ASIA:
Cryptocurrency miners, including HashCow and BTC.TOP, have halted all or part of their China operations after Beijing intensified a crackdown on bitcoin mining and trading, hammering digital currencies amid heightened global regulatory scrutiny. Cryptocurrency exchange Huobi on Monday suspended both crypto-mining and some trading services to new clients from mainland China, adding it will instead focus on overseas businesses. A State Council committee led by Vice Premier Liu He announced the crackdown late on Friday as part of efforts to fend off financial risks. It was the first time China’s cabinet has targeted virtual currency mining, a sizable business in the world’s second-biggest economy that some estimates say accounts for as much as 70% of the global crypto supply. The crackdown is also part of China’s stepped-up drive to curb speculative crypto trading.
Market Talk – April 22, 2021 | Armstrong Economics
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Market Talk – April 20, 2021 | Armstrong Economics
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ASIA:
China’s parliament on Thursday overwhelmingly endorsed a proposal on “improving the electoral system” of Hong Kong, further restricting the ability of people in the city to elect their leaders freely. Members of the National People’s Congress in Beijing voted 2,895 in favor of the proposal, with no votes against and one abstention. The decision includes a plan to alter the size and composition of the city’s legislature, increasing the number of seats from 70 to 90, therefore reducing the overall percentage of democratically elected officials.
India’s economy should come roaring back to life in 2021 after a recession-induced by COVID-19 and allow the country to reclaim its status as the fastest-growing major economy if the OECD projection of 12.6 percent expansion in GDP is realized, according to a report published by CNN Business It said India’s GDP is projected to expand by 12.6 percent during the country’s fiscal year starting in April, acco