Day: July 11, 2023

China could benefit from yuan stablecoin over its CBDC — Circle CEO

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Although China has closed its doors to decentralized cryptocurrencies, Circle CEO Jeremy Allaire believes that stablecoins could play a role in the proliferation of China’s digital yuan. Allaire, who heads up the company behind the United States dollar-backed stablecoin USD Coin (USDC), suggested that a yuan-based stablecoin might be China’s best bet for driving the adoption of its national currency in an interview with the South China Morning Post. “If eventually the Chinese government wants to see the RMB [yuan] used more freely in trade and commerce around the world,…

China could benefit from yuan stablecoin over its CBDC

China has long since closed its doors to decentralized cryptocurrencies, but Circle CEO Jeremy Allaire believes that stablecoins could play a role in the proliferation of China’s digital yuan. Allaire, who heads up the issuer of dollar-backed stablecoin USD Coin (USDC), suggested that a renminbi (RMB) based stablecoin might be China’s best bet of driving adoption of its national currency in an interview with the South China Morning post. “If eventually the Chinese government wants to see the RMB used more freely in trade and commerce around the world, it may…

Mt. Gox repayment date looming: Is Bitcoin in trouble?

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While the cryptocurrency community is actively discussing the upcoming Bitcoin (BTC) halving in 2024, there is potentially another big market event happening this year. The trustee of the hacked Bitcoin exchange Mt. Gox is set to finally repay the exchange’s creditors by the end of October 2023. If that happens, the cryptocurrency market could be significantly affected in several ways, some industry observers agree. Founded in 2010, Mt. Gox was once the biggest Bitcoin exchange in the world, estimated to facilitate around 70% of all BTC transactions before its implosion.…

The essential role of crypto market makers

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As the cryptocurrency market continues to mature, the importance of market makers in maintaining liquidity and stability has grown respectively. Similar to the worldwide trend of increased regulation, market makers are acquiring prominence in the evolving cryptocurrency landscape. By partnering with exchanges, such as Binance, Coinbase, KuCoin and others, market makers try to reduce spreads in highly liquid markets, benefiting both retail and institutional participants. Cointelegraph Research has compiled a database of about 50 crypto market makers operating worldwide, with detailed information on their activities and focus. Why are market…

Aave DAO to Vote on Gho Stablecoin Deployment on Ethereum

Aave is a lending and borrowing platform that allows users to earn yields on their pledged tokens. The gho token can be minted by users against a diversified set of crypto assets. GHO holders will continue to earn interest on the supplied collateral, just as in other lending transactions on Aave, which means ghost in Finnish. Source

Bitcoin sees 3-month high in new addresses following spike to $31,000

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin (BTC) metrics signal mixed sentiments amid the recent spike to $31,000. Notably, while the number of new addresses on the bitcoin network recently surged to a three-month high, a drop in fees to a four-month low might suggest decreasing network activity. On-chain data provider Glassnode revealed these metrics in two separate disclosures. According to the blockchain data resource, the number of new addresses on the bitcoin network recently skyrocketed to 20,360.  The last time the…

How to use tax planning strategies for maximum savings

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Tax management is an essential component that can have a big impact on your overall savings and investment results. The implementation of efficient tax planning tactics is crucial, regardless of whether you are involved in conventional financial markets or are looking at prospects in the cryptocurrency field.  This article will discuss important factors for maximizing tax savings in both the traditional financial markets and the cryptocurrency space. Understand tax laws and regulations Understanding the tax laws and regulations that apply to your investments is the first step in efficient tax…