Bitcoin Plunge Wipes $500 Billion From Value in Crypto Rout

Bitcoin slides below $40,000 after China's new crypto ban

China Hits Cryptocurrencies With Double Whammy

In Depth: China’s Digital Currency Ambitions Lead the World

China’s central bank digital currency has been tested in three cities so far, Shenzhen, Suzhou and Chengdu. While most of the world’s governments are still focused on defeating the novel coronavirus that’s plunged the global economy into its worst slump…

Tesla stops accepting bitcoin for purchases, citing climate concerns

Tesla will no longer accept bitcoin for car purchases, Chief Executive Elon Musk said on Wednesday, citing long-brewing environmental concerns for a swift reversal in the company’s position on the cryptocurrency. Bitcoin fell more than 10% after Musk tweeted his…

Tesla's Musk reverses course on taking bitcoin, citing climate concerns

Tesla has suspended the use of bitcoin to purchase its vehicles because of climate concerns, Chief Executive Officer Elon Musk said in a tweet on Wednesday, reversing the company’s stance in the face of an outcry from some environmentalists and…

Weekend Long Briefing: What China’s Policymakers Said About Financial Opening and Carbon Neutrality at Boao

Boao, South China’s Hainan province. Photo: VCG Spring in China is usually heavy with conferences. After the Two Sessions, there is usually the China Development Forum in Beijing and the Boao Forum in tropical Hainan province, from which China watchers…

Asian Companies Accelerate Shift to Bitcoin as Price Surges

(Nikkei Asia) — Companies in Asia are beginning to bet on cryptocurrencies, with South Korean gaming giant Nexon following the lead of companies such as Tesla and digital payments specialist Square, with a $100 million allocation into Bitcoin. On April…

Asian companies accelerate shift to Bitcoin as price surges

TOKYO — Companies in Asia are beginning to bet on cryptocurrencies, with South Korean gaming giant Nexon following the lead of companies such as Tesla and digital payments specialist Square, with a $100 million allocation into bitcoin. On April 28,…

Singapore crypto copy-trade platform raises $3m ahead of launch

SINGAPORE — Singapore-based cryptocurrency copy-trading platform Alpha Impact has raised $3.1 million in a funding round led by LuneX Ventures, Genesis Block Ventures, Solidity Ventures, SMO Capital and an undisclosed high-frequency trading company, co-founder Hayden Hughes told DealStreetAsia. Other investors…

Cash May Not Be King in China Anymore, but Reject It at Your Peril

The Beijing headquarters of the People’s Bank of China. Last November, a video of an elderly woman being told that she couldn’t pay her medical insurance in cash went viral (link in Chinese) in China, triggering a debate about mobile…

Central Bank’s New Venture May Signal Ambitions to Boost Digital Yuan’s International Role

The establishment of Beijing-registered Finance Gateway could also help China expand the influence of its own cross-border clearing house and payments system. The People’s Bank of China (PBOC) has set up a joint venture with SWIFT, the global network that…

Mastercard Partners with Fintech Firm to Launch Central Bank Digital Currency-Linked Prepaid Card

Payments processor Mastercard has partnered with fintech firm Island Pay to introduce a prepaid card that can be loaded with a central bank digital currency (CBDC) called the Bahamas Sand Dollar. The prepaid card enables users to instantly convert the…

Zhou Xiaochuan: China’s Choices in Developing Its Digital Currency System

Shoppers pay with the digital yuan at a shopping mall in Beijing on Feb, 11. Photo: VCG Editor’s note: China will probably become the first major economy to officially launch a sovereign digital currency, which has long drawn attention from…

China’s Digital Currency Won’t Have Major Impact on Global Financial Markets, Former Central Bank Governor Says

What’s new: China’s central bank digital currency will not have a major impact on global financial markets as its use in cross-border payments is currently found mainly in small retail operations, Zhou Xiaochuan, former governor of the People’s Bank of…

Thailand and UAE join China's global digital currency push

BEIJING — China’s central bank said Wednesday it has joined its counterparts in Thailand and the United Arab Emirates to study the use of digital currencies in cross-border payments, a move that puts it closer to setting the global rules…

What Elon Musk's bitcoin bet means for Tesla: 5 things to know

PALO ALTO, U.S. — The U.S. electric vehicle maker Tesla has bought $1.5 billion worth of bitcoins and said it would accept it as a form of payment for its cars in the near future — adding to the buzz…

Elon Musk is the Bitcoin-buying hypocrite we deserve

Yuriy Humber is president of Yuri Group and founder of the Japan NRG platform, which publishes weekly reports about the state of energy and electricity in Japan. In the same filing in which Tesla announced its purchase of $1.5 billion…

China's New Year digital yuan tests hasten Asia e-currency race

SINGAPORE — The specter of COVID-19 looms over China’s ongoing Lunar New Year holidays. The government discouraged the usual stampede of travelers heading home for family reunions. Businesses fear for their bottom lines. But 50,000 Beijingers received a small pick-me-up:…

China central bank's new venture signals digital yuan ambitions

The People’s Bank of China (PBOC) has set up a joint venture with SWIFT, the global network that processes transactions between financial institutions in different countries, public business records show, although the central bank hasn’t made any official statement about…

Zhou Xiaochuan: China's choices for a digital currency system

Caixin editor’s note: China will probably become the first major economy to officially launch a sovereign digital currency, which has long drawn attention from central bankers and fintech investors around the world. This article provides detailed explanation of the issue…

Bitcoin hits $50,000 mark as equity markets go on holiday

TOKYO — The price of bitcoin breached $50,000, passing a major milestone just over a week after electric car maker Tesla revealed it had purchased $1.5 billion worth of the cryptocurrency. Bitcoin, the world’s most widely traded cryptocurrency with a…

Tesla's Musk drives up bitcoin price with $1.5bn purchase

Bitcoin took another large stride toward mainstream acceptance on Monday after billionaire Elon Musk’s electric vehicle company Tesla revealed it had bought $1.5 billion of the cryptocurrency and would soon accept it as a form of payment for cars, sending…

From wine to Chinese medicine, risk of bubbles rises globally

TOKYO/SHANGHAI/NEW YORK — Governments and central banks around the world continue to implement unprecedented fiscal stimulus measures and monetary easing to prevent an economic crisis arising from the pandemic — to the point that investors and analysts are now starting…

Will Tesla's backing help to spin bitcoin into gold?

TOKYO — As an advertisement for an asset class, Tesla’s announcement this month that it would convert a sizeable chunk of its cash reserves into bitcoin seemed to be as good as it gets. After all, here was the world’s…

In Depth: Facebook’s Cryptocurrency Ambition

Facebook unveiled its crypto currency Libra with plans for wider retail use. Photo: VCG Facebook Inc. threw a bombshell into global virtual currency and financial markets just over a week ago by unveiling its plan to introduce a new cryptocurrency…

Alibaba-Backed Lender MYBank is One of First Privately Owned Banks to Join Digital Yuan Pilot

^ Alibaba-backed online lender MYBank has joined the ranks of several state-owned commercial banks involved in China’s digital yuan pilot program, becoming one of the first privately owned banks to participate in a trial aimed at introducing a sovereign electronic…

HNA Group’s Final Crisis

A restructuring plan aims to repay HNA Group creditors within five to eight years. Bankruptcy restructuring / Cover Story: HNA Group’s final crisis The final crisis for China’s formerly high-flying HNA Group Co. Ltd. began unfolding two weeks before the…

PBOC Joins Hong Kong and Thailand in Cross Border Digital Currency Project

What’s new: The digital currency research institute of the People’s Bank of China (PBOC) has joined an international research project for cross-border payments using central bank digital currencies (CBDCs), according to a Tuesday announcement by the Hong Kong Monetary Authority…

The Brutal Human Cost of Pinduoduo’s Breakneck Expansion

The recent deaths of two young employees at Pinduoduo have drawn sharp criticism that the e-commerce upstart may have expanded its business at the expense of workers’ health. Photo: VCG E-commerce / In Depth: The brutal human cost of Pinduoduo’s…

He Yafei: Global Unity Needed to Face Unprecedented Challenges

Changes in global power equilibrium, non-traditional security threats, and scientific and technological revolution are posing centennial challenges to the countries of the world. Photo: VCG He Yafei was a vice foreign minister of China from 2008 to 2010 and a…

How China’s Digital Yuan Plans Could Bring Bitcoin’s Rally Unstuck

Signage for the digital yuan (Bloomberg) — Trouble may be brewing in China for Bitcoin’s raucous and divisive rally as the nation pushes ahead with a world-leading effort to create a digital version of its currency. That’s because the eventual…

North China Bathed in Orange as Vast Sandstorm Descends

Social media / Cover Story: The clash of China’s social media titans China’s internet giant Tencent Holdings and rising challenger ByteDance Ltd. are fighting an all-out war with escalating turf battles and legal tussles even as the country’s regulators toughen…

Cops Bust Fraudsters Using Cryptocurrencies to Launder Ill-Gotten Gains

Chinese police said they’ve arrested 13 scammers who used a cryptocurrency trading platform to launder their illicit gains. Photo: VCG Local police in the North China city of Cangzhou said they’ve arrested 13 people accused of carrying out telecoms fraud…

China’s Central Bank Digital Currency Will Offer Greatest Privacy Protection, Official Says

Mu Changchun, director of the People’s Bank of China’s Digital Currency Research Institute, speaks at the China Development Forum 2021 on Saturday. Photo: China Development Forum China’s central bank digital currency will offer users greater privacy protection than any other…

PBOC Says SWIFT Venture Aims to Iron Out Cross-Border Payment Issues

The People’s Bank of China headquarters in Beijing. Photo: VCG China’s central bank has said that its joint venture with SWIFT aims to improve the stability of domestic connections with the global cross-border financial messaging system, and ensure data security…

China Telecom Comes Home With Mainland Listing

Telecoms / In Depth: China Telecom comes home with mainland listing After nearly two decades in the wilds of Hong Kong, Chinese wireless carrier China Telecom Corp. Ltd. is finally coming home. The name that is arguably China’s oldest phone…

China’s Central Bank Tests Virtual Yuan Across Borders

Under a one-day central bank-sponsored pilot program, Hong Kong residents were allowed to use the virtual yuan to make payments in neighboring Shenzhen. Photo: VCG China’s central bank has put its virtual yuan through a new set of paces by…