Bitcoin plunged to $102,000 in the Binance perpetual futures pair after Trump announced sweeping tariffs on China on Friday, reigniting fears of a broader trade and market sell-off. US President Donald Trump announced a 100% tariff on China on Friday, sending the price of Bitcoin (BTC) reeling below $110,000 at the time of writing. Trump said the tariffs were in response to China attempting to place export restrictions on rare earth minerals, which are crucial for creating computer chips. Trump wrote on Truth Social: Trump’s first tariff announcements in April sent shockwaves through crypto markets and sparked fears of a recession. Read more
China launched a digital yuan operations center in Shanghai focused on cross-border payments, blockchain services and digital-asset platforms. China’s central bank has opened a new operations center for the digital yuan in Shanghai. The center will oversee platforms for cross-border payments, blockchain services and digital assets as part of the digital yuan’s ongoing development. State-run Xinhua News Agency reported the news on Thursday, citing a statement from the People’s Bank of China. According to Xinhua, the center is designed to promote the digital yuan’s role in global finance. With the launch, officials unveiled a cross-border payments platform, a blockchain service platform and a digital asset platform. Read more
China’s control over crypto liquidity and its buying power gives Beijing unprecedented leverage over the Trump family’s digital fortune. Opinion by: Joshua Chu, co-chair of the Hong Kong Web3 Association China’s control over cryptocurrency liquidity in Hong Kong gives it unprecedented power over the Trump family’s crypto wealth. This leverage lets Beijing influence the family’s financial fate — and potentially US-China relations — through market moves. As Eric Trump visits Hong Kong, this crypto-political nexus signals a new era of global power. Cryptocurrency is no longer seen as just the new financial innovation around the block. Virtual assets have become powerful geopolitical instruments determining the fates of nations. Read more
Beijing’s consideration of a yuan-backed stablecoin could mark a new front in the global financial system, but experts say dollar dominance, liquidity and trust are high hurdles. China appears to be weighing the launch of a yuan-backed stablecoin, with an initial rollout in Hong Kong and Shanghai, a surprising shift after years of cracking down on crypto while promoting its central bank digital currency, the digital yuan. In the latest episode of Byte-Sized Insight, Cointelegraph spoke with two leaders analyzing China’s potential move into stablecoins: Martin Chorzempa, senior fellow at the Peterson Institute for International Economics, and Patrick Tan, CEO of blockchain intelligence firm ChainArgos. The news, first reported on Wednesday, highlighted Beijing’s ambitions to strengthen the yuan’s role in international finance. Still, experts say the path forward is anything but certain, especially with the track record of its central bank digital currency (CBDC), the digital yuan. Read more
China’s split renminbi system suggests a rumored yuan stablecoin won’t mark a crypto shift. The cryptocurrency industry is abuzz with speculation after recent reports suggested China may soften its stance on a yuan-backed stablecoin, but law experts caution against overinterpreting the news. Reuters reported Wednesday that Beijing is considering approving a stablecoin pegged to the renminbi as part of a roadmap to boost the currency’s internationalization. It was the second report this month, following a similar Financial Times story on Aug. 5. Despite the news, Chinese officials have yet to confirm whether it’s considering a stablecoin push. Even if Chinese authorities move ahead, analysts stress that such a stablecoin would almost certainly circulate offshore, not in the mainland. Read more
Major Asian economies step on the stablecoin throttle, India’s reconsiders punitive crypto tax, and more. Major Asian economies are accelerating their stablecoin initiatives, with notable moves from Japan and China over the past week. Japans top financial regulator is reportedly preparing to approve the countrys first yen-pegged stablecoin within the year. The token, issued by fintech startup JPYC, will be backed by liquid assets such as government bonds. According to finance outlet Nikkei, JPYC is expected to register as a money-transfer business this month and aims to issue 1 trillion yen (about $6.81 billion) worth of stablecoins over the next three years. Read more
Major Asian economies step on the stablecoin throttle, India’s reconsiders punitive crypto tax, and more. Major Asian economies are accelerating their stablecoin initiatives, with notable moves from Japan and China over the past week. Japans top financial regulator is reportedly preparing to approve the countrys first yen-pegged stablecoin within the year. The token, issued by fintech startup JPYC, will be backed by liquid assets such as government bonds. According to finance outlet Nikkei, JPYC is expected to register as a money-transfer business this month and aims to issue 1 trillion yen (about $6.81 billion) worth of stablecoins over the next three years. Read more