The market's risk-off sentiment likely reflects its message to China that 10 basis point rate cuts alone are insufficient to stimulate the decelerating economy.
Joe Tsai, one of Alibaba's co-founders, has emerged as a proactive investor in Web3 and once expressed his affinity for cryptocurrencies by tweeting, 'I like Crypto.'
One expert suggests that the PBOC's anticipated intervention to curb yuan fluctuations might not only intensify the strengthening of the dollar index but also compound the troubles faced by the crypto market.
Corporate clients of BNP Paribas will have access to China's e-CNY by connecting to the Bank of China's system.
Last year, China's reported hashrate dropped to zero for two months, but it has since risen sharply.
Authorities in Rong County, China, recently announced the prosecution of eight people suspected of masterminding the Magic Data Chain (MDC) pyramid scam. The pyramid is reported to have processed transactions worth more than $147 million in total.
It is no secret that China is not a fan of anything that is unregulated, this is also one of the reasons why initial coin offerings are currently banned in China. When looking outside of the crypto world we can clearly find examples on how China is currently regulating and protecting themselves.
China has been cracking down on ICO’s and Cryptocurrency exchanges, but tides are changing. It seems that China is once again allowing ICO’s to make use of China’s market, under one condition however.