Tag: Digital

Chinese municipal bank issues first-ever digital yuan loan using intellectual property as collateral

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As reported by local news outlet Sohu, on Wednesday, the Agricultural Commerce Bank of Zhangjiagang, located in China’s Suzhou province, announced that it had issued a 500,000 digital yuan (e-CNY) loan with intellectual property backing it as collateral. The loan was issued via unanimous approval by the city’s consumer markets regulator, financial markets regulator and municipal officials.  Unnamed in the report, the recipient of the loan is an entity manufacturing environmental protection equipment for steel factories in Suzhou province. As told by the entity, due to an uptick in the…

Israel puts the brakes on cash to spur digital payments

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Authorities in Israel on Monday has in put in place further restrictions on cash payments as a means to combat illegal activity and spur digital payments in the country.  Since January 2019, Israeli businesses and consumers have been subject to limits on cash payments under the Law for the Reduction in the Use of Cash. It’s aimed at shifting the country’s citizens and businesses toward digital payments, allowing authorities to more easily track tax evasion, black market activity, and money laundering. From August 1, the limits on cash payments have…

Harvard University and Filecoin Foundation for the Decentralized Web Plan to Preserve Digital Information – Bitcoin News

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On July 27, the Filecoin Foundation for the Decentralized Web (FFDW) announced it will be supporting an initiative with Harvard University’s Library Innovation Lab (LIL) called the “Democratizing Open Knowledge” program. With FFDW’s support, LIL plans to explore decentralized technologies that can preserve digital information. Democratizing Open Knowledge While there’s a lot of information to consume in 2022, it’s hard to verify what is legitimate and there’s a significant amount of distrust toward mainstream media sources. In the U.S. for example, America’s trust and confidence levels in the media sunk…

Two Under-the-Radar Altcoins Rolled Out on Digital Asset Exchange Crypto.com

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Singapore-based digital asset exchange Crypto.com is adding support for two under-the-radar altcoins as markets rebound. Earlier this week, the exchange listed the native token of Boba Network (BOBA). The project utilizes optimistic rollups, a less stringent and data-heavy method of transaction verification than traditional zero-knowledge rollups. The BOBA token can be used for governance and staking. The project aims empower decentralized applications (DApps) developers building on Ethereum (ETH). BOBA is trading at $0.51 at time of writing. The 306th-ranked crypto asset by market cap is up more than 15% in…

ECB Economists Suggest Limiting Access to Digital Euro to Protect Banks – Finance Bitcoin News

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A group of economists evaluating the potential effects of a digital euro have insisted that restricting access to the upcoming currency is necessary to preserve the current financial system. Their study follows an earlier proposal to limit digital euro deposits at the European Central Bank (ECB) to €3,000 per person. Limited Availability of Digital Euro Expected to Prevent It From Becoming Too Popular Europeans’ access to a digital euro should be restricted to prevent a flight of capital from deposits at commercial banks, according to a report published by the…

Fed Board, FDIC Order Voyager Digital to Retract Federal Deposit Insurance Claims – Regulation Bitcoin News

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Following Voyager Digital’s application for bankruptcy protection during the first week of July, Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board today issued a joint letter to the company demanding a cease and desist against Voyager’s FDIC claims. The FDIC’s letter explains that Voyager’s FDIC claims are false and misleading, and the entity prohibits anyone from “representing or implying that an uninsured deposit is insured.” FDIC Insists Voyager Digital Published Misleading and False Federal Deposit Claims On July 28, 2022, the Federal Reserve Board and FDIC issued a…

Call for Creation of Common African Digital Currency, Kenyan Activists Turn to Crypto Funding, Ghana on the Brink – Africa Bitcoin News

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In Bitcoin.com News’ inaugural newsletter featuring the biggest crypto and economic news stories from Africa, the head of an African regional central bank, Herve Ndoba, implores the bank’s board to introduce a common digital currency. At the same time, the regional bank warned that the Central African Republic’s bitcoin law is incompatible with regional laws. Meanwhile, Kenyan activists have said cryptocurrencies can potentially create new ways for young people to earn. The latest Visual Capitalist rankings of countries with the highest default risk in 2022 show Ghana as the first…

Foundry Digital Launches Logistics Arm to Advance Standards in the Cryptocurrency Mining Industry – Mining Bitcoin News

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On Thursday, Foundry Digital LLC, the mining company and subsidiary of Digital Currency Group (DCG), announced the launch of Foundry Logistics in order to advance standards in the cryptocurrency mining industry. The newly launched arm of the company plans to “bridge the gap between hardware manufacturers and buyers by providing an all-in-one solution for mining hardware deliveries.” DCG Company Foundry Launches Mining Logistics Arm Foundry, the crypto mining, staking firm, and DCG company has announced the launch of a new company venture called Foundry Logistics. The new mining logistics arm…

The First Digital Monetary System Built on Bitcoin – Press release Bitcoin News

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press release PRESS RELEASE. Sango, the Central African Republic’s crypto-initiative, has set off a wave of excitement in the crypto space, fuelling curiosity and anticipation. Supported by a comprehensive Legal Framework, Sango will enable the creation of both the digital and physical infrastructure that would aid its development. SANGO will be partially backed by Bitcoin, meaning that will build up on an already existing strong foundation. What does “backed by Bitcoin” really means? Let’s set things straight: SANGO, the coin of the Sango sidechain, will be fractionally backed by Bitcoin,…

UK Law Commission Publishes Proposals to Reform Laws Relating to Digital Assets — Says Reforms Must Not ‘Stifle Development’ – Regulation Bitcoin News

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According to the Law Commission, the United Kingdom statutory body, digital assets play an increasingly important role in modern society and as such, the law relating to these must be reviewed. Reforming the laws will not only protect the rights of users and maximize the potential of digital assets but can potentially position England and Wales “as a global hub for digital assets.” Several Key Areas Still Need to Be Reformed A British statutory body, the Law Commission has released a consultation paper wherein it proposes to reform the law…