Interest in Bitcoin is declining in China due to the crackdown on social media and miners

This weekly news roundup from mainland China, Taiwan and Hong Kong tries to pull together the top news from the cryptocurrency sector, including influential projects, changes in the regulatory landscape and blockchain business integrations.

In this week, After turbulent weeks of regulation, the Bitcoin world has turned to Miami and Latin America. The search for bitcoin on China’s most popular social media app, WeChat, stabilized between 1 and 3 million a day, a big difference from the peak of more than 10 million at the end of May.

Weibo and Baidu

Baidu, the dominant search engine in China, restricted searches on the Binance, Huobi and OKEx exchanges earlier this week. Large internet companies usually operate under the watchful eye of government and party officials, so this move was to be expected. Filtering keywords is not always the most efficient solution as searching for “Binance App Download” would still take users to the link they want. It is worth noting that the government has limited powers in these cases as most of these major exchanges, particularly Binance, are registered in other countries and have limited physical presence in China.

Interest in Bitcoin is declining in China due to the crackdown on social media and miners
Interest in Bitcoin is declining in China due to the crackdown on social media and miners

Most effective was the shutdown of cryptocurrency influencer accounts on the Weibo microblogging platform. According to Cointelegraph reports, at least a dozen accounts have been suspended with reports that they violated applicable laws and guidelines. This can have a much more sobering effect on the Chinese crypto community as influencers are often a primary source of information., especially for users who do not access traditional western social media platforms.

A western province closes its doors to miners

June 9th a district government in western Xinjiang issued a “Notice of Immediate Suspension of Virtual Currency Mining Companies.” It announced that digital currency mining companies would have to stop production on June 9 before 2 p.m. and report the suspension to a local reform commission. This resulted in a sharp decline in the power of global hashing., and Ant Pool, backed by China, fell more than 30%. There were a number of regulations against mining companies in the past monthChina is preparing to meet the CO2 emissions targets. Miners continue to struggle to adapt to the new regulations, and many are moving to more lenient countries like neighboring Kazakhstan..

Many applications for licenses related to cryptocurrencies

The Monetary Authority of Singapore announced that it has received more than 300 applications for cryptocurrency payments and exchange licenses.. Singapore is a popular location for Chinese companies as it is home to a thriving FinTech sector, but is both geographically and culturally close to mainland China. One of the companies revealed was Internet giant Alibaba. Alibaba has been scrutinized in China for its lending practices, so it’s not surprising that Alibaba and other Chinese companies are looking to diversify their financial offerings into other regulatory regions..

Accelerate the pace of change

June 7th, China’s Ministry of Industry and Information Technology has issued guidelines to accelerate the application of blockchain technology in the industrial sector. It named 2025 as the year in which blockchain should penetrate areas such as supply chain management and traceability for internationally competitive companies.. This will be of interest to a number of public and private chains that can develop within the confines of the Chinese regulatory framework. Even if there is a strong reaction to cryptocurrencies, The Chinese government has not given up its hopes that blockchain will be an engine of economic growth in the country.

For those who want to better understand China’s ambitions in this area, government-backed company BSN hosted a webinar on China’s activities in new technologies. Chinese tech experts Winston Ma and Paul Schulte raised a variety of topics including blockchain, central bank digital currencies, and even some more controversial geopolitical issues. Cointelegraph man in Shanghai was present as a moderatorto keep an impartial view of things.

Retail CBDC

June 8th The Hong Kong Monetary Authority has published a “Fintech 2025” strategy to encourage research into a digital central bank currency. The Hong Kong Monetary Authority is partnering with the National Settlement and Clearing Bank Innovation Center to bring a central bank digital currency to the retail level. This area is interesting to watch to see how similar the e-HKD will be to the e-CNY and what this means for the financial future of the region.

Similar Posts