In an effort to protect the yuan (RMB), the People's Bank of China said it will apply strict measures to cryptocurrencies. And while the statement published on the Chinese central bank's website March 29 offered no specifics on policies against either crypto, virtual or digital currencies, the deputy director of…
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Japan Embraces the Cryptocurrency Movement due to China's Suppression of Digital Currencies
A year ago, China had 90 percent of the bitcoin trade. However, Beijing banned initial coin offerings or ICOs and regulators cracked down on bitcoin exchanges. In September, the bitcoin trade was taken over by another Asian dynamo. Japan realized bitcoin was a legal form of payment and now bitcoin…
DBS, One of Asia's Largest Banks, Claims Bitcoin is a Ponzi Scheme
Several legacy or traditional financial institutions turn their noses up at Bitcoin with the feeling that the world's most known decentralized cryptocurrency is fraudulent and should be considered as a Ponzi scheme. At the Singapore FinTech Festival, DBS's group chief information officer BS said to CNBC: Bitcoin is a Ponzi…
False Reports of Bitcoin Mining Ban in China, Miners Continue, Volume has Fallen
It is rumored that bitcoin and cryptocurrency mining is banned in China. Local miners have stated that although the volume is down, mining is not banned yet. Rumors and Unsubstantiated reports The secret to China’s success in profitable mining operations is cheap electricity. However, Sichuan Electric Power Company released…