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  • China’s emergence as the world’s second-largest economy — a historic boom that pulled about 800 million Chinese out of dire poverty while simultaneously putting downward pressure on wages across the world’s wealthiest countries — is arguably the most important economic story in the last 50 years.
  • Along with consolidating President Xi Xinping’s already significant power over China’s ruling party, the highly secretive, twice-a-decade Communist Party Congress, which will start Wednesday, is sure to focus on grinding out more economic growth.
  • To that end, Xinping is also expected to focus on strengthening the party’s grip over significant swaths of the economy, including industries like energy, banking and telecommunication industries.
  • The government hopes to “coax” additional capital investment — that is things like plants, infrastructure and real estate — into the economy from private players.
  • But if you look across global markets, you can see that capital doesn’t necessarily want to cooperate, and in fact, appears eager to slip the grip of the party.

China’s emergence as the world’s second-largest economy — a historic boom that pulled about 800 million Chinese out of dire poverty while simultaneously putting downward pressure on wages across the world’s wealthiest countries — is arguably the most important economic story in the last 50 years. But where does […]
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Wealthy Remain Curious But Skeptical About Bitcoin, UBS CEO Says

Wealthy remain curious but skeptical about bitcoin, UBS CEO says

  • Photographer: Chris Ratcliffe/Bloomberg – – UBS Chief Executive Officer Sergio Ermotti said the world’s wealthiest are staying on the sidelines when it comes to crypto-currencies.
  • While JPMorgan Chase & Co.’s Chief Executive Officer Jamie Dimon famously panned bitcoin last month , saying he’d fire traders who bet on it, many financial firms have been exploring ways to leverage the blockchain technology underpinning crypto-currencies.
  • More from Bloomberg.com: The Smartest Americans Are Heading West – – Bitcoin has surged more than 300 percent this year, drawing the attention of hedge funds and wealthy individuals.
  • China cracked down on crypto-currency exchanges in September, while the U.S. Securities and Exchange Commission said in July that sales of some new digital currencies would be subject to rules just as equities are.
  • More from Bloomberg.com: Steel Firm Faked Data for Metal Used in Planes and Cars – – Read Wealthy Remain Curious But Skeptical About Bitcoin, UBS CEO Says on bloomberg.com

UBS Chief Executive Officer Sergio Ermotti said the world’s wealthiest are staying on the sidelines when it comes to crypto-currencies.
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Chinese Cryptocurrency Event Cancelled Amidst Anticipated ICO Crackdown

Chinese Blockchain Conferences Cancelled In Fear of ICO Crackdown  #Bitcoin

  • Chinese media has reported that the People’s Bank of China (PBOC) has determined the majority of initial coin offerings (ICOs) to be in violation of fundraising laws, prompting the cancellation of at least one major cryptocurrency event previously scheduled for September.
  • The report has emerged following recent revelations that the PBOC has been in discussions regarding regulatory measures designed to curb the proliferation of ICOs in China.
  • Caixin alleged that the People’s Bank of China has concluded that “more than 90% ICO projects could be violating illegal fundraising or fund fraud laws”, alleging that “the percent[age] of projects that [are] actually raising funds for investments is less than 1%”.
  • Caixin’s source described the the ICO industry as resembling a “flock of sheep” stating that the crackdown will be designed to target the “leading sheep of a flock” and that “there will be some exemptions for people who are just following the flock” – suggesting that authorities will pursue individuals who seek to conduct unlawful initial coin offerings, and that consumers who participate in ICOs may not be the subject of legal recourse.
  • Caixin reports that the 2017 DACA Blockchain International Summit scheduled for September 2 was “abruptly halted” just one day prior to the commencement of the cryptocurrency event as a consequence of the PBOC’s determinations.

A major cryptocurrency event has been cancelled following reports that the People’s Bank of China (PBOC) has determined the majority of initial coin offer
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Chinese bitcoin exchanges resume withdrawals after freeze

Chinese bitcoin exchanges resume withdrawals after freeze

  • REUTERS/Benoit Tessier/File Photo

    SHANGHAI (Reuters) – Major Chinese bitcoin exchanges have started to resume allowing withdrawals of the cryptocurrency after nearly a four-month freeze that followed increased scrutiny from the central bank.

  • Two industry sources said OkCoin, China’s third major cryptocurrency exchange, had resumed allowing withdrawals.
  • Major exchanges halted withdrawals of bitcoins in early February, introduced trading fees and stepped up scrutiny of clients amid discussions with authorities.
  • While withdrawals were suspended, investors could buy and sell bitcoins on Chinese exchanges but were barred from transferring them or downloading and removing them.
  • Bitcoin’s relative anonymity prompted some industry observers to say it had become an attractive, if niche, option for tech-savvy Chinese to hedge against the yuan and skirt rules limiting how much foreign exchange individuals could buy each year.

Major Chinese bitcoin exchanges have started to resume allowing withdrawals of the cryptocurrency after nearly a four-month freeze that followed increased scrutiny from the central bank. Bobby Lee, chief executive of BTCChina, said in a statement on Thursday that his exchange had started “testing
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UK is capital of Europe for fintech unicorns

  • Britain houses four fintech “unicorns” – companies valued at $1bn (£780m) or more – with a combined valuation of $18.5bn, according to a report by the technology investment bank GP Bullhound.
  • London has emerged as Europe’s fintech capital in recent years, with a swell of high-profile start-ups attempting to shake up the financial sector.
  • However, the report showed that both Europe and the US are lagging behind China as a hub for fintech.
  • Funding to Asian fintech companies surged to $7.1bn last year, more than in the US and Europe between them.
  • Investors put $4.6bn into American fintech firms against $1.4bn in Europe.

The UK dominates the European financial technology industry, with figures showing it boasts more billion-dollar fintech companies than the rest of the continent put together.
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UK is capital of Europe for fintech unicorns

  • Britain houses four fintech “unicorns” – companies valued at $1bn (£780m) or more – with a combined valuation of $18.5bn, according to a report by the technology investment bank GP Bullhound.
  • London has emerged as Europe’s fintech capital in recent years, with a swell of high-profile start-ups attempting to shake up the financial sector.
  • However, the report showed that both Europe and the US are lagging behind China as a hub for fintech.
  • Funding to Asian fintech companies surged to $7.1bn last year, more than in the US and Europe between them.
  • Investors put $4.6bn into American fintech firms against $1.4bn in Europe.

The UK dominates the European financial technology industry, with figures showing it boasts more billion-dollar fintech companies than the rest of the continent put together.
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Beijing’s moves to reign in bitcoin aren’t deterring China’s new crypto-currency kings

  • Some of the most powerful players in the world of bitcoin say recent moves by Chinese regulators targeting use of the virtual currency will not stall its long-term rise.
  • Mr Wu operates Bitmain — a Beijing-based company that is the leading manufacturer of the specialist computers used to generate new bitcoins on the network.
  • His company also administers Antpool, one of the biggest bitcoin mining collectives, along with several computer ‘mines’ in China’s remote western areas where electricity is cheaper.
  • In February, Chinese regulators forced two major Chinese bitcoin exchanges to temporarily halt withdrawals while they upgraded anti money-laundering measures.
  • Mr Zhao previously invested in bitcoin mines, and has ridden the highs and lows of the currency’s volatility, at one point losing close to $4 million.

Some of the most powerful players in the world of bitcoin say recent moves by Chinese regulators targeting use of the virtual currency will not stall its long-term rise.
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Bitcoin is having trouble getting through $900

Bitcoin is having trouble getting through $900

  • The hoverbike will carry supplies to soldiers on the battlefield Sponsored Yahoo Finance
  • Bitcoin has gotten off to a wild start in 2017.
  • Bitcoin holds little changed near $891 a coin as of 7:02 a.m. ET.
  • NOW WATCH: ‘s how to use one of the many apps to buy and trade bitcoin
  • While the rules were aimed at outbound investments by centrally-controlled state firms, it is still notable that bitcoin has so far been spared.

Bitcoin holds little changed near $891 a coin as of 7:02 a.m. ET. The cryptocurrency is…
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Bitcoin slides after China central bank launches investigation

#bitcoin slides after China central bank launches investigation #China

  • Jeff Sessions, Trump’s attorney general pick, says he can tell president ‘no’
  • Man shoots at wife and daughter over grilled cheese sandwich, cops say
  • An armed Maryland man incensed that his wife took a bite out of his grilled cheese sandwich held police at bay for three hours after he fired a gun inside the house, authorities said.
  • Tehran city officials estimated that at least two-and-a-half million people took to the streets to bid farewell, which would make it the largest funeral attendance since the death of the Islamic revolution’s founder Ayatollah Ruhollah Khomeini in 1989.
  • The idea came from President Barack Obama during his final State of the Union address last year January.

The price of digital currency bitcoin slid around $50 on Wednesday after China’s central bank said it had launched spot investigations on bitcoin exchanges in Beijing and Shanghai in order to fend off market risks. The investigation of bitcoin exchanges, including BTCC, Huobi and OKCoin, was to
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Bitcoin falls 10% as China plans to investigate exchanges

Bitcoin falls 5% as China plans to investigate firms

  • Last week, the People’s Bank of China met with three of the country’s largest bitcoin exchanges to talk about market regulations.
  • Bitcoin falls 10% as China plans to investigate exchanges
  • Bitcoin had been steadily rallying through 2016 and appreciated to more than $1,100 on January 5th, near to its record high, but the digital currency subsequently crashed, dropping back to the $900 level.
  • The price of bitcoin fell by around 10 percent after Chinese authorities announced plans to inspect bitcoin enterprises.
  • “The intentions of the Chinese state are clearer and it looks like they’re trying to bring the Chinese bitcoin exchanges to heel – whether they are looking to make an example is to be seen.”

The price of bitcoin fell by around 10 percent after Chinese authorities announced plans to inspect bitcoin exchanges.
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