Binance dominates among Chinese crypto users, X provides guidance

A survey of more than 2,000 Chinese speakers shows clear favorites and frequent appeals for supernatural assistance.

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Malaysian kidnappers abducted Chinese man for $1M USDT: Report

Six Malaysian nationals, including a couple, have been charged with kidnapping a Chinese citizen and demanding a ransom of $1 million in USDT.

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Understanding Virtual Machines: A Deep Dive by Gala News

Gala News explains the concept of Virtual Machines (VMs), their uses in development, cloud computing, and security, making complex tech jargon accessible. (Read More)

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Web3 Game The Machines Arena Reveals Play-To-Airdrop Campaign

The campaign is another opportunity of web3 native to earn cryptocurrencies while playing.

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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.

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Amazon launches discounted Direct-from-China section to compete with Temu and Shein

Amazon plans to counter growing competition from Temu and Shein by launching a new section on its app that offers discounted items shipped directly from China. This initiative, detailed in a presentation to top Chinese sellers, aims to deliver low-cost goods to American customers within nine to eleven days. By incorporating this section on its [...]

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NVIDIA Introduces Omniverse Microservices to Enhance Physical AI Development

NVIDIA has launched Omniverse Cloud Sensor RTX, a set of microservices aimed at enhancing the development of autonomous machines through accurate sensor simulation. (Read More)

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The rise of the Chinese AI unicorns doing battle with OpenAI

Artificial intelligence startups aim to fill the gap in China as OpenAIs ChatGPT became unavailable in the country.

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Chinese police bust $1.9B USDT underground banking racket

The authorities destroyed two underground operations in Fujian and Hunan, and the police also froze 149 million yuan worth $20 million linked to the USDT banking operations.

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Bitcoins Role as a Diversifier Outshines Safe-Haven Asset, Finds Report

Bitcoin and Stock Correlation: A Safe-Haven or Portfolio Diversifier? In recent times, investors have debated whether Bitcoin can serve as a safe-haven asset or a diversifier within their investment portfolios. With the growing prevalence of cryptocurrency in the financial market, understanding the correlation between Bitcoin and traditional stocks has become more critical. Historically, traditional stocks [...]

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UBS: Asias Affluent Embracing Crypto, Gold, and Chinese Currency Over US Dollar

The Asian wealthy are increasingly turning to Bitcoin and gold for diversification amid rising economic uncertainties in China and the dollar markets. A report by Swiss bank UBS revealed that affluent investors in Asia are expanding their investment horizons beyond traditional assets like stocks and bonds. According to the report, wealthy individuals in Asia are [...]

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Surge in Cryptocurrency Cartel: Chinese Police Nab Six in $300M Bust

In a significant cryptocurrency crackdown on illicit financial activities, the Public Security Bureau of Panshi City, Jilin Province, revealed the dismantling of an underground banking operation exploiting cryptocurrency. This operation, with a staggering sum of approximately 2.14 billion yuan involved, underscores the growing challenges posed by the illicit use of virtual currencies. The modus operandi […]

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President Biden Blocks Chinese-backed Bitcoin Mining Firm From Owning Land Near a Wyoming Nuclear Missile Base

The mining firm posed a threat to national security, Biden said in an announcement.

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Bybit CEO: Strengthened BTC as Chinese Capital Flows to Crypto Amid Weaker Yuan

China’s Response to Tariffs Boosts Bitcoin Outlook In a move to counter tariffs imposed on Chinese goods by the United States, China has strategically devalued its currency, the yuan. This decision has not only shocked global markets but has also led to a surge in Bitcoin’s value. By devaluing the yuan, China makes its exports [...]

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Filecoins liquid staking team under investigation by Chinese Police report

The team behind Filecoin's staking platform STFIL claims that they are under investigation by Chinese police.

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Bitcoins Resilience Shines as It Outperforms Stocks and Gold Amid Equities Decline, According to Binance

Bitcoin has demonstrated remarkable resilience during the recent global market selloff, outperforming traditional assets like stocks and gold. Despite the turmoil in the financial markets, Bitcoin has shown signs of strength, attracting investors looking for alternative safe havens. The cryptocurrency market has often been viewed as a risky investment, but recent events have highlighted Bitcoin’s [...]

The post Bitcoin’s Resilience Shines as It Outperforms Stocks and Gold Amid Equities Decline, According to Binance appeared first on Crypto Breaking News.

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The Machines Arena Enters Open Beta, Expands to Android Devices

To join, players must visit the Epic Games Store or the games website from April 23 onwards to download TMA for free on Android or Windows device.

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Chinese Police Investigate STFIL Team Members in Filecoin (FIL) Liquid Staking Protocol

Chinese police are investigating STFIL technical team members, who relocated 2.5 million FIL tokens to an unknown address during an unscheduled protocol update, seeking community assistance to protect stakeholders' interests. (Read More)

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Bitcoin ETFs May Soon Go Live in CHINA via Hong Kong - Bitcoin's Next Potential BIG BOOM that Most Don't Know is Coming...

On numerous occasions, China has banned various activities with bitcoin (BTC) and cryptocurrencies, including trading, transactions, and mining. For this reason, in mainland China, the launch of exchange-traded funds (ETFs) based on this type of financial asset is not permitted.

However, Hong Kong, while part of China, is considered a 'special administrative region' able to govern itself separately from mainland China in certain cases, one of which is the ability to regulate Hong Kong-based investment firms. When it comes to crypto, Hong Kong allows companies and residents to invest, putting them at odds with mainland China, where crypto remains banned.

Bitcoin ETF's via Hong Kong....

Financial news outlets in China are now reporting that financial giants such as Harvest Fund and Southern Fund have submitted applications to launch bitcoin ETFs through their Hong Kong subsidiaries. Harvest Fund manages more than $230 billion in total assets, while Southern Fund manages over $280 billion.

Additionally, smaller companies like 'Jiashi Fund' are attempting to use their Hong Kong subsidiary, 'Jiashi International,' to offer clients access to a Bitcoin ETF.

Regardless of size, all companies that have applied are now awaiting the decision of the Hong Kong Securities and Futures Commission, the regulatory authority that will be deciding on these applications.

Approval May Come Soon - Catching Many Off-Guard...

According to reports from China, these firms are expecting to receive approval to launch their Bitcoin ETF products and believe they could be actively promoting them as early as this quarter.

Bitcoin ETF approval in Hong Kong would be another major milestone for Bitcoin, making it easily accessible in one of the world's largest financial markets.

China has been off the radar for most crypto investors as there's been little reason to pay much attention as it's remained firm on their existence stance, and while trading continued in Hong Kong, the volume coming from this small beacon of freedom isn't determining any winners and losers.   But ETF's bring the potential for large investments from Chinese corporations, potentially attracting other Asian nations already active in the Chinese markets. 

An Influence on Mainland China...

If Bitcoin ETFs in Hong Kong turn out to be a success, and especially if they manage to attract international capital, companies in mainland China will likely respond by putting pressure on the government to reconsider their stance toward bitcoin.

Chinese President Xi Jinping will find it difficult to defend the position if the US, European nations, and now Hong Kong companies stake their claim in the multi-billion dollar Bitcoin ETF market, while those in mainland China are forced to remain spectators.

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Author: Adam Lee 
Asia News Desk / Breaking Crypto News

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China Makes Advances in Ditching the US Dollar for Settlements — Inks Deal With Brazil and Completes First Yuan LNG Purchase

China has been advancing its goal of positioning the yuan as an alternative to the U.S. dollar for settling international payments. The Chinese government recently struck a bilateral deal with Brazil to settle trades using their national currencies and completed a purchase of Liquefied Natural Gas (LNG) with a French company using yuan as payment. [...]

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