The rivalry between the United States of America (USA) and China has a long history. During the previous couple of years, they have been competing in practically every industry including blockchain and cryptocurrency.
China seems to have started a real war against the cryptocurrency community. Shortly after banning crypto mining and trading, the government forces one of the country’s biggest social media platforms to ban fintech bloggers.
China is accelerating its pursuit of a digital yuan that is anticipated to be finally rolled out before the end of 2021. One of the reasons to issue its own central bank digital currency (CBDC) is to keep a close eye on and control the transactions of the citizens.
The Inner Mongolia government has launched a platform that will be used by the general public to report any activity or operation related to cryptocurrency mining within the Mongolic autonomous region of the People's Republic of China.
The restriction imposed on cryptocurrency services providers by China has made the entire digital currency market hit a snag. The price of Bitcoin, the largest crypto asset by market cap, has plummeted to touch the $30,000 level, a price that it last traded on Jan 02, 2021 (almost 6 months ago).
Decentralized technologies including blockchain, artificial intelligence (AI), internet of things (IoT) are getting more and more popular. They bring lots of profits for businesses. That is why 8 of the top 10 largest publicly traded companies in the world are dealing with blockchain technology.
Since the outbreak of the coronavirus in its central city of Wuhan, China became a target of blame by the world. While Beijing hosts the 2022 Winter Olympic Games next February, it is doubted that many will visit the Asian country. This puts the plan to present the digital yuan to the world at stake.
The Chinese crypto community seems to flourish, as judged by the number of billionaires that are the country’s natives. Indeed, half of the top 10 richest crypto owners originate from the Communist Republic.