China

Flooding Threatens China’s Bitcoin Miners, Chinese Billionaire Says ‘Three Gorges Dam Collapse Imminent’

This week cryptocurrency enthusiasts are still focused on the severe flooding in China during the 2020 monsoon season. The flooding has already displaced millions of Chinese citizens and skeptics are concerned about the vast number of bitcoin miners located in the Sichuan province. The landlocked province in Southwest China, Sichuan is located upstream of the …

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China won’t accept ‘theft’ of TikTok, according to state newspaper

Dado Ruvic / Reuters China won’t accept the “theft” of TikTok, and that it has “plenty of ways to respond” if the US government tries to force a sale through, according to an editorial in the state-run China Daily (via Reuters). That follows news that Microsoft wants to acquire TikTok’s operations in certain markets, after …

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China’s Digital Yuan to Reportedly Target Dominance of Alibaba and Tencent

The People’s Bank of China is purportedly planning to use its digital currency electronic system (DCEP) — another moniker for its central bank digital currency — to target the dominance of technology giants like Alibaba and Tencent in the digital payments sector. The report comes only a few days after claims of the central bank …

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Chinese Ex-Banker Says Digital Currency Should Replace Fiat Money

A former vice president of a top Chinese bank has argued that digital currency should replace fiat in the nation’s financial systems. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary …

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Deceived Crypto Investors Launched Their Own Scam to Recoup Losses

Chinese police have reportedly arrested a group of scammers who launched a faux crypto scheme to recoup their losses after being defrauded by a number of different crypto-related cons themselves. According to an article from the Public Information Network Security Supervision Bureau posted on WeChat earlier today, an investor named Yang created a fake investment …

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After the US Senate Pros and Cons on Digital Money — What Do We Do With It?

The COVID-19 pandemic has certainly accelerated the digitalization of economies across the globe, opening up discussions on the future of digital financial services and whether our economy should advocate for the financial inclusion of Bitcoin (BTC) and other digital assets. Yet, despite the horror we have been seeing as our industries continue to suffer, the …

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‘League of Legends’ championship will start in Shanghai despite pandemic

Riot Games At least one major eSports league is determined to push forward with in-person finals despite the COVID-19 pandemic. Riot Games has announced that the League of Legends World Championship 2020 will take place in Shanghai between September 25th and October 31st, with the finals held at the new Pudong Soccer Stadium. The developer …

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TikTok owner reportedly agrees to sell US stake to avoid ban

NARINDER NANU/AFP via Getty Images TikTok may drop its ties to China in very short order. Reuters sources claim TikTok’s Chinese owner, ByteDance, has agreed to sell its stake in the social network’s US operations to avert a possible ban. The agreement would have Microsoft protect American user data, according to the report, but Microsoft …

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Donald Trump claims he will ban TikTok in the US

Dado Ruvic / Reuters Earlier today a report surfaced indicating the Trump administration may force TikTok’s Chinese owner ByteDance to sell the app to a US company. This evening, reporters in the White House press pool have said via Twitter, that the president told them on Air Force One that he will ban the video …

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As Gold Touches New Highs Investors Face Storage Issues, Market Dilution, Threat of Seizures

During the last few weeks, gold has skyrocketed in value over the concerns fueled by the faltering global economy. Despite the fact that gold has always been a safe-haven, many investors are looking to bitcoin because they fear central banks will dilute the market or even confiscate the gold. Prior to Covid-19, central banks purchased …

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