How China ends up treating the crypto sector’s remnants will have big ramifications because digital assets ranging from Bitcoin to nonfungible tokens are at the heart of what proponents like venture capitalist Marc Andreessen refer to as web3, or the next iteration of today’s internet. Instead, what’s emerged is a mix of companies that hew to the Communist Party’s agenda promoting state-sanctioned blockchains and the digital yuan some rogue Bitcoin miners and crypto entrepreneurs trying to expand their fledgling firms without crossing any perceived red lines. That’s not exactly how things turned out. Beijing’s move to banish cryptocurrency trading and mining, announced in September 2021, seemed poised to snuff out the entire domestic industry. The topic of the gathering: crypto, the sector China’s government declared largely illegal a year ago.īefore the clampdown, China was emerging as the epicenter of the crypto world, spawning giant exchanges like Binance Holdings Ltd. The organizers expected fewer than 200 attendees, but ended up selling out the 1,000-person venue only to see more than double that number ultimately show up for the August event. (Bloomberg) - This summer, word started spreading over Chinese social media about a conference in Dali, a city nestled among 4,000-meter (13,100-foot) peaks in the country’s southwest.
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