China Should Consider Launching Yuan-Backed Stablecoin, Central Bank Researcher Says Bitcoin

China Should Consider Launching Yuan-Backed Stablecoin, Central Bank Researcher Says

The Chinese government should pay close attention to the development of digital currency and consider launching its own yuan-pegged crypto stablecoin despite the current ban on cryptocurrencies, suggested an Op-Ed published on China Finance, a biweekly journal run by People’s Bank of China (the country’s central bank). The opinion piece, titled “A Brief Analysis of Digital Stablecoins”, was co-written by a central bank researcher and a professor at Fudan University. For starters, it gives an introduction to the rise and flaws of crypto stablecoins, and moves to the development of stablecoins globally with a brief review of USD-backed coins, such...
Read more
China among Emerging Countries Leading in Cashless Payments: Report Bitcoin

China among Emerging Countries Leading in Cashless Payments: Report

A non-cash boom is being driven by developing markets, and these emerging markets are becoming increasingly important players in the adoption of cryptocurrencies. The U.S. continues to dominate in terms of numbers of non-cash transactions reaching 148.5 billion transactions, according to the World Payment Report 2018 jointly compiled by French banking group BNB Paribas and IT consultancy Capgemini. While the report indicated that the growth is shifting to developing markets, with Russia (36.5%), India (33.2%), China (25.8%) and South Africa (15.1%) being the fastest growing markets. More and more people around the world are going with cashless payments and Chinese are...
Read more
PBoC is Hiring Blockchain Talents to Accelerate the Development of Digital Fiat Bitcoin

PBoC is Hiring Blockchain Talents to Accelerate the Development of Digital Fiat

The People’s Bank of China (PBoC), the country’s central bank, is looking to expand the blockchain and digital currency research team as it ramps up efforts to develop a state-backed  fiat digital currency or even a yuan-pegged stablecoin. According to the recruitment notice issued by the PBoC on Wednesday, its research arm, the Digital Currency Research Institution is actively looking for blockchain developers and financial specialists. Among the four positions it has opened, two are engaged in the design and development of software and hardware systems for digital money. Candidates must hold a  master’s or a doctoral degree in cryptography,microelectronics...
Read more
Crypto Exchange Huobi to Launch Its own Stablecoin HUSD Bitcoin

Crypto Exchange Huobi to Launch Its own Stablecoin HUSD

Huobi, the world’s third largest cryptocurrency exchange by trading volume, announced today that it would launch its own stablecoin called HUSD. Stablecoins are cryptocurrencies pegged to a stable asset as gold or fiat currencies. The buzzword has been embroiled in controversies, particularly after the world’s dominant stablecoin USDT lost its dollar peg since October 15. Upon this, several top crypto exchanges began to or plan to list alternative stablecoins like PAX, TUSD, USDC and GUSD. Earlier today, Huobi has announced to offer support for the four stablecoins – Paxos Standard (PAX),True USD (TUSD),USD Coin (USDC) and Gemini Dollars (GUSD). Hours...
Read more
Weakening Crypto Mining Demand to Affect Growth, Taiwanese Chip Maker Bitcoin

Weakening Crypto Mining Demand to Affect Growth, Taiwanese Chip Maker

Taiwan Semiconductor Manufacturing Company (TSMC) expects the overall semiconductor market excluding memory to grow between 5% and 7% for the full year of 2018. In Q4 2018, the chip maker’s business is to benefit from the continuous steep ramp of 7-nanometer for high-end smartphones and the demand for 16/12-nanometer for new-generation GPU and AI. However, its projected growth for the period will be affected by continued weakness in cryptocurrency mining demand and inventory management by its customers. Chip maker, TSMC, sees a ‘continued weakness in cryptocurrency mining demand’
Read more
China’s Crypto Mining Pool ViaBTC Raised $30 Million in 2.2 Hours Through ICO Bitcoin

China’s Crypto Mining Pool ViaBTC Raised $30 Million in 2.2 Hours Through ICO

ViaBTC, one of the largest cryptocurrency mining pool in China, has finished its first high-value initial coin offering(ICO) using the Wormhole protocol and Bitcoin Cash chain on October 8. The exchange data shows this first Bitcoin cash blockchain based ICO raised $30 million in 2.2 hours in spite of the continuous crypto bear market. Founded in 2016, ViaBTC is the fifth largest mining pool which currently accounts for more than 10% market share of Bitcoin hashing power. It has 8 other competitive cryptocurrency pools, including BCH, LTC, DASH, ETH, ETC, ZEC,BTM and XMR. After securing a 20 million CNY founding...
Read more
Bitcoin is Mature to Compete With Global Forex Market Bitcoin

Bitcoin is Mature to Compete With Global Forex Market

Bitcoin has met all the important criteria of financial maturity and could compete with the world’s largest forex market at some point, researchers at the Institute of Nuclear Physics of the Polish Academy of Sciences have claimed. Their detailed statistical analysis of the Bitcoin market hinges on the observation that the digital currency was able to mature on its own based on the characteristics it integrally incorporated in the foundations of its own market. They believe it has grown to be considered structurally better than the real foreign exchange market which matured through a central bank or a government. For...
Read more
Relevance of Recent Crypto Moves Ahead of Next Halving Bitcoin

Relevance of Recent Crypto Moves Ahead of Next Halving

The Bitcoin futures trading of top financial market company, CME Group Inc., is up. In a tweet on Wednesday, Oct. 17, the company notes that Bitcoin futures average daily volume rose by 41% in Q3. The increasing interest is a plus to the crypto markets’ readiness for the next Bitcoin block reward halving in 2020. In Q3, Bitcoin futures average daily volume rose 41% and open interest was up 19% over Q2 . Learn how market participants are using BTC to manage risk in changing markets. https://t.co/Yt41SzsHku pic.twitter.com/Kw4OX0QaKT — CMEGroup (@CMEGroup) October 17, 2018 CME’s data shows its average daily...
Read more
Kai-Fu Lee’s Sinovation Ventures: Why Invest In Bitmain? Bitcoin

Kai-Fu Lee’s Sinovation Ventures: Why Invest In Bitmain?

Sinovation Ventures, one of China’s prominent funds which is led by former Google China head Kaifu Lee, has invested $12.5 million in Bitmain’s A funding round to get 1.13% stake in August,2017. Wang Jiaping, the executive director at this venture fund and the man who facilitates the deal, revealed the reasons why Sinovation Ventures decided to invest in the world’s largest bitcoin mining hardware manufacturer, according to Chinese blockchain news outlet PANews. Bitmain’s IPO prospectus shows the company has experienced a ultra-high-speed development over the past five years since its establishment with a nearly 400% annual growth rate of its net...
Read more
Cryptocurrencies Lost $17 Billion As Global Stock Markets Experienced “Black Thursday” Bitcoin

Cryptocurrencies Lost $17 Billion As Global Stock Markets Experienced “Black Thursday”

Both global stock markets as well as the crypto market experienced “Black Thursday”. After Wall Street fell sharply on Wednesday, China’s stocks saw their biggest daily fall in two and half years on Thursday ,hitting to the lowest level in nearly four years. The country’s two main benchmarks tumbled more than 5 percent on concerns about a protracted Sino-U.S. trade battle and its economic outlook. The Shanghai Composite Index, the primary indicator of China’s stock market, slumped 5.22 percent, to close at 2,579.58. The smaller Shenzhen Component Index fell by an even-sharper 6.07% to 7,521.40. Shattered by the Wall Street and the...
Read more