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More than 80% of bitcoin transactions take place in Chinese yuan, according to a new research report on payments from Goldman Sachs. Chinese yuan trading volume has made up a majority of bitcoin exchange transactions for the last year or so. But as you can see in the chart below, yuan bitcoin transactions really spiked in mid-2013. They went from less than 10% of transactions to more than 50% in less than six months. And there's no sign that this is going to change anytime soon. <div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>Interestingly, this transaction volume probably isn't coming from major Chinese merchants, who by and large don't accept bitcoin. From the GS report: Thus far, most merchant Bitcoin activity has been concentrated among US and European-based merchants. Despite China's higher trading activity, restrictions enacted by the PBoC to limit Chinese Bitcoin companies' access to traditional Chinese payment processors have prompted many large Chinese companies to stop accepting Bitcoin. However, in light of a somewhat stabilizing Bitcoin economy in China, a few payment processors have reemerged, such as BTC China's JustPay.The report also points out that credit card rewards systems are basically non-existent in China, which likely makes the market much more open to alternative payments systems.

The future of Bitcoin is China

<ul><li><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">MIBitcoin markets appear unphased by reports of a crackdown by Chinese regulators.</div></div></div>Cryptocurrency investors are shaking off reports of a regulatory crackdown on bitcoin in China. </li><li>That's because traders view recent news and rumors as peripheral to the digital coin's future success and potentially temporary. </li></ul>NEW YORK - The cryptocurrency market appears to be unconcerned about a Chinese crackdown on <a href="http://markets.businessinsider.com/currencies/BTC-USD">bitcoin</a>, the largest digital coin by market cap.On Thursday reports that Chinese regulators would force bitcoin exchanges to shut by the end of September triggered a sell-off of nearly $1,000, bringing the price of the coin below $3,000 for the first time in over a month. Within a couple hours, however, bitcoin recouped most of those losses.Since then, some of China's largest cryptocurrency exchanges, including OKCoin and Huobi, <a href="http://www.businessinsider.com/bitcoin-price-chinas-biggest-exchanges-shutting-2017-9">have announced they will voluntarily halt trading between bitcoin and yuan</a> and <a href="http://www.businessinsider.com/bitcoin-price-after-reports-of-china-crackdown-on-trading-2017-9">reports of further government intervention have emerged</a>.Still, bitcoin has nudged up <a href="http://markets.businessinsider.com/currencies/BTC-USD">near .72% over the past week</a>, as traders brush off recent headlines as peripheral to the future of the digital coin.Josh Olszwicz, a bitcoin trader, told Business Insider the markets are ignoring news out of China because it has zero impact on the coin's actual technology."If it doesn't affect the protocol, then it's not a real problem," he told Business Insider."The bitcoin cash shakeup was much more worrisome from my perspective, but even then the core bitcoin protocol remained unaffected."On August 1, bitcoin forked into two different cryptocurrencies: bitcoin and bitcoin cash."Countries can try and ban bitcoin all they want, but people will still use it if they need and want to - the protocol doesn't need government acceptance."Sebastian Quinn-Watson, of Blockchain Global, a bitcoin exchange operator, said the crackdown is just a temporary reaction to the explosive growth of the cryptocurrency market this year. Initial coin offerings, a fundraising method in which companies can issue their own cryptocurrencies to raise millions of dollars, alarmed regulators and forced them to take action to reign in the markets to prevent a possible crash. On September 4 regulators deemed ICOs, which have raised over $2 billion this year, illegal."By stepping in so dramatically and not allowing what would have been an almost inevitable crash in the crypto market, the regulators acted to ensure that investors did not irrevocably lose trust," he said.Quinn-Watson, who speaks frequently with regulators through his position at Blockchain Global, said he expects the regulatory pendulum to swing the other way eventually. Here's Quinn-Watson (emphasis added):"We do not see this halt as being long term. Innovation is a significant pillar of China's economic growth plan. Fintech as a subset of innovation is a very important part of this pillar. Blockchain is an important part of this mix. The PBOC has teams of developers building out use cases for blockchain."He thinks regulators will ultimately allow companies to run ICOs through a government-supervised pilot program.Still, not everyone agrees with Quinn-Watson. Jim Stent, author of "China's Banking Transformation" said China's crackdown is permanent, according to <a href="https://www.cnbc.com/2017/09/19/chinas-bitcoin-clampdown-is-likely-here-to-stay-analysts-say.html">reporting by CNBC</a>."I see the crackdown on bitcoin as part of this larger multi-agency program to reduce financial sector risk, which will unfold over months and probably years," Stent said."I do not see risk reduction as something temporary, nor do I see the bitcoin crackdown as temporary."<h2>China's not as important as it once was</h2>The decline of Chinese dominance over the cryptocurrency market could also be playing into the muted reaction by the markets about recent regulatory news. According to data from CoinDesk, the cryptocurrency news site, bitcoin trading against the Chinese yuan dropped off from a near 90% at the end of 2016 to around 10% to 20% for much of 2017.<div class="KonaFilter image-container display-table"><div><div class="image on-image">CoinDesk</div></div></div> "Many traders felt that China is becoming less of a market leader for bitcoin trading," Greg Dwyer, head of business development at BitMEX, a bitcoin mercantile exchange, told Business Insider.Dwyer said the market is strong, pointing to a recent milestone hit by the firm as proof."BitMEX, traded over $1 billion in notional in one day (was actually $1.1 billion) last Friday," he said. "We are the first bitcoin exchange to ever have hit this milestone and represents the fact that there is an enormous interest in the trading of bitcoin."Get the latest Bitcoin price<a href="http://markets.businessinsider.com/currencies/BTC-USD"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/last-big-iphone-launch-apple-new-hope-2017-9">That was the last big iPhone launch - but for Apple, there's a new hope ...</a></h3> <div> </div> </div>

Here's why the crackdown on bitcoin in China is 'not a real problem' for the digital currency

<ul class="summary-list"><li><keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword>, <keyword id="11896271" type="UNKNOWN" weightage="60" keywordseo="ether" source="Orion">ether</keyword>, and major <keyword id="11961769" type="UNKNOWN" weightage="60" keywordseo="altcoins" source="Orion">altcoins</keyword> tumbled Friday after <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> declared all crypto-related transactions illegal.</li><li>The bank said virtual currencies do not have the same legal standing as fiat currencies.</li><li>"We've also seen this before from China ... but it has not prevented adoption of bitcoin and digital assets from continuing their upward trend," a trader said.</li></ul>Bitcoin slipped below $42,000 Friday while ether hovered around $2,800 after China's central bank declared all <a href="https://markets.businessinsider.com/news/currencies/china-crypto-bans-cryptocurrency-transactions-forbids-foreign-exchanges-service-citizens-2021-9">cryptocurrency-related transactions as illegal</a>, its strongest move against the digital asset industry thus far.<a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Bitcoin</a> was trading at $42,238 as of 2:48 p.m. ET Friday, a slide of around 5.59% in the past 24 hours, while <a href="https://markets.businessinsider.com/currencies/eth-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">ether</a> was trading at $2,9.7, a fall of 7.65%, according to <a href="https://www.coindesk.com/data/" target="_blank" rel="noopener">CoinDesk</a> data.On Friday, the People's Bank of China said in a <a href="https://mp.weixin.qq.com/s/4QWsmCyksuDGQO8eKiixwA" target="_blank" rel="noopener">statement</a> that virtual currencies "are not legal and should not and cannot be used as currency in the market."These do not have the same legal standing as fiat currency, the central bank added, since they are issued by non-monetary authorities and use encryption technology.Activities that the bank considers illegal include buying and selling virtual assets as a central counterparty, as well as providing intermediary or pricing services for <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> transactions.Also prohibited are token issuance financing, crypto derivatives transactions, and other activities suspected of illegal sale of tokens. The move also bans overseas exchanges from offering services to Chinese residents. Major altcoins were also sliding lower Friday:<ul><li><a href="https://markets.businessinsider.com/currencies/xrp-usd?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Ripple</a>: down 6.26% to $0.926393</li><li>Solana: down 8% to $133.06</li><li><a href="https://markets.businessinsider.com/currencies/doge-usd?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Dogecoin</a>: down 7.07% to $0.207360</li><li><a href="https://markets.businessinsider.com/stocks/gpdb-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Polkadot</a>: down 7.52% to $30.06</li><li><a href="https://markets.businessinsider.com/currencies/usd-pen?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Stellar</a>: down 7.35% to $0.278552</li></ul>"We've also seen this before from China where news of bans have been reported over the years, but it has not prevented adoption of bitcoin and digital assets from continuing their upward trend," Freddie Williams, trader at digital asset broker GlobalBlock, said in a note Friday.He downplayed some concerns, saying the market will bounce back similar to the way it did earlier this week after initially selling off on news of the Evergrande debt crisis.

Bitcoin, ether, and major altcoins tumble on news that China will completely ban all crypto transactions

<ul class="summary-list"><li>Chinese <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> addresses have sent $2.2 billion worth of digital assets to illicit activities.</li><li>But transactions have since fallen due to the absence of large-scale schemes such as the PlusToken scam in 2019.</li><li>The study, conducted between April 2019 and June 2021, was published by <keyword id="4332605" type="PERSON" weightage="60" keywordseo="chainalysis">Chainalysis</keyword> on Tuesday. </li></ul>Chinese cryptocurrency addresses sent $2.2 billion worth of digital assets to addresses associated with illicit activities between April 2019 and June 2021, according to a <a href="https://go.chainalysis.com/rs/503-FAP-074/images/China%20report%20final.pdf">study</a> by cryptocurrency software firm Chainalysis released on Tuesday. While high, that amount is down significantly from previous timeframes due in large part to the absence of big Ponzi schemes such as the <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-slump-blamed-on-ponzi-scheme-miners-selling-thin-volume">PlusToken scam</a> in 2019, in which Chinese services were used to launder proceeds, the study said. Users lost roughly $3 billion-$4 billion in that scam. "Money laundering is another notable form of cryptocurrency-based crime disproportionately carried out in China and has become of particular concern to the US in cases where it intersects with sanctions evasion," Chainalysis said.The study pointed to an instance in March 2020, when two Chinese nationals were <a href="https://www.justice.gov/opa/pr/two-chinese-nationals-charged-laundering-over-100-million-cryptocurrency-exchange-hack">charged</a> by the US Justice Department with laundering over $100 million in cryptocurrency to help North Korean syndicates.But by 2020, the US and Russia surpassed China in terms of cryptocurrency-related crimes, widening the gap further in 2021.<div type="image" title="Screenshot of Cryptocurrency value sent to illicit addresses by country | Apr 2019 - Jun 2021" height="363" width="727" msid="85009522" hostid="261"></div>Chinese cryptocurrency addresses received over $2 billion from darknet market operations in the time period studied, but activity began cooling in 2020 for scams in China and picked up for scams targeting Russia and the US.China's slowdown could also be attributed to the nation's increasingly tough stance toward the crypto market in recent years. In June 2021, authorities arrested over 1,100 individuals suspected of cryptocurrency-based money laundering, the study added. "It will be interesting to see whether the arrests lead to a drop in flows of illicit funds to China-based cryptocurrency businesses and OTC traders," Chainalysis said. <div type="image" title="Screenshot of Cryptocurrency value received from illicit addresses by country | Apr 2019 - Jun 2021" height="369" width="738" msid="85009524" hostid="261"></div>Recently, China's status as the top cryptocurrency mining country has been diminished as regulators tightened their grip on the sector. China had accounted for over 65% of activity before the crackdown, data from the <a href="https://cbeci.org/mining_map" target="_blank" rel="noopener">Cambridge Centre for Alternative Finance</a> showed.Bitcoin's <a href="https://markets.businessinsider.com/news/currencies/bitcoin-hash-rate-may-china-crypto-mining-crackdown-cryptocurrenices-btc-2021-6">hashrate</a>, a key measure of the health of the bitcoin network, has since dropped by more than 50%.

Chinese crypto addresses have sent over $2 billion to scammers in the last 2 years, report says

<ul class="summary-list"><li><keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> has crossed $10,000 the first time since June as tensions between US and China increase. </li><li>China and US ordered tit-for-tat closures of consulates in both China and US last week. </li><li>Naeem Aslam of Avatrade, said: "We believe, the next resistance for the bitcoin price is 15K now."</li><li>Nigel Green of deVere thinks bitcoin could also become a safe haven-asset in the way <keyword id="18712" type="ENTERTAINMENT" weightage="60" keywordseo="Gold">gold</keyword> has if tensions do not recede between the world's biggest economies.</li></ul><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> surged Monday and crossed the $10,000 mark the first time since June as tensions between US and China, showed no signs of receding.Bitcoin is trading around $10,283 as of 7:30 am. ET, up 3.5%. The last time the bellwether cryptocurrency closed above $10,000 was at the start of June at $10,194. Naeem Aslam, chief market analyst at Avatrade, said: "The price has cleared a major psychological level that has been there for a long time. If the bitcoin price does pick up the momentum, nothing else will be able to match it as bitcoin is a different kind of beast."Read More: <a href="https://slack-redir.net/link?url=https%3A%2F%2Fwww.businessinsider.com%2Fstock-picks-to-buy-cheap-ways-to-invest-economic-recovery-2020-7" target="_blank" rel="noopener noreferrer">Jefferies is telling investors to buy these 13 cheap, under-the-radar stocks in order to bet on an economic recovery</a> He added: "We believe, the next resistance for the bitcoin price is 15K now. Traders are also paying attention to the Ethereum price that has cleared the 300 price."<h2><keyword id="106030" type="PERSON" weightage="60" keywordseo="US-China">US-China</keyword> tensions are increasing demand for bitcoin</h2>US-China tensions have resurfaced in recent months due to <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-stocks-hong-kong-law-china-stimulus-2020-5-1029241493?utm_source=markets&amp;utm_medium=ingestgest">Draconian law on Hong Kong's autonomy </a>and over who is responsible for the coronavirus outbreak.Tensions were further exacerbated between both countries after China ordered the <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-equities-plunge-escalating-us-china-tensions-2020-7-1029427820?utm_source=markets&amp;utm_medium=ingest#est#" target="_blank" rel="noopener">closure of the US consulate in Chengdu</a> following a similar decision by the US to close the Chinese consulate in Houston last week. On Monday, American diplomatic staff departed their consulate in Chengdu, after a 72-hour deadline given to staff expired. Read More: <a href="https://slack-redir.net/link?url=https%3A%2F%2Fwww.businessinsider.com%2Fnext-stock-market-crash-risks-in-big-tech-companies-goldman-2020-7" target="_blank" rel="noopener noreferrer">GOLDMAN SACHS: Stocks have never been more vulnerable to the failure of a few mega-companies — and the risks of a blunder are quickly piling up</a>Nigel Green, chief executive of investment firm deVere, also said that bitcoin could eventually become a safe haven asset in the same way <a href="https://markets.businessinsider.com/commodities/gold-price">gold</a> has become. The latter <a href="https://markets.businessinsider.com/news/stocks/gold-rises-record-high-us-china-tensions-2000-next-target-2020-7-1029432780#">reached its highest level ever on Monday</a> following weakness in the dollar, and the breakdown in <keyword id="6495487" type="UNKNOWN" weightage="60" keywordseo="US-China-relations">US-China relations</keyword>. Green explained that he feels bitcoin is rising because investors want to avoid geopolitical risk in traditional assets. <h2>Bitcoin is becoming the digital gold</h2>He said: "Bitcoin is currently realising its reputation as a form of digital gold. Up to now, gold has been known as the ultimate safe-haven asset, but bitcoin — which shares its key characteristics of being a store of value and scarcity — could potentially knock gold from its long-held position in the future as the world becomes ever-more tech-driven."Geopolitical issues, such as the US-China spat, will prompt many savvy investors to increase exposure to decentralized, non-sovereign, secure digital currencies, including bitcoin, to shield them from the turbulence taking place in traditional <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>," Green added. But Simon Peters, cryptoasset analyst at eToro cast doubt whether the breakdown in geopolitics is the main reason bitcoin has risen above $10,000. He said: "One possible reason is the rising stablecoin market cap. For example, Tether (USDT) crossed the $10billion mark this month and USD Coin (USDC), Circle's stablecoin, is also at its highest level, having reached a market cap of over $1billion. Perhaps some of this liquidity has made its way into bitcoin.""I would imagine the 'Depth of Market' on exchange order books has been pretty low, given that over the last 5 months, more bitcoin has been taken off exchanges than put on. A big enough market order could have shifted the price significantly over the weekend," he added.

Bitcoin creeps above $10,000 for the first time since June as tensions flare between US and China

<ul class="summary-list"><li>China's ban on <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> transactions sent the price of bitcoin lower, but the move was relatively small. </li><li>An expert said the move had mostly been priced in. </li><li>Bitcoin hovered near $40,000 on Friday, a slide of around 6% in the past 24 hours, as of publishing.</li></ul>China on Friday intensified its crackdown on digital assets by banning all cryptocurrency transactions, in what's been seen as the country's strongest restriction on the sector so far.On Friday, the People's Bank of China said in a <a href="https://mp.weixin.qq.com/s/4QWsmCyksuDGQO8eKiixwA" target="_blank" rel="noopener">statement</a> that virtual currencies "are not legal and should not and cannot be used as currency in the market."They do not have the same legal standing as fiat currency, the central bank added, since they are issued by non-monetary authorities and use encryption technology.The move came after the Asian superpower banned <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-btc-china-mining-crackdown-sichuan-cryptocurrencies-ether-2021-6?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">cryptocurrency mining</a> and barred financial institutions from <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-rally-china-bans-banks-crypto-business-btc-2021-5?utm_source=markets&amp;utm_medium=ingestgest">offering cryptocurrency services</a> earlier this year.The news sent <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">bitcoin</a> hovering around $42,000 on Friday, a drop of around 8% in 24 hours, according to CoinDesk data. The price of the digital asset bounced back over the weekend. Though crypto <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> initially slumped, bitcoin's price reaction was muted compared to <a href="https://markets.businessinsider.com/news/currencies/china-crypto-crackdown-timeline-regulatory-bitcoin-ether-solana-dogecoin-bans-2021-9">previous clampdowns</a>, mainly since the news was viewed as a confirmation of previous bans, Wes Fulford, CEO at investment advisor Viridi Funds, said. "We are seeing the crypto markets down in price, however, the reaction is significantly smaller than previous bans as the market has already priced in the risk of China banning cryptocurrency transactions," Fulford said in a note Friday.Fulford said that bitcoin, in particular, showed resilience compared to <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-today-ether-altcoins-china-cryptocurrency-ban-transactions-illegal-2021-9">other cryptocurrencies</a>, such as <a href="https://markets.businessinsider.com/currencies/eth-usd?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">ether</a>, as well as other major altcoins including <a href="https://markets.businessinsider.com/currencies/xrp-usd?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">ripple</a>, solana, and <a href="https://markets.businessinsider.com/currencies/doge-usd?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">dogecoin</a>, which all fell.While there was a substantial volume increase around the time of the news, only about 37% of the bitcoin-US dollar volume was traded in the two hours between 5 and 7 a.m. ET Friday, data from cryptocurrency exchange Bitstamp showed. After which, prices recovered and volumes fell, Bitstamp said, indicating that the markets have largely processed the information."Interestingly however it is not looking like it will become a record day in terms of volume, not even in September," Bitstamp said, adding that September 24 ended up to be the fourth-highest volume day of the month.<a href="https://twitter.com/dwr/status/1441418811962380299?s=20">Memes</a> even circulated on social media, mocking China's latest announcement as just the latest in a string of <a href="https://markets.businessinsider.com/news/currencies/china-crypto-crackdown-timeline-regulatory-bitcoin-ether-solana-dogecoin-bans-2021-9">similar moves dating back to 2013</a>. Bitcoin bull and Microstrategy CEO Michael Saylor took to <a href="https://twitter.com/michael_saylor/status/1441389129665818626?s=20">Twitter</a> to question the ban as well."Nothing has created more wealth in the past decade than technologies banned in China."For Tim Frost, CEO of Yield App, a fintech app, the ban was expected. Anyone who was hoping for a reversal, he said, will just end up "disappointed.""China has made its intentions very very clear: Like all authoritarian regimes, it wants extremely tight control over all financial activity in the country, and it wants zero competition for its own central bank digital currency," he said via email Friday.Compared to other nations, China is <a href="https://markets.businessinsider.com/news/currencies/china-digital-yuan-years-ahead-in-development-cbdc-cryptocurrencies-chainalysis-2021-8">several years ahead</a> in its efforts to develop a central bank digital currency. Around 60 central banks are developing or considering issuing digital currencies, according to the <a href="https://markets.businessinsider.com/news/currencies/central-bank-digital-currencies-cbdc-crypto-bofa-cryptocurrencies-economy-2021-7">Bank for International Settlements</a>, but none have advanced their plans as far as China has."Thankfully there is no shortage of countries and jurisdictions that are now embracing cryptocurrency," Frost added. "So while the loss of the world's most populous nation is a blow, most of the damage had been done some time ago."

China banned all crypto transactions on Friday, but experts say the move was mostly priced in for bitcoin

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Matteo Giachetti Photography/Blockchain Week LondonBobby Lee, CEO and cofounder of BTCC, speaking at Blockchain Week London.</div></div></div>LONDON - The CEO of one of China's biggest bitcoin exchanges believes regulation of the market by the People's Bank of China (PBoC) is inevitable, following the explosion of the cryptocurrency's popularity in China.BTCC CEO and cofounder Bobby Lee told Business Insider: "I think it's a matter of time, not a matter of if. The question is when."The answer is, I don't know when it will happen but I know it will happen. I have confidence of that because fundamentally I think bitcoin exchanges need to be regulated."The declaration comes amid an investigation into the platform and other leading Chinese exchanges launched by the PBoC at the start of the year. BTCC and two of China's other biggest exchanges, Huboi and OkCoin, <a href="http://uk.reuters.com/article/us-china-bitcoin-idUKKBN1570EZ">earlier this week introduced transaction fees for trading on their platforms</a>, with suspicion that the PBoC forced the change behind the scenes.Lee, speaking to BI in London during a visit for London Blockchain Week, said the transaction fees were not mandated by the PBoC but were introduced to head off some of the central bank's concerns about the virtual currency."They were not suggested," he said. "We knew these were things that they might do so we did it first." Other changes introduced by the platforms include curtailing margin trading - loaning people money to trade bitcoin with.<h2>The explosion of bitcoin in China</h2>Bitcoin has <a href="http://uk.businessinsider.com/bitcoin-trading-china-yuan-remnibi-2017-1">exploded in popularity in China over the last 3 years</a> and now accounts for an estimated 99% of all trade in the cryptocurrency. The PBoC <a href="http://uk.businessinsider.com/bitcoin-price-january-11-2017-2017-1?r=US&amp;IR=T">opened an investigation into the exchanges</a> after seeing a huge spike in the price at the end of December and beginning of January."Bitcoin regulation may not have been on their agenda for 2017, but given the price spike in early January, it became an emergency topic," Lee says."They've seen the price go up a lot. They want to make sure the price doesn't go crazy, create a bubble, and hurt a lot of investors. They're a little bit unhappy with how the price goes up too much so they've been giving us some scrutiny."The PBoC is also <a href="http://www.reuters.com/article/davos-meeting-yuan-int-idUSKBN1522OI">concerned about bitcoin being used as a way of subverting currency regulations and getting money out of the country.</a>Lee confirmed that the regulator is concerned about this but downplayed capital flight concerns, saying: "It is my observation that it's not happening. The reason is that bitcoin transactions are always trade neutral. For every one bitcoin that's purchased in China, one bitcoin is sold in China."It's kind of planes at the airport. Sure, every there's 60 aeroplanes that take off but every day there are 60 airplanes that land. It's no different from me saying bitcoin is great for capital landing. Bitcoin was sold in China and turned into renminbi. There's amazing capital infusion."It's not a tool for flight because in the end the bitcoins that purchased and leave the country potentially, but the reality is the money that the buyers used for the bitcoin gets handed to the sellers, who still use local money. That's not going to affect the foreign currency reserves of China."<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://markets.businessinsider.com/currencies/BTC-USD">Markets Insider</a>Bitcoin's recent spike above $1,000, followed by a slump when the PBoC got involved.</div></div></div>The PBoC's probe appears to have been particularly heavy on BTCC, with reports that <a href="http://uk.reuters.com/article/us-china-bitcoin-idUKKBN1530EI">the central bank found "hidden risk" and is "operating beyond its scope."</a> Lee <a href="http://uk.reuters.com/article/us-china-bitcoin-idUKKBN1530EI">denied this to Reuters.</a>Lee said he is confident that the new fees and axing margin trading would address the central bank's concerns about a price bubble. He said: "We think trading fees will calm down the market, lower trading volumes a bit, and allow a more healthy bitcoin exchange market."The PBoC's public probe has already taken the wind out of bitcoin's sails, pushing the currency back below $1,000. Lee says: "We've been meeting with them all along for the last two or three years but this time they wanted to publicise it to send a signal to the market that the PBoC is still the regulatory body that's in charge."He said the PBoC was still probing BTCC but said the scrutiny is "blowing over." He said: "We expect two or three months, maybe by February/March [it will have been resolved]."He added: "We think it's a win-win. Many users support it because the fees were proposing are very low - 0.2% for each transaction. They would actually like to see a more healthy, growing bitcoin industry."We make money through very slim margins on withdrawal fees. Trading fees will give us more breathing room. With the PBoC potentially coming in to regulate this I think that's a good signal to send."<div id="categorypromo"><h2>Learn more:</h2><ul><li><a href="http://read.bi/pay1">Credit Card Industry and Market</a></li><li><a href="http://read.bi/pay2">Mobile Payment Technologies</a></li><li><a href="http://read.bi/pay3">Mobile Payments Industry</a></li><li><a href="http://read.bi/pay4">Mobile Payment Market, Trends and Adoption</a></li><li><a href="http://read.bi/pay5">Credit Card Processing Industry</a></li><li><a href="http://read.bi/pay6">List of Credit Card Processing Companies</a></li><li><a href="http://read.bi/pay7">List of Credit Card Processing Networks</a></li><li><a href="http://read.bi/pay8">List of Payment Gateway Providers</a></li><li><a href="http://read.bi/pay9">M-Commerce: Mobile Shopping Trends</a></li><li><a href="http://read.bi/pay10">E-Commerce Payment Technologies and Trends</a></li></ul></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/harvard-business-professor-explains-legal-insider-trading-2017-1">A Harvard business professor explains a legal form of 'insider trading' in America</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="JycTF1ODE6xSMcxb1pL5O_DLp0i295v_" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

The CEO of one of China's largest biggest bitcoin exchanges says regulation is inevitable

<div class="image-container float_right"><div class="image">Nicholas Carlson</div></div>Another blow for <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="Bitcoin">Bitcoin</keyword> in <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>.
<keyword id="302749" type="COMPANY" weightage="60" keywordseo="Alibaba">Alibaba</keyword> - the e-commerce giant - will no longer allow Bitcoin use on its site.
<a href="http://www.ft.com/intl/cms/s/0/af021250-783e-11e3-a148-00144feabdc0.html?siteedition=intl#axzz2pnYXQLSV">From the FT</a>:
Alibaba said that as of January 14 it would <a href="http://rule.taobao.com/detail-1358.htm?spm=0.0.0.0.B5WXz5" title="Alibaba statement (in Chinese)">stop its users from doing any deals in Bitcoins</a> or other virtual currencies such as Litecoins, and would bar merchants from selling any Bitcoin mining software or offering any related products.
The decision was taken to "promote the healthy development of Taobao Marketplace and to more effectively protect the interests of Taobao members," Alibaba said in a statement. It added that the ban stemmed from the <a href="http://www.ft.com/cms/s/0/6707013a-67af-11e3-8ada-00144feabdc0.html" title="China bans new Bitcoin deposits - FT.com">central bank's ruling</a> in December that prohibits any payment companies or financial institutions from handling Bitcoins.
The whole press release <a href="http://rule.taobao.com/detail-1358.htm?spm=0.0.0.0.B5WXz5">is here</a> (in Chinese).
The price of Bitcoin dropped precipitously late last year after the first signs that China would crack down.
But it hasn't really mattered. The price has proved resilient, <a href="http://www.ft.com/intl/cms/s/0/af021250-783e-11e3-a148-00144feabdc0.html?siteedition=intl#axzz2pnYXQLSV">and as the FT noted yesterday</a>, trading is springing back to life, as people find a way around the government ban. Given that circumventing government regulations is one of the main appeals of Bitcoin, it was probably naive to think that China's crackdown would have major ramifications.

China's E-Commerce Giant Alibaba Just Banned Bitcoin

<ul class="summary-list"><li>Whistleblower Edward Snowden said in a tweet Sunday that <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword>'s <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> ban has made <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> stronger.</li><li>China outlawed all crypto activity in late September.</li><li>Bitcoin's decentralized nature means it operates largely outside the traditional financial system.</li></ul>US whistleblower Edward Snowden believes China's recent ban on trading and mining cryptocurrencies has only served to make bitcoin stronger, according to one of his <a href="https://twitter.com/Snowden/status/1444794906967486469?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1444794906967486469%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fdecrypt.co%2F82526%2Fbitcoin-is-stronger-china-crypto-ban-edward-snowdenwden">tweets </a>on Sunday. Snowden - a former US National Security Agency contractor who rose to fame when he leaked a number of NSA documents in 2013 - is the chief executive of Freedom of Press, an organization that works to protect whistleblowers and accepts crypto donations.China said it would ban all crypto activity on September 24. At the time, the news only sent bitcoin down 6% to hover near $40,000, because the market had already largely factored in the<a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-china-ban-cryptocurrency-transactions-crackdown-2021-9"> risk</a> of tighter restrictions after a series of government crackdowns in May. "China even banned it, but it just made bitcoin stronger," Snowden said in a tweet, claiming there has been a global campaign by governments to undermine support for and public understanding of digital currencies. <div type="image" title="Edward Snowden tweet" height="1011" width="1210" msid="86758927" hostid="261"></div>Bitcoin is the most widely traded cryptocurrency, with a market cap of $895 billion, according to <a href="https://coinmarketcap.com/">Coinmarketcap</a>. The coin was last down 1% on the day to trade around $47,550 by 07:37 a.m. ET Monday, according to Bitfinex. It's gained around 65% so far this year and nearly 350% in the last 12 months.Snowden was retweeting a post of his from March 2020, when stocks, cryptocurrencies, commodities and other assets crashed, when the pandemic forced the global economy to a near-halt.

US whistleblower Edward Snowden says China's crypto ban has made bitcoin stronger

<ul class="summary-list"><li><keyword id="11893877" type="UNKNOWN" weightage="60" keywordseo="alibaba" source="Orion">Alibaba</keyword> will block sales of crypto mining equipment and the sale of crypto themselves beginning October 8.</li><li>The e-commerce giant said it took into account the "instability of laws and regulations on virtual currencies."</li><li>It will close down two categories - Blockchain Miner Accessories and Blockchain Miners - under its consumer electronics section.</li></ul><a href="https://markets.businessinsider.com/stocks/baba-stock">Alibaba</a> <a href="https://rule.alibaba.com/rule/detail/11004645.htm">announced</a> it will block sales of cryptocurrency mining equipment and cryptocurrencies themselves on its platforms beginning October 8, in step with China's recent <a href="https://markets.businessinsider.com/news/currencies/china-crypto-bans-cryptocurrency-transactions-forbids-foreign-exchanges-service-citizens-2021-9">blanket ban</a> on all crypto-related transactions.The Chinese e-commerce giant said it took into account the "instability of laws and regulations on virtual currencies."As such, it will also ban any tutorials, strategies, and software for obtaining cryptocurrencies, and will close down two categories - Blockchain Miner Accessories and Blockchain Miners - under its consumer electronics section."We will keep track of policy changes in each country and adjust our control policies accordingly," the company said in its announcement, signed by several Chinese top regulators. Alibaba said merchants who violate the new policies beginning October 15 will face consequences, such as the deletion of their products or the shutting down of their accounts.Alibaba also operates online shopping platform Taobao and used goods platform Xianyu, among others.China's central bank on September 24 declared all <a href="https://markets.businessinsider.com/news/currencies/china-crypto-bans-cryptocurrency-transactions-forbids-foreign-exchanges-service-citizens-2021-9">cryptocurrency-related transactions illegal</a> and said overseas exchanges are banned from providing services to Chinese residents.Coins such as <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">bitcoin</a> and <a href="https://markets.businessinsider.com/currencies/eth-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">ether</a> "are not legal and should not and cannot be used as currency in the market," the People's Bank of China said in a <a href="https://mp.weixin.qq.com/s/4QWsmCyksuDGQO8eKiixwA" target="_blank" rel="noopener">statement</a>.The cryptocurrency market fell slightly following the news, though on a more muted note compared to previous, less extreme bans. Experts say the announcement was mostly <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-china-ban-cryptocurrency-transactions-crackdown-2021-9">priced in</a> already.

Alibaba will block sales of crypto mining equipment beginning October 8 to comply with China's clampdown

<ul class="summary-list"><li><keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> tumbled 8% on Monday after China ramped up its crackdown on crypto mining.</li><li>Authorities in Sichuan province ordered 26 bitcoin miners to stop operating, according to reports.</li><li>China also said on Monday that it held a meeting with officials from major banks to reiterate a ban on providing crypto services.</li></ul><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> dropped as much as 11% on Monday after Chinese authorities ramped up their crackdown on cryptocurrency mining over the weekend, with bodies in the Sichuan province ordering 26 of the biggest miners to halt operations.China also said on Monday that it held a meeting with officials from major banks to reiterate a ban on providing crypto services.The world's biggest cryptocurrency fell to 9% to $32,645.62 as of 9:30 a.m. in New York. Bitcoin was down around 49% from April's record high of <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-record-high-coinbase-direct-listing-btc-crypto-2021-4-1030302632">close to $65,000</a>, but was still roughly 12% higher for the year.Other cryptocurrencies also dropped sharply, with <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a> down around 6% and <a href="https://markets.businessinsider.com/currencies/bnb-usd">binance coin</a> roughly 4% lower, according to <a href="https://coinmarketcap.com/">Coinmarketcap</a>. A broader market sell-off also appeared to be weighing on crypto, as investors moved towards safer assets.The latest move by Chinese authorities to restrict <keyword id="1660859" type="PERSON" weightage="60" keywordseo="bitcoin-Mining">bitcoin mining</keyword> came in the southwestern Sichuan province over the weekend, when bitcoin miners were told to "clean up and terminate" their operations. Sichuan authorities said 26 bitcoin mining companies must be closed down on Sunday, according to a notice seen by the <a href="https://www.scmp.com/tech/policy/article/3137988/chinas-cryptocurrency-crackdown-intensifies-sichuan-province-orders">South China Morning Post</a>.Chinese state media outlet <a href="https://www.globaltimes.cn/page/202106/1226598.shtml">Global Times</a> then reported that more than 90% of China's bitcoin mining capacity was estimated to be closed down, at least for the short term, on Sunday.Bitcoin mining - whereby computers solve complex puzzles to secure the network and mint new coins - has <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-china-crypto-miners-halt-operations-2021-5-1030458013">become a target</a> in increasingly climate-conscious China because of the huge amounts of energy it uses.Sichuan's clampdown followed similar moves by authorities in Xinjiang, Yunnan and Qinghai."The dominant driver of bitcoin right now is the crackdown on mining &amp; trading in China that began in May," Michael Saylor, a leading bitcoin bull and chief executive of tech firm MicroStrategy, wrote on <a href="https://twitter.com/michael_saylor/status/1406226416195321858?s=20">Twitter</a>."This created a forced &amp; rushed exodus of Chinese capital &amp; mining from the bitcoin network," Saylor said, describing this as "a tragedy for China and a benefit for the Rest of the World over the long term."Jeffrey Halley, senior market analyst at currency group Oanda, said the <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-fed-meeting-inflation-interest-rates-gold-dollar-2021-6-1030531540">broader drop in risky assets</a> following the Federal Reserve meeting was also weighing on bitcoin. Stocks have sold off after Fed officials on Wednesday <a href="https://www.businessinsider.com/federal-reserve-interest-rate-projections-fomc-june-inflation-monetary-policy-2021-6">moved forward their estimates</a> of when the US central bank would have to raise interest rates."If, as I expect, the global buy-everything unwind continues this week, bitcoin will feel those chill winds as well," Halley said.

Bitcoin tumbles 11% after China steps up crackdown on crypto mining and financial operations

<ul class="summary-list"><li>The US's share of the total <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> hashrate increased from 4.6% to 16.8% from September 2019 to April 2021.</li><li>During the same time period, China's share of the hashrate declined from 75.5% to 46%, before mining restrictions were even imposed. <a href="https://www.businessinsider.com/?hprecirc-bullet"></a></li><li> Data show the ongoing migration of <keyword id="1660859" type="PERSON" weightage="60" keywordseo="bitcoin-Mining">bitcoin mining</keyword> out of China.</li></ul>New data from the <a href="https://www.jbs.cam.ac.uk/insight/2021/new-data-reveals-timeline-of-chinas-bitcoin-mining-exodus/">Cambridge Centre for Alternative Finance</a> (CCAF) shines a light on the state of the opaque <a href="https://markets.businessinsider.com/currencies/news/bitcoin-mining-energy-cost-environmental-sustainable-consumption-network-profitability-crypto-2021-3">bitcoin mining industry</a> and puts empirical evidence behind the migration of the hashrate out of China. Bitcoin's hasrate is a key measure network health and gauges how much computing power is supporting it. According to the CCAF, the US's share of the total <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> hashrate increased from a mere 4.6% to 16.8% from September 2019 to April 2021. Meanwhile, China's share of total bitcoin mining power declined from 75.5% to 46% in April 2021, before Chinese authorities imposed <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-btc-china-mining-crackdown-sichuan-cryptocurrencies-ether-2021-6">mining restrictions</a> across the country. Bitcoin mining experts have touted the benefits of moving a large concentration of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">bitcoin</a> mining out of China: a hashrate that's more spread out across different regions will be decentralized and less vulnerable to the regulations of one country. The CCAF data comes with a caveat that China's decline is in relative, not absolute terms, explained Michel Rauchs, the research center's digital assets lead. From Sept 2019 to April 2021, bitcoin's hashrate nearly doubled, but all of the new hashrate was deployed outside of China. China kept its absolute hashrate at roughly the same level. "This suggests that China had become less attractive for miners to set up shop, for a variety of reasons not covered by our data, long before the crackdown," Rauchs told Insider. He also explained that the US, along with Kazakhstan, has been the largest beneficiary from this change. From Sept 2019-April 2021, Kazakhstan's share of the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">hashrate</a> grew 600%. Meanwhile, the hashrate has continued to move out of China following the country's latest regulatory crackdown. "Following the announcement of the crackdown in June 2021, almost all of China's hashrate has disappeared and is now on the move, looking for existing power capacity overseas that can absorb this huge demand," he said. The CCAF's bitcoin mining data is based on <a href="https://cbeci.org/mining_map/methodology">an extrapolation of a sample of mining pool data</a>. The sample only represents 37% of the total hashrate but the researchers said it "provides a reasonable approximation of the actual hashrate distribution." The research also uncovered empirical data that confirms for the first time that miners in China migrate seasonally according to the availability of hydro-generated electricity. According to the CCAF's data set, in 2020, Sichuan's share of China's total Bitcoin mining power increased from 14.9% at the beginning of the wet season to 61.1% at the peak. Conversely, Xinjiang's mainly coal-powered hashrate share for the same period decreased from 55.1% at the beginning of the wet season to 9.6% at the lowest point. <div type="image" title="bitcoin country graph" height="636" width="736" msid="84447136" hostid="261"></div> <div type="image" title="graph" height="708" width="798" msid="84447137" hostid="261"></div> <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword>, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/twitter-built-on-blockchain-will-let-users-monetise-their-posts-and-come-up-with-their-own-rules/articleshow/84548663.cms">Twitter alternative built on Ethereum will let users monetise their posts and come up with their own rules</a> <a href="https://www.businessinsider.in/cryptocurrency/news/ethereums-co-founder-quits-crypto-with-a-big-warning/articleshow/84547141.cms">Ethereum’s co-founder wants to be more than just ‘the crypto guy’ as he exits the industry</a> <a href="https://www.businessinsider.in/cryptocurrency/news/dogecoin-jumps-10-after-elon-musks-twitter-profile-picture-change/articleshow/84544778.cms">Dogecoin jumps 10% after Elon Musk’s Twitter profile picture change</a>

The US has been sweeping up shares of the bitcoin hashrate as miners exit China

<div class="KonaFilter image-container float_right"><div class="image on-image">REUTERS/Kim Kyung-Hoon</div></div>The price of Bitcoin <a href="http://www.businessinsider.com/bitcoin-crashes-to-around-500-2013-12">has been getting clobbered</a> over the last day as China continues to crack down on its use.
The latest huge blow is that Bitcoin exchange BTC China announced that due to regulatory issues it could no longer accept deposits in Renminbi (the Chinese currency) which is a huge problem to say the least. Interestingly, BTC China had just raised $5 million in <a href="http://techcrunch.com/2013/11/18/btc-china-series-a/">venture money back in November</a>, so that is very bad timing.
But this isn't the first time China has cracked down on bitcoins either. Earlier this month, the People's Bank of China told financial institutions not to accept bitcoins as legal tender. 
At the time it said, "the warning is aimed at protecting the property rights of the public, safeguarding the Renminbi status as a fiat currency, preventing money laundering, and maintaining financial stability in China," <a href="http://news.xinhuanet.com/english/china/2013-12/05/c_132944261.htm">according to Xinhua.</a>
So why would China want to crack down on Bitcoin? Simple: capital controls.
China tightly regulates all the money flowing in and out of the country. You can't just bring a bunch of cash into the country, in part to prevent people from buying up the local currency (which is generally believed to be deliberately suppressed). And China makes it hard to get money out of the country as well.
There are various ways currently that rich people do get their money out of Chinese banks and out of the borders. <a href="http://www.businessinsider.com/how-people-use-macau-to-launder-money-2013-11">One popular way is through Macau.</a> Rich people buy a bunch of gaming chips through seedy "junket operators." Then they go to Macau and gamble a bunch. Then they take what they have left, and exchange their chips into the local Macau currency, at which point they can deposit that money in a Macau bank, and voilÀ the money is outside of the country.
Bitcoin offered/offers an even quicker way to get your money out of the border. Buy 10,000 yuan work of bitcoins on a site like BTC China, transfer those bitcoins to a wallet outside of the country, and then sell those bitcoins in some new currency in a different country. VoilÀ, your money is liberated!
Of course there's also the <a href="http://uk.reuters.com/article/2013/12/11/us-china-bitcoin-idUKBRE9BA0B020131211">arbitrage play which China isn't too happy about.</a> For a while, Bitcoin was more expensive in dollar terms on BTC China than it was when traded abroad. This made it easy for traders to buy bitcoins using the greenback elsewhere and then selling them on BTC China for a profit.
And remember when China reported <a href="http://www.businessinsider.com/concern-over-chinas-surging-exports-2013-12">a surge in exports in November</a> there was some speculation that fake invoicing was back.
So as long as China is going to restrict the way money flows across the border, there's no way they're going to tolerate bitcoin use in a large scale, since it enables transactions that can't easily be tracked and stopped.
The more interesting question is whether Chinese regulations can actually stop bitcoin usage. Obviously restrictions will make it more difficult to use, but there are going to be all kinds of workarounds, even if financial institutions are prevented from dealing with bitcoin exchanges. The extent to which an even grayer bitcoin market emerges in China will be a big story to watch.

You Searched For "Bitcoin in China" and got 13 results

The future of Bitcoin is China

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Here's why the crackdown on bitcoin in China is 'not a real problem' for the digital currency

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Bitcoin, ether, and major altcoins tumble on news that China will completely ban all crypto transactions

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Chinese crypto addresses have sent over $2 billion to scammers in the last 2 years, report says

Isabelle Lee

Bitcoin creeps above $10,000 for the first time since June as tensions flare between US and China

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China banned all crypto transactions on Friday, but experts say the move was mostly priced in for bitcoin

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The CEO of one of China's largest biggest bitcoin exchanges says regulation is inevitable

Oscar Williams-Grut

China's E-Commerce Giant Alibaba Just Banned Bitcoin

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US whistleblower Edward Snowden says China's crypto ban has made bitcoin stronger

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Alibaba will block sales of crypto mining equipment beginning October 8 to comply with China's clampdown

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Bitcoin tumbles 11% after China steps up crackdown on crypto mining and financial operations

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The US has been sweeping up shares of the bitcoin hashrate as miners exit China

Emily Graffeo

China Has A Good Reason To Crack Down On Bitcoin

Joe Weisenthal,Mamta Badkar

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