China's Hottest Cryptocurrency is OneCoin, not BitCoin

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


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. 


Related Article

Must Read

comments powered by Disqus

More from CCD

2018 International Symposium on Religion and Rule of Law Held in Beijing

On July 13, 2018, the 2018 international symposium on "religion and the rule of law" was held in Beijing, focusing on church-state relations, religious legislation, religious property, and religious legal person.

How the Trade War Affects China?

Learn how the trade war with the US is causing problems in China.

How to De-Stress When You Are at the Office

Do not let your work ruin your day!

Memorial Service of Former-Triad-Boss-Turned-Preacher Teddy Hung Held in Hong Kong

Teddy Hung or Hung Hon-yee, a former gang leader of 14K Triad, died on Hong Kong at the age of 70.

China Sends Spy Ship to Monitor US-led Rimpac War Games

Last week's Rimpac War Games in Hawaii gains China's attention.

US Tries to Challenge China, EU, Canada, Mexico and Turkey Over Tariffs

Global trade continues to shake due to American action.

Former Chilean Church Official Arrested in Church Abuse Scandal

The first action against church abuse perpetrators in Chile was reported last week.

China and Europe to Continue Paris Climate Agreement, Vows to Strengthen Cooperation

Despite American withdrawal, the Paris Climate Agreement is still supported by several large nations.

Xinhua: China to Negotiate for Cheaper Cancer Drugs

Cancer drugs may become affordable in China in the near future.

Chinese Auto Groups To Create Ride-Sharing Platform

Another local ride-sharing platform will be introduced in China.