Citing risks to financial stability from the rising number of crypto transactions, central bank officials said last year they did not see room for cryptocurrency

Commentator Li Hualin said the ban helped to “extinguish the ‘virtual fire’ of virtual currency speculation"

Stablecoins are meant to offer a reliable investment option, unlike unpegged cryptocurrencies like bitcoin or ether, which are very volatile

While the US accounts for more than a third of all bitcoin mining - as measured by power consumption - China has taken the second spot, with 21.11% of the total

China has been working on a service network that enables the deployment of blockchain technology for businesses, notably those operating cloud computing infrastructure, the report says

Binance had invested $3 million in TerraUSD's sister cryptocurrency, Luna, four years ago. Its value plunged from $1.6 billion before last week's crash to less than $3,000 today. 

India's Reserve Bank tells government that cryptocurrencies could lead to a dollarisation of the economy

TerraUSD had a value of $1, with a market value of nearly $19 billion at its peak, before it plunged the whole of last week and ended at just 16 cents on Friday

Many global investment banks have been looking to offer clients more crypto related services, responding they say to demand from institutional investors

Asia Financial's Future of Money index, a basket of 10 leading cryptocurrencies, has plunged 19% this week alone and is down 27% during the past month.

Bitcoin has lost 15% of its value in the past five days, is off 21.2% over the past month, and has plunged 29.4% so far this year.

The SPAC plans to invest in Web3, blockchain, cryptocurrency, digital ledger, e-gaming and other new financial technology and services industries