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Founder of Bitmain Rival MicroBT Arrested for Alleged Embezzlement

Founder of Bitmain Rival MicroBT Arrested for Alleged Embezzlement

Yang Zuoxing, founder and CEO of Shenzhen-based bitcoin miner maker MicroBT, has been arrested for the alleged embezzlement of about $15,000. The arrest, noted by the Shenzhen Nanshan District Prosecutor on Dec. 12 and reported by business publication Caixin on Sunday, comes amid ongoing battles between mining giant Bitmain and MicroBT, which has been a rising competitor this year...

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China Too Dependent On Foreign Blockchain Tech, Says Senior Figure

China Too Dependent On Foreign Blockchain Tech, Says Senior Figure

Over the weekend, Li Lihui, leader of the blockchain research group at the National Internet Finance Association (NIFA) of China, suggested the country is overly reliant on foreign blockchain technology and that this is a problem. Until 2014, Lihui was President of China’s fourth-largest bank, the state-owned Bank of China. In his speech, he also suggested a...

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Bank of China Issues $2.8B in Bonds for Small Businesses Using Blockchain Tech

Bank of China Issues $2.8B in Bonds for Small Businesses Using Blockchain Tech

Bank of China, one of the four major commercial banks in China, has issued 20 billion yuan ($2.8 billion) in blockchain-based bonds for small and micro-sized enterprises with their own blockchain platforms.  The bank announced Friday that it completed pricing and issuance of the bonds for the first period this week and the two-year bond...

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Cointelegraph Announces Chinese HQ, Bolstering Its International Expansion

Cointelegraph Announces Chinese HQ, Bolstering Its International Expansion

To support our international expansion and global reach, Cointelegraph is delighted to announce the launch of the Chinese-language version of the publication. Today, Dec. 4, we celebrated the opening of the office of Cointelegraph China (Cointelegraph 中文). The news — which marks another milestone moment in Cointelegraph’s growth — was announced at the Nova Global Blockchain...

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China Launches Pilot of Blockchain Service Network, This Crypto Exchange Joins it

China Launches Pilot of Blockchain Service Network, This Crypto Exchange Joins it

Hangzhou, Zhejiang in China hosted the first Blockchain Service Network Partner Conference on December 1, 2019. They announced the launched of a Blockchain Service Network designed by the National Information Center (NIC). Leading cryptocurrency exchange, Huobi China, joins as one of the first members. The NIC in China, along with the China UnionPay, China Mobile Communications...

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Senior Official: ‘25,000 Blockchain Firms in China Tried to Issue Cryptos’

Senior Official: ‘25,000 Blockchain Firms in China Tried to Issue Cryptos’

Tens of thousands of Chinese blockchain companies may have tried to issue their own cryptocurrencies, a senior official claims. Led by the Chinese central bank, five financial and technology authorities jointly published the Bluebook of Blockchain on Thursday, outlining illegal and fraudulent schemes in the blockchain industry. Approximately 89 percent of blockchain firms in China – some 25,000 –...

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China Plays Blockchain Ace in Trade War, Leaving the United States Stranded

China Plays Blockchain Ace in Trade War, Leaving the United States Stranded

The ongoing trade war between the U.S. and China may well be playing into the Socialist Republics’ hands. Having decoupled from its largest trade partner, Chinese enterprises are exploring more lucrative options in the Middle East and Africa with a basis in blockchain technology to help boost their self-sufficiency. Ben Harburg, managing partner of Beijing-based...

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China’s PBoC announces standards to be followed by blockchain, Fintech groups

China’s PBoC announces standards to be followed by blockchain, Fintech groups

On the heels of Xi Jinping’s historical blockchain announcement, China recently announced the establishment of a national standards committee for blockchain technology to boost high-tech innovation. Keeping up with the principle of standardization, the Deputy Governor of the People’s Bank of China revealed the 17 categories of financial technologies to follow standards that have been systematized to...

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Military-Run Media Advises China to Reward Soldiers With Cryptocurrency

Military-Run Media Advises China to Reward Soldiers With Cryptocurrency

In yet another example of China’s changing view of cryptocurrency, the People’s Liberation Army’s (PLA) media mouthpiece is calling for its soldiers to be rewarded with crypto to incentivize performance. A Tokenized Rewards and Demerits System A recent article in the military-run PLA Today suggested that some form of cryptocurrency could be used as part of a performance...

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Could China’s War On Cash Herald A New Global Crypto Revolution?

Could China’s War On Cash Herald A New Global Crypto Revolution?

There are no mixed signals with regards to blockchain and crypto coming from China at the moment. The People’s Republic is full steam ahead on distributed ledger technology as it prepares to ready its population for its own central bank crypto currency. A Chinese war on cash could be the start of a global crypto...

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