Keep up with the latest Chinese cryptocurrency news with our blog.
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Chinese Exchanges Delist Bitcoin
Chinese exchanges have started to delist Bitcoin, after the Chinese government announced a crackdown on cryptocurrency trading. The exchanges have been given a deadline of September 15th to stop trading, and to stop offering margin trading and futures contracts. This news has caused the price of Bitcoin to drop sharply.
China’s Central Bank is Testing its Own Digital Currency
The People’s Bank of China (PBoC) is reportedly testing its own digital currency. The testing is taking place in four cities – Shenzhen, Suzhou, Chengdu and Xiongan – and will allow the PBoC to “gauge feasibility and examine issues related to the design” of the digital currency, according to a report by Chinese news outlet 8BTC.
The PBoC has been researching a digital currency for several years and appears to be making progress on its development. In February, the central bank revealed that it had created a “prototype” of the digital currency and was working on a “trading platform.” It is unclear when the PBoC will launch its digital currency or if it will be made available to the general public.
The news comes as China has been cracking down on cryptocurrency trading and initial coin offerings (ICOs). Last year, the Chinese government banned ICOs and led a crackdown on cryptocurrency exchanges. Despite the crackdown, however, trading activity has continued to shift to over-the-counter (OTC) platforms and peer-to-peer (P2P) exchanges.
China’s Crackdown on Cryptocurrencies
In 2017, China was one of the most active countries in the cryptocurrency space. ICOs were booming, exchanges were thriving, and mining was big business. But then, things changed.
The Chinese government cracked down on cryptocurrencies, banning ICOs and exchanges. This had a big impact on the market, with prices tumbling and businesses shutting down.
Now, there’s been a new development. The Chinese government has issued a ban on cryptocurrency mining, which is likely to have a major impact on the market once again.
The Future of Cryptocurrencies in China
The future of cryptocurrencies in China is shrouded in uncertainty. The Chinese government has taken a hardline stance against digital assets, banning ICOs and exchanges. However, the country remains a major player in the blockchain space, with many of the world’s leading projects hailing from China.
The future of cryptocurrencies in China will likely be determined by the government’s attitude towards blockchain technology. If authorities embrace the distributed ledger technology that underlies cryptocurrencies, then it’s possible that digital assets will flourish in the country. However, if the government continues to crack down on cryptocurrencies, it’s likely that the space will remain relatively subdued.