Connect with us

Cryptocurrency

China Is Set To Launch A Legal Cryptocurrency In The Second Half Of 2019

Published

on

China Is Set To Launch A Legal Cryptocurrency In The Second Half Of 2019

China is swiftly working its way through the path of cryptocurrency adaptation, and although already existing digital currencies may not have gained the needed regulation from China, a new digital currency will be favored with this perk.

Scheduled to fully launch in the second quarter of 2019 which would be anytime from now, it was disclosed at the Central Bank’s work video conference, the legal cryptocurrency which is backed by the central bank of China is already hastening its research to fuel the development of the envisioned digital currency.

Huang Zhen, director of the Institute of Financial Law at the University, has recently revealed that the research institute for which was established when Zhou Xiaochuan was governor, was intended for this purpose. 

He said ;

“The idea of ​​the central bank to issue digital currency was already deployed when Zhou Xiaochuan was the governor of the People’s Bank of China, and the digital currency research institute was established, which also has basic conditions.”

Speaking to the a Chinese media outlet, Wu Changhai, the deputy dean of the Institute of Capital and Finance of China University of Political Science and Law explained that although the idea behind  the new digital currency is to substitute the functions of fiat currencies, its delay is as a result of the Chinese government whose laws are yet to permit cryptocurrencies to function as legal tenders thereby restricting distribution rights.

In his words ;

“The legal digital currency is a substitute for banknotes. It is issued by the central bank. The general encrypted digital currency itself does not have a monetary function. The government cannot hand over the currency distribution rights to a company. This idea is impossible to achieve for a long time. “

Did Libra Trigger this move?

After the hype birthed from Facebook’s Libra coin which is currently on hold, different countries have begun to consider the possibilities of issuing their own legally backed cryptocurrency in order to increase its economy’s infrastructure as a key player in the role of finance and digital technology.

Therefore, it is no surprise that this may have triggered China’s move to hasten its own. In a conclusive statement that could be interpreted as an acceptance of digital currencies, Wu said ;

“We should take the initiative to participate in this new competition in the digital economy. We should further liberalize the academic and technical discussions on encrypted digital currencies and rapidly raise the level of understanding of the digital economy competition among Chinese industry players”.

Bitcoin

J.K. Rowling and Elon Musk Engage in Twitter Conversation About Bitcoin

Published

on

J.K. Rowling and Elon Musk Engage in Twitter Conversation About Bitcoin


Just recently, the CEO of SpaceX – Elon Musk took to Twitter to reveal his current holding of Bitcoin. The conversation ensued during an effort to educate British author and film producer – J.K. Rowling on the subject of cryptocurrencies. Following a tweet originally referred to CoinDesk’s senior reporter – Leigh Cuen by the Orator of the Harry Potter fiction on Saturday, for an explanation to bitcoin’s operability.

J.K. Rowling subsequently received Musk’s reply among several others from Bitcoin’s advocates and cynics alike; such as the co-founder of Ethereum and Bitcoin Magazine– Vitalik Buterin, among many others. Notably, the author’s tweet drew some attention to the tune of 2,800 replies, as at the time of writing.

Furthermore, the co-founder and CEO of Tesla, Inc., emphasized that the bulky issuance of currencies by the central banks of various economies is making the digital currency – Bitcoin, more solid in juxtaposition to fiat. Musk also went on ahead to convey his views towards digital money as being positive, even though he currently owns a quarter of a Bitcoin as stated in his tweet that reads;

“I still only own 0.25 Bitcoins btw.”

Yet, Cuen replied Rowling with a reassuring statement while providing her with guides to sample use-cases of Bitcoin. Cuen stressed this in a tweet with the message;

“Hi! My D.M.s are open if you want to chat w/out onlookers. The very short version is: Bitcoin is money fueled by a community of contributors. There is no king or central bank in charge. There are countless stories we can use to explore the ethics of a world w/global currency.”

Albeit, Rowling expressed her discontent with regards to the explanations she received, as her curiosity rapidly became debased by the myriad of responses she received. She disclosed her uneasiness towards the topic in question – with a bit of sarcasm while tweeting the following;

Another noteworthy reply is that of Vitalik Buterin, who added that;

“It is a digital currency. There’s ~ 18m units of it. It is not backed by anything, it’s just valuable because it is, like collectibles. There’s a network of computers (which anyone can join) that maintains a decentralized global excel spreadsheet of how many coins each person has.”

Although, Rowling might have admitted being woozy before publishing these tweets, however, her views on the digital currencies and Bitcoin are unlikely to change when she becomes sober or in the foreseeable future.

Continue Reading

Cryptocurrency

Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price

Published

on

Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price

Time and again, several members of the XRP community have opined that the massive dump of the crypto asset in the market has impacted on its price, negatively. Now, there are speculations for another dip in XRP’s price. The latter is after Whale Alert informed on September 7, 2019, that 100 million XRP tokens have been transferred to Jed McCaleb, Ripple’s co-founder. 

Ripple Sends XRP Worth About $26 Million to McCaleb’s Wallet

According to Whale Alert, Ripple transferred 100 million XRP valued at $26,322,440 to Jed McCaleb’s wallet. The transfer has led to the sentiment in the crypto space that XRP might tank below its $0.262 price today. Also, the opinion is due to McCaleb’s reputation for dumping huge amounts of XRP in the market.

McCaleb is Ripple’s co-founder, and in 2014, Ripple transferred 9 billion XRP to him as his share for founding the company in 2012. However, the blockchain company entered a seven-year agreement with McCaleb to control how much XRP he can sell in the market yearly.

Per the agreement, the co-founder could sell $10,000 worth of XRP per week in the first year, $20,000 per week in the second, third, and fourth years, and “750 million XRP per year for the fifth and sixth years.” In the same vein, he could choose to dump 1 billion XRP yearly for the seventh year, and 2 billion XRP yearly after the seventh year.

McCaleb’s Dump of XRP Impacts of Asset’s Market Price

Given that this is the fifth year since the agreement was made, McCaleb can choose to dump thousands of XRP tokens daily. In 2014 when he announced his plans to sell a significant part of his XRP holdings, the value of the asset declined by 40%. As such, the continuous dump of the asset has also been pointed out as one of the reasons why it is not spiking like other top cryptocurrencies.

Asides from being reputable in the XRP community, McCaleb is also a name associated with Mt Gox, one of the first cryptocurrency exchanges. He founded the platform and sold it off years before its hack. Similarly, McCaleb is the creator of Stellar (XLM), the 11th largest cryptocurrency by market cap.

Nonetheless, the crypto community has aired its views about the potential for McCaleb to release another share of XRP to the market. Crypto BitLord, for instance, said: “Wow. Another cool $26M Jed can unload at market. This shits out of control.” Another remarked that: “know, right?! Private businesses shouldn’t be allowed to exist. The name “Jed” should be banned.”

Continue Reading

Trending