China has continued to shape its positioning on and conceptualisation of blockchain technology on a regular basis over the last 5 years: the China Blockchain Industry White Paper 1 was published in , another White Paper entitled Blockchain Technology Application in Judicial Evidence Storage was published in 2 and the 14th five-year plan — , released in March , also refers to blockchain and cryptocurrency see timeline diagram on page 7 3.
While blockchain technology is essentially decentralised, regulations in China have aimed to guarantee state control over its development and application. As part of this dual policy, which is analysed in the first part of the Brief, the Chinese government has launched its own digital currency — the digital yuan. At the same time, it dislikes bitcoin, which relies on a truly decentralised type of blockchain.
It promotes application of the technology in a variety of fields, ranging from energy conservation to urban management and law enforcement, and has strong ambitions to become the world leader in the field. Blockchain has become a fast-growing sector in China over the last two years. But is China likely to succeed in the global promotion of an alternative form of blockchain?
This Brief answers this question by analysing the development of different applications at national level, before and during the Covid pandemic, but also the emergence of international cooperation on blockchain and cryptocurrency. The rules came months after a student at Peking University used the blockchain platform Ethereum to avoid censorship and voice criticism about a case of sexual harassment and suicide from The case demonstrated the challenges that the technology could pose to government policies if tighter control was not implemented 7.
Although blockchain technology initially gained attention for its potential for decentralisation and evasion of state surveillance, the emergence of a tightly controlled, state-led configuration of blockchain in China now contrasts with the original libertarian image of the technology. For instance, EOS, a blockchain that is highly favoured by the government, is based on a model in which users vote for representatives and only these representatives can verify transactions and make decisions regarding system updates.
The BSN explicitly formulates the differences between two blockchain frameworks: permissionless — decentralised and transparent — and permissioned , in which all attributes are formulated by the owner. In concrete terms, the Chinese government is promoting a specific type of blockchain and cryptocurrency that is not open or fully decentralised. Intervention including government intervention can be exercised in case of emergency.
If needed, data can be rolled back and transactions can be reversed. In extreme situations, the system can be shut down. The Chinese government is reshaping blockchain to such an extent that some may wonder if this technology can still be called blockchain. Beijing insists on using this term, which is already generating confusion and misunderstanding. First, in the banking sector, China has begun to test its potential at local level in the last few years, with the ultimate aims being to facilitate cross-border transactions and to make digital payments more secure In March , the government also developed a blockchain cross-border financing pilot platform, initially covering 19 provinces, which aims to improve transaction security and lower costs Second, the central government sees blockchain as a key pillar of the smart city infrastructures that are currently being built across China and as able to support a broad number of activities including road network management, public health, energy generation, communication, food safety and environmental pollution reduction.
The government has also designed a blockchain-based identification system for smart cities to solve problems of data and application interoperability between them. Xi Jinping has urged that blockchain technology be integrated with other technologies used in urban environments, including artificial intelligence, big data and the Internet of Things The government considers that 5G deployment could also benefit from the integration and security provided by blockchain technology.
There are various ways in which these technologies support one another. For instance, a blockchain may be used to store large amounts of data that has aggregated rapidly thanks to the increased speed afforded by 5G technology. Already, blockchain-based cloud servers were used to store encrypted personal information during the Covid crisis Third, the Chinese government has leveraged the traceability and immutability offered by blockchain technology in the field of policing.
Blockchain has already been used to verify and preserve electronic evidence 17 , as well as store evidence collected during police investigations Fourth, the Chinese government has explored the use of blockchain for the dissemination of information and, in some instances, propaganda. For instance, blockchain-based platforms were used for the diffusion of official daily updates during the Covid pandemic to ensure that the information provided was tamper-proof The pandemic crisis provided a fertile testing ground for the expansion of blockchain applications: in only 2 weeks, over 20 applications based on blockchain were launched, including technology for online consultations and secure management of health records, a mini-programme on WeChat that can generate QR codes to enable residents to enter gated communities or the Alipay information platform to manage, allocate and donate relief supplies Fifth, the government is also exploring the use of blockchain to facilitate the management of government data and human resources.
In law enforcement and intelligence units, blockchain technology is already in use to prevent distortion or leaks Finally, the government is already using blockchain to gather evidence against dissidents online. For instance, blockchain-based platforms have been used to gather evidence on those defaming Chinese revolutionary martyrs via online platforms Blockchain could also be used to ensure that data in the social credit system is always accessible and cannot be changed by unauthorised actors.
All these developments underline two trends. First, the Chinese government is currently testing all possible applications of blockchain technology on its territory. This comprehensive testing provides Beijing with a comparative advantage over countries that anticipate potential applications but that are not yet testing them on the ground.
Second, some of the blockchain applications tested by the government are shaped to support the one-party system and its surveillance and control functions. Beijing is developing a specific type of blockchain that is not only adapted to the authoritarian political system, but also has the capacity to strengthen it in some areas, such as policing and clamping down on dissent.
China has historically been very active in both bitcoin mining and bitcoin trading, but the government has grown increasingly suspicious of bitcoin trading since , and since it has introduced a series of regulatory measures to crack down on activities related to cryptocurrencies to insulate the financial system from the risks associated with them This is in part because of the affordable price of electricity in China — cryptocurrency mining requires a lot of electricity, with powerful computers running non-stop.
But this state of affairs may evolve rapidly. The Chinese authorities are likely to step up surveillance of bitcoin and the cryptocurrency market as a whole in the coming years. The digital yuan, officially known as the digital currency electronic payment DCEP , is envisaged as a central bank digital currency CBDC and has the same legal status as the regular yuan, with its value tied to it A CBDC echoes some of the features of bitcoin, as it enables consumers to use computerised code as money.
However, this computer code is created and controlled by the central bank — not anonymous bitcoin miners. Other countries, including European ones — Sweden, for instance 29 — are in the process of exploring or developing their own CBDC, but they are behind China, which has already become the first country to test its digital currency. A nationwide roll-out of the virtual currency is expected in time for the Winter Olympics in Beijing in February , but this timeframe has yet to be confirmed.
Although many details about its implementation are not yet clear, DCEP is expected to replace only part of the cash in circulation. Current channels of money supply will not be altered in the short term. According to the regulation of the Cyberspace Administration of China, the banks and electronic payment companies that will distribute the new digital currency already require users to authenticate their real names as well as national identification card numbers, and the central bank will be able to view data on transactions Several developments described above may have international repercussions, as Beijing has placed blockchain on its diplomatic agenda since and promoted cooperation in the field through existing forums.
In a context of intensifying trade tensions and technological rivalry between Washington and Beijing, blacklisting is likely to spill over to blockchain, further fragmenting the blockchain industry, which has emerged in a rather disparate way. Many applications of blockchain urban governance, logistics, supply chain management, customs and cross-border trade could be hindered because of interoperability concerns Beijing has strengthened research capabilities in the field of blockchain over the last 5 years in part with the aim of shaping blockchain standards.
China leads the international research group on the Internet of Things and blockchain standardisation, created in Bitcoin did a little better on Thursday after tumbling the previous day but still fell slightly, following a downward trend for much of the week. Ether fared slightly better, but other major altcoins were mixed. Crypto prices veered slightly from the performance of major equity markets, which were in the green, albeit barely. The tech-focused Nasdaq was up less than a tenth of a percentage point.
The U. Other winds during the day blew more favorably for digital assets. Addressing crypto In a speech for the first time, U. Treasury Secretary Janet Yellen said that a digital dollar could become a "trusted money comparable to physical cash. Meanwhile, European and U. They included a European Union ban on Russian coal and a U. House vote to remove Russia's favored trade status and a halt to imports of energy products.
Analysts have pegged uncertainty, anchored by anticipation of the latest Fed minutes, as a reason for the week-long sink. The Fed now has a mandate to tame inflation, but the question is how tolerant will it be of the economy dipping into a recession. In February, a number of analysts who previously spoke with CoinDesk said the Fed would back off tighter monetary policy if the economy cools too much, too quickly and stocks tank. At the time, the central bank seemed inclined to raise interest rates in small 0.
How its approach affects crypto is uncertain for the long term. For now, investors seem more risk-averse, which is bad news for bitcoin. When will bitcoin rise again? The relative strength index RSI on intraday charts are rising from oversold levels, which could keep short-term buyers active into the Asia trading day. On the daily chart, however, the RSI is neutral with negative momentum, suggesting range-bound price action could persist for a few more days. Still, indicators on the monthly chart suggest upside is limited for BTC over the intermediate term.
A decisive break below that level could invalidate the recovery phase. Portland Ethereum Hackathon. Miami is charging ahead with its bitcoin capital ambitions as it unveils a laser-eyed charging bull during the Bitcoin conference this week. Mayor Francis Suarez joined "First Mover" to explain his crypto projects for the city, and what's going on with MiamiCoin. Cosmos-Based Juno Blockchain Pushed Offline in Apparent Attack: A malicious smart contract has put the network out of commission for over 24 hours and comes less than a month after a controversial governance vote.
Here's Why That's a Red Flag: To longtime finance observers, blaming shorts often looks like the last desperate deflection of a project in denial about its failures. The largest tech giants, including Amazon, Google and Meta Platforms, have become too accustomed to the outdated business models of ad monetization, an industry that is growing Ad tech is still an appealing opportunity, but blockchain has a much higher growth potential. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
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CoinDesk journalists are not allowed to purchase stock outright in DCG. The shadow fork will stress test developers' assumptions on existing testnets and the mainnet. Richard Muirhead, managing partner of Fabric, said the firm expects to raise fresh funds next spring. Layer 2. Crypto investors filing their taxes must know how to track cost basis, maintain good records of all original purchases and transactions, and report everything in U.
This event being held consecutively for a few years, the Dubai Alternative Investment Management Summit AIM Summit , went under an exponential rise in business investment and attendee viewpoint. Are we missing your blockchain or cryptocurrency event? Feel free to get in touch with us by sending us an email at [email protected]. Crypto events refer to the various digital and sometimes at live venues events organized for crypto enthusiasts, investors, and cryptocurrency traders. These events are usually brought together by cryptocurrency exchanges, platforms, DeFi companies, and other organizations worldwide from any location.
This essentially implies digital events, although live events are also getting popular. The purpose of these events can range from generating buzz around any news or update to releasing assets through these gatherings. They also provide networking opportunities for the attendees of these events. For a monumental business design center! The Conference. Blockchain Life Africa Saccos Week Global Defi Conference. CGC X.
Blockchain Fest Cyprus. Quant Strats. Global EmergeTech Summit The Blockchain Expo North America. Blockdown Croatia Crypto Expo Thailand Security Token Summit Crypto Forum Africa EPay Summit Europe. Women in Digital Transformation Banking Summit.
Metaverse Club Conference. RegTech Africa Conference Game On! Blockchain Fest Singapore. InsureTech Connect Asia China's cryptocurrency crackdown intensifies. How much longer can China's economy handle 'zero-Covid'? Covid and the real estate crisis weigh on China's economy. Pandemic empties one of the world's busiest airports. Early Olympics attendees eat noodles served from ceiling. China lockdown is hitting world's biggest chipmakers.
Hong Kong independent news outlet closes after police raid and arrests. Chinese 'live-streaming queen' hit with huge tax evasion penalty. China's Evergrande downgraded by Fitch. Jamie Dimon on China joke: 'I regret and should not have made that comment'. She said that activity "consumes lots of energy" and "produces lots of carbon emissions.
Meng said that the NDRC — the country's top economic planner — will launch a "full-scale" clampdown on cryptocurrency mining by focusing on commercial mining and the role of state-owned businesses in the industry. She also said that crypto production and trade produces "prominent risks," and blasted the industry as "blind and disorderly. As part of its new push, the NDRC said it would raise electricity prices for any institution found to be abusing its access to subsidized power to participate in crypto mining.
Authorities have traditionally offered schools, community centers, or other public welfare institutions lower prices for electricity.
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ICBC is the primary forum for the technical exchange of the latest research and innovation, regulation, policies, standards, and applications in the. IEEE International Conference on Blockchain and Cryptocurrency Shanghai Jiao Tong University, China Ming Wu Conflux Network, China. A pulsating beat was one of the constants at this week's Bitcoin conference in Miami. That along with unlimited parties and.