China

PlusToken

Chinese Authorities Have Seized a Massive $4B in Crypto From PlusToken Scam

Daniel PalmerNov 27, 2020

Cryptocurrencies worth billions of dollars have been seized during the police crackdown on the PlusToken Ponzi scheme in China.

China

China’s Xi Asks ASEAN Nations to Join in Building of ‘Digital Silk Road’

Daniel PalmerNov 27, 2020

Xi Jinping pushed for digitally enhanced trade among Southeast Asian nations in a keynote at the China-ASEAN Expo on Friday.

Crime

Ringleaders of PlusToken Scam Jailed for Up to 11 Years

Tanzeel AkhtarDec 1, 2020

Fourteen operators of the giant PlusToken scam have been sentenced in China to up to 11 years in prison.

China

China’s State-Sanctioned Blockchain Project BSN Adds Polkadot, Oasis, Bityuan to Network

David PanNov 25, 2020

China’s state-sanctioned blockchain infrastructure provider BSN is adding cross-chain protocol Polkadot, decentralized cloud data startup Oasis and China-based project Bityuan to its network.

SEC

US Intelligence Chief Raises Concerns With SEC Over China’s Crypto Dominance: Report

Daniel PalmerNov 25, 2020

U.S. intelligence chief John Ratcliffe was reportedly seeking clearer regulation around digital currency.

China

OKEx

OKEx to Resume Withdrawals Before Nov. 27, Offers New Compensation Programs

Muyao Shen

OKEx will compensate those users who have been frustrated by its suspension of withdrawal service.

Digital Yuan

China to Hold Second Lottery Trial of the Digital Yuan

Daniel Palmer

A lottery in Suzhou will additionally trial the offline feature of the digital yuan, per a Monday report.

China

China’s Xi Asks G20 Countries to Be ‘Open and Accommodating’ to CBDCs

Nathan DiCamillo

In a wide-ranging speech, Xi said the G20 “needs to discuss developing standards and principles for central bank digital currencies.”

China

Goldman Sachs Expects Digital Yuan to Reach 1B Users Within 10 Years

David Pan

Goldman Sachs predicts China’s digital yuan will attract 1 billion users within a decade, helping China’s commercial banks compete with fintech companies.

First Mover

First Mover: What China Crackdown Means for $18K Bitcoin as Dimon Passes on ‘Tea’

Bradley KeounOmkar GodboleMuyao Shen

Fewer new bitcoin may be hitting the market because miners in China can't sell their bitcoins due to a crackdown by their government.

Mining

China’s Crypto Miners Struggle to Pay Power Bills as Regulators Clamp Down on OTC Desks

Anna Baydakova

Miners in China have reportedly been struggling to pay for electricity after authorities started cracking down on OTC brokers in the country.

China

$300M in Bitcoin Flow to Binance From Huobi as China Gets Tougher on Exchanges

Muyao Shen

The Chinese government cracks down on the crypto exchanges (again), but Binance has been benefiting.