News on cryptocurrency in china

Last Friday, authorities in the southwestern province of Sichuan ordered crypto miners in the region to cease operating. These events are having an impact on hardware prices, too. Chinese consumers seeking to purchase graphics cards, which are critical components for Bitcoin mining, have found sharply lower prices in the past day or so. Why now: China sees cryptocurrencies, which are decentralized and unregulated, as a threat. Instead, operators will relocate elsewhere. Texas has been touted as a place that could benefit from the new restrictions in China, thanks to its relatively lax regulatory environment and cheap electricity.

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Content:

• Cryptocurrencies including Bitcoin plunge amid China clampdown fears, fallout from Tesla's U-turn
• China's History With Cryptocurrency
• China says all crypto transactions illegal; Bitcoin tumbles
• China's central bank declares all cryptocurrency transactions illegal
• Bitcoin price sinks as China cracks down on cryptos, declares all transactions illegal
• China says all crypto-related transactions are illegal
• China crypto players shrug off Beijing’s latest crackdown
• Congress weighs cleaning up cryptocurrency mining in the US
• House economy committee warns of cryptocurrency trading

WATCH RELATED VIDEO: China Says All Crypto-Related Transactions Are Illegal and Must Be Banned

Cryptocurrencies including Bitcoin plunge amid China clampdown fears, fallout from Tesla's U-turn

Experts say large-scale Chinese miners of cryptocurrency — the likes of Bitcoin and Ethereum — will take their high-powered, electricity-guzzling servers offshore. Exchanges of the digital money and the numerous Chinese startups linked to the trade also are expected to rebase offshore after dropping domestic customers from their rosters.

On Sept. The notice, issued in tandem with nine other government agencies, including the Bureau of Public Security, declared all related business illega l and warned that cryptocurrency transactions originating outside China will also be treated as crimes.

Chinese banks began to prohibit the use of digital currencies in and stepped up regulations after It says many of those who suddenly made millions when Bitcoin prices soared four years ago were in China. The Chinese ban carries penalties for international exchanges that do business with people inside China, and news reports indicate international crypto exchanges are trying to cut ties with Chinese clients in recent days.

But the companies themselves are largely staying quiet. Mining for digital currency — the process of using computers to enter bitcoins into circulation and verify cryptocurrency transactions in exchange for a payout — should get easier overseas as Chinese exit the market, Kapron said. Smaller operators, he added, may be able to mine more easily without the competition of giant Chinese operations.

Singapore looms as a prime go-to place for operations that need not be physically onshore. The country had accepted about cryptocurrency license applications as of July.

From China, e-commerce giant Alibaba as well as digital financial firms Yillion Group and Hande Group have applied, news reports in Asia say. Other Asian countries lack the legal welcome mat that Singapore has extended, said Jason Hsu, vice president of the Taiwan Fintech Association industry group. Singapore obviously has the clearest regulations and also wants to attract more digital fintech [financial-technology] companies.

Financial technology covers cryptocurrency. The trade will go underground for now, he forecasts, and China will eventually come out with an official digital currency issued through major banks. Several countries are considering adopting new digital currencies that would allow people to exchange money without an intermediary, such as a bank. Proponents argue these currencies could capture the benefits of cryptocurrencies that make exchanging money easy, but without the price volatility of decentralized digital assets like bitcoin.

Blockchain, the core technology behind the public transaction ledger that makes crypto commerce transparent, could continue to develop in China for other ends, he added. Search Search. Home United States U. VOA Africa Listen live. VOA Newscasts Latest program. VOA Newscasts. Previous Next.

China News. October 02, AM. Ralph Jennings. The shift highlights how virtual currencies can evade government regulation. Strongest anti-crypto action to date On Sept. Chinese miners and traders head to Singapore The Chinese ban carries penalties for international exchanges that do business with people inside China, and news reports indicate international crypto exchanges are trying to cut ties with Chinese clients in recent days.

Eventual resurgence for crypto in China? Cryptocurrency Booming Among Kenyan Farmers. New series 52 Documentary. Back to top.

China's History With Cryptocurrency

As negotiations progressed, however, it was revealed just how far Japan lags the world in terms of economic security. Around the world, quantitative easing performed by central banks in response to the COVID pandemic has bolstered financial markets. In particular, cryptocurrencies, digital assets that exist in cyberspace, overcame their recent slump to rally significantly. Cryptocurrency has also gained popularity in Japan, where trading volumes are increasing, and BitFlyer in particular boasts one of the highest trading volumes of any Japanese exchange. Allowing customers to trade 13 different crypto currencies, including Bitcoin, BitFlyer also operates overseas. He is an influential figure in the nascent industry, having lobbied Digital Transformation Minister Hirai Takuya to put in place a national blockchain strategy in October In Japan cryptocurrency trading exchanges are required to register under the Payment Services Act and Cabinet Office order, but no restrictions are generally imposed on sale of these companies.

China says all crypto transactions illegal; Bitcoin tumbles

Still, Pongsakorn, 30, has been able to sell hundreds of units across Thailand as small players jump into cryptocurrencies as China cracks down on the lucrative market. The biggest packed up and shifted operations to the United States — particularly Texas — Malaysia, Russia and Kazakhstan among other countries. That created an opportunity for entrepreneurs like Pongsakorn, who was on hand to whisk the unwanted gear — mainly the Bitmain Antminer SJ19 Pro — from Shenzhen to Thailand. Their ranks include people chasing a stable income during the pandemic, but also investors who believe in the future of digital assets. Many bigger Thai investors are closely watching neighbouring Laos, which is tacitly embracing the rise of cryptocurrencies. The poor, officially communist country of 7. In November, the communist government opened up crypto mining and trading by offering licences to six large, well-connected Laotian companies. But any Chinese miners thinking of slipping over their southern border to plug into cheap Laotian electricity would still be within easy reach of close ally Beijing. Some observers fear the gains of crypto will go to just a handful of connected companies.

China's central bank declares all cryptocurrency transactions illegal

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Bitcoin price sinks as China cracks down on cryptos, declares all transactions illegal

Further, all cryptocurrency transactions in China are considered illegal, including offshore exchanges to provide services to Chinese citizens. The authorities stated that China-based employees of offshore crypto exchanges or any companies providing services to them will be investigated and prosecuted. On the same day, the National Development and Reform Commission NDRC and 10 other authorities issued another circular the NDRC circular to local governments on how to wind down cryptocurrency mining activities in their areas. China joins a growing list of countries where cryptocurrencies are banned or restricted. Egypt, Indonesia, and Nepal are among where these restrictions exist.

China says all crypto-related transactions are illegal

France 24 is not responsible for the content of external websites. China's central bank on Friday said all financial transactions involving cryptocurrencies are illegal, sounding the death knell for the digital trade in China after a crackdown on the volatile currencies. The global values of cryptocurrencies including Bitcoin have massively fluctuated over the past year partly due to Chinese regulations, which have sought to prevent speculation and money laundering. The notice bans all related financial activities involving cryptocurrencies, such as trading crypto, selling tokens, transactions involving virtual currency derivatives and "illegal fundraising". Bitcoin fell as much as 5. Around GMT it was trading down 5. The central bank said that in recent years trading of Bitcoin and other virtual currencies had become "widespread, disrupting economic and financial order, giving rise to money laundering, illegal fund-raising, fraud, pyramid schemes and other illegal and criminal activities. While crypto creation and trading have been illegal in China since , further crackdowns this year by Beijing warned banks to halt related transactions and closed much of the country's vast network of bitcoin miners.

China crypto players shrug off Beijing’s latest crackdown

Cooking the Books: What cryptocurrency traders expect from wary government regulators. China's central bank on Friday said all financial transactions involving cryptocurrencies were illegal. That sounded the death knell for the digital trade in China after a crackdown on the volatile currencies. The central bank said offenders would be "investigated for criminal liability in accordance with the law.

Congress weighs cleaning up cryptocurrency mining in the US

RELATED VIDEO: China Bans ALL Crypto, The End For Bitcoin?

The Diem Association, a controversial Meta-backed cryptocurrency project, is reportedly looking to sell its assets to return capital to investors, Bloomberg reported. The association is reportedly in discussion with investment bankers on how to cash out on the project, including selling its intellecutal property and finding other work for its developers and engineers. Sale discussions are still early and there is no guarantee that Diem's assets will be bought, people familiar with the conversations told Bloomberg. Meta owns around a third of Diem, with the rest owned by members of the association, which includes VC firms and other tech companies. The news comes a few months after David Marcus , founder of Diem, announced his departure from Meta's financial technology unit, which was recently renamed from Facebook Financial to Novi. Novi introduced a long-expected digital wallet last year to a limited set of users, and relied on a stablecoin from Paxos, not the still-unavailable Diem coin.

House economy committee warns of cryptocurrency trading

Times Internet Limited. All rights reserved. For reprint rights. Times Syndication Service. Cryptocurrencies tumble as China continues its crackdown against mining Advertisement. Rounak Jain. Representational image.

China's central bank on Friday declared all transactions involving Bitcoin and other virtual currencies illegal , stepping up a campaign to block use of unofficial digital money. Friday's notice complained Bitcoin, Ethereum and other digital currencies disrupt the financial system and are used in money-laundering and other crimes. Chinese banks were banned from handling cryptocurrencies in , but the government issued a reminder this year.