Monday, November 23, 2020

Suzhou city prepares to roll out digital yuan trial scheme

Suzhou city prepares to roll out digital yuan trial scheme
China yuan

Chinese city Suzhou has decided to launch what it calls a “red envelope” trial for the country’s impending digital yuan.

This will be the second time a Chinese city will be rolling out a test phase for the digital yuan. Last month another Chinese city Shenzhen rolled out a pilot scheme. From insider reports, the Suzhou district wants to launch the giveaway on the same day as China’s Double 12 chopping event on December 12.

In anticipation of the forthcoming trial scheme, several businesses in the district have set up near-field communication QP codes.

In the first trial scheme held in Shenzhen, there were 10 million digital yuan distributed to about 50,000 beneficiaries of the red envelopes through a lottery format. As reported earlier, about 95 percent of the beneficiaries have already spent their 200 digital yuan prize within two weeks of the prize money is distributed.

Some of the participants even wanted to buy more of the yuan.

But the participants of the Shenzhen trial launch could not use the panda wallets, which is the digital wallet’s “touch” and “offline” functions.

But the Suzhou launch has this functionality, as it enables users and holders of the yuan digital currency to carry out the transfer of transactions. They can do this by tapping their mobile devices, even if the devices are not connected to the network.

Chengdu city will be the next to launch a trial scheme

E-commerce giant Alibaba will be hosting the Double 12 shopping event. It will be coming after the launch of the much-anticipated “Singles Day”. The shopping event will concentrate more on small brands and offline spending than online spending.

Apart from the city of Shenzhen and Suzhou launching their trials, Chengdu city is also planning to roll out its yuan digital currency trial. The venue of the 2022 Winter Olympics has also been billed to participate in another closed pilot scheme. These trials are coming as China prepares to launch its digital yuan. The country with the largest population in the world has been planning to roll out its digital yuan. As it stands, the launch stage will happen after the successful testing schemes from various districts.

The post Suzhou city prepares to roll out digital yuan trial scheme appeared first on Invezz.



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Friday, November 20, 2020

Crypto News Cast For November 20th 2020 ?

Crypto News Cast For November 20th 2020 ?

Crypto News Cast ๐Ÿ“ฎ 20-11-2020

Welcome to The Crypto News Cast: A Complete Cryptocurrency News letter For Today

24hours Cryptocurrency Market Cap:

๐Ÿ“ˆMarketCap:          $525 B
๐Ÿ“Š24h Mcap %:        18.50%
⚠️Bitcoin Dom:        66.30%
๐Ÿ“ŒActive Coins:       4,659
๐Ÿ“24h Vol %:            3.20%
๐Ÿ’ฒ24h Vol:                $143 B

Crypto News Updates :

  • Bitcoin’s Taproot Upgrade Support Surges By 45%
  • SEC Chair: Inefficiencies In Traditional Payment System Boosting Bitcoin
  • China's State TV CCTV Shills Bitcoin To Millions
  • OCC Chief Brian Brooks Says Launch of Crypto Banks Is Imminent
  • Goldman Expects Digital Yuan Will Reach 1 Billion Users in 10 Years
  • First Employer-Sponsored Bitcoin Retirement Plans Launched In US
  • Ethereum Breaks $500 for First Time Since 2018
  • OKEx Crypto Exchange To Reopen Bitcoin Withdrawals


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- Bitcoin’s Taproot Upgrade Support Surges By 45%

Bitcoin miners are signaling that they support the Taproot upgrade, which aims to boost privacy and efficiency. F2Pool, the largest Bitcoin mining pool has been listed on the “Taproot-Activation” website, signaling its support for Bitcoin’s protocol upgrade proposal Taproot. With the addition of F2Pool, Taproot, which aims to improve the network’s privacy and efficiency, has now gained the combined support of miners responsible for 45% of Bitcoin’s hash power. This means it is just 6% away from reaching a majority. Read Full on Decrypt.

- SEC Chair: Inefficiencies In Traditional Payment System Boosting Bitcoin

SEC Chairman Jay Clayton reiterated that he does not believe Bitcoin is a security, but suggested that more regulation could still be on the way from other federal agencies. Clayton told that Bitcoin more resembles a store of value and a payment mechanism than it does a security, and that “inefficiencies” in current traditional payment mechanisms, both domestically and internationally, are boosting Bitcoin’s growth. But he also warned that as Bitcoin becomes more popular, it could become further regulated as a payment method. Read Full on twitter.

- China's State TV CCTV Shills Bitcoin To Millions

As noted by prominent Chinese crypto analyst “cnLedger,” yesterday, CCTV, the official Chinese Communist Party television channel, did a segment on Bitcoin due to the rally. According to him, the state channel covered Bitcoin’s price being up 70 percent in fifty days, along with the strength in the fundamentals of the cryptocurrency. It mentioned that bitcoin’s network, development and investment eco-system are now far better than 2017 bull market and added the recent rise is driven by institutional funds. Read Full on twitter.

- OCC Chief Brian Brooks Says Launch of Crypto Banks Is Imminent

Comptroller of the Currency Brian Brooks says the advent of crypto banks is just around the corner. In an interview with Forbes, the head of the Office of the Comptroller of the Currency (OCC) reveals that there are a few crypto firms beelining for the Trust Charter with the OCC in order to provide crypto banking services. Brooks stresses the need to balance banks’ ability to service their clients’ digital asset needs and to maintain current levels of government regulation and oversight. This balance, Brooks believes, will imminently involve crypto banks. Read Full on forbes.

- Goldman Expects Digital Yuan Will Reach 1 Billion Users in 10 Years

According to Goldman Sachs, The digital yuan, China’s planned national virtual currency, would account for 15% of total consumption payments in ten years, helping commercial banks gain more ground from fintech companies. "In ten years we expect DC/EP to reach 1 billion addressable users, 1.6 trillion rmb ($229 billion) in issuance, 19 trillion rmb ($2.7 trillion) in annual Total Payment Value (TPV) and account for 15% of total consumption payments,” the report said. Read Full on CoinDesk.

- First Employer-Sponsored Bitcoin Retirement Plans Launched In US

U.S.-based asset manager, Digital Asset Investment Management (DAiM), has launched the country’s first employer-sponsored 401(k) retirement plans that offers several recommended model portfolios of varying risk to traditional assets and allocation of up to 10% to Bitcoin. The BTC will be held in cold storage by Gemini Trust, allowing DAiM to transfer Bitcoin to former-employees who have left participating companies. DAiM’s crypto-friendly plans are compliant with the Employee Retirement Income Security Act of 1974, and will be able to be offered by employers from 2021. Read Full on cointelegraph.

- Ethereum Breaks $500 for First Time Since 2018

Ethereum has been the talk of the town in recent months as the crypto community anticipates the release of Ethereum 2.0. But while we wait for this upgrade, Ethereum's price has kept rising. The price of Ethereum has risen above the $500 barrier for the first time since 2018. The last time the cryptocurrency was above $500 was July 2018. This recent price increase adds to solid growth over the year with Ethereum's price having risen from $130 to $500 a 284% gain on the year so far. Read Full on Decrypt.

- OKEx Crypto Exchange To Reopen Bitcoin Withdrawals

Crypto exchange OKEx has announced it will resume withdrawals from November 27, 2020, following a temporary suspension that began on October 16. The temporary absence of withdrawals was a major talking point for the Chinese crypto community, but now, the major exchange is set to resume normal business practices. As OKEx reopens for withdrawals, the exchange is also hoping to apologize for the inconvenience caused through user loyalty reward campaigns to express deep apologies and most sincere gratitude to our community. Read Full on Decrypt.

Monday, November 2, 2020

PBoC governor claims the bank has processed 4M digital yuan transactions

PBoC governor claims the bank has processed 4M digital yuan transactions
PBoC 4M DCEP transactions

The governor of the People’s Bank of China (PBoC), Yi Yang, has disclosed that the launch of a digital currency in four Chinese cities has been smooth. He revealed this news while speaking on a virtual panel with Agustin Carstens, the head of the Bank for International Settlements, and Klaas Knot, the president of the Dutch Central Bank during the Hong Kong FinTech Week conference earlier today. In the conference, Yang also unveiled that the bank had processed more than 4 million digital yuan transactions so far, totaling 2 billion yuan (£231.5 million).

According to Yang, China’s Central Bank Digital Currency, also known as DCEP is still in its initial stages of development despite achieving this feat. He added that the coin requires a more comprehensive legal framework. The bank’s governor went on to state that the PBoC will initiate further discussion with overseas central banks and regulators that focus on the legal frameworks for CBDCs.

Yang added that FinTech companies have numerous advantages over commercial banks regarding developing a customer base and managing risk. This is because new technologies such as microloans and mobile payments have helped boost access to financial services in remote areas.

On top of this, the rise of contactless banking, especially during the COVID-19 pandemic has introduced challenges for central banks because they have to juggle between managing their customers’ convenience while ensuring their safety. Apart from this, Yang believes that central banks face an uphill task when it comes to protecting their customers’ private information.

China’s continued effort to legalize its digital yuan

This news comes after PBoC recently published a notice seeking public feedback to revise the current central banking law in order to legalize the digital yuan and ban the circulation of yuan-pegged digital currencies. In the publication, the bank proposed to amend article 19, section 3 of the law to feature the wording that renminbi includes both a physical form and digital form. Additionally, the bank proposed an amendment to Article 22 Section 3, noting that any individual or entity shall not make or issue any tokenized note or digital tokens that replace the renminbi’s circulation in the market.

The bank went on to state that,

“For anyone that violates such regulation, the PBoC will halt such activities and forfeit any proceed from the making and selling of yuan-backed digital tokens and issue a fine that is up to five times of the involved proceeds.”

The post PBoC governor claims the bank has processed 4M digital yuan transactions appeared first on Invezz.



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Friday, October 16, 2020

Crypto News Cast For October 16th 2020 ?


Crypto News Cast ๐Ÿ“ฎ 16-10-2020


Welcome to The Cryptocurrency News Cast: A Complete Crypto News letter For Today

24hours Cryptocurrency Market Cap:

๐Ÿ“ˆMarketCap:          $355 B

๐Ÿ“Š24h Mcap %:       -3.19%

⚠️Bitcoin Dom:        59.1%

๐Ÿ“ŒActive Coins:       4,357

๐Ÿ“24h Vol %:            2.98%

๐Ÿ’ฒ24h Vol:                $81 B

Crypto News Updates :

  •  Coinbase Will Sponsor Bitcoin Core Developers
  • Stellar Blockchain Will Support USDC Stablecoin
  • Coinbase Pro Will List Wrapped Bitcoin (WBTC)
  • Japanese Financial Group SBI Will Pay 2 Pro e-Sports Players in XRP
  • Digital Yuan Rolls Out for Use in Shenzhen Gas Stations
  • 14% Bitcoin's Total Supply Is Being Held In Accumulation Addresses


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- Coinbase Will Sponsor Bitcoin Core Developers

Coinbase is sponsoring at least two Bitcoin Core developers with a new grant program, the San Francisco-based exchange announced Thursday. Coinbase said in blog post that it is looking for developer who can contribute tooling to the network, improve testing, and contribute code. "We believe helping to connect and grow the cryptoeconomy is essential to building an open financial system for the world," Coinbase said. The move comes after year of criticism from the community for not backing the developers. Read Full on CoinDesk.

- Stellar Blockchain Will Support USDC Stablecoin

USDC, the stablecoin co-founded by Circle and Coinbase, will be launched on the Stellar blockchain in the first quarter of 2021, according to the firm. Stellar will be the third official chain for USDC, having launched on Ethereum and expanding to Algorand in June 2020. Circle CEO told "We value the increased interoperability and wide range of developers that the Stellar network brings to the table, and look forward to seeing how adding a strong and stable USD anchor to Stellar grows its ecosystem." Read Full on The Block

- Coinbase Pro Will List Wrapped Bitcoin (WBTC)

Crypto exchange Coinbase today announced that starting Monday, October 19, its “Pro” exchange will support Wrapped Bitcoin, or WBTC. The San Francisco-based company, which operates one of the world’s largest cryptocurrency exchanges, said that it would accept deposits of WBTC on Monday from US customers outside of New York state. Trading will commence on “or after 9AM Pacific Time (PT) Tuesday, October 20, if liquidity conditions are met.” It’ll go live with two pairings: WBTC-USD and WBTC-USD. Read Full on Decrypt

- Japanese Financial Group SBI Will Pay 2 Pro e-Sports Players in XRP

The Japanese financial services group SBI Holdings is not playing on easy mode when it comes to e-Sports. Not only it is investing heavily on its team, but SBI also hopes to take advantage of the opportunity to boost the growth of the crypto-verse. To strengthen its presence in the gaming scene, SBI e-Sports – the professional e-Sports team sponsored by the financial giant – announced the recruitment of two top gamers: Subaru Sagano, AKA Mickey; and Kenji Suzuki, AKA Ken. Both players will receive their salaries entirely in XRP. Read Full on Decrypt

- Digital Yuan Rolls Out for Use in Shenzhen Gas Stations

Eleven gas stations in Chinese tech hub Shenzen are now accepting the digital yuan, China’s upcoming Central Bank Digital Currency (CBDC), days after citizens received over $1.5 million in the currency as part of an ongoing pilot. The tests are being conducted by state agency Guangdong Petroleum, which launched the pilot on October 13 this week. To pay, citizens can scan a unique QR code available at the gas stations without the need for an internet connection. Read Full on Decrypt

- 14% Bitcoin's Total Supply Is Being Held In Accumulation Addresses

According to research compiled by on-chain analytics firm Glassnode says Bitcoin has been in an accumulation phase for nearly two years. Based on the report, it shows that 2.6 million bitcoin that is 14% percent the total supply is currently being held in “accumulation addresses.” Glassnode defines an accumulation address are those addresses that have 2+ incoming txs, never spent BTC, were active in the past 7 years, exchanges & miners are excluded. Read Full on CryptoGlobe