To bring you the best content on our sites and applications, Meredith partners with third party advertisers to serve digital ads, including personalized digital ads. Those advertisers use tracking technologies to collect information about your activity on our sites and applications and across the Internet and your other apps and devices. Enter the terms you wish to search for. China’s official Xinhua China business news bitcoin Agency has called for reining in the risks from bitcoin trading even though trading volume of the virtual currency in Chinese yuan has dropped from 95 per cent to 15 per cent this year in the global market, an indication that Chinese authorities’ regulatory efforts are paying off.
Xinhua, the mouthpiece of the Chinese communist party said in an article. The trading volume of bitcoin in Chinese yuan has also dropped from 95 per cent to 15 per cent in the global market, showing the shift in cryptocurrency trading being initiated by Chinese buyers to international buyers. 50 level on Friday, according to Cryptocompare. 25 of the top crypto exchanges globally. This represented an approximately 348 per cent rise, year to date. Japan and South Korea have seen the most visible inflows into the bitcoin market this year as regulatory development in the two markets, including the Japanese government’s recognition of bitcoin as legal tender in April, boosted investor sentiments. With the stratospheric price rise of the virtual currency, a single bitcoin is now worth around 28,000 yuan, up 55 per cent from 18,000 yuan in early August, according to Xinhua.
The news article indicated that further regulatory measures may be put in place, ahead of the key 19th party congress in the autumn. Professor Chong Tai-Leung from the department of economics at the Chinese University of Hong Kong. China’s financial watchdogs have been tightening controls on the crypto currency. The People’s Bank of China has conducted several rounds of inspections on major bitcoin trading platforms since early 2017, and discovered that some of the operators had not fully fulfilled their anti-money laundering obligation, and had been illegally conducting financing business, according to Xinhua.
The PBOC considers bitcoin a commodity and not a currency, which ruled it out of their existing regulatory coverage in late 2013. China has over one million bitcoin investors, with the total investments of several billions of yuan, according to data gathered from the country’s major Bitcoin trading platforms, Xinhua said. Will China’s debt woes turn into a full-blown banking crisis? Posters of Malaysian Prime Minister Mahathir Mohammad and pardoned politician Anwar Ibrahim, in Kuala Lumpur, Malaysia.
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Enter the terms you wish to search for. A chain of block erupters used for bitcoin mining. It now takes 556 days of computing and a hefty electricity bill to mine a single bitcoin. People’s Daily, has launched a section dedicated to blockchain coverage, signalling Beijing’s official endorsement of the technology, even as a crackdown on digital currencies began in September. Stories related to blockchain as well as information on seminars and other industry-related events can be found under the site’s investment and start-up section. Analysts said mainland regulators would likely keep a tight grip on the blockchain sector, following recent moves to ban trading in bitcoin and other cryptocurrencies.
Spiros Margaris, a venture capitalist and adviser in the fintech industry. Blockchain is best known for being the technology behind bitcoin, by serving as an encrypted database of agreements that keeps both parties involved in a bitcoin transaction accountable. Beijing-based People’s Daily, the biggest newspaper group in China with a circulation of around 3 million, is controlled by the Communist Party. China watchers alike for insight into economic and political issues. Blockchain technology saw its first official mention in China in 2016, when it was written into the 13th Five-Year Plan, a road map for China’s development in the five years from 2016 to 2020. Blockchain was depicted as one of the major tasks and projects for the nation, along with quantum communication, AI, and autonomous driving, according to the People’s Daily. Zennon Kapron, a Shanghai-based managing director of Kapronasia, a financial consulting firm.