Bitcoin back in favour in China

November 06, 2019 | Digital Currency

Written by FinTech Alliance

Bitcoin back in favour in China

The government reverses plans to outlaw foreign cryptocurrencies

In Brief:

  • Chinese officials have removed making Bitcoin and other cryptocurrencies from a list of soon-to-be outlawed industries.
  • Cryptocurrency experts believe China is now likely to create its own digital currency.
  • This would allow the state both to tighten controls as well as to make China’s digital currency more readily available outside the country.

What this means

Once seen as a threat, many Chinese officials now believe that cryptocurrency mining brings jobs and revenue at a time of slowing growth. According to the New York Times, "President Xi Jinping appears to have warmed to the technology, though Beijing may accept cryptocurrencies only in ways that it can tightly control."

Read more here
 

More in Digital Currency

Libra rebrands away from Facebook  
Digital Currency
December 02, 2020

Libra rebrands away from Facebook  

The Libra Association has rebranded to the Diem Association.   In Brief:  ...

Currensea launches product for small businesses
Digital Currency
October 05, 2020

Currensea launches product for small businesses

The new debit card enables small businesses to make international transactions through their existin...

JD.com to help China develop digital currency  
Digital Currency
September 22, 2020

JD.com to help China develop digital currency  

JD.com’s FinTech arm has partnered with the People’s Bank of China’s Digital...

Digital Currency
August 12, 2019

Cryptocurrencies... the future landscape

The first decentralised cryptocurrency was created in 2009 and many jurisdictions around the world a...

Digital Currency
August 12, 2019

A Tale of Two Countries: Cash Demand in Canada and Sweden

Cash use for payments has been steadily decreasing in many countries, including Canada and Sweden. T...

Digital Currency
August 12, 2019

Crypto-assets – trends and implications

The ECB actually first started to explore trends in crypto-assets back in 2011 and published its fir...

Virtual Currencies, Distributed Ledger Technology & Market Infrastructure

Virtual Currencies, Distributed Ledger Technology & Market Infrastructure

When: Dec 14th, 2020
Where: Webinar, London , UK
Price: FREE