don’t care. It makes no difference to me,” he continued. “Our clients are adults. They disagree. That’s what makes markets. So, if they want to have access to buy yourself bitcoin, we can’t custody it but we can give them legitimate, as clean as possible, access.”

This isn’t a new stance for Dimon. Recently, he told Axios CEO Jim…

Read more at www.cnbc.com

China’s Crackdown on Cryptocurrencies and its Impact on Crypto Mining Companies Outside the Country

Photo by Bermix Studio on Unsplash

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Last month, the Chinese government announced a crackdown on all financial transactions involving cryptocurrencies and issued a countrywide ban on cryptocurrency mining, the energy-consuming process by which cryptocurrency tokens are produced.

When the news broke, the price of Bitcoin (BTC) fell to around $41,000 before recovering by the end of the trading day. Until the Chinese government imposed the ban, the country was the powerhouse in Bitcoin mining, with around 70% of global Bitcoin mining power. Now, cryptocurrency miners in China are flocking to neighboring Kazakhstan, Russia or North America to find refuge.

The Government crackdown comes at a time when the country’s central bank has been testing the electronic Chinese yuan (e-CNY), the nation`s digital currency that has been slowly introduced to Chinese society through a lottery system. The bank shared a notice calling out Bitcoin and Ethereum (ETH) for being issued by nonmonetary authorities.

China’s e-commerce giant, Alibaba Group…

Read more at finance.yahoo.com

U.S. Becomes the Largest Crypto Mining Hub After Miner’s Exodus from China

NEW YORK, Oct. 18, 2021 /PRNewswire/ — The price of Bitcoin climbed above the USD 60,000 mark on Friday as investors and traders anticipate that the U.S. regulators will clear the first Bitcoin futures exchange-traded fund. According to a report by CNBC, the ProShares Bitcoin Strategy ETF is scheduled to debut at the New York Stock Exchange on Tuesday, and experts believe the SEC unlikely to object to the product. “The ETF news is being priced in with the market expecting an approval on Monday. This is driving the price up,” Vijay Ayyar, Head of Asia Pacific at cryptocurrency exchange Luno, told CNBC. As a result of the crypto boom that occurred earlier this year, many companies and organizations have become noticeably more open to blockchain technology and cryptocurrencies. ISW Holdings Inc. (OTC: ISWH), Riot Blockchain, Inc. (NASDAQ: RIOT), Sphere 3D Corp. (NASDAQ: ANY), SOS Limited (NYSE: SOS), HIVE Blockchain Technologies Ltd. (NASDAQ: HVBT) 

Meanwhile, the U.S. has become one of the main hubs of the Bitcoin mining market. This is in large part due to the Chinese government’s crackdown on cryptocurrencies. Local agencies, including the country’s securities regulator and…

Read more at www.prnewswire.com

Banned Crypto-Miners Siphoning Power from Chinese Public Firms

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China was once a burgeoning hub for digital currencies, but the country recently came out against cryptocurrency. With transactions and mining banned, officials are on the hunt for illegal crypto operations, and extreme power usage often points the way. As reported by Bloomberg, two provinces have found that a substantial chunk of illegal mining was happening at public institutions. Naturally, the government aims to put a stop to that. 

As recently as last year, China accounted for the majority of Bitcoin hash rates. Since then, mining has moved to other regions, and the drop has been precipitous since the Chinese government began its crackdown on all cryptos. After officially banning crypto, the government instructed provinces to call in loans, cancel favorable tax rates, and investigate abnormal power usage. That last order…

Read more at www.extremetech.com

‘Unintentional gift’: US steps into China’s bitcoin breach

The long sheds at North America’s largest bitcoin mine look endless in the Texas sun, packed with the type of machines that have helped the United States to become the new global hub for the digital currency.

The operation in the quiet town of Rockdale was part of an already bustling US business — now boosted by Beijing’s intensified crypto crackdown that has pushed the industry west.

“There’s a lot of competitors coming into Texas because they are seeing the same thing (as) when we came here,” said Chad Everett Harris, CEO of miner Whinstone, which operates the Rockdale site owned by US company Riot Blockchain. 

Figures released Wednesday by the University of Cambridge showed that activity in the United States more than doubled in the four months to the end of August, increasing the market share held by the world’s biggest economy to 35.4 percent.

“China’s bitcoin mining ban was basically an unintentional gift to the US,” he said. “Thanks to their ban an entire sector migrated to North America — along with innovation, labor and machines.”

“If you’re going to make long-term investments and accumulate wealth in a country, you want to have some confidence that it’s not going to be…

Read more at www.news.com.au

Here’s Why Elon Musk Thinks China Is Cracking Down on Crypto

The Chinese government has been historically unfriendly to cryptocurrencies, and it recently made its harshest anti-crypto move yet to crack down on virtual coins.

China had banned cryptocurrency trading services within the country in May, but international exchanges continued to operate, prompting authorities to tighten restrictions further. In late September, 11 Chinese government entities announced the new crackdown, including the Chinese Central Bank and the National Development and Reform Commission.

The new regulations made all cryptocurrency transactions completely illegal including buying and selling tokens or derivatives as well as cryptocurrency mining. International cryptocurrency exchange activities were prohibited from serving customers in Mainland China, and new measures were put in place to shut down websites and restrict the ability of investors to pay for coins.

Recently, Elon Musk, the Space-X co-founder and a noted proponent of cryptocurrencies, weighed in on why China may have taken this action.

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China is ready to go rigid with the enforcement of cryptocurrency crackdown

After the bluster, the real Chinese crypto crackdown is set to start – with controllers, courts and law requirement agencies currently seeing how to execute the particulars of last month’s tumultuous joint declaration cryptoasset-related activities.The watershed affirmation was authored by the focal People’s Bank of China (PBoC) and approached organizations in the nation to take punitive measures against crypto-trading clients. It likewise cautioned overseas platforms focusing on Chinese clients that they could confront penalties.

However, the firms appear to have made their decisions due to the fact that the PBoC’s co-signatories were heavy-hitting enforcers with real power to dish out punishment: namely, the likes of the Supreme People’s Court, the Supreme People’s Procuratorate, and the Ministry of Public Security.

Similar statements have been made in the past, but the crypto mining, hardware and exchanges industries appear to have been genuinely spooked by the joint declaration – to the point whereby a number of prominent crypto players promptly closed down their businesses. The exchange giant Huobi, reports claimed, evacuated its staff overseas a week before…

Read more at www.bollyinside.com

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