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Companies like Binance have shown that crypto trades are always just a VPN away, and as these systems continue to spread and decentralize they become increasingly impossible to fully shut down. The great promise of cryptocurrency was a borderless, global financial system that governments couldn't corrupt or meddle with. That was always a bit of a pipe dream. But China's crackdown has made it clearer than ever: Digital money could have borders too. On Thursday, it announced plans to revise its Radio Equipment Directive to mandate that USB-C become "the standard port for all smartphones, tablets, cameras, headphones, portable speakers and handheld videogame consoles.

There are two goals: cutting inconvenience and e-waste. The commission cites data saying 11, tons of e-waste are produced every year just from disposed of and unused chargers. The problem has become less acute over time, considering the number of charging ports has essentially reduced from 30 down to three: Lightning, USB-C and micro-USB. Apple is pushing back. But this year's iPhone 13 lineup still features the Lightning port, meaning Apple maintains control of the iOS mobile accessory ecosystem.

The EU's order allows for a transition period of 24 months from the date of adoption by the European Parliament and the Council. That's plenty of time for Apple, but the company wasn't too keen on yesterday's news. Apple has a lucrative accessories ecosystem it controls through its MFi licensing program, earning it money on every cable and charger sold.

The good faith reading here: Apple doesn't want old Lightning accessories made obsolete. The proposal has a clear loophole. One potential avenue to sidestep the USB-C requirement is wireless charging, which the commission did not address in yesterday's order. That leaves open the door for Apple and other companies to introduce portless phones that avoid USB-C altogether.

The EU says it won't ignore wireless charging forever. But there are also other complications to a universal USB-C standard that will require some further clarification, like how not all USB-C cables are capable of transmitting the same type of data at the same speed. In the meantime, please enjoy this absolutely mind-melting video ad released 10 years ago promoting a universal charging standard.

It never gets old. Instead, they want to create something that they control. Over the last few years, China has been set on its mission to launch a central bank digital currency CBDC tentatively known as the Digital Yuan. CBDCs are a type of digital currency that has been increasingly explored over the last few years by countries that want to benefit from the cross-border capabilities of cryptocurrencies like Bitcoin without actually having to hand power over to users.

Li Keqiang front row, third from right with Xi Jinping centre at the opening of the national congress in Beijing on Friday. After all, CBDCs give complete control to the very authorities that Bitcoin was designed to take power away from. At the time, Bitcoin was not widely known or user-friendly. For the most part, only extremely tech-literate individuals were mining and transacting in crypto.

Major exchanges had not yet been established, and even the act of using crypto to buy pizza was significant news at the time. Investors were not yet large enough in number to rack up significant losses to scams or cryptocurrency exchange breaches, and financial institutions and investment platforms were not at any real risk of crypto disrupting the status quo.

As a result, China initially took a relaxed approach to crypto. This is not unlike the initial stance taken by Japan , a country we recently covered that is today seen as being a lot more crypto-friendly. Chinese regulators allowed crypto to grow in popularity during its early years, and the country found itself becoming the key destination for crypto mining.

Mining farms, places where hundreds or even thousands of devices are used to mine Bitcoin, became increasingly popular in China. If this ruling sounds familiar, it may be because it is very similar to the stance that Turkish regulators took earlier this year. Still, Chinese citizens were able to purchase and trade cryptocurrencies in the years that followed without too much hassle— though banks could no longer trade bitcoin. In addition, cryptocurrency mining did not seem to slow down following this prohibition.

In fact, mining has been so widespread in China that it occasionally sparks fears that the decentralized nature of the movement could find itself at risk due to the fact that many network participants have been historically located in one country. This visualization from shortly before China's mining crackdown shows China accounting for nearly half of all mining power, more than double the second-place US. The previous crypto boom in China hit significant regulatory obstacles in By , the cryptocurrency movement exploded in popularity and the world saw a truly astounding number of businesses try to cash in by offering ICOs, a variation of IPOs, to the public.

Hosting an Initial Coin Offering is a way to crowdfund a project by selling a native digital currency as part of a pre-sale. Due to the widespread nature of ICOs, and the fact that investors were quick to buy in despite the fact that some companies failed to deliver a product at all, financial authorities around the world started viewing crypto regulation as a much more pressing issue. Coindesk reported a Chinese translation of statements made by Chinese officials in September.

Alongside the announcement that ICOs could not continue operating, Chinese exchanges were also prohibited from allowing their users to trade fiat currencies such as the yuan for cryptocurrencies.

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China's crypto crackdown wipes out nearly $300 billion in market value

5/25/ · Miners in the resource-rich Sichuan region of China would be counting their losses after the government released a directive to halt all Bitcoin mining in the region.. In the memo . 3/16/ · Still, the Asian country had become a significant crypto player since then, so much so that when it shut down crypto operations, the shockwaves were all around. One of the . 9/14/ · China Crypto Bans: A Complete History. September 14, at pm by Wayne Jones. Since the launch of Bitcoin in and its consecutive rise in popularity and value, .