China

BRICS Nations Discuss Creation of New Crypto For Unified Payment System

According to one official in attendance, members of international association BRICS discussed the creation of a new cryptocurrency at a recent summit. On Nov. 14, Russian financial news outlet RBC reported that the director-general of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said that the BRICS Business Council supported the idea of creating a …

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Study: Chinese Blockchain Spending to Exceed $2B by 2023

China’s spending on blockchain technology will exceed $2 billion in 2023, official state-run publication Xinhua reported on Nov. 10. The report claims that blockchain development in China will see a compound annual growth rate of 65.7% from 2018 to 2023. China’s banking sector responsible for the bulk of blockchain spending in 2019 Citing a study …

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China Central Bank Official: Digital Yuan Should Have ‘Controllable Anonymity’

China’s proposed new stablecoin project should strike a balance between protecting privacy and regulatory enforcement, China’s Digital Currency Research Institute said Tuesday. Within the People’s Bank of China (PBOC), the Digital Currency Research Institute is part of the central bank’s payments division. Speaking at a conference in Singapore, Changchun Mu said the central bank will not …

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Tesla shows off Chinese-made Model 3s ahead of Shanghai factory start

A Tesla Model 3 made in China’s new factory. Tesla A Tesla Model 3 made in China’s new factory. Tesla / @JayinShanghai Two Tesla Model 3s made in China’s new factory. Tesla / @JayinShanghai A Tesla Model 3 made in China’s new factory. Tesla / @JayinShanghai Tesla is famous for missing deadlines, but the company’s …

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HCM Capital Expects China’s Digital Currency to Launch in 2-3 Months

Founding managing partner of HCM Capital, the private equity arm of electronics manufacturer Foxconn, Jack Lee, says China’s Central Bank Digital Currency (CBDC) is ready and expects it to launch in two to three months.  During an interview with CNBC published on Nov. 11, Lee also suggested that the People’s Bank of China (PBoC) will …

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China’s President Xi ‘Credentialized’ Cryptocurrency, Says Novogratz

China’s President Xi Jinping gave credibility to blockchain and crypto by calling the country to accelerate blockchain adoption, said Galaxy Digital CEO Mike Novogratz. The cryptocurrency investor delivered his remarks speaking at the Reuters Global Investment Outlook 2020 Summit in New York on Nov. 5. Xi “just credentialized crypto and blockchain” Michael Novogratz, founder at …

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Peter Schiff: China’s Gold-Backed Crypto Would Be Bearish for Bitcoin

China launching a digital counterpart of the yuan backed by gold puts Bitcoin (BTC) at a disadvantage, veteran gold bug Peter Schiff claims. In a tweet on Nov. 2, Schiff, notorious for his cynicism when it comes to Bitcoin, attempted to counter criticism of his stance by Keiser report host, Max Keiser.  Schiff tells Keiser: …

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Joe Lubin: China Will Avoid Blockchain’s ‘Decentralizing Aspects’

China’s forthcoming digital renminbi is unlikely to use blockchain, considers Ethereum (ETH) co-founder and ConsenSys CEO Joe Lubin. In an interview for CNBC’s Squawk Box Asia on Nov. 6, Lubin argued that the People’s Bank of China (PBoC) has little to gain — for its purposes — from the decentralized aspects of the technology. “There’s …

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China Introduces Blockchain-Based Identification System for Cities

China continues to up its blockchain game with an independently developed blockchain-based identification system for cities as part of its smart city infrastructure. On Nov. 4, Chinese daily tabloid newspaper Global Times reported that the newly developed identification system was jointly launched by three institutes in the city of Shijiazhuang. The blockchain-based identification system will …

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US will grant Huawei trade ban exemptions ‘very shortly’

Sponsored Links AP Photo/Mark Schiefelbein The Commerce Department’s de facto blacklisting of Huawei might loosen slightly in the near future. Commerce Secretary Wilbur Ross told Bloomberg in an interview that licenses allowing US companies to deal with Huawei would arrive “very shortly.” There have been 260 requests, or “more than we would’ve thought,” but Ross …

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