Flags and celebrations have been on the agenda since the Chinese Communist Party celebrated its 100th anniversary on July 1. Many have identified this incident as part of the motivation behind the recent run-down to cryptocurrencies, as high-profile holidays prompted executives to empty their jurisdictions. so that social problems do not distract from the festivities. A strong and unified financial system is certainly one of the areas that is usually looked at in advance of these major events.

The good news for R & D-sensitive members of the public is that regulation has become lax in the wake of these events, so that the real economy can restore a healthier balance with a strong rule of law. Many in the industry hope to give them more room to innovate, especially hard-hit stock exchanges and miners. Rumors are spreading about the possibility of establishing an organized mining community, so that the government can take taxes, regulate and even participate in mining. These rumors may be more based on optimism than reality, but they will certainly make sense to those wondering why China’s leadership is allowing a burgeoning industry to reach out to Western powers in the midst of an escalating technology war.

Tension that flames the flames
In the last days until July 1, the pressure on them in the crypto room seems to have intensified. The Global Times, the English-language section of the People’s Daily magazine, published an article entitled “Bitcoin can only exist underground.” In an article written by a researcher at Renmin University and Peking University of Foreign Studies, it was predicted that illegal speculative activity would be gradually eliminated from China, and then the price would plummet. Business and finance magazine Caixin published a scathing editorial on June 28, recommending the use of the same force that the country has used to fight pandemics to fight cryptocurrency. This seems overwhelming considering how serious the government is in responding to COVID-19. However, leading local blockchain media groups were the latest losers as the microblogging platform Weibo blocked popular BlockBeats and Chainnews accounts.

Regulators have long
Leading stock exchange Huobi updated the user agreement on June 28 to exclude Chinese users from access to futures trading. This comes on the heels of a number of international restrictions on derivatives, as Ontario regulators in Canada as well as the United Kingdom have taken strict action against Binance. Futures trading is popular in China, and any prolonged Huobi ban is likely to lead to an influx of Chinese users to other countries. Offshore exchanges such as Binance and decentralized protocols will be most useful.

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Small hydropower plants represent a potential alternative for cryptocurrency miners who want to work wisely. Alibaba’s secondary market app in Xianyu has reportedly seen an increase in hydropower plants after several large mining companies, former customers, were forced to close their facilities.

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According to an article in the Cointelegraph, Beijing Metro began accepting electronic payments in RMB on June 30. The pilot program is only available to customers of the Industrial and Commercial Bank of China, one of the largest asset banks. The Beijing Subway serves over 10 million people daily, most of whom use QR codes or NFC tags in their mobile phones to get in and out of stations. Suzhou, a neighbor of Shanghai, announced a similar program on June 29.

Source: CoinTelegraph