Shares of Nano Labs, a China-based crypto mining chip designer listed on Nasdaq, saw a modest 2.81% increase to $3.29 following the announcement that it would begin accepting Bitcoin as payment through a Coinbase business account.
The Huangzhou-based company stated on 11 November that the move aligns with its commitment to embracing cutting-edge financial technology as demand for digital currency transactions grows within the tech sector.
Nano Labs emphasized its proactive stance in the evolving digital economy, highlighting the increasing interest in crypto for secure, efficient cross-border payments.
While the company noted that adopting Bitcoin would offer greater payment flexibility, it did not clarify whether it would hold the cryptocurrency on its balance sheet.
Despite the uptick, the company's shares have fallen more than 60% over the past month, significantly below their 2022 highs.
Since Beijing's crackdown on crypto activities in May 2021, which included shutting down mining operations and suspending crypto trading, China has maintained a strict regulatory stance.
However, recent developments suggest a potential shift, as authorities' attitudes seem to have softened, despite attempts to curb Tether's operations earlier this year.
Nano Labs' decision to accept Bitcoin could indicate a subtle change in China's traditionally restrictive crypto policies.
Despite stringent regulations prohibiting institutional crypto transactions and mining, China remains a dominant player in the global crypto market, controlling over half of Bitcoin's network hashrate.
Moreover, increasing calls for a policy reassessment, such as those from former Deputy Finance Minister Zhu Guangyao, suggest that China may be considering an alignment with global trends towards broader crypto adoption.
On Monday, September 9, Paul Munter, Chief Accountant of the Securities and Exchange Commission (SEC), gave a speech in which he revealed that the Commission does not object to the bank’s assessment that the SAB 121 balance sheet accounting requirements do not apply to the bank.
JinseFinanceCoinbase’s return to Hawaii highlights the impact of recent regulatory changes, allowing residents to re-engage with the cryptocurrency market after years of restrictions.
SanyaRecently, the Industrial and Commercial Bank of China has shown favor towards Bitcoin and Ethereum, possibly hinting at China's stance on cryptocurrencies.
WenJunNigeria rethinks crypto rules, enabling banks and forging a new stablecoin frontier.
Hui XinChina is softening its stance on NFTs, with reports suggesting a notable shift in its approach after a year of stringent regulations on blockchain projects.
JixuThe new, regulated NFT platform will also allow the trading of copyrights related to digital assets.
OthersIf the ban is lifted, the onus will fall on domestic distributors instead of issuers.
BeincryptoPer a report from Bloomberg, crypto investors in Japan might soon benefit from a change in the country’s regulation. The ...
BitcoinistTraditional markets have regulations to protect investors from unrecoverable losses, a Bank of England executive recently noted.
CointelegraphStablecoins like USDT and USDC would be doing just fine if properly regulated, while Bitcoin is a "Ponzi scheme" in any case, China's BSN chair told Cointelegraph.
Cointelegraph
