China’s Sina Finance Adds Crypto Index to Mobile App

Asia Blockchain Review
July 24, 2019

A finance-focused news channel owned by Chinese tech giant Sina Corp has added a crypto index to its mobile application.

As reported by Cointelegraph, the new index on Sina Finance provides data on prices and performances of major cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Litcoin (LTC), XRP and Ether (ETH).

The feature also provides the latest news in the industry and is only available on Sina Finance’s mobile app.

China’s Complicated Relationship with Crypto

Since 2017, China has hardened its stance towards cryptocurrencies by banning both Bitcoin trading and initial coin offerings (ICOs). The country’s popular social media and payment operator, WeChat, also banned crypto transactions as part of its payment policy to terminate accounts involved in crypto trading.

Chinese authorities have meanwhile suggested the potential elimination of all crypto mining in the country. The National Development and Reform Commission (NDRC) has included crypto mining in its draft for a revised list of industrial activities slated to be shut down, citing regulatory or ecological reasons. 

The inclusion forms part of the NDRC’s wider Catalogue for Guiding Industry Restructuring that determines which industries will be fostered, restricted or eliminated.

Investor Interest in Crypto Continues to Climb

Nevertheless, Bitcoin and crypto have been making their way back into the media spotlight in China. Following Facebook’s announcement of its new Libra crypto project, China’s official Xinhua news agency published a report stating that investor interest in cryptocurrencies has been on the rise.

Additionally, a report by Big Four audit and consulting firm Deloitte recently claimed that as much as 73% of Chinese enterprises consider blockchain to be among their top strategic priorities.


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