04 Jun

China’s Wikipedia Adds Blockchain-Based Revision System

By Daniel Zo Baidu, Blockchain, China Read Comments

As part of China’s censorship moves, the Chinese version of Wikipedia has been banned at the beginning of 2018. Despite this, there is an alternative to the encyclopedia available in the country, this being Baidu Baike, which is the search giant’s equivalent to the platform.

Now, recent reports indicate that the website has implemented blockchain technology, in order to help record all revision entries. The move is meant to bring more transparency alongside traceability for revisions to the online platform.

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22 May

China’s Current Stance on Blockchain Technology Detailed in White Paper

By Daniel Zo China, Blockchain, White paper Read Comments

The state of cryptocurrencies and blockchain technology in China is especially relevant to the industry, given the country’s active regulatory process, which has heavily influenced the market in the past.

Recently, the Chinese Ministry of Industry and Information Technology, commonly known as MIIT, has published a white paper regarding the blockchain technology market in mainland China. Despite the country’s crackdown on digital currencies, it seems like by the end of March 2018, there were 456 active blockchain-based companies. In fact, according to Yu Jianing, the chief of the MIIT Information Centre Industrial Economy Research Institute, 2017 has been the best year for the industry so far, granted the appearance of 178 blockchain-related companies, whereas the technology begun achieving maturity.

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06 Dec

Chinese Central Bank Representative Issues Statement on Future of Bitcoin

By Daniel Zo Bitcoin, China, ICO Read Comments

For many years, China was an extremely important member of the digital currency market, with over 90% of the global trading volume being conducted in the region. However, back in September, the Central Bank of China decided to crackdown on cryptocurrencies and hence ban Initial Coin Offerings (ICOs) and stopping exchanges from serving customers in China.

Following the crackdown, there have been many rumours that China was planning to resume trading, yet a recent statement from a deputy governor of the People’s Bank of China dismisses these rumours.

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04 Oct

Understanding Ethereum’s status in South Korea

By Daniel Zo Ethereum, South Korea, China, ICO Read Comments

In a short period of time, Ethereum has managed to gain a lot of popularity on the digital currency market, with millions of dollars-worth of investments being poured into the new, trustless, smart contracts technology, which has a huge potential to further revolutionize the way we transmit data of all kinds, and the security behind it.

The last couple of months have brought forward a couple of growths and decreases in value, so this article will focus on some of today’s main factors that will further encourage Ethereum development, adoption and popularity. Additionally, Vitalik Buterin, has recently mentioned that: “I would say that Ethereum’s main benefits are in its generality and in its utility to many kinds of industries. There are applications in finance, identity, supply chain tracking, health care, energy and many other areas. This is a result of Ethereum deliberately being designed as a general-purpose programming platform.”

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20 Sep

China to Crackdown Even More on Bitcoin Trading and Exchanges

By Daniel Zo Bitcoin, China Read Comments

During the last couple of months, China has been actively cracking down on digital currency use in the country. While the reasons behind this remain unknown, this is bound to hurt the market, considering the fact that China has been and continues to be the country with the highest digital currency trading volume, especially in the case of bitcoin.

After banning initial coin offerings, which were used by start-ups to generate funds by selling tokens for actual cash, and threatening to close down all domestic exchanges which do not clearly respect the regulatory terms imposed by the government, it seems like the country will now clamp down even further on bitcoin trading, as all digital token exchanges may be shut down.

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29 Jun

People’s Bank of China Showcases Plans to Pursue Blockchain-based Projects

By Daniel Zo Blockchain, China, Fintech Read Comments

During the last couple of months, China has been showcasing an interesting approach towards Bitcoin and the other digital currencies available on the market, but also towards the blockchain network which is basically the system that powers everything up.

With this in mind, recent reports indicate that the People’s Bank of China, also known as the PBoC, is preparing to start up a development plan that will continue over the period of five years, meant to bring in improvements, upgrades and advancements in the country’s financial market. For long, China has been seen as one of the world’s most promising economies, given their huge market infrastructure, the billions of dollars-worth of investments being made in areas from all around the world, and their attitude towards small and big businesses. However, they’ve been fairly close-minded to the idea of digital currencies for a while now, due to the possible risks they may pose to the country’s own financial system. However, the Beijing Government will finally take the example of other countries and likely become a bit more open to digital currencies.

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15 Mar

The Current State of Digital Currencies in China

By Daniel Zo Bitcoin, China Read Comments

The People’s Bank of China, also known as PBOC, has been in the media’s attention during the last month, as it is currently deliberating the faith of digital currency and digital currency exchanges operating in the Asian country.

A recent digest from the PBOC related on the current Yuan rates, market sentiment, a couple of new developments in the country’s exchange policies, but also changes in the financial market regulations, and Chinese economic data.

Digital currencies are also mentioned, and in this case, it has been stated that bitcoin exchanges are unlikely to become official exchanges in China in the near future. Not only this, as the Chairman of the Bank’s Operation Office, Zhou Xuedong mentioned that a couple of price bubbles were noticed on bitcoin, and that China is in desperate needed of a proper legislative framework concerning Bitcoin trading. Because of this, the regulator will likely introduce a couple of other measures in order to help strengthen the oversight that the PBOC plays above Bitcoin exchanges and platforms operating in China.

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20 Feb

BTCC Suspends Withdrawals Until the 15th of March

By Daniel Zo Bitcoin, BTCC, China Read Comments

During the last couple of months, the attitude of Chinese authorities towards Bitcoin and Bitcoin Exchanges has become quite offensive, considering the numerous threats made towards exchanges that do not fully comply with the regulations put in place by the Chinese Government.

Recent reports indicate that a couple of major Chinese bitcoin exchanges, including BTCC, will now stop both bitcoin and litecoin withdrawals for a month. This particular suspension will likely last until the 15th of March, as BTCC and other exchanges try their best to comply with the new set of regulations put into place by the Chinese authorities, as a direct crackdown towards exchanges.

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10 Feb

Bitcoin Volatility Influenced by Chinese Investments and Executive Meetings

By Daniel Zo Bitcoin, China, Volatility Read Comments

During the last couple of weeks, bitcoin has once again proven that it remains a volatile digital currency which can be influenced by various world events. China’s influence on the digital currency is also well-known throughout the market, and in just 24 hours, the country has managed to make the value of the currency both grow, and decrease.

To put things better into perspective, China has been making numerous headlines due to the loss in their forex reserves, thus reaching a six-year low recently. Currently, the Asian country only has around $3 trillion in liquid forex assets, which is considerably low for a country as big as China, which also has an over-heated economy. Additionally, the capital outflow restrictions placed by the government are also not helping the economy either.

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18 Jan

Would a Complete Bitcoin Ban in China Break the Digital Currency?

By Daniel Zo Bitcoin, Ban, China Read Comments

During the last couple of months, members of the bitcoin community have been direct witnesses to the evolution of the bitcoin price, based on financial events going on in China. In fact, the digital currency and China’s economy have been linked numerous times in the past, but recent reports indicate that this link can influence price, but it cannot make or break Bitcoin.

The recent price behaviour of the digital currency has sparked numerous question, regarding whether bitcoin has the potential of surviving in case it loses its support from China, which makes up a high percentage of bitcoin traders and mining at this moment in time. These questions have arrived especially after numerous reports stating that the Chinese government is tinkering with the idea of adopting a strict regulatory framework for the digital currency.

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