Chinese authorities in Rong County recently said they have prosecuted eight individuals accused of being the masterminds behind the Magic Data Chain (MDC) pyramid scheme. The pyramid is thought to have handled transactions with a total value of over $147 million. Virtual Currency Pyramid Scheme Authorities in China’s Rong County, Zigong City, recently prosecuted eight…
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New data stemming from the latest Cambridge Centre for Alternative Finance (CCAF) report on bitcoin mining indicates that China still holds the second position in terms of global hashrate. While China commands close to 22% of Bitcoin’s global hashrate, the United States currently dominates with 37.69%, according to CCAF researchers. China Is Still the World’s…
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The latest Cambridge Bitcoin Electricity Consumption Index (CBECI) hashrate figures will make interesting reading for anyone in the Bitcoin (BTC) mining space. Last year, the University of Cambridge’s Judge Business School reported that the “leading share” of global Bitcoin network hashrate “now sits in the United States, followed by Kazakhstan and Russia.” Indeed, per…
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China still hosts 21% of the total global Bitcoin hash rate after the local government banned all crypto operations in the country last year. The Chinese government has not managed to take down cryptocurrency operations as part of its crypto ban last year as China has re-emerged as one of the world’s largest Bitcoin (BTC)…
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An op-ed article published in the state-backed Chinese publication Economic Daily, has suggested that the recent crash of the Terra blockchain’s LUNA and the de-pegging of the UST stablecoin vindicate the Asian country’s decision to ban crypto-related activities. In the article, the author names the interest rate hikes by the U.S. Federal Reserve and the…
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A district court in Shanghai ruled for Bitcoin owner’s right to compensation in case involving unpaid loan and decided on Bitcoin legal status in the process. The Shanghai High People’s Court has issued a document in which it states that Bitcoin is subject to property rights laws and regulations. That finding was made in relation…
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The Shanghai High People’s Court has declared bitcoin to be a virtual asset protected by Chinese law. The court notes that the cryptocurrency has economic value. Bitcoin Is Property Protected by Law in China The Shanghai High People’s Court has declared that bitcoin qualifies as a virtual asset protected by Chinese law despite the ban…
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Chinese banks are exploring new methods of enabling digital yuan users to earn interest on their central bank digital currency holdings – with “smart management” tools that can detect when funds have been left idle for long periods of time…. Read More: Chinese Banks Launch Automatic Digital Yuan-to-Fiat Conversion Tools Read more »Pay, Trade,…
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The global economy looks bleak as inflation continues to rise, and a wide array of financial investments continue to shudder in value. Since May 2, 2022, the crypto economy has dropped more than 15% from $1.83 trillion to today’s $1.54 trillion. The price of gold has lost 5% in 30 days, and major stock market…
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The e-payments giant Alipay, part of the Alibaba business empire, has added an advanced search function for users wishing to use its platform to make payments using the digital yuan within the fast-expanding pilot zone…. Read More: Alipay Provides Digital Yuan Boost as COVID-19 Deals PBoC Blow Read more »Pay, Trade, Buy Bitcoin with…
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