China official cryptocurrency

China has declared the use of digital currencies illegal, saying they disrupt the financial system and are used in money-laundering and other crimes. China's central bank says all cryptocurrency-related activites are now illegal. Source: AAP. China's central bank has declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money.

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WATCH RELATED VIDEO: Chinese Cryptocurrency: 5 Things To Know About China Digital Currency

How China’s Ban on Cryptocurrency Will Ripple Overseas

In a surprising turn of events, a Chinese state-managed news agency plans to launch a non-fungible token NFT collection. What Happened: China's official state-owned media outlet, Xinhua News Agency announced the planned launch of a limited collection with 10, copies of 11 photos taken by journalists.

The NFTs will be issued for free via its news app at 8 p. It is a surprising development since earlier this year the Chinese government took strong measures to clamp down on cryptocurrencies in the country.

The move led to the shutdown of crypto-related news sites and the migration of many Bitcoin miners. Local e-commerce giant J D. NASDAQ: JD on the other hand released a series of non-fungible tokens on its own blockchain, distributing them for free during the same month. Download the mobile app now, available on iOS and Android. Click here , or sign up for our newsletter to explore more of Benzinga's Cryptocurrency market coverage, in-depth coin analysis, data, and reporting.

Benzinga does not provide investment advice. All rights reserved. Trade Ideas. News Podcast Events Newsletter. Compare Online Brokers. Top Stocks. Alternative Investing. YouTube Video Podcasts. My Stocks.

Posted-In: Cryptocurrency Markets. Related Articles. What Happened: OpenSea is contacting and refunding users affected by what many believe to be a bug that allows other users to acquire NFTs at reduced prices.

China Declares Cryptocurrency Transactions 'Illegal'

Many people are preparing for an economic slowdown, especially with fears about property giant Evergrande going bust and the implications of that for the wider economy. Asia correspondent chesh. The Chinese authorities have long made clear their misgivings about cryptocurrency. None of that stopped it from becoming the world capital for crypto.

When it comes to crypto's blockchain technology, however, No crypto coins are involved, with all payments made in the official yuan.

Official Yuan Pay Group™

China Tax News, an official Chinese tax newspaper, has called the Chinese government to impose taxes on Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority. Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology. These then must be approved by a disparate network of individual nodes computers that maintain a copy of the ledger. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years. Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies.

China bans cryptocurrency transactions

china official cryptocurrency

To enjoy our content, please include The Japan Times on your ad-blocker's list of approved sites. Financial and payments institutions are not allowed to price products or services in virtual currency, the notice said. Since , Beijing has abolished initial coin offerings and clamped down on digital currency trading within its borders, forcing many exchanges overseas. China has recently taken steps to issue its own digital yuan, seeking to replace cash and maintain control over a payments landscape that has become increasingly dominated by technology companies not regulated like banks.

A corrupt Chinese official was prosecuted and investigated for supporting companies in cryptocurrency mining.

China’s cryptocurrency regulations will propel similar regulations globally

Increasing regulatory control, due to central banks protecting their economic policy sovereignty and national governments seeking to control climate change, is an imminent risk for cryptocurrencies. Cryptocurrency anonymity, notably in the case of bitcoin, comes without any recourse to or protection against theft, loss or other forms of financial crime. This creates an inherent risk which the crypto market is trying to fix. Ironically, the potential solutions bode ill for cryptos by destroying their untraceable anonymity. Longer-term, the bitcoin 'protest' may force sovereign states to improve their macroeconomic management and strengthen the framework of their institutions. Cryptos could be marginalised by the rise of central bank digital currencies characterised by 'controllable anonymity', as per the Chinese model.

China's central bank declares all cryptocurrency transactions illegal

Despite clampdown on cryptocurrency in China and the current bear market, the blockchain industry in the country still ranks 1 in the number of blockchain projects in world , according to Blockdata. The three rank as the largest cryptocurrency exchange platforms. According to academic opinions, the lack of a centralized authority regulating domestic cryptocurrency platforms and cross-border payments via cryptocurrency were both critical concerns prompting the clampdown. In addition, the volatility of cryptocurrency prices and anonymous nature of cryptocurrency transactions also played a significant role in the issuing of the regulations 5. China does not recognize cryptocurrency as a legal tender and the banking system is not accepting cryptocurrency or providing relevant services. Since , the government has issued regulations aimed at restricting the trade of cryptocurrency and any activities related to virtual currency in efforts to improve investor protection and financial risk prevention. Domestic cryptocurrency platforms and initial coin offering ICO have been banned and events related to cryptocurrency or ICO have been discouraged.

Three state-backed financial groups in China have issued a joint statement warning against the use of cryptocurrencies as payment.

Digital Yuan: China’s Attempt to Replace Cryptocurrency / USD

China is on track to unveil a digital currency that it hopes could challenge dollar dominance. Keep up to date with the latest coronavirus news via our live blog. Follow our live blog.

The inherent risks of crypto currencies – When bitcoin meets China’s CBDC

Producer, director, actor and politician Kamal Haasan is set to become the first Indian celebrity to have his own digital avatar in a metaverse. Choose your reason below and click on the Report button. This will alert our moderators to take action. Nifty 17,

China is making promising progress with testing its digital yuan currency.

$9.5 billion spent using Chinese central bank's digital currency - official

China is pushing aggressively to be a global leader in financial technology. Over the last several years, use of mobile payment platforms has exploded in China while cash transactions have declined. At the same time, global interest in the development of central bank digital currencies CBDCs has also risen, with dozens of central banks now researching ways to offer digital versions of their fiat currency to ordinary citizens. The dominance of private mobile payment firms in China has given such companies an outsized role in retail commerce, making them indispensable to the economy. The PBOC is seeking a digital currency to harness the market share and technological innovation of private financial firms and to gain better access to information about the financial activities of Chinese consumers. Few technical details about DCEP are publicly confirmed.

Digital Yuan could be next. Fill in the form below and join the financial revolution. After a lot of hard work by very talented individuals and close work with the Chinese Government, the currency is now ready for distribution! As of January 29, , anyone can trade China's new Digital Yuan cryptocurrency coin.

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  1. Mujahid

    yes, but that's not all ...