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Bank Of China Teams Up With Prop Tech And New World Development Blockchain

Bank Of China Teams Up With Prop Tech And New World Development Blockchain Prop Tech, a company that aims at replacing the paperwork related to digital licenses will be allowing users to send buyer’s authorized purchase agreement or mortgage application to banks. Moreover, the data that users will be sending will be encrypted and digitally […]
Bitcoin Exchange Guide

Report: Bank of China Joins New Blockchain Platform for Property Buyers

Report: Bank of China Joins New Blockchain Platform for Property Buyers Property development firm New World Development and the Hong Kong Applied Science and Technology Research Institute (ASTRI) will jointly launch a blockchain platform for home buyers with the Bank of China reportedly being the first bank user. The news was announced by local news […] Cet article Report: Bank of China Joins New Blockchain Platform for Property Buyers est apparu en premier sur Bitcoin Central.
Bitcoin Central

People’s Bank of China (PBoC) Expresses Cash Concerns Citing Cryptocurrency’s Growing Presence

Local authorities in China are worried about the exponential growth that digital payments are experiencing in the country. In a recent report released by the FT, the People’s Bank of China (PBoC) is very concerned about the declining relevance of cash for processing payments in the Asian country. According to this report, there are several shops and stores that are currently relying solely on digital payments rather than cash. There are some payment applications such as Alipay and WeChat Pay that are making payments much faster and easier to be performed using digital systems. The issue started to generate some concerns when banks experienced complications to facilitate the flow of cash in the economy. This is why the PBoC decided to remind merchants that they were not able to refuse the Yuan. On the matter, the PBoC commented: “In recent years, there have been problems with the circulation of renminbi cash, and the people’s response has been intense. Consumers at tourist areas, restaurants, and retail merchants have had their cash refused, which has damaged the renminbi’s legal status and consumers’ right to choose between payment methods.” Back in 2017, there were some reports that showed that in some areas, digital payments accounted for more than 90 per cent of the sales. In many circumstances, cash can be more difficult and expensive to handle than electronic transactions. Using more digital payments means that the government has a larger control over its population. With cash, payments cannot be traced and can be performed in a completely anonymous way. With this increase in digital payments in one of the most powerful countries in the world, cryptocurrencies and Bitcoin could gain their place in a highly digitalized market. Banks and other traditional financial companies are not being able to capture the attention of younger users such as Millennials. There are several companies in the crypto space that are working in order to offer merchants the possibility to accept payments in virtual currencies and receive the funds in their local currency. However, if virtual currencies want to spread in China the government would have to amend or change current regulations that banned cryptocurrencies.
Bitcoin Exchange Guide

‘Stablecoins Trust Risks Should Not be Ignored’, Says Former Head of the Bank of China

As stablecoins have recently become all the rage in the blockchain space, Li Lihui, who heads the Blockchain Research Working Group at China’s National Internet Finance Association(NIFA), said on December 24 that although stablecoins could maintain a stable price, the “trust risks” brought by them should not be ignored, according to a report by Yicai. Rather than fluctuating on the whims of traders’ speculation, stablecoins are characteristically pegged to a fixed amount of real-world assets, such as fiat currencies like USD or other blockchain-based assets like Ether. Li, who is also a former head of the Bank of China, one of the four state-owned commercial banks in the country, shared his insights on the cryptocurrency industry at a digital financial assets forum held in Beijing. “The market cap of certain stablecoin stands at over $1 billion, while smaller ones have a market value of hundreds of millions of dollars.” Li said, “ But some banking accounts linked to stablecoins are lack of transparency and regulation.They add trust risks.” When it comes to cryptocurrency trends for the new year, Li stated that virtual currencies sometimes expands at an alarming rate, which may pose a threat to fiat currencies. But whether digital currencies could become a mainstream payment method relies on four principal elements: higher efficiency, lower cost, economic scale with commercial value, and social credibility and security. He believed the volume of transactions between virtual currencies and fiat money depends on these factors: the international status of the fiat currency, the government’s regulatory stance, public sentiments and the market environment. He further argued that developed countries possibly shift their regulatory attitudes towards cryptocurrencies in the near future. Japan is expected to focus on opening up its financial market despite its crypto friendly status. The United States might dedicate to establishing a regulated digital finance market, defining the boundaries of regulations.And Singapore possibly pushes forward innovative experiments in digital finance.
8BTC

People’s Bank of China Officially Bans Security Token Offerings

During the last couple of months, China has often reiterated its aggressive position towards digital currencies. A similar event recently took place, after the People’s Bank of China (PBoC) decided to ban security token offerings, also known as STOs. Banning the Successor to ICOs For those who do not know, STOs are considered the successors to ICOs. They’re quite similar in purpose, yet there are a couple of differences between the two crowdfunding methods. As such, an STO investment is financially-backed via a company’s assets, revenue or profits. On the other hand, ICOs do not offer any investment backing, yet start-ups give investors value and utility tokens. It seems that the move was fuelled by the fact that despite the bans on Initial Coin Offerings, numerous start-ups were still holding token sales within the country. Pan Gongsheng, who is the deputy governor of the PBoC, stated that both ICOs and STOs are illegal activities, and they’re still quite prevalent in China. According to him, “the STO business that has surfaced recently is still essentially an illegal financial activity in China […] Virtual money has become an accomplice to all kinds of illegal and criminal activities.” Additionally, the deputy governor stated that most of the ICOs and STOs taking place in China fail to abide to the regulatory framework, and thus tend to conduct activities such as pyramid schemes, fraud and more. According to him, if the PBoC and Chinese government failed to take action back in September 2017, the ICO and digital currency market would have massively hurt the country’s economy. Of course, there aren’t too many studies that can determine whether this is true. However, it is important to keep in mind the fact that before the crackdown took place, China was the world’s biggest hub for ICOs and digital currency transactions. In fact, a study showcased that over 80% of crypto-related activity was taking place in the Asian country. The chief of an important Chinese financial regulator also recently warned crypto-related start-ups and the international community to avoid promoting and holding STO and ICO activities in Beijing. Failure to do so would lead to prosecution and deportation for the foreigners involved. Based on everything that has been outlined so far, it seems like the fintech market in China is no longer a viable option for either start-ups looking to promote their services, or potential investors. However, activities such as holding cryptocurrency for a profit aren’t yet considered illegal. After all, completely banning a decentralized cryptocurrency would be a difficult endeavour.   Featured Image via BigStock.
Crypto-News.net

People’s Bank of China Bans Security Token Offerings

The People’s Bank of China (PBoC), the country’s central bank, has officially banned security token offering (STO) businesses. An STO is an alternative to private equity and venture capital financing for companies globally. Unlike their utility token counterparts, security tokens are tied to real securities, which may represent tokenized assets. In certain cases, these tokens can represent actual equity, acting as “digital shares” of a company. Local news outlet South China Morning Post (SCMP) reported that PBoC deputy governor Pan Gongsheng told an internet finance forum in Beijing that “illegal” financing activities through STOs and ICOs were still rampant in the mainland despite a crackdown on cryptocurrencies and ICOs in September last year. “The STO business that has surfaced recently is still essentially an illegal financial activity in China,” Gongsheng said. “Virtual money has become an accomplice to all kinds of illegal and criminal activities. Most of the financing operations conducted through ICOs in China were suspected of being illegal fundraising, pyramid sales schemes and other financial fraud.” The central bank deputy governor added that if Beijing had not taken action to eradicate illegal behaviour arising from digital currency transactions in 2017, a chaotic cryptocurrency market could have hurt the country’s overall financial industry. Last week, Huo Xuewen, chief of financial watchdog Beijing Bureau of Financial Work, issued a warning against STOs, stating that STO fundraising is currently illegal in Beijing. “I want to warn those who are promoting STO fundraising in Beijing,” said Xuewen. “Don’t do it in Beijing. You will be kicked out if you do it.”
BlockTribune

People’s Bank Of China (PBoC) Says Security Tokens (STO) Are An “Illegal Financial Activity In China”

China’s Central Bank, the People’s Bank of China, reported to the South China Morning Post its decision concerning security token offerings, noting that they are illegal in the country. The bank’s deputy governor Pan Gongsheng appeared at a summit in Beijing and there, he discussed the “illegal” financing activities that have been effectuate with STOs and ICOs and that they are “still rampant in the mainland despite a nationwide clean-up of the cryptocurrency market last year.” He also added that without the government’s intervention, it would have impacted the country’s financial stability. Gongsheng also noted that “the STO business that has surfaced recently is still essentially an illegal financial activity in China” and that cryptocurrencies are seen as damaging due to their connection with crime. He added, “Virtual money has become an accomplice to all kinds of illegal and criminal activities.” Further, he continued that “most of the financing operations conducted through ICOs in China were suspected of being illegal fundraising, pyramid sales schemes and other financial fraud.” Gongsheng is not the only one who has taken such a stance toward STOs. Huo Xuewen, the Chief of the Bureau of Financial Work stated, “I want to warn those who are promoting STO fundraising in Beijing. Don’t do it in Beijing. You will be kicked out if you do it.” Even though China has taken a negative stance toward cryptocurrency, it’s approach toward blockchain has been quite positive. For instance, a Chinese Internet Court adopted blockchain to protect writers’ intellectual property.
Bitcoin Exchange Guide

Bank of China Opens Blockchain Lab In Singapore

The Bank of China (BoC), one of the four largest state-owned commercial banks in the country, has opened a FinTech innovation lab in Singapore to spearhead its worldwide research and development (R&D) activities. Called the BOC Innovation Lab, the lab is the first of its kind for the bank and will spearhead regional and global research and development work as well as build a talent pipeline and foster partnerships with local startups, universities and the government. It will also showcase artificial intelligence, blockchain, big data and cloud technologies. “The Bank of China Innovation Lab (Singapore) marks a new milestone in our journey in South-east Asia as we lead the future with technology from Asia’s fintech hub, Singapore,” said BOC president Liu Liange. “We will combine our banking expertise with the culture of innovation that permeates our bank and adroitly apply fintech to deliver relevant financial services in an ever-changing and volatile world. With Bank of China Innovation Labs around the world, we will enable accelerated innovation of financial products and technologies, and respond faster to market trends.” The innovation lab is housed in BOC Building in Battery Road and is staffed by a robotic customer service officer, which can quickly identify individual clients and recall their preferences with its facial recognition capabilities. Visitors can also experience how the bank’s customers in China tour car exhibitions or houses for sale at different parts of the country via virtual reality (VR) and seal the deal on the spot. “I understand that the BOC innovation lab will focus on artificial intelligence, big data, blockchain and cloud technology,” said Senior Minister of State Sim Ann. “These are exciting projects that have the potential to transform the way BOC delivers financial services and interacts with its clients, and the types of products and services BOC offers to its clients . The opening of the BOC innovation lab in Singapore today also marks an important milestone in Singapore’s financial cooperation with China.”
BlockTribune

Blockchain Iinvestment Bubble Is Obvious – People’s Bank of China

The People’s Bank of China (PBoC), the country’s central bank, said that blockchain investment bubbles are apparent, and that the government should strengthen supervision. In a working paper titled “What can a blockchain do and cannot do?,” the Research Bureau of the PBoc advised local Chinese government agencies to enhance supervision of financing into the blockchain sector in order to prevent “speculation, market manipulation and other irregularities.” “Currently, the bubble in the blockchain investment and financing sector is obvious,” the paper said. “Speculation, market manipulation, and even violations of laws and regulations are common, especially for token projects involving public offering transactions. Relevant government departments should strengthen supervision and prevent financial risks.” The PBoC further said that the low physical performance of blockchains and the shortcomings of the tech’s economic functions are the reasons why there are few blockchain projects that really produce social benefits. “To date, no technological innovation has had a disruptive impact on the financial system, and blockchains are no exception,” the paper said. “There is no flexibility in the supply of cryptocurrency, lack of intrinsic value support and sovereign credit guarantees, the inability to perform monetary functions effectively, and the inability to subvert or replace fiat money. The anonymity of the blockchain will increase the difficulty of implementing anti-money laundering (AML) and know your customer (KYC) in financial transactions.” The working paper came after the central bank extended its regulatory scrutiny to crypto airdrops, which it characterized as “disguised” initial coin offerings (ICO). The central bank warned that crypto airdrops are evading regulation around the public token sale model by issuing free assets to investors. It added that airdrops earmark a token reserve and then capitalizing on speculation in the market to inflate the assets’ value and drive their own profits.
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Ruling on XRP’s status as a security unlikely until late 2020

Disclaimer: These summaries are provided for educational purposes only by Stephen Palley. They are not legal advice. These are our opinions only, aren’t authorized by any past, present or future client or employer. Also we might change our minds. We contain multitudes. A consolidated class action in federal court in Oakland may one day lead a court to rule on (1) whether Ripple violated U.S. Securities laws by creating the XRP token and (2) whether XRP is a security. That day will not be in 2019, judging from a scheduling order entered by the Court on March 18. The Order sets forth a schedule for roughly the next twelve months. Here's what's going to happen: By March 20, Plaintiffs will publish a notice under federal law that verifies that they read the complaint, authorized its filing, didn't buy XRP in oder to become plaintiffs, and a number of other things that are set forth in the Private Securities Litigation Reform Act (a law that was passed purportedly to prevent abuses class action practice. [related id=1]In 60 days, any member of the "purported class" can ask the court to be appointed as lead plaintiff and to approve selection of their counsel. This is a big deal from a financial standpoint for the lawyers, because the class lead will almost certainly earn more if there's a favorable result. As a result, you will see some litigation over this in about two months (we had a taste of that in the Tezos class action litigation, if you've followed that case). 45 days after the Court chooses the lead plaintiff, they will file a new complaint, which will replace all of the other complaints that the different plaintiffs filed. (As a reminder, this particular lawsuit consolidates or brings together a bunch of separately filed suits against Ripple). 45 days after the new complaint is filed, Defendants have to respond. Instead of answering, it is a virtual guarantee that they will file motions to dismiss. The parties will have 30 days to reply to the motion. All of the cases are ordered consolidated for pretrial purposes, which means that depositions, written discovery and motions will all be handled in this one case by this particular judge. If we build in time for the Court to rule and for some potential delay in the class rep designation process, it's possible that the Court will rule on Motions to Dismiss by the end of this year. It's also possible that this will role into next year. It's a dicey proposition to speculate on motions that haven't been filed yet, but if we assume that the motion to dismiss is denied -- which is usually the case if a Complaint is reasonably well pleaded -- we'd probably see an answer on file in early 2020. Discovery, class certification motions, and dispositive motions will likely take place in 2020 and 2021. It's possible that when the Court rules on the likely Motion to Dismiss we will see an indication as to whether or not the Court thinks a security is at issue, but Motions to Dismiss generally speaking don't address the merits of a case -- they assume that the facts stated are true for purposes of ruling, and will only look at whether or not a viable claim was pleaded. In short, I wouldn't expect to see a ruling on XRP's status as a security until late 2020 at the earliest.
The Block Crypto

IOTA / USD Technical Analysis: Game Changer

IOTA is bullish in the short-term, with the cryptocurrency trading well above its 200-period moving average The medium-term outlook remains bearish for the IOTA / USD pair, with the cryptocurrency still trading below its 200-day moving average Both time frames show potential inverted head and shoulders patterns building IOTA / USD Short-term price analysis In the short-term, IOTA has a bullish trading bias, with the cryptocurrency trading well above its 200-period moving average of the four-hour time frame. The four-hour time frame shows multiple inverted head and shoulders patterns, with price trading close to the neckline of the bullish patterns. If an upside breakout does occur, the larger bullish pattern’s overall bullish objective will likely be the November 15th trading high from last year.     IOTA / USD H4 Chart                                                                         (Source: TradingvView)     Pattern Watch Traders should note the target of the smaller bullish inverted head and shoulders pattern on the four-hour time frame will likely be the current 2019 trading high. MACD Indicator The MACD indicator on the four-hour time frame remains bullish, with the MACD signal line crossing higher. Relative Strength Index The RSI indicator on the four-hour time frame is bullish, although downside pressures are building. IOTA / USD Medium-term price analysis IOTA remains bearish in the medium-term, with the cryptocurrency still unable to move above its key 200-day moving average. The daily time frame clearly shows two potential inverted head and shoulders patterns that could start to take shape over the medium-term. The upside projection of the smaller inverted head and shoulders pattern would take the IOTA / USD pair towards levels not seen since October 2018. Technical indicators on the daily time frame remain bullish and continue to signal further gains ahead.     IOTA / USD Daily Chart                                                 (Source: TradingView)     Pattern Watch It is worth noting that the IOTA / USD pair’s 200-day moving average is located just below the neckline of the smaller inverted head and shoulders pattern. MACD Indicator The MACD indicator on the daily time frame is bullish and generating a buy signal. Relative Strength Index The RSI indicator is bullish on the daily time frame, although it is starting to correct lower. Conclusion The presence of multiple inverted head and shoulders patterns on the four-hour time frame highlights that the IOTA / USD pair has scope to trade much higher over the short-term. A sustained technical breakout above IOTA’s 200-day moving average would be a game changer for the cryptocurrency over the medium-term, although caution is advised until a bullish breakout is confirmed.   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IOTA(IOT) Price $0.310 Market Cap$862,262,752.00 #ccpw-ticker-24524 .ccc-chart-header { background: #1c71ff} #ccpw-ticker-24524 #ccc-chart-block .exportBtnTop, #ccpw-ticker-24524 a.tabperiods.tabperiods_active, #ccpw-ticker-24524 .coin_details { color: #1c71ff; background: rgba(28,113,255,0.15); } #ccpw-ticker-24524 .coin_details { border: 1px solid rgba(28,113,255,0.16); } .ccpw-container_chart #ccpw-ticker-24524 .coin-container:after, .ccpw-container_four #ccpw-ticker-24524 .coin-container:after {border-color:#ccc !Important;} Join the conversation on Telegram and Twitter!   Decentral Media, Inc., the publisher of Crypto Briefing, is not an investment advisor and does not offer or provide investment advice or other financial advice. Nothing on this website constitutes, or should be relied on as, investment advice or financial advice of any kind. Specifically, none of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any transaction. You should never make an investment decision on an investment based solely on the information on our website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an investment. The post IOTA / USD Technical Analysis: Game Changer appeared first on Crypto Briefing.
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During Second Half of 2018, Vitalik Buterin Cashed Out $40 Million in Ethereum (ETH)

With so many prominent figures in the cryptocurrency world, it should come as no surprise that a deep dive into the history of these influencers arises every now and then. Alex Sunnarborg, who is a founding partner of the Tetra Capital crypto hedge fund, decided to dig into the historical account data of Vitalik Buterin. […]
Bitcoin Exchange Guide

Adoption: Customers can now pay with IOTA in Stores that Accept Apple Pay and Samsung Pay following Zeux Integration

As a means of encouraging wider use, Payments and banking services app Zeux has integrated IOTA (MIOTA) for crypto payments in stores for retailers in a collaboration with IOTA Foundation. This is to be fully available in a few weeks time according to an announcement by the Zeux team on Medium. According to founder and co-chairman of IOTA Foundation David Sønstebø, this partnership is a major step for the company that will make IOTA use more convenient. “This partnership with Zeux will provide a significant convenience benefit for IOTA ecosystem. We are very excited about this. Now IOTA digital currency can be used as payment with merchants that accept Apple Pay and Samsung Pay. By combining existing technology with another form of currency, this is a big step forward towards the adoption of crypto for the masses.’’ Speaking on the partnership, Founder and CEO of Zeux Frank Zhou said it is an avenue to increase the adoption of the digital asset and is just the first step to giving IOTA users more financial freedom. Meanwhile, IOTA has gained over 5% since the announcement of its integration with Zeux. this is an indication of the potential adoption this cryptocurrency stands to gain as a result of the integration which will bring it to thousands if not millions of users worldwide. Zeux is an app of the UK origin that provides payment services. The app is to be launched in April and made available in Europe within the year and America in 2020. Its integration of IOTA is a win-win as the CEO described IOTA’s Tangle as an ideal platform for them to build their customer data Dapp. Tangle is a specialized distributed ledger technology that is specifically meant for the internet of things, which the IOTA Foundation’s primary mission is to support. Apart from fee-less real-time payments, the Tangle is also an open-source protocol that facilitates secure data transfer and the collection and dissemination of sensor-based and other data. Zeux mission is to bring crypto as well as fiat micropayments to retail stores around the world through facilitating fee-less real-time payment as well as enabling integration of banking and investment services with it in one, making it a convenient way to do everything with funds without going out of the app. The post Adoption: Customers can now pay with IOTA in Stores that Accept Apple Pay and Samsung Pay following Zeux Integration appeared first on ZyCrypto.
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