G20 Crypto Standards, DATs’ Future, and More — Week in Review

The People's Bank of China (PBOC) has reaffirmed its ban on cryptocurrency trading, responding to a resurgence in market speculation. The central bank is urging government institutions to intensify their crackdown on activities related to virtual currencies to mitigate illegal operations.

Bitcoin miners are facing a challenging December as the network's mining difficulty is set to increase from 149 trillion to nearly 150 trillion, while hashprice remains low at around $38.3 PH/s, just above the break-even point for many operations. This situation is exacerbated by a recent decline in Bitcoin's price, which has raised concerns among miners about the sustainability of their operations.

Visa has partnered with Aquanow to expand stablecoin settlement across the CEMEA region, aiming to enhance transaction efficiency and reduce costs associated with cross-border payments. This initiative reflects Visa's ongoing commitment to integrating digital currencies into its operations.

Beijing has intensified its prohibitive stance on cryptocurrency speculation amid growing risks associated with the market. This move comes as the Chinese government aims to mitigate potential financial instability linked to digital currencies, reflecting a broader trend of regulatory scrutiny in the crypto space.

Bitcoin mining activity in China is experiencing a resurgence after a four-year crackdown, with the country now accounting for approximately 14% of the global Bitcoin hashrate. This marks a significant recovery in mining operations, leveraging low-cost power and previously unused data centers.

Bitcoin mining activity in China is experiencing a resurgence after a four-year crackdown, with the country now accounting for approximately 14% of the global Bitcoin hashrate. This shift indicates a significant recovery in mining operations, leveraging low-cost energy sources and previously unused data centers.

China has quietly regained approximately 14% of the global Bitcoin hashrate, indicating a resurgence in its mining activities despite an ongoing ban. This development highlights the country's ability to leverage low-cost power and unused data centers to maintain a significant presence in the cryptocurrency market.