0
📰 News
856 views

Bitcoin Mining No Longer in Danger of Being Banned by Chinese Government

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Alex Dovbnya
    📰 News

    China makes a U-turn on its plan to ban cryptocurrency mining by removing it from the finalized list of industries that are supposed to be eliminated

Bitcoin Mining No Longer in Danger of Being Banned by Chinese Government
Cover image via www.123rf.com

Bitcoin mining has disappeared from the finalized version of the list of industrial activities that China's central state planner wants to eliminate. 

👉MUST READ

Bitcoin Will Suffer If ‘China Coin’ Gets Backed by Gold – Peter Schiff Responds to Max Keiser

Bitcoin Will Suffer If ‘China Coin’ Gets Backed by Gold – Peter Schiff Responds to Max Keiser

Bitcoin has been banned in China since 2017, but local miners still control more than 70 percent of its hash rate, which creates a huge contradiction when it comes to the country's stance on crypto. 

The National Development and Reform Commission released a draft list that featured 450 wasteful and hazardous activities that were supposed to be restricted or completely eliminated in April. The NDRC recommended local governments to ban cryptocurrency mining since it wastes resources and harms the environment. 

Back in August, regulators in Inner Mongolia, an autonomous Chinese region that represents one of the largest mining bases in the world, decided to put the breaks on crypto mining, which was considered to be a precursor of what to expect from authorities in the mainland China. 

However, after months of seeking public opinions, the NDRC finally published the revised version of the draft, and it now becomes clear that the country doesn't plan to phase out crypto mining anytime soon.      

👉MUST READ

EOS Remains in First Place on China's Updated Crypto Rankings. What About Tron, Ethereum and Other Coins?

EOS Remains in First Place on China's Updated Crypto Rankings. What About Tron, Ethereum and Other Coins?

On Oct. 25, President Xi Jinping officially voiced his support for blockchain, which caused a major Bitcoin price rally. The People's Daily, the mouthpiece of the Communist Party, called the technology "a breaking point" after the endorsement. 

On top of that, The People's Bank of China plans to issue its own cryptocurrency called "DCEP", thus becoming the first central bank to do so.  As reported by U.Today, crypto influencer Max Keiser revealed that the so-called "China coin" could be pegged to gold.  

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted
0
📰 News
64 views

Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Alex Dovbnya
    📰 News

    Holding Bitcoin as a collateral is the next big use case for the top cryptocurrency

Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies
Cover image via 123rf.com
Contents

According to cryptocurrency influencer Chris Burniske, both Bitcoin and Ethereum already represent formidable collateral economies.

👉MUST READ

Ethereum's Upcoming Istanbul Hard Fork Details Shared By Team Lead

Ethereum's Upcoming Istanbul Hard Fork Details Shared By Team Lead

Moving beyond a medium of exchange

In his earlier tweet, Burniske also predicts that holding Bitcoin as a collateral could eclipse its medium of exchange (MoE) use case.  

He even goes as far as claiming that Bitcoin could morph into an off-chain collateral for the world. 

Burniske states that Ethereum has already created a burgeoning collateral economy around it. Apart from extending its utility beyond a pure MoE, this could also drastically decrease the coin's volatility because of all DeFi use cases.   

👉MUST READ

Ethereum (ETH) Price Undergoes Bullish Consolidation, Says Prominent Crypto Trader

Ethereum (ETH) Price Undergoes Bullish Consolidation, Says Prominent Crypto Trader

The next big thing in crypto

As reported by U.Today, Genesis Capital, a subsidiary of Digital Currency Group (DCG) that rules the roost in the cryptocurrency lending sector, had a record-breaking third quarter with a whopping $870 mln in new originations. 

In Q3, Bitcoin remained the best collateral for crypto with fiat money and altcoins breathing down its neck. The share of USD loans increased by 25 percent quarter-over-quarter.

However, a group of Wall Street traders made a dire warning about crypto lending, claiming that the breakneck speed of its growth could result in another crypto bubble. 

Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings