Aug 06, 2024 12:00

Xapo Bank debuts interest-bearing Bitcoin, fiat accounts in the UK

Xapo Bank enters the UK market and becomes the first in the country to launch interest-bearing Bitcoin and fiat banking accounts.

Jul 16, 2024 12:00

Mainland China to unban Bitcoin? Community says unlikely

Mainland China has repeatedly banned certain activities related to Bitcoin, but it has somehow still remained a major player in activities like Bitcoin mining.

Jul 02, 2024 12:00

EU MiCA stablecoin regulations come into effect: Law Decoded

Noncompliant stablecoin issuers could potentially exit the EU market entirely, with a shift toward euro-backed stablecoins as demand picks up in European markets.

Jun 12, 2024 12:00

Australia cracks down on online gambling with crypto, credit card ban

The government warned betting companies that failing to comply with the new rules could result in a fine of up to 234,750 Australian dollars ($155,000).

Apr 19, 2025 12:05

Bitcoin In Peril? Expert Warns Of Chinas Alleged Scheme To Crash BTC To $40,000

As Bitcoin (BTC) attempts to stabilize above the crucial $80,000 support level, a new warning from market analyst Leviathan has raised concerns about an alleged strategy by China that could significantly impact the leading cryptocurrency.  Chinas Secret Bitcoin Strategy In a recent post on X (formerly Twitter), Leviathan claimed that China plans to sell off its Bitcoin holdings, potentially driving the price down to $40,000. According to the analyst, this move is just the beginning of a broader scheme. Despite the Chinese government’s public stance against cryptocurrency trading, local authorities have found a workaround, he alleges. The expert asserts that they have been quietly cashing in on confiscated Bitcoin, which has led to an underground fiscal strategy that operates in legal ambiguity. Related Reading: TRUMP Memecoin Unlock Set To Release 40 Million Coins This Thursday Currently, Chinese authorities are reported to hold approximately 194,000 BTC, making them the second-largest government holder of Bitcoin, just behind the United States.  Leviathan highlights that while the Chinese government publicly denounces cryptocurrency, it simultaneously benefits financially from its underground sales.  Local governments are reportedly improvising their strategies, with some engaging private tech firms to liquidate the confiscated Bitcoin on offshore exchanges. Others, allegedly maintain a more clandestine approach.  The expert provides an example of a relatively unknown company in Shenzhen, Jiafenxiang, that has allegedly facilitated over $400 million in crypto sales on behalf of various city governments, converting the proceeds into yuan and transferring the funds back to local finance departments. Hong Kong Emerges As Potential Haven For Chinas Confiscated BTC In 2023, China witnessed a record surge in crypto-related crimes, with over $59 billion tied to illegal activities and more than 3,000 money laundering cases prosecuted.  Amidst this backdrop, local governments are increasingly reliant on the revenue generated from fines and confiscations a significant portion of which comes from liquidated cryptocurrencies.  However, the need for funds is at odds with the governments public anti-crypto stance, forcing officials to offload coins abroad through intermediaries while hoping for minimal interference from Beijing. There have been discussions among judges, lawyers, and police about the need for a consistent national policy regarding seized cryptocurrencies. Some have proposed that the central bank take control over these assets, while others have suggested establishing a sovereign crypto fund.  Related Reading: Trumps World Liberty Financial Teams Up With DWF Labs For $25M WLFI Token Investment Leviathan has pointed to Hong Kong, which, with its more favorable legal framework for cryptocurrencies, has emerged as a potential destination for Chinas Bitcoin stockpile. This situation presents a unique challenge for China, as the contradiction between its public denouncement of cryptocurrencies and its private profit from them becomes increasingly apparent.  As the US moves toward legitimizing cryptocurrencies at the federal level, including discussions on strategic reserves under President Donald Trump and his ongoing support for crypto, China may find itself compelled to respond, the expert asserts. Ultimately, Leviathan said that the fate of Chinas 194,000 Bitcoin holdings will not only shape national policies but could also send ripples across the global financial landscape.  At the time of writing, BTC trades at $84,800, registering a 5% surge in the weekly time frame.  Featured image from DALL-E, chart from TradingView.com

Apr 27, 2022 09:05

How Bitcoin Mines Were Airlifted From China to the US Following China's Ban On Crypto...

The Chinese government has been attempting to eradicate cryptocurrencies in the country for quite some time, with varied degrees of success.
In 2021, restrictions on mining eventually drove firms out of the country, relocating to nations such as Kazakhstan, who have more favorable policies toward cryptocurrency mining. A number of towns around the United States have welcomed them, with both support and condemnation coming from residents 

Video Courtesy of Motherboard / Cryptoland Subscribe to GCP in a reader

Apr 21, 2022 06:01

EU Officials Considered Banning Bitcoin Trading: Report

Feb 01, 2022 02:25

Russian Blanket Crypto Ban May now be Limited to PoW Mining Activities

New reports emerging out of Russia now suggest that the Central Bank of Russia (CBR) is looking to amend its proposed plans to enact a blanket bank on digital currencies (Read More)

Dec 07, 2021 10:45

India Sees a Step Backward as Lawmaker to Advocate Crypto Ban

An Indian Lok Sabha lawmaker, Nishikant Dubey, advocates that the nation should ban cryptocurrencies rather than embrace these nascent assets through regulation. (Read More)

Sep 24, 2021 09:00

China MOCKED On Twitter For Announcing They're Banning Crypto... For The 7th Time Since 2013!

Bitcoin was banned in China today - this followed the previous ban, which was enacted following the ban before that - which came after the first still-active ban.

Yes - the truth is that ridiculous.

To People New To Crypto "China Bans Crypto" Sounds Like An Important Story - But, It Isn't...

Every few months, China bans crypto. They've been doing it for years.

Not only is it a non-story because nothing changes fundamentally, but China has been announcing crypto bans for so long we have historical data to prove that Bitcoin's value passes every price-point they made these announcements at - a predicion we can believe will happen again, as it has been tested and re-tested several times over.

Actually, China does this so often, crypto-twitter waits on standby with memes ready for the occasion.  Let's let them sum up the situation...

Those were a few favorites, and on a day when you've watched a chunk of your portfolio's value disappear for such a ridiculous reason - all you can do is laugh and remember: it's always recovered!
Looking forward to seeing what memes people come up with next time - which unfortunately, we all know is coming. 

 ------- 
Author: Justin Derbek
New York News Desk

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Sep 24, 2021 06:05

The People’s Bank of China Crypto Crackdown Continues

Aug 27, 2021 06:45

The People’s Bank of China Blasts Bitcoin And Crypto. Once Again.

For a minute there, it seemed like the FUD was over. The People’s Bank of China contributes to its country’s crypto-crackdown at the “Financial Knowledge Popularization Month,” People’s Daily Online reports from Beijing. Speaking at an event, Yin Youping, Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China, claimed:  “We remind the people once again that virtual currencies such as Bitcoin are not legal tender and have no actual value support.”  Related Reading | “The Death Of China’s Bitcoin Mining Industry,” 7 Takeaways From The Article Furthermore, Yin Youping classified all cryptocurrency-related investments as pure speculation. He advised the public to “consciously stay away” from virtual assets to avoid unnecessary risk, and to “protect their “pocket.” Nothing crazy coming from a fiat-fuelled bureaucrat. Nevertheless, an interesting new piece in China’s crypto-puzzle. Disclaimer: This article used Google-Translated quotes and information. Small inconsistencies are a possibility.  What Else Did The People’s Bank Of China Said? Besides contributing to China’s crypto-crackdown, Yin Youping responded to the “rebound” in cryptocurrency trading in his country. The People’s Bank of China will: Work overtime to “detect overseas exchanges and domestic traders.” Block “trading websites, apps, and corporate channels.” Intensify “policy publicity,” to let everyone in China know the law of the land.  Establish “a normalized working mechanism” and continue to crack down on cryptocurrency transactions.  Maintain “a high-pressure situation.” The People’s Bank of China’s aim is pretty clear. And it seems to be working, Youping claimed that “the popularity of virtual currency trading has dropped significantly.” The Deputy Director also encouraged the general public to report “illegal fund-raising crimes” to the relevant authorities. BTC price chart for 08/27/2021 on Bitstamp | Source: BTC/USD on TradingView.com Does This Offer Insight Into China’s Crypto Strategy? In a thread summarizing the case, Chinese journalist Colin Wu gave us inside information that wasn’t part of the article. “By blocking exchanges and strengthening policy publicity, China’s popularity has dropped significantly.” 3. By blocking exchanges and strengthening policy publicity, China's popularity has dropped significantly4. Crack down on illegal fund-raising activities with virtual currency and blockchain. — Wu Blockchain (@WuBlockchain) August 27, 2021 One of the surprising revelations from Chainalysis’ Global Crypto Adoption report is that P2P trading “declined dramatically” in China. At the time, we naively asked:  Why are Chinese people abandoning P2P trading so radically? Wouldn’t the “government crackdowns on cryptocurrency trading” cause a surge in old P2P trading instead? This “high-pressure situation” that the People’s Bank of China maintains might be the answer to both questions. As we learned, both  “the popularity of virtual currency trading” and “China’s popularity” dropped significantly. China’s cracking down on the general population as much as on their biggest industries. Bloomberg tried to explain their moves by defining the “New China Model” as: If China is abandoning the Silicon Valley model, what will it replace it with? Insiders suggest it will be less founder-driven and more China-centric. Related Reading | China Banned Bitcoin Mining. What Happens To Small Hydropower Stations Now? We finished that article with more questions than answers. From “Why is China dwarfing its biggest industries and players? Is the “China Model” just concerned with scale?” To “Is their crackdown on Big Tech even related to their crackdown on Bitcoin mining?“ And concluded: There’s only one thing we can know for sure: China’s making big coordinated moves when it comes to tech. And they seem to have a plan. Maybe their plan is simpler than we thought. It’s possible that The People’s Bank of China is just going to make it really really hard for the common citizen to access Bitcoin. And, China’ll use propaganda and repetition to keep people in check and scared of the unknown. One of Bitcoin’s prototipical adversarial scenarios. A battle that Bitcoin expected sooner or later. Featured Image by Bruce Röttgers on Unsplash - Charts by TradingView

Feb 13, 2025 01:25

Bitcoin Banks: We Should Build Them Ourselves

Bitcoiners shouldn't sit around and wait for fiat banks and financial companies to offer services built on Bitcoin, we should do it ourselves.