China's Hottest Cryptocurrency is OneCoin, not BitCoin

By M. Grace, December 13, 2017 00:12 AM

Bitcoin(Pixabay)

China's cryptocurrency fans have been left out of the Bitcoin's craze in recent months.

This is after the Chinese government banned initial coin offerings in September and shut down all major domestic exchanges. But, they found something new to pour their money into: OneCoin.

OneCoin is designed by the Chinese technology company Xunlei, which was launched in mid-October. According to numerous reports from Chinese media, OneCoin's value jumped dramatically at more than 80-fold.

This craze has made Xunlei as the best-performing stock on Nasdaq in China for the past two months.

What's the hype about OneCoin in China?

Xunlei said that miners in OneCoin should be focusing on the idea of shared computing than speculating on how to make money. When OneCoin was making money 80-fold the shares halted last month after it fell into a dispute with their partner Shenzhen Xunlei Big Data Information Services Company.

But then the two unrelated companies agreed to discuss their misunderstanding and came up with a solution.

Over the weekend, Xunlei announced that it has renamed OneCoin "Lianke" and that the wallet app as "Lianke Pocket." Xunlei also said that they would work with authorities to crack down illegal trading platforms for Lianke. 

 

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