China’s interest in Bitcoin has declined due to social media and miners being hit

By June 11, 2021Bitcoin Business
Click here to view original web page at quebecnewstribune.com

This weekly news summary from China, Taiwan and Hong Kong attempts to plan the most important news in the industry, including influential projects, changes in the regulatory environment, and enterprise blockchain integration.

This week, after turbulent weeks of regulation, the focus of the Bitcoin world shifted to Miami and Latin America. On WeChat, China’s most popular social media application, the search volume for Bitcoin has stabilized between 1 and 3 million per day, in sharp contrast to the peak of over 10 million in late May.

Weibo and Baidu half unplugged

China’s leading search engine Baidu, Restrict searches on Binance, Huobi and OKEx exchanges Earlier this week. Normally, large Internet companies work under the supervision of government and party officials, which is to some extent expected. Filtering keywords is not always the most effective solution, because searching for “Binance App Download” will still take users to the requested link. It is worth pointing out that the government’s power in these situations is limited, because most of these large exchanges, especially Binance, are registered in other countries and have limited physical presence in China.

It is more effective to close the cryptocurrency influencer account on the Weibo platform Weibo. According to Cointelegraph, At least a dozen accounts have been suspended, and messages that they violated relevant laws and guidelines have been displayed. This may have a more sober impact on the Chinese cryptocurrency community, as influencers are usually the main source of information, especially for users who do not access traditional Western social media platforms.

Western provinces closed their doors to miners

June 9th, A district government in western Xinjiang Issued the “Notice on Immediate Suspension of Virtual Currency Mining Enterprises”. The report announced that companies engaged in digital currency mining must stop production before 2 pm on June 9th and report the suspension to the local reform committee. This has led to a significant drop in global computing power, and China-backed ant pools have fallen by more than 30%. Last month, as China prepares to work hard to achieve its carbon emission targets, a series of regulations for mining companies were introduced. Miners are still scrambling to adapt to the new regulations, and many miners travel to neighboring Kazakhstan and other more lenient countries.

Technology in it

Monetary Authority of Singapore Announced that more than 300 applications for encrypted payment and transaction licenses have been receivedSingapore is a common location for Chinese companies because it has a thriving financial technology industry, but it is still close to the mainland in terms of geographic and cultural connections. One of the disclosed companies is the Internet giant Alibaba. Alibaba has attracted attention in China because of its lending behavior, so it is not surprising that Alibaba and other Chinese companies may want to diversify financial products in other regulatory regions.

Accelerate the pace of change

On June 7, the Ministry of Industry and Information Technology of China Issue guidance on accelerating the application of blockchain technology In the industrial field. It sets 2025 as the year in which blockchain should penetrate into the supply chain management and traceability of internationally competitive companies. Many public and private chains that can develop within the scope of China’s regulatory framework will be interested in this. Despite the strong opposition to cryptocurrency, the Chinese government has not given up hope that blockchain will become the driving force of the country’s economic growth.

For those who wish to better understand China’s ambitions in this field, the government-supported BSN organized a China’s pursuit of emerging technologiesChinese technical experts Winston Ma and Paul Schulte cover multiple topics, including blockchain, central bank digital currency, and even some more controversial geopolitical issues. The Shanghainese of Cointelegraph were present, with a gentle attitude and a fair attitude towards things.

Bank will do

June 8, Hong Kong Monetary Authority Release of “FinTech 2025” strategy Strengthen the research on the central bank’s digital currency. The Hong Kong Monetary Authority is cooperating with the Innovation Center of the National Clearing Bank to bring central bank digital currency to the retail level. This area is an interesting observation space 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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