David - Cryptocurrency Enthusiast
Despite its ongoing crackdown on cryptocurrencies, China has launched the National Blockchain Technology Innovation Center in the capital city of Beijing. This state-supported institution aims to accelerate China's blockchain industry by creating a research network with local universities and businesses.
The Beijing Academy of Blockchain and Edge Computing oversees the new institution and is most famous for developing the Chang'an Chain or ChainMaker blockchain. Backed by an ecosystem of 50 state-owned corporations, the ChainMaker blockchain can execute 240 million transactions per second, a significant increase from 100,000 TPS in 2021.
China has been actively promoting itself as a "blockchain nation" in recent years, with the government claiming that 84% of all blockchain applications filed worldwide are from China. However, with a low approval rate of only 19%, the real numbers might not differ much.
The Chinese government is not only focused on blockchain research but also places high importance on the development of a central bank digital currency. Despite the widespread distribution of millions of dollars’ worth of e-CNY across the nation, the cumulative transaction value only surpassed 100 billion yuan by October 2022. This highlights the government's commitment to exploring and implementing cutting-edge financial technologies, with a particular emphasis on digital currencies. As the world moves towards a more digitalized economy, the development of a central bank digital currency could play a crucial role in shaping the future of finance in China.
People's Bank of China recently called for a reconsideration of the country's strict stance on cryptocurrencies. A former executive who has extensive experience in the financial sector, believes that a complete ban on cryptocurrencies could prevent the formal financial system from realizing its full potential, particularly in areas related to blockchain technology and tokenization. By revaluating these restrictions, the Chinese financial system could open itself up to new opportunities and advancements, as well as capitalize on the growing trend of digital currencies and their various applications. In short, a review of cryptocurrency restrictions could lead to a more innovative, dynamic, and inclusive financial landscape in China.
China's investment in blockchain technology and its pursuit of digital innovation demonstrate a clear commitment to driving the digital transformation of the nation and fostering growth in its blockchain sector. This move could create numerous opportunities for those interested in cryptocurrency investment. With the rise of digital currencies, it is becoming increasingly easier to buy crypto or buy cryptocurrency through various cryptocurrency exchanges. The growth of the crypto market has also given rise to a new form of investment, known as crypto asset management. This emerging sector provides an opportunity for individuals to manage their crypto assets, making it easier for them to invest in the crypto market with confidence. By embracing blockchain technology and encouraging digital innovation, China is positioning itself as a leader in the rapidly evolving world of finance and investment, providing ample opportunities for those looking to take advantage of the crypto market.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards