NFT platforms in China grow 5X in four months despite government warnings
NFTs are still a gray area in China where unlike cryptocurrencies, there’s no official ban on its use, but the authorities have warned investors against the risks from time to time. The popularity of nonfungible tokens is on the rise as recent data shows that the number of digital collectible platforms in China has grown to over 500, a 5X increase from February 2022, when the total number of NFT platforms was just over 100.According to a report published by a local Chinese daily, the sharp rise in the number of NFT platforms comes amid the growing hype and popularity of the digital....
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On Friday, the cryptocurrency community discussed a report stemming from China’s 51st meeting of the Central Financial and Economic Affairs Commission that reiterated warnings about bitcoin mining. The following Sunday, reports disclosed the cryptocurrency operation Huobi has suspended its cloud-mining operations and other crypto services to customers in mainland China. Rumors of China and Bitcoin’s Uneasy Relationship Continue It was said on many occasions in 2017 that bitcoin (BTC) was resilient to negative news from China, after the tumultuous year of bad news from China....
Asian countries have had disparate approaches on crypto-currencies and regulation. While Thailand’s foreign-exchange rules bar its conversion into other currencies, China and Vietnam have chosen a much more defensive approach towards Bitcoin. In April, China’s central bank barred financial institutions from handling transactions in Bitcoin to curb risk, and forced several Chinese Bitcoin exchange platforms to close their bank accounts by April 15th. Chinese yuan deposits were suspended for couple days, but activities returned to normal couple weeks later, and BTC China, the major Chinese....
From ominous speculation about the potential economic fallout of military conflict between Taiwan and China, to markets being flooded with designer watches in the wake of a crypto downturn, to warnings of worse bear markets and soccer franchises pushing forward in the realm of metaverse ambitions, there’s once again never a dull moment in the world of cryptocurrency news. Without further ado, this is your bite-sized digest of the week’s hottest stories from Bitcoin.com News.
Reports Say Beijing Attacking Taiwan Could Lead to ‘Far-Reaching Economic....
That didn't take long at all. Just after the news this morning that the European Union was warning consumers about the 'dangers' of bitcoin, Australia and New Zealand have too jumped on the bandwagon, with officials from the central banks of both countries calling bitcoin "interesting, but risky". The warnings? The usual. Doubts about the currency as a whole, the dangers of getting hacked, and of course, the possibility of use for tax evasion and crime (surely something that can't be done with fiat!). It now appears we've entered a full-fledged domino effect with government statements on....
Following inspections from People’s Bank of China, the Big Three Chinese exchanges have halted margin and zero-fee cryptocurrency trading. The End of the Beginning? Bitcoin’s surge in price at the beginning of 2017 caught the attention of the Chinese government, which has been fighting tooth and nails against capital flight in the country, restricting foreign investments and gold importations. Given that an overwhelming majority of the Bitcoin trading volume comes from China, the government has now turned its eye towards the cryptocurrency industry. The warnings and subsequent inspections....