USCC Publishes Report on Bitcoin's Uncertain Future in China
A new report from the United States-China Economic and Security Review Commission (USCC) has been published [direct link], and it's all about bitcoin in China. Specifically, the report dives into bitcoin's uncertain future in China - a topic we've been hearing plenty about over the past few months. There's been rumors, shut-downs, and mostly uncertainty - all with mostly negative effects on the price of bitcoin. Bitcoin is changing the way the world thinks about money, and its impact is growing, especially in the United States. The driving force behind Bitcoin's explosive growth in 2013....
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Chinese policy has a massive impact on Bitcoin price, trading volume, and perceived legitimacy – but as the government’s policy on digital currencies is ambigious, Bitcoin’s future in China remains uncertain. The US-China Economic and Security Review Commission reached this conclusion in a research brief published earlier this week. The report examined Bitcoin’s history in China, documenting the evolution of Chinese official (and actual) attitude toward Bitcoin and exploring some of the factors for its popularity – and potential for the future. Here are five things the USCC report said....
Tether Limited has released an assurance report reviewed by Moore Cayman, an auditor of investment funds and digital assets. The report provides a breakdown of the company’s assets and reserves which Moore Cayman claims are around $62.7 billion as of June 30. Tether Publishes Assurance Report On August 9, 2021, Tether’s chief technology officer tweeted that the company had published the firm’s “latest attestation” and a detailed “breakdown of reserves.” “Guess what? Tether is fully backed,” Tether’s CTO Paolo Ardoino said.....
We were expecting an announcement from BTC China, and here it is. The Chinese bitcoin exchange (who also happens to accommodate litecoin trading now) has launched a mobile web app dubbed Picasso ATM, announced in Shanghai on Tuesday morning. This app will allow users to sell their bitcoin without having to find a physical bitcoin ATM. In short, a user starts by transferring their bitcoin to BTC China's Picasso web wallet (which has been around for a while now), and then make the sale via the ATM web app. The receiver of those coins (the buyer) can then confirm the transaction from his or....
BTC China, the world's once-largest bitcoin exchange by volume, has issued a new statement on Friday pertaining to the uncertain bitcoin climate in the People's Republic of China. In that statement, the exchange notes that they haven't received any sort of correspondence from the People's Bank of China (PBOC) with regard to recent rumors. Those rumors, in case you weren't aware, stated that the PBOC would be issuing a statement come April 15th barring third-party payment processors and banks from working with bitcoin exchanges. That would mean that the financial institutions BTC China (et....
To put this into perspective, the 10-year Chinese Treasury bond future crashed by 2%. The Chinese government has made yet another decision that makes their economy look weaker. Trading in bond future sis no longer possible every since the market crashed in spectacular fashion. It only took the market a few hours to wipe out all bonds market gains made in the past 18 months. China has a volatile market, and it looks like things go from bad to worse. It was not entirely unexpected the Chinese bonds market would collapse sooner or later. The PBOC has been making very strange decisions as of....