Former US National Security Agency employee Edward Snowden believes that the prohibitive measures of the Chinese authorities against cryptocurrencies will not interfere with the growth of Bitcoin. The Chinese government has tightened measures against the cryptocurrency industry.
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According to US Senator Pat Toomey, the recent tightening of bans on the use of cryptocurrencies for business in China gives the United States a chance to close the gap in this area.
For the first time, the central bank of China recognized cryptocurrencies as an asset - Deputy Governor of the People's Bank of China (PBC) Li Bo called them an alternative investment asset.
Over the past week, reports began to appear on the network about problems with the withdrawal of funds on the IDAX cryptocurrency exchange. As it turned out, most of them were confirmed.
Yesterday morning, the company issued an "urgent notice" in which it informed that the site's general manager had "disappeared", and, accordingly, access to the cold wallet, which contains almost all of the cryptocurrency, was lost. Because of this, the process of depositing and withdrawing funds had to be suspended.
Ethereum co-founder and CEO of Consensys Joseph Lubin hopes that China's state-owned cryptocurrency will be compatible with open blockchains, including Ethereum.
Lubin expressed his opinion during an interview with Forbes, published on November 9.
A survey conducted by the Chinese cryptocurrency company BabelFinance showed that local investors are waiting for the growth of Bitcoin, and according to 30% of respondents, the Bitcoin exchange rate for the year will exceed $ 30,000.
The study showed that the average Chinese cryptocurrency investor is a young, well-educated man with above-average income. More than 76.3% of male respondents have a college degree or higher.
Professor INSEAD and co-founder of the Blockchain Research Institute (BRI) Don Tapscott said that the Yuan - the official Chinese currency - will become a cryptocurrency.
In an interview with Bloomberg, Tapscott said that he recently met with the vice-chairman of the Chinese Communist Party. The official stressed that the Secretary General of China, Xi Jinping, sees great potential in the blockchain technology and believes that it can play one of the most important roles in the future of the state.
Huo Xuewen, head of the Beijing Municipal Finance Bureau, warned the company about the illegal sale of security tokens (STOs).
At a recent fund management forum organized by the bureau on Saturday, Huo said that fundraising activities through the STO are "illegal", at least in Beijing.
The 2018 US China Blockchain and Digital Currency Conference at LAX Marriott Hotel on August 22, 2018 is organized by Blockchain China Connect, Artisan Business Group, Inc., and partnered with FundingPost.com. Event sponsors include Triphop, a social travel and rewards platform based out of Silicon Valley that aims to enhance the travel experience for hotel guests while simultaneously helping hotels leverage social media marketing, WONO, a reliable decentralized peer-to-peer platform for exchanging property and services and LIQNET, an exchange with unique liquidity aggregation technology. The conference is the only Sino-US investment and funding focused event for blockchain and cryptocurrency industry. Hundreds of blockchain entrepreneurs, investors, bitcoin mine operators, traders, and legal taxation experts are expected to attend, and it will provide a great platform for peer-to-peer networking and exploring investment, finance, business and collaboration opportunities between the U.S., China and other countries.
Vice President of the People's Bank of China Pan Gongsheng during the meeting of the working group on financial transformation on the Internet recalled that the ICO and any other projects on attracting investments are still banned in China. Pan noted that after the ban in September 2017, many projects moved to jurisdictions more loyal to the cryptocurrencies industry, but they continue to attract Chinese investors.Enter heading here...
The founder of the NEO platform, which recently announced the return of funds to investors in connection with the banning of ICO in China, Da Hongfei was a guest guest, along with Patrick Dai, developer of QTUM, on the Unchained podcast, organized by Laura Shin Shin), the editor-in-chief of Forbes. The main topic of the discussion was the recent events in China and their potential impact on the crypto-currencies and the development of the blockbuster.
Yicai Global reports that Pan Gongsheng, Vice Chairman of the People's Bank of China (PBoC), speaking at the annual event dedicated to financial literature organized by China Business News and JPMorgan Chase, said that the regulator made the right decisions about restrictions on the country's Cryptocurrency market and the prohibition of ICO.
The State Electric Power Company of China refutes rumors that they are cutting off miners in Sichuan province for mining Bitcoins. A few hours ago, a rumor was spread that the state grid of the country was going to cut off all those who are producing Bitcoins in Sichuan province from the power grids on the grounds that it is illegal activity. Sichuan has long been the main mining center in China. Since the province has a lot of hydroelectric power stations, due to this there is very cheap electricity. Many transfer their mining centers to Sichuan and sublet them.
Chinese financial analyst Xiao Lei published an article in which he claims that the crypto-currency has become a battlefield in the "new currency war" between China and the United States. Despite the fact that some people consider his views conspirational, this article still attracted considerable attention after the publication on one of the media channels Baidu Baijia, owned by the largest Chinese Internet company Baidu. In the article, Xiao Lei states: "As an investor, I'm worried if I can make money from investing in Bitcoin. However, if you look at the scale of the country, I am worried if I can use it, and if there are any factors that will be unfavorable for me in the future. "
Lei believes that in the modern world "the strategic importance of traditional commodity assets, such as oil and grain ... may not be so high when the confrontation between countries has entered the virtual space."
Despite optimistic rumors and expectations of the resumption of trading on November 1 by the largest exchanges of China - BTCC, OKCoin and Huobi - in China, new positive statements from representatives of these exchanges have not yet been received. They continue to develop sites in Hong Kong and are planning to expand to other countries in the Asia-Pacific region. BTCC froze the withdrawal of funds at 12 o'clock on Monday, as it was previously stated in the press release of the exchange, which followed the requirements of the Chinese government on September 4.
Chinese exchanges and operators of crypto-currency wallets, disappointed with the opportunity to continue working in their country, are in search of new opportunities and partners in neighboring Asian countries. Many translate their crypto-currency business in whole or in parts. For example, an application for licensing is submitted to Japan, and offices are located in Singapore and South Korea. The largest players who once dominated the world's crypto currency market, are forced to seek refuge in neighboring countries. At least 19 companies have applied for licenses in Japan.
The largest in Japan bitcoin-exchange Coincheck received "hundreds of requests" from Chinese startups to add to the listing their tokens after the ban of ICO in China. In an interview with the Chinese edition of the Global Times, the head of the Coincheck department for international development, Kagayaki Kawabata, said: "We receive hundreds of requests from Chinese start-ups and start-ups around the world to add their tokens after the Chinese government banned the ICO".
The position of China against public crypto-currencies is becoming more aggressive. But perhaps it has strategic rationale? For example, "clearing" the market for the introduction of state crypto currency, controlled by the People's Bank? Director of the Digital Currency Research Institute, created under the People's Bank of China, Yao Qian, very clearly outlined his vision of this issue in his statement at a meeting organized by the International Telecommunication Union.
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