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Most Influential 40: President Xi Jinping
When the Chinese Communist Party banned mining, it only proved the resilience of Bitcoin’s distributed network.
This year Bitcoin took a serious hit to its hashrate, the measure of electricity going to secure the distributed network, when the Chinese Communist Party decided to ban cryptocurrency trading, mining and related activities. That had the immediate effect of cutting out about two-thirds of the machines making Bitcoin hum, but the network withstood the assault. Perhaps Chinese President Xi Jingping’s biggest influence on the crypto industry is showing how little sway a nation may have.
Xi is no ordinary CCP head. He has taken moves to distance China from the Western capitalistic enterprise, strengthen the nation’s economy and potentially install himself as a lifelong autocrat. While China has effectively banished a local crypto mining industry, the government has turned to blockchain as one prong of its digital “Belt and Road” global infrastructure endeavor. Further, its experimental digital yuan, a central bank digital currency is already a geopolitical force.
The Complete List: CoinDesk’s Most Influential 2021
CoinDesk
CoinDesk is the world leader in news, prices and information on bitcoin and other digital currencies.
We cover news and analysis on the trends, price movements, technologies, companies and people in the bitcoin and digital currency world.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
