China’s central bank boss really, really doesn’t like stablecoins and crypto, Japanese yen comes to DeFi: Asia Express. China has finally put rumors to rest following a speech by Peoples Bank of China Governor Pan Gongsheng at an annual financial conference in Beijing. After Hong Kongs stablecoin licensing regime took effect in August, several companies including some from mainland China reportedly lined up to apply for licenses in the city. The move had fueled speculation that Beijing might be preparing to ease its long-standing crypto ban. However, Pan made clear that no such shift is underway. Referring to the series of prohibitions rolled out since 2017, he said the existing policies remain in effect.
Secretary Scott Bessent said the negotiations alleviate the need for the 100% additional tariffs announced by US president Trump in October. United States Treasury secretary Scott Bessent said on Sunday that the US and China have made “substantial” progress on a trade deal framework, sparking investor hopes of reigniting the bull market. The proposed trade framework will likely remove the need for the 100% additional tariffs announced by US President Donald Trump on October 10, Bessent said. He added: Bessent’s comments follow weeks of easing trade tensions between the two countries, culminating in president Trump confirming the meeting with China’s President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit on October 31.
DeepSeek was the only AI model to generate a positive return on Wednesday, despite having the smallest development budget among its peers. Chinese artificial intelligence models are outperforming their United States counterparts in cryptocurrency trading, according to data from blockchain analytics platform CoinGlass, as competition between leading generative AI chatbots intensifies. AI chatbots DeepSeek and Qwen3 Max, both developed in China, led the ongoing crypto trading experiment on Wednesday, with the former being the only AI model to generate a positive unrealized return of 9.1%. Qwen3, an AI model developed by Alibaba Cloud, came in second with a 0.5% unrealized loss, followed by Grok with a 1.24% unrealized loss, according to blockchain data platform CoinGlass.
Bitcoin and other hard money assets are the only way to fix the economic problems caused by currency debasement, analyst Luke Gromen said. The US dollar’s hegemony is over, as evidenced by China’s recent announcement of export controls on rare earth minerals, a critical component in electronics manufacturing and military defense applications, according to analyst Luke Gromen. China’s rare earth mineral export controls prohibit the sale of the critical minerals to the US military industrial complex, which backs the value of the dollar through military force, Gromen told Marty Bent, founder of Truth For the Commoner (TFTC), on Sunday. The export controls prompted US President Donald Trump to announce additional 100% tariffs on China, and revealed that China “has a lot more leverage than a l…
Asked by reporters whether the US is preparing for a trade war with China, US President Donald Trump responded: “Well, we’re in one now.” Update Oct 15, 10:55pm: This article has been updated to include comments from US Treasury Secretary Scott Bessent and the impact of tariffs on the Bitcoin mining industry. US President Donald Trump has confirmed the US is in an active trade war with China after threatening a 100% tariff on all Chinese imports last week. “Well, we’re in one now,” Trump said after being asked by White House reporters whether the US is preparing for a “sustained trade war with China.” ”If we didn’t have tariffs, we would be exposed as being a nothing, we would have no defense,” Trump explained, calling the tariffs an important measure for America’s national security.
Tensions between the two countries appear to have cooled off on Sunday, as representatives from both sides signal a willingness to negotiate. Trade tensions between the US and China appear to be softening, as representatives from both governments issued statements on Sunday that signaled a willingness to resume trade negotiations, giving analysts hope of a market rebound. In a translated statement, China’s Ministry of Commerce said it is “ready to strengthen dialogue” with other countries on trade and the recently announced rare earth mineral export controls that inflamed trade tensions between the US and China. The spokespeople also said China would “actively consider” provisions in the rare earth export policy to facilitate trade and strengthen supply chains, including “license exemption…
Bitcoin plunged to $102,000 in the Binance perpetual futures pair after Trump announced sweeping tariffs on China on Friday, reigniting fears of a broader trade and market sell-off. US President Donald Trump announced a 100% tariff on China on Friday, sending the price of Bitcoin (BTC) reeling below $110,000 at the time of writing. Trump said the tariffs were in response to China attempting to place export restrictions on rare earth minerals, which are crucial for creating computer chips. Trump wrote on Truth Social: Trump’s first tariff announcements in April sent shockwaves through crypto markets and sparked fears of a recession.
China launched a digital yuan operations center in Shanghai focused on cross-border payments, blockchain services and digital-asset platforms. China’s central bank has opened a new operations center for the digital yuan in Shanghai. The center will oversee platforms for cross-border payments, blockchain services and digital assets as part of the digital yuan’s ongoing development. State-run Xinhua News Agency reported the news on Thursday, citing a statement from the People’s Bank of China. According to Xinhua, the center is designed to promote the digital yuan’s role in global finance. With the launch, officials unveiled a cross-border payments platform, a blockchain service platform and a digital asset platform.
China’s control over crypto liquidity and its buying power gives Beijing unprecedented leverage over the Trump family’s digital fortune. Opinion by: Joshua Chu, co-chair of the Hong Kong Web3 Association China’s control over cryptocurrency liquidity in Hong Kong gives it unprecedented power over the Trump family’s crypto wealth. This leverage lets Beijing influence the family’s financial fate — and potentially US-China relations — through market moves. As Eric Trump visits Hong Kong, this crypto-political nexus signals a new era of global power. Cryptocurrency is no longer seen as just the new financial innovation around the block. Virtual assets have become powerful geopolitical instruments determining the fates of nations.
Beijing’s consideration of a yuan-backed stablecoin could mark a new front in the global financial system, but experts say dollar dominance, liquidity and trust are high hurdles. China appears to be weighing the launch of a yuan-backed stablecoin, with an initial rollout in Hong Kong and Shanghai, a surprising shift after years of cracking down on crypto while promoting its central bank digital currency, the digital yuan. In the latest episode of Byte-Sized Insight, Cointelegraph spoke with two leaders analyzing China’s potential move into stablecoins: Martin Chorzempa, senior fellow at the Peterson Institute for International Economics, and Patrick Tan, CEO of blockchain intelligence firm ChainArgos. The news, first reported on Wednesday, highlighted Beijing’s ambitions to strengthen the…
China’s split renminbi system suggests a rumored yuan stablecoin won’t mark a crypto shift. The cryptocurrency industry is abuzz with speculation after recent reports suggested China may soften its stance on a yuan-backed stablecoin, but law experts caution against overinterpreting the news. Reuters reported Wednesday that Beijing is considering approving a stablecoin pegged to the renminbi as part of a roadmap to boost the currency’s internationalization. It was the second report this month, following a similar Financial Times story on Aug. 5. Despite the news, Chinese officials have yet to confirm whether it’s considering a stablecoin push. Even if Chinese authorities move ahead, analysts stress that such a stablecoin would almost certainly circulate offshore, not in the mainland.
Major Asian economies step on the stablecoin throttle, India’s reconsiders punitive crypto tax, and more. Major Asian economies are accelerating their stablecoin initiatives, with notable moves from Japan and China over the past week. Japans top financial regulator is reportedly preparing to approve the countrys first yen-pegged stablecoin within the year. The token, issued by fintech startup JPYC, will be backed by liquid assets such as government bonds. According to finance outlet Nikkei, JPYC is expected to register as a money-transfer business this month and aims to issue 1 trillion yen (about $6.81 billion) worth of stablecoins over the next three years.
Major Asian economies step on the stablecoin throttle, India’s reconsiders punitive crypto tax, and more. Major Asian economies are accelerating their stablecoin initiatives, with notable moves from Japan and China over the past week. Japans top financial regulator is reportedly preparing to approve the countrys first yen-pegged stablecoin within the year. The token, issued by fintech startup JPYC, will be backed by liquid assets such as government bonds. According to finance outlet Nikkei, JPYC is expected to register as a money-transfer business this month and aims to issue 1 trillion yen (about $6.81 billion) worth of stablecoins over the next three years.
China’s cabinet will review a roadmap that includes yuan-pegged stablecoins to bolster yuan internationalization, sources told Reuters. China, one of the most restrictive global jurisdictions for cryptocurrencies, is reportedly considering allowing Chinese yuan-backed stablecoins in what would be a major policy reversal. Chinese authorities may authorize yuan-backed stablecoins for the first time to promote global use of its currency, Reuters reported on Wednesday, citing sources familiar with the matter. If approved, China’s plan for stablecoin use would mark a major shift in its approach to crypto after the country banned crypto trading and mining in September 2021.
Central bank stimulus in China and global investors’ response to recession fears will determine if altseason continues. Key takeaways: China’s central bank stimulus could redirect liquidity into cryptocurrencies. Rising US Treasury yields suggest lower risk aversion, supporting potential recovery in altcoin markets.
China’s security agency warned that biometric data collection by crypto firms, including iris scans, may endanger personal privacy and be exploited for espionage. China warned of the increasing use of biometric data by crypto-linked projects, cautioning that iris-scanning programs operating under the guise of digital asset distribution may threaten personal privacy and even national security. In a public security bulletin published Wednesday, China’s Ministry of State Security (MSS) outlined several emerging risks associated with biometric recognition technologies, including facial, fingerprint and iris data collection. The MSS cited an unidentified overseas company that, “under the guise of issuing cryptocurrency tokens, scanned and collected iris information from users worldwide and then…
China’s plan to liquidate confiscated crypto through Hong Kong exchanges isn’t simply a policy — it’s to control global digital asset markets and outmaneuver the US. Opinion by: Joshua Chu, co-chair of the Hong Kong Web3 Association Last week’s announcement of Hong Kong’s LEAP Digital Assets Policy Statement 2.0 was made with much anticipation and fanfare. The government of Hong Kong promised a comprehensive regulatory framework that will unify licensing and “expand the suite of tokenised products.” Yet beneath the hype and visible maneuvers lies a far more consequential move: Beijing’s (the world’s second largest holder of crypto) announcement of its intention to liquidate confiscated virtual currencies through Hong Kong’s licensed exchanges. These events, while seemingly separate, are…
China state TV bashes Trump’s crypto policies in 30-minute special. New Telegram dark markets tie with Huione’s infrastructure. Asia Express. CCTV, Chinas state broadcasting mouthpiece, aired a half-hour special on cryptocurrencies and how the US is attempting to solidify dollar dominance with stablecoins. The July 27 broadcast framed the new US stablecoin legislation GENIUS Act, as a geopolitical turning point. CCTV pinpointed that the new rules explicitly ban a Federal Reserveissued central bank digital currency (CBCD) while allowing stablecoins to export US debt in digital form. The broadcaster said stablecoins backed by US Treasury bonds represent the third phase of dollar hegemony after Bretton Woods gold and Middle Eastern oil. In this model, crypto users across the globe become indi…
China’s JD.com announced plans for a Hong Kong dollar stablecoin last summer and is now expected to be among the first issuers under HKMA’s stablecoin regime. China-based e-commerce giant JD.com has reportedly registered entities tied to a potential stablecoin rollout just days ahead of Hong Kong’s stablecoin regulations going into effect. JD.com, often referred to as China’s Amazon, has registered two potential stablecoin-linked entities, Jcoin and Joycoin, through its fintech subsidiary, JD Coinlink Technology, according to a report by Hong Kong news outlet Ming Pao on Tuesday. JD Coinlink is one of the official participants in the stablecoin issuer sandbox program by the Hong Kong Monetary Authority (HKMA), which launched last year.
A US bankruptcy court is set to decide whether to block creditor payouts to certain countries after receiving nearly 70 objections from creditors in China, Saudi Arabia and more. Update (July 18, 1:30 pm UTC): This article has been updated to correct the number of filed objections to the motion. The FTX creditor community is awaiting a ruling next week that could let the FTX bankruptcy estate freeze payouts to creditors in “restricted countries,” including China. On Tuesday, the US Bankruptcy Court in Delaware is expected to rule on a motion that could allow the FTX estate to withhold payouts to creditors in 49 countries it has labeled as “restricted jurisdictions.”
