China’s cryptocurrency ban: What it means for Bitcoin, Coinbase and the US

On Nov. 3, MIIT ordered 38 apps from companies, including those of Tencent, to rectify the excessive collection of personal information. (Reporting by Brenda Goh Editing by David Goodman, Louise Heavens and Jane Merriman)

In the near term, that will likely change. Even before the official announcement, a crypto-mining migration of sorts was already underway. And days after the announcement, authorities in the Chinese province of Inner Mongolia seized over 10,000 computers that were specially customized for crypto mining, as reported by Coindesk. 

Chinese regulators have over the past year mounted a wide-ranging crackdown on the country’s tech companies, seeking to dismantle some of the industry’s long-held practices after accusing them of monopolistic behavior and infringing user rights.

China’s crypto crackdown comes as governments around the world — including the US — begin to coalesce their official positions on digital assets and virtual currencies. The Chinese government has long been dubious of cryptocurrency, so the move to ban it outright isn’t entirely surprising. Below, we break down the implications of China’s announcement, its impact on exchanges in the US and elsewhere — and what it could mean for digital currencies in 2022 and beyond.

“We are continuously working to enhance user protection features within our apps, and also have regular cooperation with relevant government agencies to ensure regulatory compliance. Our apps remain functional and available for download,” the company said.

Todd Munson, a writer who lives in Los Angeles, said he and his brother had a complicated relationship with their father, who battled bipolar disorder and addiction. But when they had a conversation, it almost always involved the Huskers.

SHANGHAI, Nov 24 (Reuters) – China has required Tencent Holdings submit any new apps or updates for inspection before they can be uploaded after a number of its apps were found to have infringed users’ rights and interests, Chinese state media reported on Wednesday.

The epicenter of Bitcoin mining has called it quits. On Sept. 24, China’s Central Bank declared all crypto-related transitions illegal, citing concerns about gambling fraud and money laundering. The move sparked a sharp drop in markets; some investors raced to dump their holdings, and the price of Bitcoin fell nearly 10% after the announcement, before quickly regaining some lost ground. 

* OIL: Oil prices steadied as investors paused for breath following a day of wild swings prompted by the prospect of coordinated action by the world’s major economies to release official crude reserves from stocks.

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How central is China to cryptocurrency mining? Until now, most of the world’s crypto mining has taken place in China, with the US in a distant second place. In April 2021, 47% of all crypto mining happened in China, according to the University of Cambridge. In contrast, the US accounted for 16.8% of the world’s crypto mining during that same month. 

China banning Bitcoin is a massive mistake with impacts that will be felt for generations. Their loss is our gain and America can and will lead the future by providing a clean power home for Bitcoin miners and all who are building on/with/for #Bitcoin. September 24, 2021

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Munson´s son, Todd, was on Peterson’s show Tuesday and said the family will give some of the money to Big Brothers/Big Sisters, and will use some to bet on the Cornhuskers to beat the Hawkeyes, who are favored by a point-and-a-half.

Netflix

A psychological thriller that dives deep into the surreal. I’m Thinking of Ending Things definitely won’t be for everyone, but it connects you to the frustrations of the young woman (Jessie Buckley) at its heart, who grapples with breaking off her seven-week-relationship with her boyfriend Jake (Jesse Plemons). While it overstays its welcome a little, I’m Thinking of Ending Things always keeps you on your toes, with atmospheric cinematography and strong performances from Toni Collette and David Thewlis as Jake’s fairly odd parents. Fans of director-writer Charlie Kaufman will be pleased.

* INFLATION: People in Britain turned more confident this month despite worries about inflation and they were more willing to purchase expensive items, according to a survey that will be welcome news to retailers preparing for the Christmas season. * POUND: The pound slid against the euro and edged down slightly against the dollar on Thursday as traders assessed whether recent gains linked to expectations of a central bank rate hike have gone too far.

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