China Financial News

The Bank of Korea has successfully completed the first phase of its central bank digital currency mock testing started in August 2021. 

BEIJING — Chinese consumers are spending more on luxury goods at home, even if they can't easily travel abroad due to pandemic-related restrictions, consultancy Bain & Company said in its annual report on the luxury sector.

Last week, Pakistan’s Sindh High Court held a hearing on the legal status of digital currencies that might lead an outright ban of cryptocurrency trading combined with penalties against crypto exchanges. Several days later, the Central Bank of Russia called for a ban on both crypto trading and mining operations. Both countries could join the growing ranks of nations that moved to outlaw digital assets, which already include China, Turkey, Iran and several other jurisdictions.

Erik Thedéen, the Vice-chair of the European Securities and Markets Authority, recently recommended a ban on proof-of-work mining in the EU. Citing its impact on Sweden, he stated,

As Bitcoin dove into a pool of red yet again – taking many investors’ sentiments with it – El Salvador’s President Nayib Bukele happily announced that he hadn’t missed the dip after all. On the contrary, the head of state reported that El Salvador had bought another 410 Bitcoin for $15 million.

The Bitcoin network difficulty is determined by the overall computational power, which co-relates to the difficulty in confirming transactions and mining BTC. As evidenced by the blockchain.com data, the network difficulty saw a downfall between May and July 2021 due to various reasons including a blanket ban on crypto mining from China.

The latest bout of selling ensued after Russia's central bank called for a crackdown on cryptos. Its central bank on Thursday proposed banning the use and mining of cryptocurrencies on Russian territory, citing threats to financial stability, citizens' wellbeing and its monetary policy sovereignty. The move is the most recent in a global cryptocurrency crackdown as governments from Asia to the United States worry that privately operated and highly volatile digital currencies could undermine their control of financial and monetary systems.

The entire cryptocurrency market at press time is bleeding profusely. The total market capitalization declined by almost 11% over the past 12 hours. The massive slump resulted in a loss of around $233 billion sending the total market cap. Thereby, plunging below $2 trillion for the first time since late September.

During Jerome Powell’s Jan. 11 United States Senate confirmation hearings, Sen. Patrick Toomey posed a question to the incumbent-and-future Federal Reserve chief: “If Congress were to authorize and the Fed were to pursue a central bank digital dollar, is there anything about that that ought to preclude a well-regulated privately-issued stablecoin from co-existing with a central bank digital dollar?”

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

BEIJING—China’s central bank lowered its benchmark lending rates, stepping in to support a slowing economy that has been weighed down by a slump in the property market during a politically important year for leader Xi Jinping.

Whilst claiming that it welcomes regulatory oversight, major crypto exchange Binance was acting against those same regulators, Reuters reported today.

On Friday, CasperLabs, a blockchain software firm, announced a partnership with China's Blockchain-based Service Network, or BSN. Through the agreement, which has been minted as a nonfungible token, or NFT, as a sign of commemoration, Casper Network will be added as the blockchain of choice to the Fuzhou City Chain for use in public and private crypto infrastructure developments in the region — dubbed "Fuzhou Chain powered by Casper." RockTree Capital, an investment company, based in New York, played a critical role in bridging the entente between Casper and Fuzhou City.

The move is the latest in a global cryptocurrency crackdown as governments from Asia to the United States worry that privately operated and highly volatile digital currencies could undermine their control of financial and monetary systems. Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism. It eventually gave them legal status in 2020 but banned their use as a means of payment.

If it were measured as a country, then cyber-crime — which is predicted to inflict damages totaling $6 trillion globally in 2021 — would be the world’s third-largest economy after the U.S. and China.

An analysis of trading volumes on major crypto exchanges has revealed a geographic shift in crypto trading activity.

China is nearing its e-CNY official debut when the Winter Olympics commences on 4 February, 2022.

The paper, first trailed by Fed chair Jerome Powell last May, is the "first step in a discussion of whether and how a CBDC could improve the safe and effective domestic payments system," says the central bank.It was supposed to be published last summer but the Fed is determined to take its time on the issue despite some countries, most notably China, forging ahead with their CBDC plans.The paper rehearses established arguments for and against a digital dollar, including in relation to faster international payments and concerns about privacy and financial stability.The Fed is now seeking public comment on more than 20 questions, with submissions accepted for 120 days.While Powell has remained noncommittal on the chances of a digital dollar, others at the Fed have been less circumspect.

Bitcoin (BTC) surged on the Wall Street open on Jan. 20 as news that Russia was planning to "ban" cryptocurrency failed to impact price performance.

In a report published on Thursday, The Central Bank of Russia has called for a blanket ban on domestic cryptocurrency trading and mining.

The central Bank of Russia today proposed banning the use and mining of cryptoaassets on the country's territory. The proposed ban encompasses crypto exchanges too.