The central bank digital currency (CBDC) has continued to enjoy wide use in China as residents and companies in the Fujian Province reportedly processed nearly $22 billion in digital Yuan (e-CNY) transactions from last year to date. The Fujian Province was one of several districts added to the country’s CBDC pilot phase last year. Fujian…
Tables have turned as money is no longer just printed papers and coins as the globe moves towards digital currencies. Central banks are concentrating on the implementation of a novel concept: central bank digital currencies. CBDCs was created in response to the rise of cryptocurrency. During the Covid epidemic, cryptocurrency controlled the world, attracting the…
Despite the security offered by blockchain technology, hackers continue to look for loopholes to use. As a result, several blockchain systems have been victims of cyber attacks. According to a report, China is the latest victim of such an attack. The country has experienced the most prominent data theft in history. The Chinese authorities have…
The digital wallet app, which was designed exclusively for the Chinese Digital Yuan, has now become China’s top download application. Its user-friendly interface and the ability to work with other applications are the two main reasons which ensured mass adoption of the app. It took less than a week after the launch of the digital…
Chinese crypto media are supposedly staying under the radar on their sites and are zeroing in on developing networks on Twitter and Telegram. While some significant Chinese cryptographic money-related distributions appear to be closing down, a number keep on being controlled by neighborhood news organizations that have changed to web-based media. China’s latest crypto boycott…
As the Chinese government Issues a complete Ban on Bitcoin in the country, this doesn’t mean that the currency will face any setbacks. As of Today, The Chinese government has officially implemented a full and final ban on the mining and trade of Bitcoin across the country. At some point, this may seem a bit…
Ethereum has managed to reach new levels, as miners migrating outside of China have successfully resumed their mining operations with a great comeback. According to reports, Ethereum’s Hash Rate has had a huge rise, as the crypto has managed to achieve a new record of its best hash rate values. It appears that miners have…
Bobby Lee, the CEO of Ballet and a maximalist of Bitcoin (BTC), talked about the implications of the ongoing crackdown of China on cryptocurrency. Although the government is supporting the digital renminbi, Lee proposes that Beijing is not interested in expanding the crypto industry. Lee, based on his collaboration with the government of China in…
More bad news for the crypto mining industry in China as another province, this time Anhui, has gone after the industry. Reports suggest that the provincial energy authorities have issued crypto mining shut down notices to mining facilities throughout the province on the pretext that there is an acute shortage of power supply to consumers….
China is doing a massive crackdown on all financial institutions and Banks to stop transactions of digital currency. The Central Bank of China ordered the closure of a company that was believed to be facilitating the bitcoin transactions. This action reaffirms China’s resolve of many years that it will ban bitcoin. China is trying its…
BTC.com has now decided to leave China behind following the local authorities cut of the cryptocurrency mining pool’s power supply. BTC.com is one of the world’s most important cryptocurrency mining pools. BIT Mining operates the pool, and 500.com owns it. 500.com is a Chinese lottery service that is NYSE-listed as well. BTC.com has now made…
Ever since Bitcoin (BTC) mining was introduced, the country that has taken charge of most of the mining is China. Until today, China is current with the highest hashrate generated from Bitcoin (BTC). According to many sources, China currently comprises around 34% of the total hashrate generated from Bitcoin (BTC) mining. For years, China has…
Current security breaches in many Chinese coal mines seem to have had an adverse effect on Bitcoin’s recent mining hash rate. These mining accidents may, in fact, be one of the key reasons why the hash rate has experienced a drop lately. In the last 14 days alone, there have been a total of 3…
There has been a slump in the hash rate of Bitcoin (BTC) and according to mining data aggregators in the crypto space, this is mainly because the wet season has come to an end in the Chinese province of Sichuan. As this particular region is predominantly dependent on hydroelectric power, they have a large surplus…