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Mining firms told to orderly exit business, ICOs banned, shut down domestic exchanges, blocked 124 offshore exchanges, Baidu and WeChat restrict or ban crypto related content. UPDATE: STOs are illegal. The Ministry of Industry and Information Technology calls for the acceleration of the development of blockchain related standards.

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China’s digital currency will provide required anonymity in transactions, says official

China’s upcoming digital yuan will not fully control people’s information and will provide them with required anonymity in their transactions, according to an official. “We know the demand from the general public is to keep anonymity by using paper money and coins ... we will give those people who demand it anonymity in their transactions,” said Mu Changchun, head of the digital currency research institute at the People’s Bank of China (PBoC), at a conference in Singapore on Tuesday, as reported by Reuters. Mu added that the central bank will keep the “balance between the ‘controllable anonymity’ and anti-money laundering, CTF [Countering Financing of Terrorism], and also tax issues, online gambling and any electronic criminal activities,” continuing: “That is a balance we have to keep, and that is our goal. We are not seeking full control of the information of the general public.” The official has regularly been giving updates on the digital currency, since his appointment in September. Earlier this week, Mu said that China’s digital yuan holders will not receive interest payments, and therefore, the digital currency will have no implications for inflation or monetary policy. It is not clear when China will launch its digital currency, although it is “almost ready” after five years of research and development. Mu said at Tuesday's conference that the goal of the digital currency is to create a new system in case of issues with China’s existing financial infrastructure, where two players - WeChat and Alipay - dominate electronic payments. The official recently also said that the design of digital yuan would be similar to Facebook-led Libra stablecoin and that it could also be used across WeChat and Alipay payment platforms.
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China Guarantees Citizens On-Demand Anonymity With State Digital CurrencyChina Guarantees Citizens On-Demand Anonymity With State Digital Currency

The digital currency will allow anonymity to users… but only to an extent. Analysts are predicting the government-backed crypto will be out early next year. Blockchain efforts by the People’s Bank of China have ramped up in recent weeks. China has brushed aside concerns that its planned government-backed crypto will be used to keep tabs […] The post China Guarantees Citizens On-Demand Anonymity With State Digital Currency appeared first on CCN.com To no one's surprise China's state digital currency will be used to monitor transactions and could potentially be used to spy on citizens.
CCN

Bitcoin Headlines in China’s Most Influential News Organization

The most influential media organization in China, Xinhua News, ran an article on Bitcoin ⁠— introducing the technology to millions. The reporting follows what appears to be a thaw in China’s authoritarian stance toward cryptocurrency. Crucially, Xinhua News Agency is the official state-run press agency for the People’s Republic of China. It is the sole channel for the distribution of important news related to the Communist Party and Chinese central government. Given the importance of the publication it may indicate the government in China is warming to Bitcoin and blockchain. This is consistent with Xi Jinping’s recent comments about blockchain. He recently stated: “[China] must take blockchain as an important breakthrough for independent innovation of core technologies” and “accelerate the development of blockchain.”  Bitcoin’s Usefulness and Ingenuity Outlined The article, which mostly sheds a positive light on Bitcoin, outlines the characteristics, functions, and usefulness of the technology. Undoubtedly, this format would seem natural as this is one of the first state-sanctioned introductions to Bitcoin — and blockchain in general. The article lists the basic requirements for a “currency” and demonstrates how this revolutionary technology fits the bill: “The transaction records of the traditional financial system are kept in the database of the bank center, and the blockchain is the book of Bitcoin. The ownership of the Bitcoin generated at any time and the transaction record are recorded in the blockchain book. Anyone who downloads the client can receive the relevant information.” In addition to a limited supply, subsequent halving, and anonymity, Bitcoin’s use of blockchain paints a prosperous future for the “new” technology. Interestingly, a very pragmatic view of the cost of decentralization is explained: “The total computing power of the top 10 mining pools in the world accounted for 75% of the Bitcoin computing power. The computing power is highly concentrated and maintains distribution. Decentralized accounts require a lot of energy.” Report Concluded With Caveat The negative aspect of high energy cost and price fluctuation are overshadowed by illegal activity, cited as the main problem of Bitcoin and similar anonymous digital assets: “This feature also makes Bitcoin widely used in illegal transactions such as money laundering. Currently, the most important uses of Bitcoin payments are black market transactions and ‘dark net’ transactions.” This warning, however, is merely stated as a fact, and does not comment on possible regulatory measures or planned legal action. Other Optimistic Measures Earlier this month, Bitcoin mining was reportedly removed from a list of business practices that would prevent companies from receiving government subsidies and assistance. This reversal could be a telling sign that China is slowly accepting the implications and possibilities of blockchain technology. Additionally, China has long been considering its own digital currency. A Washington Post report outlined the motivation behind a Libra-like digital version of the yuan being China’s need for control in a rapidly growing digital economy. Although not a cryptocurrency per se, it would be a sign that one of the largest obstacles to blockchain implementation — China — may be the catalyst necessary for the next step towards adoption. Perhaps these concessions are China’s way of maintaining control of blockchain technology within its borders and beyond.  This could also be yet another sign that the train has departed and China does not want to be left behind. The post Bitcoin Headlines in China’s Most Influential News Organization appeared first on Crypto Briefing.
CryptoBriefing

Novogratz: China’s New Digital Currency Could Undermine US Reserve Status

China is on its way to becoming the first country to launch a state-backed global digital currency and Michael Novogratz, a prominent billionaire, has commented on that. Novogratz believes that the U.S. reserve status may be threatened by China and the crypto revolution. He affirmed that China is already ahead of the U.S. in several […]
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Crypto Adoption: Royal Bank of Canada Might Soon Launch A Crypto Trading Platform

Canada’s largest bank, The Royal Bank of Canada having over $965 billion in total assets could soon launch a crypto trading platform. Will RBC Soon offer Crypto Accounts? As per reports, by leading media, The Logic, RBC has applied for four patents in Canada and the US – a hint enough to decude that the bank might integrate cryptos into its operations. When questioned RBC spokesperson Jean Francois Thibault told  The Logic that similar to other organizations, patent applications, and concepts are protected and declined to comment on the platform launch. “To individual users, managing cryptographic keys and transacting with different cryptographic assets can be a challenge. In some situations, cryptographic asset transactions may take time to be confirmed, and/or may not be compatible or supported by merchant systems or point-of-sale devices,” reads the patent. The report further mentions that the bank could offer its customers cryptocurrency accounts. As a matter of fact, RBC has published a minimum of 27-blockchain-related patents in the past three years. These include credit scores, vehicle records, digital rewards and loan offerings. Rising Crypto & Blockchain Adoption in Canada A study by Bank of Canada in early October revealed that 5% of Canadians own bitcoin. Furthermore, the nation has been well-positioned in attracting mining businesses due to its colder climate and low energy costs. Not only is the national interest in cryptocurrencies rising, a survey by Deloitte in 2018 revealed that fifty-one percent of Canadian companies were investing in blockchain. Yesterday, Canada launched its second stablecoin, CUSD. Interestingly, the stablecoin is backed by the US Dollar and not the Canadian Dollar. CUSD similar to its forerunner CADT, (backed by the Canadian Dollar) has been developed by Blockchain Venture Captial Inc., a Canadian blockchain-based company. Will Royal Bank of Canada roll out its own crypto exchange? Let us know, what you think in the comments below!   The post Crypto Adoption: Royal Bank of Canada Might Soon Launch A Crypto Trading Platform appeared first on Coingape.
CoinGape

Celebrity-Founded Pac Token IEO Campaign To Launch On GCOX

The Initial Exchange Offering (IEO) of a celebrity coin called PAC Token (PAC) has gained the attention of the crypto community. However, this is a token for a “select few” due to the distribution strategy that has been put in place. It is an IEO where a first-come-first-served basis will not apply, but rather, an electronic ballot system will determine who gets the coin. What’s more, PAC is backed by a celebrity, and given how past cryptocurrency ventures launched by stars ended in shambles, a lot of fingers are crossed. Will PAC be a huge success and possibly the next big thing? Or will it like others before its time leave investors holding a bag of worthless tokens? Who knows! What is Pac Token? PAC Token (PAC) is an ERC-20 token that rides on the popularity of Manny Pacquiao, a Senator in the Philippines, and a professional boxer. The cryptocurrency was launched on September 1, 2019, at “A Concert For Champions” held in Manila, Philippines. These tokens are aimed at bringing the Filipino boxer closer to his fans by giving his sizable followers access to fan-celebrity programs powered by Singapore’s GCOX exchange. In the same vein, fans can connect with the pro-fighter on social media. The crypto asset can also be used to redeem products such as Pacquiao’s autographed glove or exclusive VIP box seats at boxing matches. It can be donated to Pacquiao to support his cause. On the other hand, England soccer star Michael Owen and Sheikh Khaled bin Zayed al-Nahyan, a member of Abu Dhabi’s ruling family, are reportedly private investors of PAC. Who is Manny Pacquiao? Emmanuel Dapidran Pacquiao, popularly known as Manny Pacquiao, is a man of many interests. He is a politician who has been a serving Senator in the Philippines since 2016. Likewise, the 40-year-old is a renowned boxer who has several accolades to his name. According to Wikipedia, he is “one of the greatest professional boxers of all time.” The Boxing Writers Association of America (BWAA) also named Pacquiao, “Fighter of the Decade 2000”. Forbes, on the other hand, ranked him as the second-highest-paid athlete in the world as of 2015. Despite Pacquiao’s interest in politics and sports, he is now dabbling with blockchain technology, which has led to the launch of his cryptocurrency, Pac Token. Pac Token IEO Campaign on GCOX Exchange The Pac Token (PAC) will be distributed in an Initial Exchange Offering (IEO), instead of an Initial Coin Offering (ICO) since it is offered through an exchange. PAC’s IEO has been scheduled to take place on GCOX Sparkle, the IEO platform on GCOX (Global Crypto Offering Exchange). The IEO will start on November 12, 2019, at 9 pm (GMT+8), to end on November 14, 2019. Three rounds of sales have been slated, and each round will last for three hours. Also, 700,000 PAC tokens will be offered, and each token will cost $0.30 USD. Token Balloting System to Aid in Acquiring PAC During IEO The fact that a renowned celebrity backs PAC has earned it much attention, which means there will be more people willing to buy despite the fact that there are just a few tokens to go round. A system has, therefore, been devised to allocate tokens during the campaign. That being the case, it won’t be on a first-come, first-served basis. Instead, GCOX has chosen to use a Token Balloting system to determine who can acquire PAC during then IEO. According to the exchange, each account on the GCOX Sparkle is limited to one subscription as well as a minimum and maximum subscription amount of $30 and $1,200, respectively. At the completion of the IEO, an electronic ballot will allocate tokens to individuals. However, these tokens will be credited to the wallets of participants on November 19, 2019, by 6 pm (GMT+8). Deducing from this logic, not very many people are going to get their hands on this token, given the policy that has been put in place. Nonetheless, it may increase the token’s demand from Pacquiao’s fan base and potentially impact on its price positively. About GCOX GCOX is a decentralized exchange owned by GCOX Group, a group of companies in different industries, including entertainment, finance, and technology. The exchange was founded in 2017, and it became the first cryptocurrency exchange to collaborate with LaLiga, a Spanish football division. GCOX is focused on promoting celebrities and brands using its ACCLAIM blockchain. Stars can develop their popularity, raise funds, etc. using GCOX. As such, it does not come as a surprise that this exchange is chosen for the PAC IEO. However, PAC will be the first celebrity token IEO to launch on the GCOX Sparkle platform. Other celebrities like American singer Jason Derulo, Tennis ace Caroline Wozniacki, and English soccer star Michael Owen are rumored to plan to launch their crypto tokens on GCOX soon. Conclusion PAC Token is the first celebrity coin to go on sale on the GCOX cryptocurrency exchange. It is backed by Manny Pacquiao, a politician, and boxer who has garnered a sizable number of fans that can increase PAC’s demand. And despite the failed attempts of other crypto ventures by celebrities, PAC Token is likely to come out strong. Website: https://pactoken.io/ Telegram: https://t.me/pactoken Facebook: https://www.facebook.com/pactoken.io/ YouTube: https://www.youtube.com/c/GCOXOfficial Twitter: https://twitter.com/GCOX_official Instagram: https://www.instagram.com/gcox_official/ IEO Page of GCOX Exchange: https://gcox.com/cms/detail/218801924428791808 Disclosure/Disclaimer: This article is sponsored and produced by a third-party source and should not be viewed as an endorsement by ZyCrypto. Readers are urged to do their own research before investing or having anything to do with the company, goods and/or services mentioned in the above article. The post Celebrity-Founded Pac Token IEO Campaign To Launch On GCOX appeared first on ZyCrypto.
ZyCrypto

Chinese E-Commerce Giant Alibaba Offers Free Bitcoin to US Shoppers

Yes, you did read that right. The company that refused to let its Chinese users buy bitcoin with Alipay has now teamed up with a New York-based BTC app to offer it for free on ‘Singles Day’. Get Free Bitcoin on Singles Day As part of a drive to motivate shoppers on China’s ‘Singles Day’ yesterday, e-commerce giant Alibaba has partnered will the bitcoin shopping app, Lolli. The unofficial holiday which falls on 11/11 is the Chinese equivalent of America’s Black Friday. According to a company blog post Lolli users were able to earn 5% in bitcoin when they shop with partner Alibaba. The day is massively popular in China where its burgeoning younger generation and nouveau riche want to splash the cash to celebrate their solo status. Lolli’s partnership with Alibaba, which recently warned against crypto payments in China, would allow US-based users who purchase on the Chinese platform to earn a cut in BTC. CEO and co-founder of Lolli, Alex Adelman, stated; “I’m excited to partner with Alibaba on Singles Day and offer the opportunity to earn bitcoin back to its shoppers. This is a milestone partnership for Lolli as Alibaba is the largest retailer and e-commerce company in the world, launching on Single’s Day, the world’s largest shopping day of the year.” The app works through a browser extension that notifies users when they’re browsing a partner’s online retail outlet. Lolli works with over 500 partners including big names such as Walmart, Groupon, Toms, Hilton, GAP, and Hotels.com. The official website claims that they are ‘on a mission to spread bitcoin to billions of people all around the world with the click of a button.’ Records Smashed in Shopping Frenzy It is clear that Chinese and US-based platforms are trying to capitalize on one of the biggest shopping days in the year. According to CNBC Alibaba broke the Singles Day record with more than $38 billion in sales yesterday. At the end of the 24-hour event, the gross merchandise value stood at 268.4 billion yuan, just under a 26% rise from the figure posted last year. Alibaba offered huge discounts on its global outlets but naturally, shoppers in China were not entitled to earn any bitcoin, even though state media has been trying to educate them on it. Smartphones from Apple and Huawei were some of the top-selling items as online personalities took to the stage to tout their brands. There was a concern in China that sentiment for US brands may have fallen following the ongoing trade war but this was clearly not the case. Maybe free bitcoin for Chinese users would have resulted in an even larger profit margin for Alibaba. Did you go shopping on Singles Day? Add your comments below. Image via Shutterstock The post Chinese E-Commerce Giant Alibaba Offers Free Bitcoin to US Shoppers appeared first on Bitcoinist.com.
Bitcoinist

Singapore: MAS Partners JP Morgan to Develop Blockchain-Enabled Payments Network

Singapore’s financial regulator, the Monetary Authority of Singapore (MAS) has entered into a partnership with Wall Street titan JP Morgan Chase and Temasek to develop a distributed ledger technology-powered (DLT) multi-currency payments network. This, according to a report by Finance Magnets, November 11, 2019. Part of Project Ubin In a bid to propel the useRead MoreRead More. The post by Aisshwarya Tiwari appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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Omise To Offer PayNow Payment Options In Singapore; Faster And More Secure Transactions

Asia-focused Payment Gateway, Omise announced that it will be offering PayNow to customers in Singapore reports Finance Magnates. Customers, namely small and medium-sized e-commerce businesses can expect this addition to take place sometime next month. PayNow was created by DBS, Development Bank of Singapore. Their foundation involves leveraging digital technologies to ensure that customers are […]
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