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The draft bill: On Digital Financial Assets will return to the reading stage for revisions. State Duma said current draft has no connections with crypto or digital tokens.

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China and Russia Hungry for Hard Assets, Could Bitcoin Benefit?

Central banks hoarding gold is thought to be accounting for a lot of the buying pressure sending the price of the precious metal upwards recently. Such a hunger for hard assets may one day see banks stock piling Bitcoin as part of their de-dollarisation efforts. Central banks in both Russia and China have been identified as major buyers of bullion this year. The two nations are believed to be in the process of diversifying their reserves in the face of sanctions and the ongoing trade war with the US. When Will Central Banks Recognise Bitcoin as Sounder Money than Gold? According to an article in Bloomberg, economists from the Australia & New Zealand Banking Group Ltd. believe that both China and Russia’s central bank will continue hoarding gold in the coming years. One representative of the group stated that restrictions on China associated with the ongoing trade war with the US and economic sanctions on Russia will encourage the major world powers to continue diversifying their reserves. He added: “Also, with increasing political and economic uncertainty prevailing, gold provides an ideal hedge, and will therefore be sought after by central banks globally.” Many Bitcoin proponents argue that the cryptocurrency is superior to the shiny precious metal on just about every front that makes gold an attractive store of value. It has a known total supply, which cannot be inflated. Compare this to gold. No one knows how much gold there is in the universe. Even on earth, there are huge reserves of gold that are out of reach of current mining technology. This could change rapidly with some future technological breakthrough. Bitcoin is also much more transportable, easier to store, easier to transact, and easier to conceal than gold. For many proponents, it therefore trumps gold on all counts apart from its historical precedence. Bitcoin simply hasn’t been around for a long enough time to have earned the level of trust people have in gold as a store of value. The longer it does stick around, however, the more trusted it will become. The idea that a central bank would one day add Bitcoin to its reserves, particularly given the obvious hunger for hard assets in Russia and China, is also a popular one in Bitcoin circles. The first nation state that announces that they are adding #Bitcoin to their reserves will kick off the 'Bitcoin Arm's Race.' Shortly thereafter, all nations will follow and begin position themselves accordingly for the digital age. Frenzy, panic, and #hyperbitcoinization. HODL. — Melik Manukyan (@melikmanukyan) February 27, 2018 Given this hunger from central banks in the likes of Russia and China for a hard monetary asset that is free entirely uncorrelated from fiat currency market, it seems reasonable that at some point in the future, it will become known that a bank has indeed been hoarding Bitcoin. The popular theory posits that once this happens, other central banks would be forced to follow. This could spark a buying frenzy on a scale never before seen.   Related Reading: Investor Says Bitcoin is the Next Frontier for Central Banks: Drop Gold Featured Image from Shutterstock. China and Russia Hungry for Hard Assets, Could Bitcoin Benefit? was last modified: September 9th, 2019 by Rick D.The post China and Russia Hungry for Hard Assets, Could Bitcoin Benefit? appeared first on NewsBTC.

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Patrick Byrne Severs Ties with Overstock Over Russia Controversy

Overstock CEO Patrick Byrne has announced he will sever ties with the company he founded. A major figure in the bitcoin and blockchain industry, Byrne announced the news today after revealing in July he had been in a relationship with a Russian national embroiled in the now-infamous “Russiagate” series of news conspiracies. These revelations caused … Continue reading "Patrick Byrne Severs Ties with Overstock Over Russia Controversy" The post Patrick Byrne Severs Ties with Overstock Over Russia Controversy appeared first on Bitsonline.
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Token Swap: Tether Announces Token Burn Of Over 400 Million USDT

Tether has shared a piece of information about a forthcoming token burn which according to announcement would take place shortly. According to a tweet from their official Twitter handle, Tether plans to shortly move 400 million Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them. Tether will shortly move 400m Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them. — Tether (@Tether_to) September 16, 2019 Tether Minted 300 million USDT Few Days Ago Few days ago, Tether took to Twitter to inform its users that it was coordinating with a third party to perform a chain swap. This was planned in order to convert some tokens from their original Omni to an Erc 20 protocol. At the time of the initial announcement, 300 million Tether USDt was announced to have been minted for the swap. However, these conversions took place few days ago as Tether promised the token swap wouldn’t disrupt the total supply. In few hours Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 300M USDt. Tether total supply will not change during this process. — Tether (@Tether_to) September 12, 2019 Whale Alert, a twitter account dedicated to alerting the community of big cryptocurrency transactions, noted the coinage described above in a tweet published on Sept. 12. As per a second tweet submitted as an answer to the first one, Whale Alert offered an explanation of the type of transaction: “This USDT mint is part of a swap. The corresponding burn on Omni has not taken place yet.” And finally, Tether is burning the Omni Tether that was already converted to ERC20. Until now, no token burn has taken place on Omni blockchain. In July, it was reported that Tether accidentally minted and burned 5 million USDT tokens. However, Tether long-standing controversy about issues relating to transparency and market manipulation. The post Token Swap: Tether Announces Token Burn Of Over 400 Million USDT appeared first on Coingape.

Zero-Knowledge Proof Solution from QEDIT Implemented Into Kaleido Blockchain For Transaction Privacy

Kaleido, a startup blockchain solution from ConsenSys Venture Studio has gone on record to become the first blockchain platform to implement the zero-knowledge proof solution from QEDIT—the crypto private company. A Non-compulsory Feature On September 13th, 2019 QEDIT shared a paress released with Cointelegraph where it stated that the partnership it had developed with Kaleido […]
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Cryptocurrency Exchange OKEx Korea Removes Privacy Altcoins

According to an official announcement made by the South Korean branch of OKEx, the popular exchange will delist five privacy coins as early as October 10, 2019. Complications for Privacy Coins Trading of Monero (XMR), Dash (DASH), ZCash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) on OKEx Korea will be suspended on October 10, 2019,Read MoreRead More. The post by Edoardo Vecchio appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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