LIVE FOREX CHART >>

 


Author Topic: Chinese Authorities, Firms Make Blockchain & Crypto Moves  (Read 38 times)

FXshooting

  • Administrator
  • Hero Member
  • *****
  • Posts: 1785
    • View Profile
Chinese Authorities, Firms Make Blockchain & Crypto Moves
« on: September 13, 2018, 03:20:24 am »
Chinese Authorities, Firms Make Blockchain & Crypto Moves


Shanghai. Source: iStock/xijian

A district of Shanghai says it is ready to embrace blockchain technology – but will adhere to the government’s cryptocurrency ban.

Per a report in Chinese media outlet Eastday, Yangpu District, in the northeastern part of downtown Shanghai, is planning to nurture some 1,000 blockchain technology professionals, foster 100 blockchain startups and provide incubation facilities for 10 promising potential “unicorn” startups.

The move is the first blockchain incentive to be embarked upon by a single Shanghai district, rather than the greater city authorities.

Yangpu authorities were careful to stress that the new blockchain push would not stop them from “resolutely curbing illegal financial activities such as cryptocurrency trading and token financing” – in line with Beijing’s crackdown on crypto-related activities.

Earlier this week, Shanghai welcomed a group of Australian blockchain startups visiting on a trade mission co-organized by Austrade and the Australian Digital Commerce Association. Per Australian media outlet Financial Review, the group’s activities in the city involved paying a visit to the headquarters of fintech giant Ant Financial.

Meanwhile, a Nevada-based company with links to China has unveiled an ambitious plan to turn a United States Defense Department data center into a vast cryptocurrency mine.

Per a company statement, Wuhan General Group (China), says it is “negotiating a redesign” for the 51,000 sqm data center, although it has not revealed whereabouts in American the building is located.

The company says the facility already “has over 3MW of power ready to accommodate up to 1,300 mining machines for Bitcoin, Zcash and other cryptocurrencies.” However, Wuhan says it hopes to deploy a further 12,000 rigs and hike the power capacity up to a 30MW by next year.

Although negotiations appear to be ongoing, Wuhan says its first order of rigs from ASICminer will “arrive in late October,” with more to follow “in the coming months.” Wuhan says the facility will bring in an initial monthly revenue “in excess of USD 3.5 million” once it is operational.

The company, which has bases in Nevada and the Chinese city of Hubei, made a name for itself producing industrial blowers and power generation equipment and batteries. However, earlier this month, it announced it was spinning off its battery business, and said it will now “focus its operations on large-scale mining cryptocurrency farms.”


Ref. cryptonews.com/news/chinese-authorities-firms-make-blockchain-crypto-moves-2604.htm


https://www.fxshooting.com

Share on Facebook Share on Twitter Share on Google+


 







Pay For Premium Forex Signals FXSHOOTING

Payment Premium Signals

 



NEWS & ANALYSIS VIDEO



 










InstaForex



   


Risk Disclosure: Fusion Media will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors. Trading or investing in cryptocurrencies carries with it potential risks. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Cryptocurrencies are not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument or cryptocurrencies you should carefully consider your investment objectives, level of experience, and risk appetite. Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures), Forex and cryptocurrencies prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data. Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.