Month: August 2019

7 Major Businesses Will Initially Receive China’s State-Sponsored Cryptocurrency

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China is expected to launch its first state-backed cryptocurrency in few months. Now it has been reported that with the backing of the Central Bank of China, this digital currency will be first received by 7 different institutions. Former employee of China Construction Bank, Paul Schulte, has said that the Industrial and Commercial Bank of China, Bank of China, the Agricultural Bank of China, Alibaba, Tencent and Union Pay will be the first ones to receive the virtual currency. An anonymous source has added that there might be an 8th…

China’s Govt Crypto Readies Huge November Launch to Steal Libra’s Thunder – CCN Markets

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China is reportedly set to launch its state crypto on the country’s biggest shopping day. | Source: Shutterstock Facebook’s fears that the bottlenecks tech firms in the free world face in developing cryptocurrencies risks opening the door for more closed societies to take the lead have been confirmed. According to Forbes, China has already developed a state-backed cryptocurrency known as DC/EP (DC- Digital Currency, EP – Electronic Payments) that could be unveiled in November. Forbes further reports that the responsibility of distributing the cryptocurrency will fall on some of China’s…

First Ever Bitcoin PAC Launches Politicoin ICO to Support Candidates

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BitPAC, the first ever Bitcoin (BTC) political action committee (PAC), will expand its candidate supporting program with an initial coin offering (ICO), Coindesk reports on Aug. 28. Utility token, not a thing of value Dan Backer, who founded BitPAC back in 2014, revealed that the committee will issue a utility token dubbed Politicoin, which will be used to support the PAC and its candidates running for public office.  Backer emphasized that the upcoming Politicoin is a utility token, which will not function as a store of value, explaining that the…

Bitcoin Price Threatens $10K as 50% of CME Futures Almost Expire

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The upcoming CME futures expiration set for Friday is expected to have a significant effect on the next bitcoin price action as the biggest cryptocurrency threatens to plunge below the $10,000 mark. In the past nine weeks, the Bitcoin price rally has stalled. Analysts believe that the crypto may suffer a severe pullback if the $9,940 support is breached. Currently, BTC is still testing the $10,000 support. However, everyone now focuses on the upcoming CME futures expiration set for Friday. Commentators believe that this expiration will have a significant impact…

Santiago Stock Exchange Forms Latin America’s First Blockchain Alliance

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The Santiago Stock Exchange (STE), Central Securities Depository (DCV) and the Global Trade Directory (GTD) announced a new blockchain association. Latin America focused business intelligence firm BNamericas reports on Aug. 27 that STE, DCV and GTD have set up a consortium for blockchain financial application development, which is reportedly the first such initiative in Latin America. Blockchain-based stock trading coming to Latin America The agreement foresees the creation of a business blockchain network: infrastructure meant to connect stock market clients worldwide via nodes that will provide access to the different…

Switzerland’s First Licensed Crypto Bank is Eyeing Singapore Next

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Swiss and Singapore-based cryptocurrency firm Sygnum is in talks with local regulators to seal a banking license in Singapore. Business News Bloomberg reported on Aug. 28 that Syngum — which has only just recently been issued a conditional banking and securities dealer license in Switzerland — aims to become a fully regulated bank in Singapore as well. Becoming a full-fledged, regulated crypto bank Syngum co-founder and chief strategy officer Gerald Goh has clarified that once the firm becomes a full-fledged Swiss bank later this year, it will proceed with its…

Does Warren Buffett Know Something We Don’t? Is the Crisis Ahead?

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The vast cash hoard of Warren Buffett’s company, Berkshire Hathaway Inc., has been vaster only once before – just before the worst financial crisis since the Great Depression. Warren Buffett’s big pile of cash could act as a warning to other investors that stock market is becoming overvalued and that its crash is pretty near. Berkshire Hathaway, the “Oracle of Omaha’s” group was noted to hold a record $122 billion in cash at the end of June. This money could be very easily be used raising its holdings in company…

Calvin Ayre Falsely Claims Court Ruled Craig Wright Invented Bitcoin

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Bitcoin SV (BSV) proponent Calvin Ayre has come under fire once again after erroneously claiming that a court ruled Craig Wright created Bitcoin (BTC). Ayre: Judge just ruled Wright created Bitcoin In a tweet on Aug. 28, Ayre said the judge presiding over Wright’s recent court case decided he was Bitcoin’s creator, Satoshi Nakamoto.  “Its nice timing to be out at the same time as Craig gets the Satoshi coins out of tulip trust. Also good timing with Judge just ruling Craig is Satoshi,” the tweet stated. Wright was in court over…

Bitcoin Returns Have Dwarfed Every Tech IPO Since 2010, New Data Shows

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Bitcoin’s performance has outstripped mainstream investments in internet firms since 2010 by 338,433,233%, it has been claimed.  Twitter user Crypto Godfather, CEO of blockchain-focused magazine Block Journal, shared data to corroborate his point on Aug. 27. Bitcoin price has exploded from a few cents to thousands of dollars  The earliest price data for Bitcoin dates back to March 2010, when the industry’s first (and now defunct) exchange BitcoinMarket.com started its operations.  The coin’s value was just $0.003 — meaning that today’s price point of just over $10,100 represents an astronomical…

Why Regulation Is the Best Thing for Crypto

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When we hear about holders of crypto being tracked down by the Internal Revenue Service, or that imprisonment is being considered for anyone using crypto in India, it conjures up a disconcerting image of what regulation might entail.  It’s part of crypto’s DNA to be unregulated, some might say. It falls outside the scope of government and should remain so for all the reasons it was created in the first place. But if crypto is the future and there are valid concerns, then surely these should be addressed. If we…