CHINA CRYPTO BAN
UPI sees Diwali boom; AI cracks Captcha
Diwali spending fuelled a surge in UPI transactions, with both payment volumes and values rising. This and more in today’s ETtech Top 5.
Binance hit by $6.3 billion crypto hack: Here’s what you need to know
Binance has reported a substantial security breach resulting in estimated losses of $6.3 billion. The breach was linked to a compromised laptop of a DevOps engineer facilitating unauthorized transactions. Global cryptocurrency firms have responded by freezing assets totaling nearly $2.4 billion. Additionally, Binance stated that user funds remain safe due to its Secure Asset Fund for Users.
Anti-betting law fails. A lesson for crypto?
India’s online betting ban has failed to eliminate illegal gambling, with offshore networks continuing operations despite strict laws. The article contrasts this with cryptocurrency, where authorities have largely avoided comprehensive regulation. Both approaches expose gaps between technology and governance.
Russia proposes ban on use and mining of cryptocurrencies
Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism.
Russia's central bank calls for crypto crackdown
The move is the latest in a global cryptocurrency crackdown as governments from Asia to the United States worry that privately operated and highly volatile digital currencies could undermine their control of financial and monetary systems.
Ban or regulate? Here's how India can resolve its cryptocurrency dilemma
India must, however, have a more nuanced approach to deal with cryptos. First, India cannot ignore a potentially vast source of revenue that cryptos represent. For a country where public spending is still the primary driver of progress and infrastructure, an accepting approach to cryptos may help tap into this tantalising source.
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Why China’s cryptocurrency ban is an opportunity for India?
China banning digital assets has already forced several miners to move out to other countries. And with leading crypto-exchanges like Huobi having to drop the Chinese users, the Asian crypto juggernaut will inadvertently head towards India.
US becomes largest bitcoin mining centre after China crackdown
The United States now accounts for the largest share of mining, some 35.4% of the global hash rate as of the end of August, followed by Kazakhstan and Russia, the data showed.
China proposes adding cryptocurrency mining to 'negative list' of industries
The "negative list" details sectors and industries that are off-limits to both Chinese and foreign investors.
View: Let's get less cryptic with cryptocurrency
A Bill on cryptos hangs like a sword with no hints on what the proposed legislation would say. And, a week ago China, a large crypto mining base, prohibited all trades, forcing many miners to go dark. All this can fluster any market.
Powell's remark boosts crypto mart; what should be your approach now?
The crypto community welcomed Powell's comment, which came as a big sigh of relief for the industry. They expect the development by the world's largest economy will neutralise the impact of China’s negative decision.
Cryptocurrency exchanges rush to cut ties with Chinese users after fresh crackdown
Shares in crypto-related firms tumbled on Monday with crypto asset manager and trading firm Huobi Tech plunging 23% and OKG Technology Holdings Ltd, a fintech company majority owned by Xu Mingxing, the founder of cryptoexchange OKcoin, losing 12%.
Crypto-linked stocks plunge in Hong Kong, bitcoin steadies
Shares of crypto asset manager and trading firm Huobi Tech, an affiliate of Huobi Global, one of the world's largest exchanges, fell more than 30% after the opening bell.
Cryptocurrency exchanges rush to cut ties with Chinese users after fresh crackdown
Huobi Global and Binance, two of the world's largest exchanges and popular with Chinese users, have stopped new registrations of accounts by mainland customers. Huobi also said it would clean up existing ones by the end of the year.
Cryptocurrency exchange Huobi to clean up existing mainland clients by end-2021
China's regulators intensified a crackdown on Friday, banning cryptocurrency transactions and mining, clarifying that overseas exchanges are barred from providing services to mainland investors via the internet.
China crypto crackdown showcases global unease with asset class
Digital currencies sold off after China’s central bank said all cryptocurrency-related transactions were illegal, according to a Q&A statement on the People’s Bank of China’s website. Bitcoin, the largest digital coin, fell as much as 8.9%, while Ether lost near 13%. The Bloomberg Galaxy Crypto Index, a gauge of some of the most-prominent cryptos, lost as much as 11%.
What's new in China's crackdown on crypto?
While China has been putting in place increasingly stricter rules on virtual currencies, it has now made all activities related to them illegal and sent a signal of intent they plan to get even tougher on enforcing the rules.
China deems all crypto-related transactions illegal, bitcoin slips 5%
All cryptocurrency-related transactions are illegal and must be banned, People’s Bank of China says, sending the strongest signal yet on its determination to crack down on the industry.
China’s role in the 2021 cryptocurrency crash
The global cryptocurrency market has swayed to Elon Musk’s tweets this year, but China’s crypto crackdown threatens to halt the bitcoin bull run.
China crypto mining ban triggers exodus, bitcoin rigs sell like scrap
The China crypto mining ban may see up to 90% of all mining in the country go offline, according to an estimate, paralysing an industry that accounts for half of global bitcoin production.
Bitcoin price sinks below $30,000 for first time since January
The world's largest cryptocurrency slumped over 7% to $29,332, its lowest since Jan. 27, after giving up gains made in Asian hours. Its fall pushed down smaller coins such as ether.
Beijing doubles down on rooting out crypto in China
The People's Bank of China's statement sent bitcoin tumbling to a two-week low and ether to a more than five-week low. On Tuesday, prices of major cryptocurrencies stabilised.
Bitcoin steadies in Asia trading after Monday's plunge
Bitcoin was last up 3.17% at 32,600, having dropped more than 10% on Monday. Ether, the second-biggest crypto currency, was up 3.54% at 1,950 after hitting a five-week low the day before.
Crypto miners halt China business after crackdown, bitcoin tumbles
Bitcoin took a beating after China's crypto-mining ban and is now down nearly 50% from it's all-time high. The latest shakeout in digital currencies also stems from tighter scrutiny in the United States.
More Bark, Less Bite: China crypto players shrug off latest crackdown
China's latest salvo against cryptocurrencies has driven a brutal selloff in bitcoin markets but retail traders, miners and even crypto finance firms reckon Beijing's bark is louder than its bite.
China crypto players shrug off Beijing's latest crackdown
Cryptocurrencies could still be bought from China on Thursday and investment schemes promising juicy returns for mining them remained operational.
Bitcoin plunges to lowest in over three months after China crypto ban
Bitcoin, the biggest and best-known cryptocurrency, had already been under pressure from a series of tweets from Tesla boss Elon Musk, but China extending its crypto ban to financial institutions sent it further down.
What Beijing's new crackdown means for cryptocurrency in China
Many of the new rules expand on previous restrictions aimed at cryptocurrencies and close loopholes that had allowed some finance and payment firms to continue in the trade.
China extends its crypto ban to include banks, payments companies
Under the latest China crypto ban, financial institutions — including banks and online payments channels — must not offer clients any service involving cryptocurrency, three industry bodies say in a joint statement.
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