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China bets on the blockchain

6/28/2021 3:48:02 AM GMT
There is no stage bigger than the Olympics, for the athletes and the host country. Modern China announced its arrival 13 years ago when 2,008 synchronized drummers performed at the Beijing Summer Olympics opening ceremonies. In February, China is expected to use the Beijing Winter Olympics to unveil a creation of intense international interest: the digital yuan, the first major central bank digital currency, or CBDC.
Consumers are unlikely to notice much difference shopping with e-CNY, as the currency is officially known. It will be worth the same as cash and will activate with a tap, swipe or QR code. But the questions this form of money raises are profound. As governments around the world move to phase out physical cash, what will become of financial privacy? How will state-sponsored digital money affect China’s economy, its trading relationships and most weighty of all the future of the global financial system now dominated by the United S ....

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Digital Yuan, Part of China's Big Bet on Blockchain, Could 'Upend Rules of Global Commerce'

Digital Yuan, Part of China's Big Bet on Blockchain, Could 'Upend Rules of Global Commerce'
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China has caused a Bitcoin Mining Exodus - WiredPRNews.com

Alex Brammer, vice Luxor Tech, president of the U.S. cryptocurrency company’s business development department, said he was bombarded by calls from Chi ....

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China has triggered a bitcoin mining exodus

The man shooting the video wears a facemask, rimless glasses and a white hard hat. He is traipsing near the entrance of a warehouse full to the brim with stacks of internet-connected machines sitting idle in half-darkness. As the man turns the camera around to showcase the machines, he says in Mandarin, “This is the stock for you. It hasn’t even started mining bitcoin”. The video, a sales pitch received via text by a cryptocurrency entrepreneur based in Switzerland, is just one of many similar messages that have been flowing out of China over the past two weeks.
China has long been the world’s epicentre of bitcoin mining, an energy-guzzling process to secure the cryptocurrency network and mint new bitcoins via specialised machines known as “mining rigs”. According to the University of Cambridge s Centre for Alternative Finance, over 65 per cent of miners working on the bitcoin blockchain were based in China as of April 2021. But Chinese miners are now on tenterhook ....

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