OTC markets offer a way around the government's exchange ban but the rates aren't cheap.Investors in China are reportedly loading up on Bitcoin (BTC) at a premium based on the multi-step process required to turn fiat into most cryptocurrencies in the country.According to a recent analysis by cnLedger, Chinese traders are paying a fairly decent premium (~4.5%) to buy Bitcoin over the counter (OTC), paying 7 CNY for 1 Tether (USDT) on average when the exchange rate is roughly 6.7 CNY per USDT.“Why [is the] USDT premium going up? After the PBoC ICO/exchange ban, the most convenient way to buy [cryptocurrencies] in China, is to buy stable coins like USDT first using OTC, and then trade it into any cryptos you want in exchanges,” explained cnLedger.1/ Chinese markets reveal strong buys. OTC (Over-The-Counter) trades, the almost only way to buy bitcoin with fiat in China, showing considerable $ premium (1 USDT = 7 CNY) over the official rate of 1 USD = 6.7 CNY. pic.twitter.com/bd0n0DGFVUAs we previously reported, “bitcoin” topped the list of hottest new keywords on Baidu, China’s version of Google, during the rally last week.It seems that Chinese investors continue to have a significant interest in Bitcoin and cryptocurrencies, despite the government’s ongoing efforts to ban civilian access to the asset class.Bitcoin is currently down 1.2% over the last 24 hours to $5,225, giving the largest digital currency a $92.2 billion market cap (51.2% of the total crypto market).Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

Despite the Chinese government’s strict regulations on cryptocurrencies, Chinese state media, CCTV, is shining a spotlight on Bitcoin’s recent bull run. CnLedger, a popular anonymous Twitter account that covers crypto news in China, notes CCTV’s recent coverage. ADVERTISEMENT “CCTV, China’s Official TV Channel: Bitcoin price surpasses $17.5K, up 70% in less than 50 days. Compared with 2017’s bull market, Bitcoin’s network, development and investment eco-system are now far better. The recent rise is driven by institutional funds.” Bitcoin is trading at $17,963.99 at time of writing, up more than 10% on the week, more than 50% on the month, and more than 120% on the year, according to CoinGecko. China banned initial coin offerings (ICOs) in 2017 and continued its crypto crackdown with investigations into exchanges last year. The country, however, has continued to support the blockchain space. A report from crypto analytics platform LongHash reveals that more than 10,000 blockchain companies were formed in China from January to July 2020, exceeding the 8,595 recorded in 2017. The crypto data company says this year the number of newly established blockchain companies in China will surpass the number of firms formed last year, which was 13,885. Additionally, Chinese citizens continue to use crypto to move money out of the country. An August report from blockchain analytics firm Chainalysis indicated that more than $50 billion worth of cryptocurrency has fled China-based wallets in the past 12 months. ADVERTISEMENT Follow Us on Twitter Facebook Telegram Check out the Latest Industry Announcements   ADVERTISEMENT Featured Image: Shutterstock/The7Dew

Photo by Ajeet Mestry on Unsplash Bitcoin has been on a tear over the past month, rallying from the low-$11,000s to highs around 36 hours ago at $18,500. This move has been marked by an uptick in mentions of the cryptocurrency by media, along with prominent investors and celebrities. Chinese media, despite the Chinese government’s aversion to cryptocurrencies (at least decentralized ones), recently made this clear when they covered the rally. As noted by prominent Chinese crypto analyst “cnLedger,” yesterday, CCTV, the official Chinese Communist Party television channel, did a segment on Bitcoin due to the rally. According to him, the state channel covered Bitcoin’s price being up 70 percent in fifty days, along with the strength in the fundamentals of the cryptocurrency: The chyron seen in the images the analyst shared highlights Bitcoin’s impressive price action over recent weeks. This latest coverage comes after CCTV covered cryptocurrencies in September. As reported by CryptoSlate previously, the anchors then discussed Ethereum, mentioning how it is a top performer in the cryptocurrencies markets, having outpaced Bitcoin, XRP, and a number of other top altcoins. As to why this is the case, DeFi was cited, as was the fears of inflation in fiat currencies. It is unclear if other cryptocurrencies that Bitcoin were mentioned in this latest television segment, but many see this as a sign that retail investors will eventually enter the space, driving the market to new local and potentially all-time highs. The Bitcoin hype is going beyond China. Lucas Huang, Head of Growth at Tokenlon told CryptoSlate:  Earlier this week, users around the world reported that the cryptocurrency was trending on Twitter where they were, with media coverage on the matter picking up dramatically in many Western countries. In Mexico, Bitcoin just gained the support of a billionaire entrepreneur and investor. David Puell, an on-chain analyst, noted that Mexican billionaire Ricardo Salinas Pliego recently tweeted that he put 10 percent of his liquid investment assets into Bitcoin due to his belief that the coin is a hedge against encroachment by governments: In a response to Bitcoiners, Salinas Pliego said that the rest of his investment assets are currently in precious metal related investments, highlighting his hesitance in investing in assets that are tied to fiat currencies. 19 Nov at 9:08 pm UTC 2.16%Bitcoin, currently ranked #1 by market cap, is up 2.16% over the past 24 hours. BTC has a market cap of $333.29B with a 24 hour volume of $36.67B. BTCUSD Chart by TradingView Posted In: Bitcoin, China, Adoption, Culture, Price Watch Sign up Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article. Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

According to CNLedger, a recognized source of China-related cryptocurrency news, the Chinese over-the-counter (OTC) market has revealed strong buys as of late, indicating an overall rise in demand for bitcoin. 1/ Chinese markets reveal strong buys. OTC (Over-The-Counter) trades, the almost only way to buy bitcoin with fiat in China, showing considerable $ premium (1 USDT = 7 CNY) over the official rate of 1 USD = 6.7 CNY. pic.twitter.com/bd0n0DGFVU — cnLedger (@cnLedger) April 8, 2019 After the Chinese government banned bitcoin and cryptocurrency trading in September 2017, local publications including SCMP have reported that a relatively large number ofYour email address will not be published. Required fields are marked *

Believe it or not, China was once the de-facto capital of Bitcoin and cryptocurrency. The Asian nation, after all, is the home of Bitmain and other cryptocurrency startups and spawned a series of early cryptocurrency investors. To this day, it isnt exactly clear why Chinese individuals adopted Bitcoin so quickly. Maybe it was the nations propensity for technological development, familiarity with digital cash, or the culture of speculation and gambling.But, this changed in 2017 and 2018, when the local government began cracking down on the industrys involvement in China, presumably due to the fact that it was getting too large, too quick. By now, the local government purportedly has bans on cryptocurrency trading, industry-related events in large cities, use of fintech applications in Bitcoin applications, and certain forums involving this nascent asset class.However, this changed with the recent surge in the Bitcoin price. According to statistics from a number of sources, this industry is on the rise in China once again. Crazy, right?Huge Chinese App Gives Bitcoin a Nod Sina Finance may not ring a bell to you, the viewer. But to Chinese investors, it sure damn should. For those not versed in Chinas online culture, Sina Finance is a major financial news and data provider owned by a major technology firm. It serves millions of investors and is reported by SimilarWeb to be one of the top 500 websites in China. According to cnLedger, a local source for Chinese cryptocurrency news, Sina recently added Bitcoin and cryptocurrency price feed data to its application.Sina Finance, one of China's largest financial news providers, just added Bitcoin and Crypto-currency support to its app. pic.twitter.com/qS7VzNskim cnLedger (@cnLedger) July 3, 2019Per cnLedgers screenshot, the feed includes data for Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripples XRP. According to local reports, this data is only available via Sinas application, not through the website. It has also been reported that this new section on the Sina Finance application includes cryptocurrency- and blockchain-related news, but it isnt too clear from what sources Sina is grabbing news events from.Crypto on the Rise in China Again This comes as Bitcoin and cryptocurrency are on the rise in China once again. Per a separate tweet from cnLedger, a number of online data service providers suggest that a crypto asset-related app is trending on Chinas iOS App Store. Exchange giant Huobis mobile application is now, according to the sources, the seventh largest keyword in the aforementioned marketplace. Considering that Apple in China each year, this is quite the statistic.This data point has been somewhat corroborated The Blocks Larry Cermark, whopointed outvia Twitter that Google searches for exchanges that cater to Asian (mostly Chinese) demographics have seen an uptick in volume. So, while Binance, Coinbase, Bitfinex, and so on have seen little increase in volume, OkEX and Huobi have seen relative explosions.Simultaneously, WeChat keyword analytics have accentuated a massive uptick in the volume of Bitcoin. In fact, the past ninety days have seen keyword volume for the Chinese term for Bitcoin skyrocket by five times.There has been some speculation as to why this is occurring. As it stands, there are two primary theses: Chinese investors are looking to store their wealth in an alternative asset, just like other investors across the globe; and the launch of Facebooks cryptocurrency has sparked a new interest in Bitcoin and altcoins. The first makes sense, as there has been a push for Bitcoins viability as a store of value across the globe. And the second may make sense too, as Pony Ma, the founder of Chinese technology giant Tencent, and other technology tycoons have commented on the project.Download our Free Cryptocurrency Books Signup to download our eBook Collection.We will also send our weekly newsletter on a Friday lunchtime with the latest Crypto News & topics from Blockonomi. No Spam, ever.You will receive 3 books: Bitcoin, Ethereum & Lightning Network + All Future Books.You have Successfully Subscribed!

The increase in prices for Bitcoins (BTC) last week led to the fact that Chinese traders not only returned to trading, but also paid a surcharge for it, the cnLedger news account on social networks reported on April 7. Reproducing price spreads on the Huobi and OKEx cryptocurrency exchanges, cnLedger has revealed an increasingly common practice among Chinese traders who want to buy bitcoins. Since China officially banned cryptocurrency trading in 2017, investors had few options. Buying stable coins such as Tether (USDT) through over-the-counter (OTC) services and converting them into other cryptocurrencies has become the main method, cnLedger noted. Now, in connection with the bull week for Bitcoin, in which BTC / USD has grown by more than $ 1,000, the prices for these OTC services have been steadily growing in the conditions of CNY, noting an increase in demand. “Chinese markets show strong purchases,” the resource summed up. “Over-the-counter (over-the-counter) trading, almost the only way to buy bitcoins by decree in China, shows a significant premium in dollars (1 USDT = 7 CNY) compared to the official rate of 1 USD = 6.7 CNY.” Lively sentiment among Chinese investors contrasts with the ongoing suppression of activities related to the cryptocurrency in the country. Reportedly, this has spread to everything that is considered propaganda, while related tools, such as initial coin offers (ICO), are also prohibited. On the contrary, the authorities continue to advocate the development of blockchain technology, both in the public and private sectors. Last week, Beijing approved nearly 200 firms as part of new plans to register blockchain service providers. Earlier it was reported that China actually implements more projects related to the blockchain than in any other country in the world, along with the largest number of patents for the blockchain. window.coinzilla_display = window.coinzilla_display || []; var c_display_preferences = {}; c_display_preferences.zone = "9175c6bd8e942d2c94"; c_display_preferences.width = "160"; c_display_preferences.height = "600"; coinzilla_display.push(c_display_preferences);

The former Peoples Bank of China governor says China should take precautions against the trend represented by Facebooks Libra cryptocurrency.The former governor of the Peoples Bank of China () says China should take precautions against the trend represented by cryptocurrency.Twitter-based Chinese crypto news source CnLedger reported on Xiaochuan Zhous remarks on July 9.Zhou notably served as PBoC governor between 2013 and 2018, a period which saw Beijing its onslaught of anti-crypto regulations including the historic blanket criminalization of initial coin offerings () and .CnLedger reports that Zhou characterized Libra as representative of the global trend in cryptocurrencies singling out its -like properties and ambitions to tackle the pain point of cross-border remittances in emerging economies.Equally representative, per Zhou, is the fact that the token will still face challenges such as anti-money-laundering compliance and fund custody.Contextualizing this trend more broadly, Zhou reportedly claimed that people valuing Libra is inseparable from the global dollarization trend, and that the imperative for China is to maintain a strong monetary status, take precautions and pursue rigorous policy research.The former governor further predicted, in CnLedgers summary, that:In future there may emerge a more internationalized, globalized currency, a currency so strong that will cause major currencies to establish exchange relations with it. It may not necessarily be Libra, but there will be more institutions and people try creating it.As previously , Beijings perception that the cornerstone principles of the crypto revolution disintermediation and the frictionless circulation of value will undercut its strict capital controls and economic strategy has translated into a series of attempts to insulate both its domestic financial system and individual investors from the global crypto space.The current deputy PBoC governor, Pan Gongsheng, recently Security Token Offerings () as an illegal financing activity similar to ICOs, claiming that both remain rampant in mainland China notwithstanding the authorities ever-more-adversarial stance.The United States has meanwhile on Facebooks forthcoming Libra, and that Facebook and its partners impose an official moratorium on Libra development until its concerns are examined and addressed.Please follow and like us:

slot_7',137,'0']));As Bitcoin prices look to consolidate from reaching a relative high over the weekend, Chinese traders in particular are giving bullish indicators as to the future of the currency. Analysts have been struggling to categorize the exact market movement for Bitcoin and cryptocurrency over the past week. Following the surprise bullish turn for Bitcoin, which was catalyzed by 20,000 BTC–worth $100 million at the time–being purchased in a coordinated fashion across three exchanges. Since that initial, whalish purchase, the crypto markets have been on a steady upward trend. zslot_0',101,'0'])); Bitcoin jumped to $5300, establishing a relative high for 2019 and giving the currency its most bullish day of trading since December 2017. Over the weekend, BTC once again challenged the $5300 line, meeting significant resistance but not enough to dismay analysts. Instead, many are calling for the primary resistance to come at $6000, marking the price level for Bitcoin when its valuation plummeted in November 2018. Some have pointed to the 200-moving day average as being a strong indicator for BTC’s price movement going forward, as Bitcoin has traditionally behaved bullishly when trading above its 200-day EMA. 134,'0'])); Chinese investors are not only taking a bullish stance on cryptocurrency, but are willing to pay the “over the counter” (OTC) premium for buying Bitcoin. According to the social media based news account cnLedger, Chinese traders are giving indicators for strong buys and are conducting over the counter trades as the primary means of acquiring BTC. In 2017, China formally banned cryptocurrency trading, forcing investors to use alternative channels to buy and sell Bitcoin. cnLedger notes that Chinese investors have resorted to purchasing the stablecoin Tether (USDT) through OTC providers–at a price premium relative to the market–which they are then able to exchange for Bitcoin and other top cryptocurrencies. According to the reporting by cnLedger, Chinese investors are having to purchase USDT at a rate 5% higher than its traditional market price: “1/ Chinese markets reveal strong buys. OTC (Over-The-Counter) trades, the almost only way to buy bitcoin with fiat in China, showing considerable $ premium (1 USDT = 7 CNY) over the official rate of 1 USD = 6.7 CNY.” 2','ezslot_3',102,'0'])); 1/ Chinese markets reveal strong buys. OTC (Over-The-Counter) trades, the almost only way to buy bitcoin with fiat in China, showing considerable $ premium (1 USDT = 7 CNY) over the official rate of 1 USD = 6.7 CNY. pic.twitter.com/bd0n0DGFVU— cnLedger (@cnLedger) April 8, 2019 The fact that these investors are continuing to engage in cryptocurrency trading with such a high volume indicates that they are, on average, bullish on the outlook for Bitcoin and their ability to offset the premium purchase of USDT through crypto-based appreciation. Even more revealing is the willingness of Chinese traders to engage in cryptocurrency investing despite the severe crackdown by the Chinese government. Not only has formal trading of cryptocurrency been outright banned in the country, but the government includes materials related to the development of blockchain and cryptocurrency as equally illicit propaganda. Nonetheless, cryptocurrency prices have continued to rise as renewed investor drive significant capital into the market. Following 2018’s “crypto witner,” droves of investors are beginning to change their opinion on the state of the market, particularly as many coin prices were languishing on 90 percent or more losses since the last bull run.

Bitcoin’s (BTC) price surge last week has led Chinese traders not only return to trading but pay a premium for doing so, social media-based news account cnLedger reported on April 7.Reproducing price spreads from cryptocurrency exchanges Huobi and OKEx, cnLedger revealed an increasingly common practice among Chinese traders who wish to acquire Bitcoin.Since China formally banned cryptocurrency trading in 2017, investors have had few options. Purchasing stablecoins such as Tether (USDT) via over-the-counter (OTC) services and converting them to other cryptocurrencies has become the principal method, cnLedger noted.Now, in the wake of a bullish week for Bitcoin which saw BTC/USD advance by over $1,000, prices for those OTC services have steadily risen in CNY terms, marking an increase in demand.“Chinese markets reveal strong buys,” the resource summarized. The tweet stated:“OTC (Over-The-Counter) trades, the almost only way to buy bitcoin with fiat in China, showing considerable $ premium (1 USDT = 7 CNY) over the official rate of 1 USD = 6.7 CNY.”The buoyant mood among Chinese investors contrasts with the ongoing clampdown on cryptocurrency-related activities in the country. As Cointelegraph reported, this has extended to anything construed as propaganda, while associated instruments such as initial coin offerings (ICOs) are also outlawed.By contrast, authorities continue to advocate the development of blockchain technology, both within the state and private sector. Last week, Beijing approved almost 200 firms as part of new plans to register blockchain service providers.Previously, it was reported that China in fact has more blockchain-related projects underway than any other country worldwide, alongside the largest number of blockchain patents.Andy Pag, the founder and coordinator of Mt. Gox Legal (MGL) — the largest group…View Bitcoin’s “super guppy” indicator has turned green for the first time since January 2018…Trading of institutional Bitcoin (BTC) investment products have seen growth for the fourth month running,… {"duration": "400ms","fill": "both","iterations": "1","direction": "alternate","animations": [{"selector": "#scrollToTopButton","keyframes": [{"opacity": "1","visibility": "visible" }] }] } {"duration": "400ms","fill": "both","iterations": "1","direction": "alternate","animations": [{"selector": "#scrollToTopButton","keyframes": [{"opacity": "0","visibility": "hidden" }] }] }

China Bitcoin Ban: Lawyer Says Occasional BTC P2P Exchange Is Legal A member of the Bank of China Law Research Association says sporadic bitcoin (BTC) trading isn't illegal in the country despite the trading ban enacted in 2017. This new revelation by cnLedger, a cryptocurrency news source that focuses on China, begs the question of what Chinese law enforcement and regulators would deem "occasional BTC trading." In a series of tweets posted by cnLedger on May 21, 2019, the Chinese news source said that there were no laws against the occasional bitcoin exchange between individuals. The tweets cited statements made by Sa Xiao to local news media outlet BJ News. 1/ "It is legal to own bitcoins in China" says Sa Xiao, Council Member at Bank of China Law Research Association, cited by The Beijing News. Besides, Xiao considers occasional exchange of bitcoins between individuals and individuals is legalSource(in CN): https://t.co/lQRaBECcIC Xiao, a Council Member of the Bank of China Law Research Association, said that the country's bitcoin ban didn't outlaw the exchange of virtual currency between individuals. According to Xiao, cryptocurrencies being digital property means that owners have the right to trade amongst themselves. However, cnLedger also reported that BTC trading businesses that resulted in "serious losses" to customers would attract punishment according to the existing provisions in China's criminal law code. BJ News highlighted one such case where an alleged scammer defrauded more than 100 traders, disappearing after the crime. The available reports failed to provide any clear guideline of what could be constituted as an occasional exchange of bitcoin between individuals. Since banning initial coin offerings (ICOs) and cryptocurrency trading in September 2017, Beijing has taken more steps to censor cryptocurrencies within the country. Regulators in the country have even gone further to outlaw other activities like security token offerings (STOs) and initial exchange offerings (IEOs). Earlier in the year, reports emerged that the country was looking to ban Bitcoin mining. At the time, the National Development and Reform Commission (NDRC) identified cryptocurrency mining as one of the activities that should be outlawed in the country. Bitcoin miners in China, however, received some assurances that such a move wouldn't occur in the immediate future. While being anti-crypto, China has, on several occasions, shown a positive disposition towards blockchain technology. Critics allege that Beijing's fondness for blockchain comes from efforts at increasing its censorship and monitoring of the Chinese society. Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4 document

The former governor of the Peoples Bank of China (PBoC) says China should take precautions against the trend represented by FacebooksLibra cryptocurrency.Twitter-based Chinese crypto news source CnLedger reported on Xiaochuan Zhous remarks on July 9.Zhou notably served as PBoC governor between 2013 and 2018, a period which saw Beijing pursue its notorious onslaught of anti-crypto regulations including the historic blanket criminalization of initial coin offerings (ICOs) and exchange crackdown.CnLedger reports that Zhou characterized Libra as representative of the global trend in cryptocurrencies singling out its stablecoin-like properties and ambitions to tackle the pain point of cross-border remittances in emerging economies.Equally representative, per Zhou, is the fact that the token will still face challenges such as anti-money-laundering compliance and fund custody.Contextualizing this trend more broadly, Zhou reportedly claimed that people valuing Libra is inseparable from the global dollarization trend, and that the imperative for China is to maintain a strong monetary status, take precautions and pursue rigorous policy research.The former governor further predicted, in CnLedgers summary, that:In future there may emerge a more internationalized, globalized currency, a currency so strong that will cause major currencies to establish exchange relations with it. It may not necessarily be Libra, but there will be more institutions and people try creating it.As previously reported, Beijings perception that the cornerstone principles of the crypto revolution disintermediation and the frictionless circulation of value will undercut its strict capital controls and economic strategy has translated into a series of attempts to insulate both its domestic financial system and individual investors from the global crypto space.The current deputy PBoC governor, Pan Gongsheng, recently characterized Security Token Offerings (STOs) as an illegal financing activity similar to ICOs, claiming that both remain rampant in mainland China notwithstanding the authorities ever-more-adversarial stance.The United States Congress has meanwhile demandedhearings on Facebooks forthcoming Libra, and requested that Facebook and its partners impose an official moratorium on Libra development until its concerns are examined and addressed.

There is a surge in activity of Chinese investors buying stablecoins Tether USDT at a price significantly higher than the nominal on the over-the-counter (OTC) platforms. The cnLedger Twitter account pays attention to this.However, the author of the channel provides screenshots of data on the OTC platform Huobi and OKEx. They show USDT confirmed purchases at a price of 7 CNY, while the USDT official rate is at 6.7 CNY.1/ Chinese markets reveal strong buys. OTC (Over-The-Counter) trades, the almost only way to buy bitcoin with fiat in China, showing considerable $ premium (1 USDT = 7 CNY) over the official rate of 1 USD = 6.7 CNY. pic.twitter.com/bd0n0DGFVUAccording to cnLedger, to buy USDT on over-the-counter platforms with subsequent trading on exchanges is practically the only and most convenient way for local investors to buy Bitcoin and other cryptocurrencies after a ban of cryptocurrency exchanges and ICO in China in 2017. This is the main reason why the USDT is trading at a higher price.According to CoinMarketCap, over the past 24 hours, Tether USDT traded volumes exceeded $ 18 billion. The market capitalization of stablecoin as of Monday morning, April 8, is $ 2.1 billion.Meanwhile, the weighted average rate of Bitcoin over the past day has increased by 2.63% and at the time of publication was $ 5,283, which is a record figure since the beginning of the year. Over the past seven days, the first cryptocurrency has risen in price by 27.8%. © 2018 bit.news | queries 240, for 0.438 sec.For all questions please e-mail: [email protected]

The former governor of the Peoples Bank of China (PBoC) says China should take precautions against the trend represented by Facebooks Libra cryptocurrency.Twitter-based Chinese crypto news source CnLedger reported on Xiaochuan Zhous remarks on July 9.Zhou notably served as PBoC governor between 2013 and 2018, a period which saw Beijing pursue its notorious onslaught of anti-crypto regulations including the historic blanket criminalization of initial coin offerings (ICOs) and exchange crackdown.CnLedger reports that Zhou characterized Libra as representative of the global trend in cryptocurrencies singling out its stablecoin-like properties and ambitions to tackle the pain point of cross-border remittances in emerging economies.Equally representative, per Zhou, is the fact that the token will still face challenges such as anti-money-laundering compliance and fund custody.Contextualizing this trend more broadly, Zhou reportedly claimed that people valuing Libra is inseparable from the global dollarization trend, and that the imperative for China is to maintain a strong monetary status, take precautions and pursue rigorous policy research.The former governor further predicted, in CnLedgers summary, that:In future there may emerge a more internationalized, globalized currency, a currency so strong that will cause major currencies to establish exchange relations with it. It may not necessarily be Libra, but there will be more institutions and people try creating it.As previously reported, Beijings perception that the cornerstone principles of the crypto revolution disintermediation and the frictionless circulation of value will undercut its strict capital controls and economic strategy has translated into a series of attempts to insulate both its domestic financial system and individual investors from the global crypto space.The current deputy PBoC governor, Pan Gongsheng, recently characterized Security Token Offerings (STOs) as an illegal financing activity similar to ICOs, claiming that both remain rampant in mainland China notwithstanding the authorities ever-more-adversarial stance.The United States Congress has meanwhile demanded hearings on Facebooks forthcoming Libra, and requested that Facebook and its partners impose an official moratorium on Libra development until its concerns are examined and addressed.

The Bitcoin, initial coin offering (ICO) and cryptocurrency mining ban in China will send the asset’s price higher, according to the senior market analyst at eToro Mati Greenspan: If this ban does end up happening its more likely to push BTC prices up than down.The loss of cheap Chinese electricity would raise the mining cost, which is net positive on price.It would also serve to kill the FUD that Bitcoin mining is centralized.https://t.co/OhVh8fUaXv — Mati Greenspan (@MatiGreenspan) April 9, 2019 It is purported that the Chinese miners make up more than 70% of the worldwide Bitcoin output.  China’s National Development and Reform Commission (NDRC) recently issued a revised list of major industries it aims to encourage, limit or eliminate, and crypto mining appeared on that list. The list was officially released for public consultation that concludes on Tuesday May 7, 2019.  The bracket ban of the whole crypto activity in the country is anticipated to have a considerable negative sway on the network since the hash rate would decline.  Right now, it hasn’t caused any damage and from the most experience people in the industry including Alex Kruger – they think it won’t. New China bitcoin mining “ban”. No price impact. https://t.co/RvEyFxCHk9 — Alex Krüger (@krugermacro) April 9, 2019 The CEO of Twitter CZ, captioned a screenshot of the price of BTC on September 5, 2017 – the time when BTC banned crypto – and said: “What does this say?” What does this say? pic.twitter.com/orwPPwegCt — CZ Binance (@cz_binance) April 9, 2019 At 08:17 UTC, Bitcoin’s (BTC) price is at $5,196.96 (-1.12% 24h), with a market cap of $91.67 billion, according to CMC data. It is trading over 30% higher from the $4,000 level it held from mid-March. However, the market rate is still beneath the cost of mining, as explained by Managing Partner at Fundstrat, Thomas Lee, during his recent CNBC’s Squawk Box interview.    FYI, @CNBC interview on BTC with @BeckyQuick, and our take on why the 40% rally in $BTC is credible… @SquawkCNBC https://t.co/5WGfUzW00J — Thomas Lee (@fundstrat) April 4, 2019 Furthermore, in the long run, as the entire problem would reduce because of the decreased number of crypto miners. The event will give people across the globe an opportunity to set up miners. The countries that will benefit most include India, Colombia, Brazil, Finland, Italy, U.S, South Korea, Poland, Canada, Iran that provide cheap electricity to its miners.    China’s proclamation of a possible mining ban follows an already-ill year for Bitcoin miners. The 2018 crypto plummet made the bitcoin sector to see massive losses, forcing a large number of small and medium-sized mining pools to flog and sell away their machines at a cheaper rate and shut down their activities.    “The time to buy is when there’re miners in the streets.” pic.twitter.com/3fshPcANDF — cnLedger (@cnLedger) November 20, 2018 Through Twitter, CnLedger posted pictures of those crypto miners dumping their graphics card units after making appalling losses in the digital currency market.

Facebooks foray into the cryptocurrency sector has attracted criticism from the worlds most influential central banker.Federal Reserve Chairman Jerome Powell today listed a string of red flags concerning the social media behemoths upcoming cross-border remittance token Libra. Reiterating the stance taken by several governments and regulators before him, Powell said the Facebook cryptocurrency could boost money laundering and financial instability. The Fed chair also expressed concerns over Facebooks history of mismanaging customers privacy, which, in case of finance, could spell double-trouble.Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability, Powell said. These are concerns that should be thoroughly and publicly addressed.The comments appeared during Powells address to the House Financial Services Committee. When questioned by Rep. Maxine Waters, D-Calif., chairwoman of the Congressional committee, about how Federal Reserve plans to regulate Libra, Powell said they would take a careful approach while looking into it.Troubles Not Ending Facebook ran into difficulties right after it released the whitepaper of Libra, a project that heavily borrows from blockchain-based asset bitcoin. The social media giant proposed to introduce a stablecoin atop a permissioned ledger, which would receive backing from a pool of of low-volatility assets, including bank deposits and government securities in multiple currencies.The project further received support from a string of financial frontrunners, including Visa, Mastercard, PayPal, Stripe, and as well as Uber and Spotify.French Finance Minister Bruno Le Maire said after the Libra technical paper release that the cryptocurrency attempts to replace sovereign currencies. Four US lawmakers askedFacebook to halt the payment projects development before regulators examine its risks of cybersecurity, global financial markets, and national security.Libra Cannot Go Forward Just today, the Peoples Bank of China former chairman Xiaochuan Zhou compared the Facebook cryptocurrency with the global dollarization trend, recommending the Chinese government to bar it from entering the countrys digital territories.1/ Xiaochuan Zhou, former governor of PBoC: Libra reprensents the trend of digital currencies, China should take precautions. Zhou was the PBoC governor during 2013 to 2018, when the famous Chinese bitcoin exchange crackdown and ICO ban were conducted. pic.twitter.com/XAyHgVwRsY cnLedger (@cnLedger) July 10, 2019Maintaining a strong monetary status may put China in a favorable position. China should take precautions and undertake policy research, added Zhou.Despite Libras potential to make cross-border remittance cheaper and more transparent, Powell believes the project cannot go forward without receiving regulators blessing.All of those things will need to be addressed very thoroughly and carefully, and in a deliberate process, the Fed chair said.