Cryptocurrency businesses have been on the move out of the People’s Republic of China since the government’s extensive crackdown on crypto-based businesses began.
In other to remain operational, crypto businesses has been seeking to move their businesses out of the country to more friendly regions where operations would go on unhindered by the Chinese government’s reaching hands.
For Chinese firms moving out, the case of bitcoin miners comes to mind quickly.
According to the Chinese National Enterprise Information Disclosure System, Cryptocurrency exchange Huobi has applied for the closure of most of its important Chinese companies as at 22nd of July, 2021.
China’s National Enterprise Information Disclosure System shows that China’s largest exchange, Huobi, applied for the cancellation of its most important Chinese company on July 22. OKEx also cancelled its Chinese company in June. They hope to move overseas, especially Singapore. pic.twitter.com/hJgYpwrdHp
— Wu Blockchain (@WuBlockchain) July 27, 2021
Cryptocurrency exchange OKEx was also noted to have closed its Chinese businesses in June.
A Chinese Journalist named Wu believes that these exchanges are moving especially to Singapore.
Few weeks ago, someone close to the Chinese exchange operators revealed that most of the exchanges moving out of China are relocating to Dubai, United Arab Emirates
There is no denying the move must have been hard for the crypto businesses moving out of the country to setup shops across the globe. And this huge exodus has been getting much pressure since the government has begun moves to release its Central Bank Digital Currency (CBDC).
Expressing position on cryptocurrency, the Deputy Governor of the Chinese Central Bank Fan Yifei said cryptocurrencies are speculative tools and that they threaten financial security & social stability. The Deputy Governor also said China must ‘vigorously promote central bank digital currency’.
Not long after the Central Bank Head called cryptocurrencies speculative tools, the Central Bank released the white paper to its digital currency e-CNY which it said would feature smart contract capabilities to allow for programmability.
All these are coming few weeks after the first cryptocurrency exchange in China BTTC shut down its crypto activities. In a statement, the exchange said they have ‘completely exited from bitcoin-related businesses’ and it has sold its stake in ZG.com, a Singaporean bitcoin exchange to an unidentified organization in Dubai.
What do you think will happen next? What will be the next thing from China? Tell us in the comment section below.
Giveaway Scam Resolve; Bitcoin.org is back online: Will the perp be found?
VanEck to Give Clients Access to Crypto by Offering a Solana ETF
Solana based DEX, Orca Closes $18M Series A Round
We don’t expect all businesses to adopt e-Naira –CBN
We chose Bitt Inc for the e-Naira because of Capacity & Experience – CBN
KB24 Launches NFTs Collection in Memory of Kobe Bryant, Proceeds to be Given to Charity
President of Turkey Says the Country is at War with Cryptocurrencies
Monetary Policy has been replaced with tyranny; e-Naira will be a flop – Chiagozie Iwu
El Salvador Adds Fresh 150 Bitcoins as BTC Price Slides
Watch the Latest Edition of Inside Blockchain – 29th Nov. 2020
Crypto Roast is LIVE – 27th Nov. 2020
AMA Series with Beam CTO & Tech Lead, Alex Romanov
Keep it Locked on to Cryptotvplus
Inside Blockchain | 16.11.2020
Inside Blockchain: WHY YOU SHOULD BECOME A BLOCKCHAIN DEVELOPER
How Blockchain Technology Can Transform Governance In Africa
E-naira Project Award to BITT Raises Regulatory Questions
The Central Bank of Nigeria’s e-naira Project has generated a number of questions lately. The most recent is the contention...
Ecosystem Growth Fund: The newest ways to market and promote blockchain platforms
Fantom, Harmony, Algorand & OKEx has in less than a month announced a billion dollars fund to boost development on...
TOKEN2049 Returns for In-Person Event this October in London
Highly anticipated conference at the forefront of the digital assets space marks the return of one of the first major...
OKEx Launches Super Affiliate Program
Are you a KOL or content creator in the crypto space? Do you want to boost your earning by introducing...
Influencers Are the Drive behind NFTs Popularization – Karla Obarkpolor
The founder of NFT marketplace Qlipit and Crypto Asset Management Company, Crypto Smart has stated that influencers have played big...