Tag Archives: china

China Declares All Cryptocurrency Activities Illegal



The People’s Bank of China has declared all digital currency activities illegal, and has vowed to crack down on the market, CNBC reported. According to CNBC, the People’s Bank of China said services offering trading, order matching, token issuance, and derivatives for virtual currencies are strictly prohibited. Overseas crypto exchanges providing services in mainland China are also illegal.

It appears that this decision affected the price of cryptocurrency, which resulted in the stocks for at least some types of cryptocurrency falling. CNBC pointed out that this comes after Beijing announced a crackdown on crypto mining earlier this year, which caused a slump in bitcoin’s processing power.

The Wall Street Journal reported that the People’s Bank of China declared all cryptocurrency-related transactions illegal to prevent the risks surrounding crypto trading and to maintain national security and social stability. According to the Wall Street Journal, the People’s Bank of China said that cryptocurrencies are issued by non monetary authorities, use encryption technologies and exist in digital form, and shouldn’t be circulated and used in the market as currencies.

I’m no expert on cryptocurrency, but it is my understanding that one of the reasons why some people like cryptocurrency is because they think the transactions are anonymous. However, the Federal Trade Commission (FTC) points out that “depending on the cryptocurrency, the information added to the blockchain can include details like the transaction amount and the sender’s and recipient’s wallet addresses”. To me, that sounds like China could potentially discover which of their people are buying or selling cryptocurrency.

I understand that a country can make rules or laws that people who live in that country are required to comply with. I’m having difficulty understanding why China’s decision to call all digital currency illegal also requires people who live in other countries to comply with China’s new rules.


Gaming Limitations Could Threaten China’s eSports Dominance



Recently, Financial Times posted an article titled: “Gaming crackdown threatens China’s esports dominance, warn players”. In the article, it says that Beijing introduced gaming regulations last week that limited players under 18 to only three hours of online games per week.

The article astutely points out that the limitation is going to blunt China’s professional eSports teams because they will have less time to play games than their competition from other countries (such as the United States, South Korea, and Europe). According to Financial Times, eSports is big business in China and widely popular.

The Financial Times also reported that China is set to host esports first appearance as a medal event in at the 2022 Asian Games in Hangzhou. They have set up a stadium dedicated entirely to competitive video gaming in Chongqing with more than 7,000 seats.

In August of 2021, South China Morning Post reported that that gamers in China who are under the age of 18 would have their playing time limited to one hour on regular days and two hours on public holidays, which was announced by Tencent.

It appeared to be a response to a game called Honour of Kings, (created by Tencent) which was the first video game in the world, on any platform, to average more than 100 million users a day. Teens will also be prohibited from playing the game between 10pm and 8am.

On August 30, 2021, BBC reported that Tencent announced it was rolling out facial recognition to stop children playing between 10pm and 8am. According to BBC, the move followed fears that children were using adult ID’s to circumvent rules.

Personally, I can’t see how eSports players in China are going to be able to compete against players from other countries – who don’t have the limitations that China imposed upon young gamers. To me, the severe limitations on gameplay is going to stifle China’s eSports players.


China’s ‘Straddling Bus’ is Stranger Than Fiction



TEB graphicFrom an American perspective, China can look like a very strange place. While the Asian country has absorbed many Western traits into its culture, China is still different in many ways. I experienced this recently when I came across news of a new public transit vehicle being tested in China. The vehicle’s technically known as the Transit Elevated Bus (TEB) and it’s colloquially referred to as the “Straddling Bus,” due to the way it straddles the roads it moves over.

The TEB looks like a quasi-futuristic people mover that actually travels above the road on elevated walls that glide along a predefined track. In reality, the “Straddling Bus” isn’t really a bus at all. It’s more like a train. Whatever you call it, busses and trains aren’t likely to elicit that much excitement in 2016. But the TEB’s appeal comes from the way it moves over traffic, allowing cars to pass underneath. In the right setting, a TEB could be an extremely practical public transit solution, requiring less space (and in turn expense) than subways or elevated railways.

The company that designed and built the first TEB prototype actually took the vehicle out for a short test drive on a public street in Qinhuangdao. The event was attended by a decent-sized crowd, some of whom even got to ride aboard the vehicle.

But over the next few days, reports began to surface that the TEB and the company behind it were nothing more than a scam:

…Several state media outlets have published articles alleging that the company in charge of developing the TEB crowdfunded their project illegally and misled investors.
Despite the hype surrounding the trial run, both domestic and abroad, it seems that the company may have blown the occassion out of proportion. Not only was the test run just 300 meters long and completely failed to mimic real-life traffic conditions, but authorities in Qinhuangdao city also were not aware of it even happening, People’s Daily reports. The firm later verified that it wasn’t a “road test,” but simply part of “internal testing.”

It looks like the Straddling Bus has gone as quickly as it arrived. Perhaps another enterprising transit company will pick up where the first TEB left off. Anything’s possible in China.

 


Need to cross China quickly? There’s a train for that



bigstock-High-Speed-Train-18755

China loves its high-speed rail lines. Now the country is boasting that it is even faster and cheaper to go from one end to the other, with the “longest” high-speed rail line in the world — a staggering 2,298 kilometer stretch of metal that reaches from north to south across the nation.

The new trains move at 186 mph and run between  Beijing in the north and Guangzhou in the south. According to a report in the Wall Street Journal, the ride will still take eight hours, but that is much faster than the previous twenty that this journey used to entail.

Plus there is an added bonus — the $139 price tag for a ticket to go the distance is considerably cheaper than flying. although it does still take more time than traveling by air. Still, a slightly slower journey at a much-discounted price represents real competition. Now, if only services like this would come to the United States, where our infrastructure is in great need of a serious upgrade.

Image High Speed Train by BigStock


GNC-2011-11-14 #721 CES Ramp Up!



Great to be back in Hawaii and in the Studio. The hard work begins over the next 6 weeks in getting ready for CES 2012. For the first time ever we are going to ask for additional listener / viewer support in helping us for CES 2012. We have produced 1000’s of videos for you and the operation has grown to the point that we want to take care of our support team in a bigger way. I have set a fund raising goal of $5000.00 and hope you will support our endeavor with a $25.00/$50.00/$100.00 donation which will 100% be used to pay our support crew.

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GNC-2011-09-29 #709 Kindle Fire



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