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Bloomberg 25 September, 2021 - 11:04pm 36 views

Did China ban Cryptocurrency?

Trading crypto-currency has officially been banned in China since 2019, but has continued online through foreign exchanges. However, there has been a significant crackdown this year. bbc.comChina declares all crypto-currency transactions illegal

What does China banning crypto mean?

The ban applies to all digital tokens, which China said are not legal and cannot be used as a currency in the market. Online crypto services to Chinese residents provided by overseas virtual currency exchanges are also considered illegal financial activity. The ban applies to crypto derivatives trading, too. Barron'sCrypto Crumbles. What China's Ban Means for Digital Currencies.

Is Bitcoin legal in China?

China says all cryptocurrency-related transactions are illegal and must be banned. ... The central bank said cryptocurrencies, including Bitcoin and Tether, cannot be circulated in the market as they are not fiat currency. TechCrunchChina says all cryptocurrency-related transactions are illegal and must be banned

Sen. Pat Toomey remarks on China’s crackdown on crypto trading

The Block Crypto 26 September, 2021 - 12:00am

However, officials then pursued miners using sustainable hydroelectric power, suggesting environmental concerns were not the main motivator to undercut domestic mining prowess, writes The Block’s Asia editor Wolfie Zhao.

7 Facts About Bitcoin That Will Surprise You

Motley Fool 25 September, 2021 - 10:32am

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by Emma Newbery | Published on Sept. 25, 2021

Bitcoin (BTC) is an astonishing phenomenon in and of itself. It showed us that it's possible to have a digital currency that doesn't rely on banks or governments. Plus, the blockchain technology that enables Bitcoin could transform various industries, from finance to healthcare.

Curious to know more about the world's first cryptocurrency? Here are some surprising Bitcoin facts.

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According to crypto data firm Chainalysis, around 20% of Bitcoin has been lost or is stuck in wallets that can't be accessed. Today that equates to 3.76 million BTC (worth about $190 billion).

If you're wondering how that's possible, there are a few ways. First, about 1.1 million BTC is held by the top coin's anonymous creator, Satoshi Nakamoto, according to Decrypt. The consensus is that Nakamoto won't ever touch those coins.

Sadly, some people passed away without sharing access to their Bitcoin, which accounts for another chunk of out-of-circulation coins.

Another culprit? Lost keys. Crypto keys are like a bank account PIN, and you need them to access or trade your coins. Unfortunately, there's no handy "forgot password" function. So if you lose your keys, you're unlikely to see those coins again.

Hardware crypto wallets are a secure way to store your assets offline, as they're difficult to hack. But if you lose the wallet, the password, or the recovery phrase, it's bye-bye crypto. And there are several stories of people losing their wallets. In fact, one man in the U.K. believes his hard drive containing 7,500 BTC (about $380 million) is at his local garbage dump site and has been trying to get permission to search there for years.

Brock Pierce, entrepreneur and former child actor of The Mighty Ducks fame, is said to be the first person to take out a fully crypto-based mortgage. The crypto enthusiast put up over 3 million BTC to buy a renovated chapel in Amsterdam, The Netherlands.

More recently, in the U.S., United Wholesale Mortgage announced it would accept Bitcoin and other cryptocurrencies as mortgage payments. It plans to roll out its crypto payment option by the end of the year.

According to Blockchain.com, the total number of Bitcoin transactions since its launch in 2009 is 668 million. That number has increased more steeply in recent years. At the time of this writing, an average of 265,714 transactions took place each day.

On Sept. 7, El Salvador became the first country to accept Bitcoin as legal tender. President Nayib Bukele announced the controversial move at Bitcoin Miami earlier this year. Bitcoin joins, but will not replace, the U.S. dollar as a form of payment in the country.

The government promised that each citizen who opened a national digital wallet would receive $30, but many El Salvadorians have protested the whole plan. And the World Bank refused to help the country with implementation due to environmental and transparency concerns.

Only 21 million Bitcoin can ever be produced. It's built into the coin's code or DNA. Right now, about 18.8 million have been mined, though as we saw above, some of them are already lost.

The way Bitcoin mining works, the number of Bitcoins that can be mined gets halved every four years. This means that although almost 90% of the total possible Bitcoin is already in circulation, it will take another 120 years or so to produce the remaining 2.2 million coins.

On May 22, 2010, Laszlo Hanyecz paid 10,000 BTC for two Papa John's pizzas -- worth about $41 at the time. This was the first commercial Bitcoin transaction and is now commemorated through Bitcoin Pizza day each year.

At today's prices, that 10,000 BTC would be worth over $500 million -- which is perhaps the real reason the story has become part of Bitcoin folklore.

It's difficult to know for sure how many Bitcoin millionaires -- or billionaires -- there are because wallets are anonymous and the price of Bitcoin fluctuates, sometimes wildly. But according to BitInfoCharts, there are currently 98,180 addresses with BTC worth $1 million or more in them.

Forbes included 12 cryptocurrency billionaires on its 2021 Billionaires List, including the Winklevoss twins and FTX's Sam Bankman-Fried.

If these fun facts have tempted you to dip your toes into the Bitcoin waters, check out our list of top cryptocurrency exchanges. But make sure you do your own research and only invest money you can afford to lose. The price of Bitcoin can be extremely volatile; it may have made some people into millionaires, but a lot of people have also lost money through cryptocurrency investments.

Emma owns the English-language newspaper The Bogota Post. She began her editorial career at a financial website in the U.K. over 20 years ago and has been contributing to The Ascent since 2019.

Emma Newbery owns Bitcoin.

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China banned all crypto transactions on Friday, but experts say the move was mostly priced in for bitcoin

Yahoo Tech 25 September, 2021 - 07:15am

An expert said the move had mostly been priced in.

Bitcoin hovered near $40,000 on Friday, a slide of around 6% in the past 24 hours, as of publishing.

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China on Friday intensified its crackdown on digital assets by banning all cryptocurrency transactions, in what's been seen as the country's strongest restriction on the sector so far.

On Friday, the People's Bank of China said in a statement that virtual currencies "are not legal and should not and cannot be used as currency in the market."

They do not have the same legal standing as fiat currency, the central bank added, since they are issued by non-monetary authorities and use encryption technology.

The move came after the Asian superpower banned cryptocurrency mining and barred financial institutions from offering cryptocurrency services earlier this year.

The news sent bitcoin slipping to near $40,000 on Friday, a drop of around 6% in 24 hours, according to CoinDesk data.

Though crypto markets initially slumped, bitcoin's price reaction was muted compared to previous clampdowns, mainly since the news was viewed as a confirmation of previous bans, Wes Fulford, CEO at investment advisor Viridi Funds, said.

"We are seeing the crypto markets down in price, however, the reaction is significantly smaller than previous bans as the market has already priced in the risk of China banning cryptocurrency transactions," Fulford said in a note Friday.

By comparison, when China banned cryptocurrency mining over a weekend in June, bitcoin tumbled 11%. When it prohibited banks from conducting cryptocurrency transactions in May, the largest digital asset slid 7%.

Fulford said that bitcoin, in particular, showed resilience compared to other cryptocurrencies such as ether, which slid around 9% Friday as well as other major altcoins including ripple, solana, and dogecoin, which all fell.

Memes even circulated on social media, mocking China's move as just the latest in a string of similar moves dating back to 2013.

Bitcoin bull and Microstrategy CEO Michael Saylor took to Twitter to question the move as well.

"Nothing has created more wealth in the past decade than technologies banned in China."

For Tim Frost, CEO of Yield App, a fintech app, the ban was expected. Anyone who was hoping for a reversal, he said, will just end up "disappointed."

"China has made its intentions very very clear: Like all authoritarian regimes, it wants extremely tight control over all financial activity in the country, and it wants zero competition for its own central-bank digital currency," he said via email Friday.

Compared to other nations, China is several years ahead in its efforts to develop a central bank digital currency. Around 60 central banks are developing or considering issuing digital currencies, according to the Bank for International Settlements, but none have advanced their plans as far as China has.

"Thankfully there is no shortage of countries and jurisdictions that are now embracing cryptocurrency," Frost added. "So while the loss of the world's most populous nation is a blow, most of the damage had been done some time ago."

Read the original article on Business Insider

TURIN (Reuters) -Tesla Inc CEO Elon Musk said on Friday that thanks to new semiconductor plants that are planned or under construction, the global chip shortage that has pummelled the car industry this year should be short term in nature. Asked how long he thought the global chip shortage would affect vehicle production, Musk said: "short term I think". "There's a lot of chip fabrication plants that are being built," Musk said during a joint session with Stellantis and Ferrari Chairman John Elkann, at Italian Tech Week.

Bitcoin's price fell by several thousand dollars after China banned cryptocurrencies. Yet one investor believes this decision may actually be good for Bitcoin in the long run.

AMC Entertainment Holdings, Inc (NYSE: AMC) was trading slightly lower when the markets opened Friday morning, but at 10:15 a.m. bullish volume came into the stock and propped it up. The short interest on the stock has been increasing and as of Aug. 31 the number of shares held short came in at 95.94 million, meaning 18.76%. The figure is up from 85.85 million in July. The amount of naked shorting on AMC Entertainment is not included in the number of registered shares held short and could be sig

Sales of new U.S. single-family homes increased for a second straight month in August, but demand for housing has probably peaked after a COVID-19 pandemic-fueled buying frenzy. The report from the Commerce Department on Friday also showed the supply of new homes on the market last month was the largest in nearly 13 years, with prices unchanged on a monthly basis. "These data suggest that the surge in new home sales during the pandemic has ebbed and inventories of unsold homes have risen to a more normal level in relation to sales," said Conrad DeQuadros, senior economic advisor at Brean Capital in New York.

The tipping point on the path to a low-carbon energy future is just four years away, a new report Friday said.

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Huawei’s chief financial officer Meng Wanzhou arrived in China on Saturday after ending her three-year U.S. extradition case. On the same day that two Canadians, Michael Kovrig and Michael Spavor, detained by Beijing, returned home. What Happened: On Friday, daughter of Huawei Technologies founder Ren Zhengfei, Meng was given permission to go home after agreeing with prosecutors in the U.S. to end a bank fraud case. According to Chinese officials, the case had to be dropped to mend ties between

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