China

China is embracing the crypto revolution? Over 50,000 developers are working on the state's blockchain platform!

The BRICS have co-opted several countries this year. A historic geopolitical moment that is expected to continue in 2024. An official from the group of countries revealed that six new countries will join the organization next year.

While Chinese growth is faltering, Beijing is not hesitating to open the floodgates of fiscal and monetary stimulus in order to try to boost its battered economy. With credit easing, early distribution of local borrowing quotas, and massive issuance of government bonds, the Middle Kingdom is multiplying unprecedented expansionary measures. Objective: to regain vigorous growth by 2024.

The twilight of the petrodollar is no longer a myth. China and Saudi Arabia are rapidly de-dollarizing their exchanges. When will the petro-bitcoin arrive?

Is the trend towards de-dollarization exaggerated? Is the petrodollar system coming to an end? Will the BRICS go all the way?

China's hegemonic ambitions in the economic sphere have been well-known. The desire of the Asian giant and its BRICS partners to move away from the dollar is essentially an expression of this ambition. This ambition has recently seen progress involving the euro, the currency used in the European area.

A Chinese multinational has just made its first-ever purchase of oil using the digital yuan (CBDC). The petrodollar is facing challenges.

China has formally expressed its opposition to the rise of cryptocurrencies. In a recent detailed economic statement, the Middle Kingdom reaffirmed this stance and announced its determination to toughen its position on the matter.

The cryptocurrency sphere has always been a fertile ground for debates, controversies, and technological advancements since its inception. China, one of the world's largest economies, has now contributed a new chapter to this ongoing saga, particularly concerning Tether. This story isn't just about an unpaid loan; it delves into the very essence of what cryptocurrencies mean in a country where the rules of the game are constantly being redefined.

Between China and the United States, the hatchet has never been buried. The trade war initiated by the two superpowers in 2018 took on a different form a year later. Since 2019, analysts have renamed this Sino-American antagonism the 'technology war.' It began with a decree banning Chinese technologies meant for equipping American 5G companies. Packs of sanctions followed this restriction, unfortunately creating a boomerang effect. Electronic giants specializing in bitcoin mining chips like Intel and Nvidia are suffering.

Two years ago, Bitcoin lost any chance of flourishing among Chinese cryptocurrency traders. The Chinese Communist Party didn't seem ready for decentralization, opting for a totalitarian CBDC (Central Bank Digital Currency) rather than an emancipatory BTC (Bitcoin). However, in recent times, the Xi Jinping government has seemingly changed its perception of the flagship cryptocurrency. This decision by a Shanghai court to grant Bitcoin the status of “unique and non-reproducible currency” attests to this change of heart.

China is one of the United States' fiercest competitors for global hegemony. At least in economic terms. To achieve this, the country seems to be pursuing a strategy of limiting or even reducing its investments in the United States. Saudi Arabia, which has just joined the BRICS, also seems to be doing the same, further confirming its plans to leave the dollar behind.

There's a growing chorus insinuating that the American hegemon is threatened by the BRICS. But what's really going on?

The BRICS nations have great ambitions for the global financial system. They have already announced plans to create a common currency for the organization's members. But their project goes beyond monetary issues. They want to counterbalance global geopolitics, and the initiative is of interest to many countries around the globe.

Jeremy Allaire, CEO of Circle, the company in charge of issuing the USDC predicts increased demand for various digital assets. These include Dogecoin, Bitcoin, Ethereum and Cardano. He points out that demand will mainly come from emerging markets, of which Hong Kong and China are central. It's worth remembering that despite some occasional rises, the cryptocurrency market in general is in decline.

US Treasury Secretary Janet Yellen warned Congress on Monday to expect a gradual decrease in the share of the dollar in global reserves. US debt.

Nine countries led by Iran launch an alternative to the SWIFT network. Simultaneously, BRICS discusses the end of the dollar in Cape Town. 

According to Brian Armstrong, CEO of Coinbase, China could benefit from the restrictive laws imposed by the United States on the cryptocurrency industry. “The United States and other democratic nations are facing digital systems promoted by an ambitious adversary, China,” he said.

Will the United States default on its debt? Sooner than we think. But to whom? China, Russia…

In 2017, an offshore exchange burst onto the crypto scene. Quickly rising to become a major player within the crypto industry, Binance is now showing signs of weaknesses though. Some dubious elements related to the centralization of BNB and the recent legal actions brought by the CFTC could well lead to the collapse of the colossus with feet of clay. So should we take the plunge to avoid a FTX-like scenario?

Argentina will start paying for its Chinese imports in yuan instead of dollars. This decision aims to relieve the country's dwindling dollar reserves.

Is Mexico about to follow in El Salvador's footsteps by embracing Bitcoin? That's what Samson Mow proposed to the Mexican parliament.

The Russian mining industry is experiencing strong growth, with BitRiver leading the way, propelling Russia into the top 3 globally.

Just one year after its debut, Intel is ending its production of ASICs dedicated to bitcoin mining.

The global slingshot against the dollar is raising the specter of a world war. To avoid it, Bitcoin has to become the next international reserve currency.

For some time, the BRICS countries, including Russia and China, have been working to move away from the US dollar. Recently, China formalized an agreement with Brazil to trade state to state, without using the dollar. This desire for financial independence could be realized through the adoption of a digital currency.