Day: October 30, 2019

China Unironically Bans Blockchain Slurs as Crypto Launch Looms

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Authoritarian China has unironically banned criticism of blockchain technology. The move comes after President Xi Jinping publicly called for more blockchain research. The crypto industry remains divided about China’s sudden pivot. In one of the biggest U-turns in crypto history, China professed its love for blockchain. Now, the nation is going as far as to penalize anyone who dares oppose it. Chinese President  Xi Jinping recently rocked the crypto industry with a speech exalting blockchain, praising the economic benefits and efficiencies available through the technology. The bitcoin price soared in…

Russian Startup Turns Aluminium Plant into Bitcoin Mining Facility  

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Russia Mining Company (RMC) has taken over the facility of the now-defunct Nadvoitsy Aluminium Plant in the northern Karelia region, which ceased operations in 2018 due to U.S. sanctions. RMC plans to turn the aluminum plant into a mega Bitcoin mining farm that would control 20 percent of the world’s bitcoin (BTC), according to reports on October 29, 2019. RMC Creating a New Bitcoin Mining Hub  With the price of Bitcoin (BTC) now showing positive bullish signs once again, partly due to China’s renewed interest in cryptocurrency and blockchain technology,…

CME Head Tim McCourt Explains How Bitcoin Options Work

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Still in its infancy, the cryptocurrency market currently only offers a fraction of the trading and investment products available in traditional financial markets. Over the past few years, however, the crypto space has continued to develop with products around Bitcoin (BTC) and other crypto assets, such as BitMEX futures and Deribit options.  Mainstream financial entities have also continued to enter the growing sector with crypto trading and investment products, including the Chicago Mercantile Exchange’s (CME) cash-settled Bitcoin futures and Bakkt’s physically-settled Bitcoin futures. Back in September 2019, CME announced plans…

China Is Pushing Blockchain Adoption, Seizing the Momentum From US

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Recently, the National People’s Congress in China cleared a new law that will allow local authorities to start regulating all of the country’s cryptography-related activities starting from Jan. 1, 2020. By creating a new regulatory framework, the Chinese government is looking to establish a uniform standard for mainstream application of cryptographic techniques and the management of passwords and other sensitive data. The initial proposal for the law was published all the way back in May. At the time, the rough draft focused quite strongly on government-centralized password management and did…

TZERO to Tokenize $25M of Luxury Residential Development in UK

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Overstock’s blockchain arm tZERO will provide its technology to tokenize River Plaza, a luxury residential development in Manchester, United Kingdom. Following a partnership with U.K.-based real estate investment firm Alliance Investments, tZERO plans to tokenize at least $25 million of River Plaza on the Tezos blockchain, according to a press release on Oct. 30. A 180-unit luxury residential development, River Plaza is the first initiative of Alliance Investments’ real estate tokenization plan to tokenize around $640 million of real estate projects across the U.K. over the next several years. The…

Bitcoin Bull and Twitter Chief Jack Dorsey Invests in ICO Exchange Service CoinList

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Jack Dorsey, the CEO of Twitter and Square is increasing his stake in the cryptocurrency arena as the Wall Street Journal (WSJ) reports the bitcoin bull investing in CoinList. Dorsey’s other company, Square, is also heavily involved in bitcoin trading. Dorsey Endorses CoinList Speaking to the WSJ on the decision to invest in CoinList, the Twitter chief opined: “Crypto needs a trustworthy platform for launching new projects. CoinList leads the industry in that role, and trading is a logical next step” Dorsey’s investment is part of CoinList’s latest funding round…

IBM Expects a Central Bank to Issue Digital Currency Within 5 Years

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73% of leading global banks have claimed that central bank digital currencies (CBDC) should be available “under all circumstances” in a new study. “CBDC will substitute much more easily for cash” According to a joint report conducted by tech giant IBM and the Official Monetary and Financial Institutions Forum (OMFIF), global central banks now admit that CBDCs would be a good substitute for cash in some use cases such as point of sale merchants with a network connection. Released on Oct. 29, the study “Retail CBDCs: The next payments frontier”…

Bitcoin Mining Giant Bitmain Files for U.S. IPO, Chases Canaan Creative

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Bitmain Technologies, the world’s leading manufacturer of Bitcoin mining equipment, has secretly filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). Bitmain’s application comes just a few days after its primary competitor, Canaan Creative, made its IPO intentions known to the financial authority. Fascinatingly, Bitmain’s IPO is sponsored by Deutsche Bank, according to reports, October 30, 2019. Bitmain Aiming for the U.S. Market  Highly controversial Bitcoin mining ASIC chip maker, Bitmain Technologies, has taken a bold step further in its journey towards becoming a…

Bitcoin Calm ahead of Federal Reserve’s Rate Cut Verdict

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Bitcoin held to a stable range as investors wait for the Federal Reserve to take a final call on introducing another interest rate cut. The benchmark cryptocurrency was trading at $9,171.54 as of 10:13 UTC, down 2.75 percent from the market open. At its session high, bitcoin attracted a bid of $9,431.36 on the San Francisco-based Coinbase cryptocurrency exchange. That was still more than 10 percent lower than bitcoin’s weekend high of $10,540.59, showing that the market – at best – has digested the bullish sentiments arising from China’s President…

Bitcoin Calm ahead of Federal Reserve’s Rate Cut Verdict

boss

Bitcoin held to a stable range as investors wait for the Federal Reserve to take a final call on introducing another interest rate cut. The benchmark cryptocurrency was trading at $9,171.54 as of 10:13 UTC, down 2.75 percent from the market open. At its session high, bitcoin attracted a bid of $9,431.36 on the San Francisco-based Coinbase cryptocurrency exchange. That was still more than 10 percent lower than bitcoin’s weekend high of $10,540.59, showing that the market – at best – has digested the bullish sentiments arising from China’s President…