Jun 02, · The rise of independent cryptocurrencies such as Bitcoin and Ether, meanwhile, have created the danger that a huge swath of economic activity will occur out of the view of policymakers. China, . Nov 28, · China seizes £billion of Bitcoin as Beijing set to 'dominate' future global economy CHINA has seized $ billion (£ billion) in bitcoin as the nation continues to Author: Brian Mcgleenon. 2 days ago · Bitcoin Ascends in New Crypto Ranking by State-Backed Chinese Institute China’s Center for Information and Industry Development (CCID), under the country’s Ministry of Industry and Information Technology, has released its 20th ranking of crypto projects.
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China could use its bitcoin assets and mining capacity to break the hegemony of the US dollar, Mr Keiser also claimed. He said: "If China holds onto their bitcoin and they continue building their mining capacity, it may be game over for the US dollar as the world reserve currency. The China based bitcoin mining industry has increased its capacity, thanks to cheap renewable electricity.
However, the bitcoin mining pools in China have input from foreign participants, so it i still difficult to assess the true capacity and the percentage is constantly changing. Max Keiser predicts the UK's reluctance to take an interest in bitcoin coupled with the combination the coronavirus pandemic and the risk of a no deal Brexit could lead Britain to seek another International Monetary Fund bailout in the future.
Last week there were reports the US Secretary of the Treasury Steven Mnuchin was planning to rush out new regulation regarding self-hosted cryptocurrency wallets. The Chinese mining industry controls between percent of the global output.
The US is the second-largest bitcoin mining nation globally, contributing 7 percent. However, this is a fraction of China's capacity. The British government has yet to show firm interest in holding cryptocurrency assets.