Cryptocurrency News

Bitcoin interest in China plummets amid crackdown on social media and miners



This weekly round of news from Mainland China, Taiwan and Hong Kong attempts to curate the industry’s most important news, including impressive projects, changes in the regulatory landscape, and enterprise blockchain integration.

This week, after weeks of regulation, the attention of the bitcoin world shifted to Miami and Latin America. Bitcoin searches on WeChat, China’s most popular social media app, stagnated at between 1-3 million per day, a significant difference from the peak of more than 10 million seen in late May.

Weibo and Baidu pull half the plug

Baidu, China’s leading search engine, Search restricted to exchanges Binance, Huobi and OKEx At the beginning of the week. Typically, large Internet companies operate under the supervision of government and party officials, making this move somewhat expected. Filtering by keywords is not always the most efficient solution, as a search for “binance app download” will still take users to the requested link. It is worth pointing out that the government has limited authority in these matters as most of these large exchanges, notably Binance, are registered in other countries and have a limited physical presence in China.

The closure of cryptocurrency influencers was more effective on micro-blogging platform Weibo. According to Cointelegraph’s reportAt least a dozen accounts were suspended with the message that they violated relevant laws and guidelines. This could have a much more serious impact on the Chinese cryptocurrency community as influencers are often the primary source of information, especially for users who do not use traditional Western social media platforms.

Western Province knocks on the door of the miners

on 9th June, A district government in western Xinjiang Issued “Notice to immediately suspend virtual currency mining enterprises”. The report announced that companies engaged in digital currency mining should cease production by 2 p.m. on June 9 and report the suspension to the local Reform Commission. This resulted in a significant drop in global hashing power, with the Chinese-backed Ant pool falling by over 30%. The past month has seen a slew of regulations against mining companies as China prepares to try to meet carbon emissions targets. Miners are still scrambling to adjust to the new rules, with many moving to more liberal countries such as neighboring Kazakhstan.

for technology in

Monetary Authority of Singapore Announced that it has received over 300 applications for crypto payment and exchange licenses. Singapore is a common place for Chinese companies to reside because it is home to a thriving fintech sector, but is closer to the mainland in terms of both geography and cultural ties. One of the companies that got exposed was Internet giant Alibaba. Alibaba is back under the microscope when it comes to lending practices in China, so it’s no surprise that Alibaba and other Chinese companies are looking to diversify their financial offerings in other regulatory areas.

accelerate change

China’s highly placed Ministry of Industry and Information Technology on June 7 Guidelines issued to accelerate the application of Blockchain technology in the industrial sector. It targeted 2025 as the year when blockchain should enter areas such as supply chain management and traceability for internationally competitive enterprises. This will be of interest to the many public and private chains that have been able to develop within the confines of the Chinese regulatory framework. Despite facing strong backlash to cryptocurrency, the Chinese government has not backed down on its hopes for blockchain for economic development in the country.

For those wishing to better understand China’s ambitions in the region, the government-backed BSN hosted a webinar China’s quest for emerging technologies. Chinese tech experts Winston Ma and Paul Schulte covered a range of topics including blockchain, central bank digital currencies, and even some more controversial geopolitical issues. The Cointelegraph man in Shanghai himself was moderate, keeping a fair eye on things.

bank on

On 8 June, the Hong Kong Monetary Authority Released a “Fintech 2025” Strategy A central bank to enhance research on digital currency. The Hong Kong Monetary Authority is working with the Innovation Hub of the National Bank for Settlement and Clearing to bring the central bank digital currency to the retail level. The region is an interesting place to determine how e-HKD will be similar to e-CNY, and what this means for the financial future of the region.



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