As reported by CnLedger, a trusted cryptocurrency news source in China, the country�s merchants will legally accept crypto as a payment methodology. According to local reports, the Shenzhen Court of International Arbitration officially recognized Bitcoin as a property, allowing people and businesses to own and transfer Bitcoin without being in conflict with existing financial regulations. �Chinese court confirms Bitcoin is protected by law. Shenzhen Court of International Arbitration ruled a case involving cryptos. Inside the verdict: CN law doesn't forbid owning & transferring bitcoin, that should be protected by law as a result of ofits property nature and economic value.� Circulation and the Payment of Bitcoin in China isn't illegal Katherine Wu, a cryptocurrency researcher at Messari, translated and analyzed court documents released by the Shenzhen Court of International Arbitration to delve into the reasoning behind the decision of the intermediator to consider Bit...
Circle chief executive officer Jeremy Allaire says the U.S. lagging behind China�s development of a national digital currency may alter the way Western companies transfer payments. Speaking on The Global Coin analysis podcast in the week, Allaire said China is setting the pace in the development of a digital currency equivalent of its fiat currency, the renminbi, and will shortly bypass Western rules through direct settlements. Allaire also said Circle continues to be interested in the development of stablecoins, such as its USD Coin. �[Circle] also believes that the major reserve currencies of the world, the most important trade currencies of the world, would become digital currencies,� Allaire said. �A digital currency version of renminbi that runs on software platforms that can be run over the internet, it really creates an opportunity for China and Chinese companies . . . and bypass the western banking system.� Earlier this month, the People�s Bank of China declared it was wrapping...
Chen Min, the previous chief chip maker at Bitcoin mining chip developer canaan creative, is turning her attention to Ethereum. Announcing her venture at the Ethereum Classic Summit in Seoul capital of South Korea, Chen�s new company, Linzhi, will target building cryptocurrency mining devices, and its first official product are a series of application-specific integrated circuit (ASIC) miners designed specifically for Ethereum and Ethereum Classic. Ethereum ASIC miners are comparatively new. The first group arrived five months ago in April by way of Bitcoin mining giant Bitmain. Known as Antminer E3s, they were 1st shipped out last July and cost approximately $800 per unit. The first batch sold out soon despite many selling limits, as well as Bitmain�s �one unit per user� principle, and restrictions on shipping to both Taiwan and China. The company had been touting its new technology since early February. Susquehanna analyst Christopher Rolland was one of the first voices to brea...
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