President Xi Jinping hailed the use of blockchain technology in late October, a move meant to push technological development and troubleshoot with new technologies but which unexpectedly fuelled investor enthusiasm for cryptocurrencies. Photo: AFP

China dampens blockchain fever with cryptocurrency trading crackdown

  • October speech by Chinese President Xi Jinping triggered surge in speculation
  • China’s central bank warns of ‘severe disruption’ to economic and financial order
Topic |   Blockchain

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President Xi Jinping hailed the use of blockchain technology in late October, a move meant to push technological development and troubleshoot with new technologies but which unexpectedly fuelled investor enthusiasm for cryptocurrencies. Photo: AFP
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Ezubao, once China’s biggest peer-to-peer (P2P) lending platform, folded in 2016 having collected 59.8 billion yuan (US$8.5 billion) from more than 900,000 investors. Photo: Reuters

China’s blockchain development should learn from P2P lending mistakes, researcher warns

  • A task force will seek to eliminate risks associated with peer-to-peer online lending platforms after the savings of millions of individuals were trapped
  • Blockchain, the technology that underlies bitcoin and other cryptocurrencies, was endorsed by President Xi Jinping last week, leading to an increase in interest
Topic |   China economy

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Ezubao, once China’s biggest peer-to-peer (P2P) lending platform, folded in 2016 having collected 59.8 billion yuan (US$8.5 billion) from more than 900,000 investors. Photo: Reuters
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