Eastern China Police Bursts Local Bitcoin Mining Farms

Eastern China Police Bursts Local Bitcoin Mining Farms

This article was originally posted on The Bitcoin News – a trusted site covering numerous topics related to Bitcoin since 2012. Based on a recent […]
Source: cryptonewsmonitor
Eastern China Police Bursts Local Bitcoin Mining Farms

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What will China’s next move in the virtual assets space be?

The influence of Asian countries on Bitcoin and other virtual assets has been widely recognized this year. The geopolitical unrest between the United States and during the ongoing trade war has precipitated an increase in Bitcoin interest across the world. It was also recently reported that a new weekly high for Bitcoin volume was triggered […]
Source: bitcoinwarrior
What will China’s next move in the virtual assets space be?

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Russia, China, Iran & Venezuela developing crypto to challenge US financial control – study

Russia, China, Iran & Venezuela developing crypto to challenge US financial control – study submitted by /u/IMayMarry
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Russia, China, Iran & Venezuela developing crypto to challenge US financial control – study

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Police in China Seizes 4,000 Crypto Miners After Abnormal Energy Spike

in arrested 22 suspects involved in illegal crypto mining resulting in energy loss worth of nearly $3 million


Source: cointelegraph
Police in China Seizes 4,000 Crypto Miners After Abnormal Energy Spike

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China Should Prepare Digital Yuan to Counter Facebook Libra: Ex-PBoC Chief

revamp its plan for a national currency in the face of Facebook’s Libra , says the central bank’s former head.
Source: worldnewsoffice
China Should Prepare Digital Yuan to Counter Facebook Libra: Ex-PBoC Chief

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China Should Prepare Digital Yuan to Counter Facebook Libra: Ex-PBoC Chief

revamp its plan for a national currency in the face of Facebook’s Libra , says the central bank’s former head.
Source: coindesk
China Should Prepare Digital Yuan to Counter Facebook Libra: Ex-PBoC Chief

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China’s Cryptocurrency: A Response to Facebook’s Libra Coin?

China cryptocurrency

In to Facebook’s new , Libra, ’s central bank is reportedly developing its own cryptocurrency.

According to the South China Morning Post, Libra poses a threat to the country’s financial system, and this has spurred on the development of the bank’s own coin.

China’s Cryptocurrency

At an event at Peking University’s Institute of Digital Finance yesterday, the director of the People’s Bank of China (PBoC) research bureau, Wang Xin, argued that if Libra effectively functions like money, then it likely have a huge influence on “monetary policy, financial stability, and the …

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Source: cryptocurrencynews
China’s Cryptocurrency: A Response to Facebook’s Libra Coin?

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Tron Foundation’s China Partner Announces a $30 Million Incentive Plan for TRC20-based USDT Holders

Raybo Technologies, the Partner of has announced a new $30 million incentive plan to reward the holders of Tether’s TRC20 based-USDT token. The Beijing-based technology company has announced a 30-day giveaway that begin from July 15. The holders of TRC20-based USDT receive an airdrop bonus on a daily basis, with […]
Source: bitcoinexchangeguide
Tron Foundation’s China Partner Announces a Million Incentive Plan for TRC20-based USDT Holders

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China Issuing Digital Currency ‘Will Drive Bitcoin Adoption’

china to boost bitcoin adoption

Bitcoin proponents predict that ’s decision to create its own currency ironically drive massive BTC adoption.


China: Libra Dollar Peg Would Harm Sovereignty

As various media outlets including South China Morning Post (SCMP) reported July 8, China’s central bank said it was already in the process of building the digital token. 

The impetus, sources said, came directly from Facebook unveiling the infrastructure for a of its own, Libra, which will operate outside of the banking system. 

“If [Libra] is widely used for payments, cross-border payments in particular, would it be able to function as money and accordingly have a large influence on monetary policy, financial stability, and the international monetary system?”  SCMP quoted Wang Xin, director of the People’s Bank of China (PBoC)’s research bureau, as querying. 

The PBoC also revealed it had gained permission from Beijing to begin the process of designing the token. Concerns stem from Libra’s threat to Chinese cross-border payments and even financial sovereignty, due in part to Facebook potentially pegging it to the US dollar.

While Libra has not yet issued or even created any tokens, governments, and banks the world over are monitoring it, including the PBoC, which is paying “high attention.”

“If the digital currency is closely associated with the US dollar, it could create a scenario under which sovereign currencies would coexist with US dollar-centric digital currencies,” Wang continued. 

“But there would be in essence one boss, that is the US dollar and the United States. If so, it would bring a series of economic, financial and even international political consequences.”

Bitcoin Will Benefit From China

While Wang did not mention decentralized cryptocurrencies, commentators subsequently argued Libra would draw attention to Bitcoin 00, which would add to the PBoC’s nightmare.

“Agree this will ultimately drive Bitcoin to accelerated adoption,” Morgan Creek Digital co-founder Anthony Pompliano wrote on Twitter following the news.

As Bitcoinist reported, China’s concerns over Libra may end up unwarranted if regulators elsewhere succeed in throttling further development

This month will see dialog open between Facebook and the U.S., where lawmakers have already requested a halt to activity pending further details. 

Elsewhere, other sources have delivered grim predictions for the project, with one economist stating that would automatically ban not just the token, but all Facebook-owned platforms issuance to users go ahead.

Moscow subsequently said it would not issue new legislation governing Libra while appearing unfazed by the idea anyone could use it to avoid the banking system. 

China meanwhile maintains a blanket ban on trading cryptocurrency, something users are nonetheless seeking to circumvent using methods such as over-the-counter (OTC) platforms and stablecoin Tether.

The country previously saw premiums for purchasing Tether in USD terms, underscoring investor demand as Bitcoin soared in value this year.


Do you think China’s digital currency plans will benefit Bitcoin? Let us know in the comments below!


Image via Shutterstock

The post China Issuing Digital Currency ‘Will Drive Bitcoin Adoption’ appeared first on Bitcoinist.com.


Source: bitcoinist
China Issuing Digital Currency ‘Will Drive Bitcoin Adoption’

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China Will Fight Libra By Creating An Official Chinese Cryptocurrency

china will fight libra


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Libra since the new crypto project could dominate the entire financial market around the world which is not a good thing for the country. In today’s latest cryptocurrency news we find out how exactly are they planning to do so.

The announcement of Libra spiked massive controversies and attracted the attention of important global actors in the geopolitics such as the U.S. Congress but also the government of China. According to the South China Morning Post, Wang Xin who is the director of the people’s bank of China research bureau says that it will be very dangerous for a group of private companies to control a currency that can change the entire monetary scene on the planet:

 “If Libra is widely used for payments, cross-border payments in particular, would it be able to function like money and accordingly have a large influence on monetary policy, financial stability, and the international monetary system?”

The former candidate to the Senate Mark Dankof explained that economic sanctions are aggressive and harmful just as any other military invasion:


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 “Sanctions are an act of war. It is important for the American public and the world to understand this … One could not find a worse foreign policy and national security advisors to an American President than John Bolton and Mike Pompeo, just to name two”.

China has always faced threats and now Libra is no exception. If Facebook successfully launches the , the United States government will dominate the world markets with a currency just as it does with the dollar. Libra has to comply with the U.S. regulations and also its value is backed by multiple fiat currencies but the dollar still has a fundamental role. If China doesn’t compete faster, it will likely fall behind in a new global economic order that is driven by the age as explained in the altcoin news previously. China wants to avoid has already happened with the dollar and avoid another Bretton Woods agreement

China will fight Libra and its massive influence by creating a possible official cryptocurrency. Wang revealed that the Chinese government is launching a research initiative for digital finance that includes multiple universities in the country.

The post China Will Fight Libra By Creating An Official Chinese Cryptocurrency appeared first on DC Forecasts – Leading Digital Currencies.


Source: dcforecasts
China Will Fight Libra By Creating An Official Chinese Cryptocurrency

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