Blockchain 

Russian Crypto Plot, China Mining U-Turn, Lottery Winner’s BTC Gamble: Hodler’s Digest, Nov. 4–10

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Russia: New law would let police confiscate Bitcoin from 2021 We begin in Russia, where the government is pursuing a seemingly impossible law that would allow it to confiscate Bitcoin (BTC). Reports suggest that the plans, which target “digital assets,” could become law in 2021.…

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Blockchain 

How Will China Pursue Xi Jinping’s Blockchain Adoption Plan?

After President Xi Jinping called to speed up the development of blockchain technology in the country on Oct. 24, blockchain-related news from China just keeps on coming as the country is seemingly eager to beat the United States (or any other country) in the race to implement blockchain initiatives. For this purpose, a special regulatory body has been created to monitor over 700 local decentralized projects, and any articles containing anti-blockchain statements are now banned. Talking about blockchain is good! The country’s authorities have studied the possibilities of distributed ledger…

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Blockchain 

China Signs Agreement With Hong Kong Central Bank for Blockchain Push

Blockchain has received fresh endorsement from China in the form of a development pact with the de facto central bank of Hong Kong.  In a news post on Nov. 6, the Hong Kong Monetary Authority (HKMA) confirmed it had signed a Memorandum of Understanding (MoU) with a subsidiary of the People’s Bank of China (PBoC). Central banks want “more convenient trade finance” The deal aims to create a Proof-of-Concept for a trade finance platform from Q1 2020, linking two existing projects: the HKMA’s eTradeConnect and the PBoC’s Trade Finance Platform. …

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Bitcoin 

‘Bullish for Bitcoin’ — China Scraps Plans to Ban Cryptocurrency Mining

Bitcoin (BTC) mining will not face a state crackdown in China, authorities have confirmed in new official documents. As noted by Blockstream CSO Samson Mow and others on Nov. 6, mining no longer features on a list of industries Beijing considers undesirable.  “Bullish for Bitcoin” The change came via a new edition of China’s Industrial Structure Adjustment Guidance Catalog, which will take effect from the start of 2020. “China’s National Development and Reform Commission has removed #cryptocurrency mining from the list of industries they want to eliminate. Bullish for #Bitcoin,”…

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Ethereum 

China Will Avoid Blockchain’s ‘Decentralizing Aspects’

China’s forthcoming digital renminbi is unlikely to use blockchain, considers Ethereum (ETH) co-founder and ConsenSys CEO Joe Lubin. In an interview for CNBC’s Squawk Box Asia on Nov. 6, Lubin argued that the People’s Bank of China (PBoC) has little to gain — for its purposes — from the decentralized aspects of the technology. “There’s no real reason” for China to make use of decentralization As reported, China’s digital legal tender — or central bank digital currency (CBDC) — will be controlled by the PBoC and officials have said they…

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Blockchain 

China Introduces Blockchain-Based Identification System for Cities

China continues to up its blockchain game with an independently developed blockchain-based identification system for cities as part of its smart city infrastructure. On Nov. 4, Chinese daily tabloid newspaper Global Times reported that the newly developed identification system was jointly launched by three institutes in the city of Shijiazhuang. The blockchain-based identification system will assign a unique, global digital ID to Chinese smart cities, aiming to improve the connectivity and data sharing between these cities. Smart cities across China have been able to apply for their own city identification…

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Blockchain 

Binance Plans New Office in Beijing in First Presence in China Since 2017

Major crypto exchange Binance may be returning to China, with a planned office to open in Beijing, sources say. Binance in exile Binance, which left China in September 2017 in response to the country’s ban on crypto trading, is looking to open a new office in Beijing to accompany one operating in Shanghai, two unnamed sources told Coindesk, Oct. 31.  As of press time, sources at Binance had not confirmed to Cointelegraph plans to establish a new Beijing office, but did say that there were a number of Binance employees…

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Blockchain 

China Is Pushing Blockchain Adoption, Seizing the Momentum From US

Recently, the National People’s Congress in China cleared a new law that will allow local authorities to start regulating all of the country’s cryptography-related activities starting from Jan. 1, 2020. By creating a new regulatory framework, the Chinese government is looking to establish a uniform standard for mainstream application of cryptographic techniques and the management of passwords and other sensitive data. The initial proposal for the law was published all the way back in May. At the time, the rough draft focused quite strongly on government-centralized password management and did…

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Blockchain 

China Warns Against Cryptocurrency ‘Speculation’ Amid Blockchain Hype

China should embrace blockchain technology but not “speculate” about cryptocurrencies such as Bitcoin (BTC), state media claim. State newspaper: “We must remain rational” As Reuters reported on Oct. 29 quoting local news outlet the People’s Daily, Beijing’s previously-announced support for blockchain should not be read as support for crypto. The People’s Daily is a publication under the direct control of the ruling political power, the Communist Party of China. “Blockchain’s future is here but we must remain rational,” it wrote. The publication continued:  “The rise of blockchain technology was accompanied…

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Blockchain 

China Has 700+ Blockchain Companies, According to Industry Study

China Electronic Information Industry Development (CCID) announced on Oct. 27 that there are over 700 blockchain enterprises in China, with over 500 relevant investments reported. China sees aggressive blockchain development According to a collective study conducted on Oct. 24 by the Central Committee of the Political Bureau of the Communist Party of China, of the aforementioned 700 blockchain enterprises, 83 are research institutions and 34 are banks. Furthermore, over 500 investment and financing events took place in the domestic blockchain industry.  The data also reveals that 12 blockchain policies have…

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