China has banned borderless cryptocurrencies like bitcoin, but it is a move the country may come to regret. Until recently, China was the world’s largest market for virtual currency and digital currencies trading and China’s ban on Bitcoin came abruptly. Some experts think Beijing’s intention is to regulate the market, not hobble it—but the crackdown may last for a while. The future for cryptocurrencies in China is unclear, because the Chinese government is also backing the underlying blockchain technology. Will cryptocurrencies come to light again?
Interesting and important China related facts you should care about—from China’s service sector growth to the drastic increase of e-sports players and their audience. You may also care about the country’s new fusion reactor setting a new record in July, and that international sewage and water treatment companies are set to chase big opportunities because the central government has pledged to lay 126,000 kilometers of new sewage pipes by 2020, enough to circle the globe three times. Plus, unknown to most, the Middle Kingdom has quietly grown into a cannabis superpower with half of the world’s legal cannabis cultivation, which is used in textiles and pharmaceuticals.
Bitcoin, a virtual currency traded online, was not invented in China, yet China is where 80% of the virtual “coins” are minted and 90% of the transactions are made. Currently, the global bitcoin market amounts to some $14.5 billion, roughly the same amount of money as Apple’s European back taxes. If the virtual currency’s popularity continues to grow, decisions made by Chinese investors and regulators may determine whether bitcoin fades to a historical footnote, like Napster or the eight-track tape, or becomes the silicon cornerstone of a new global financial order. A combination of factors thrust China into this decisive role.
Mobile banking is proving to be a disruptive force for traditional branch banking. What is the future of banking as we know it—and the future of cash?
You are invited to download the March 2014 issue of CKGSB Magazine. You’ll enjoy articles and interviews like: COVER STORY The Money Matrix: As Chinese consumers show an increasing preference for easy-to-use internet finance, what will happen to traditional banks? SNAPSHOT: China’s Crushing Debt: How serious is China’s local debt problem? A look at the ticking time bomb. […]
Bitcoin has spurred interest in virtual currencies, which have the ability to revolutionize our world. But governments and regulators will have the last word on bitcoin’s future prospects. After a year of wild price swings–from $13.50 per coin in January 2013 to $1,242 in November and now back to around $500–and the recent closure of Mt. Gox in […]
The week that was: Beijing continues to restrict shadow banking practices; top economic planning agency approves more coalmines; a 13-year-old ban on video game consoles is lifted temporarily; and L’Oréal pulls the plug on the Garnier brand in China. Gaming consoles set to come back to China, legally If you see a Chinese guy playing on […]
What a tumultuous year for bitcoin in China has taught us about the relationship between China’s investors and regulators. China definitely has the capability to develop into the leading power in the bitcoin world, and to have more say and a greater impact on the global digital currency sector,” says 32-year-old bitcoin investor and Shanghai-based […]
The week that was: Chinese billionaire Chen Guangbiao makes a play for The New York Times; Asia’s richest man Li Ka-shing invests in Bitcoin payment processor BitPay; Wal-Mart deals with ‘donkey’ meat recalls; and Revlon exits China. Courting The Grey Lady Chen Guangbiao, the Chinese billionaire and philanthropist known for his outrageous publicity stunts, hit […]
The week that was: luxury retail in China slows down as the government’s anti-corruption measures take effect; over-the-counter exchange markets widen their reach; housing prices rise; and bitcoin prices nosedive. China broadens OTC exchange nationwide More small and medium-sized companies will have access to China’s over-the-counter (OTC) exchange market, as the Chinese State Council announced […]