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Category: CBDC

Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation

Is President Erdogan so out of touch with what’s happening around him that he declared war against Bitcoin? Or is this a case of “lost in translation” and quotes out of context? An article titled “We are in a war against bitcoin,” says Turkey’s president” has been making the rounds over at Bitcoin-Twitter, receiving both mockery and rightful criticism. However, we noticed a crucial detail: the article doesn’t contain a direct quote from Erdogan. That’s suspect. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Armed with an iron will and Google Translate, NewsBTC explored the issue and came to unexpected conclusions.  Let’s fall into the rabbit hole. “When President Erdogan fired the central bank president in March, sending the Turkish lira plummeting against the dollar, Google searches for the term “bitcoin” soared across the country.” The tighter politicians squeeze, the faster #Bitcoin succeeds.https://t.co/F9wmVfl06C — Robert Breedlove (@Breedlove22) September 20, 2021 Is It War Against Bitcoin Or War Against Cryptocurrencies?  The original article cited a mainstream and generally trusted source, an article in Turkish at Bloomberght titled “Erdogan: We have a separate war against cryptocurrencies.” Reportedly, the president held a Youth Meeting Program, so his audience for this was students from all over the country. They were discussing the Digital Turkish Lira, the country’s proposed CBDC, and one of the participants asked about their current views on cryptocurrencies: “Erdoğan said that they do not have a problem of opening up to crypto money, on the contrary, they have a separate war and struggle against them. Erdogan said, “We will not give them such a premium, nor will we. Because we will continue on our way with our money, which is our fundamental identity in this matter.” He never even mentions a war against Bitcoin. Remember, this is a Google translation and some info might’ve been lost. However, the discrepancies are there. The President says they “do not have a problem” with crypto, but that “on the contrary, they have a separate war and struggle against them.” On the contrary to what? And do notice, it’s not a direct quote either. In the actual Erdogan quote, he says nothing about a war against Bitcoin. We need more data. Let’s consult other sources. Remember, “We, the people”, does not mean “We – the state”. Trying to fight a technology that empowers people is a sure way to be on the losing side of history. — Jeff Booth (@JeffBooth) September 20, 2021 What Did President Erdogan Say Exactly? A quick search leads us to The New Arab. They don’t quote the President directly, but their translation makes much clearer the intent of what he said: “Erdogan claimed that the country “definitely” doesn’t have a problem with the spread of digital assets.      However, that Turkey would carry on with its own money, which he believes is part of the national identity.” They don’t have a problem with the spread of digital assets because they’re preparing their CBDC, and their way to sell it is that money is “part of the national identity.” Got it. But, what about this war against Bitcoin thing? A second search leads us to Newsbit, who seemingly quote a much more clear-headed President Erdogan directly: “We have absolutely no intention of embracing cryptocurrencies,” the president replied, adding: “On the contrary, we have a war against them. We would never support cryptocurrencies. Because we continue with our own currency that has its own identity.” Ok, now we know that Erdogan never said anything about a war against Bitcoin and always referred to cryptocurrencies. And that, in code, he was always talking about the Digital Turkish Lira. However, did he really say all that? That quote seems suspiciously close to the original Bloomberg quote, and that one wasn’t literal. If the President said everything that clearly, why wouldn’t Bloomberg quote him? BTC price chart for 09/20/2021 on Exmo | Source: BTC/USD on TradingView.com Time To Consult Primary Sources Luckily for us, Newsbit linked to the Anadolu Agency, a Turkish state-run news agency. This is as close to primary sources as we’re going to get. A report on the whole event that only casually mentions cryptocurrencies at the end. Is the quote present in that report? What did President Erdogan say exactly? Well, according to the Anadolu Agency: “Erdoğan said that they do not have a problem of opening up to crypto money, on the contrary, they have a separate war and struggle against them. Erdogan said, “We will not give them such a premium, nor will we. Because we will continue on our way with our money, which is our fundamental identity in this matter.” Related Reading | Turkey’s Economic Turmoil Shows Bitcoin Is a Better Bet Than Emerging Markets That’s right! The same exact quote with the same exact wording that Bloomberg used at the beginning. So, Bloomberg literally copied and pasted their article. And Newsbit’s supposed quote is just a rewording of that phrase. We don’t know exactly what President Erdogan said, but at least his intention is clear: Yes to his CBDC. War on cryptocurrencies. And we know for sure he never said anything about a war against Bitcoin. Cryptocurrencies and Bitcoin are not synonymous, journalists. Featured Image by Faruk Melik ÇEVİK on Unsplash – Charts by TradingView
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Shanghai Using Permissionless Blockchain to Pilot the Use of RMB for Cross-border Payments

Conflux’s permissionless blockchain will be used to test the digital RMB for cross-border payments in Shanghai’s Lingang Pilot Free Trade Zone. In July, China’s central bank has approved the Lingang Pilot Free Trade Zone to test the free capital inflows and outflows. In January, the Shanghai government invested $5 million in the network. “Conflux public […]

The post Shanghai Using Permissionless Blockchain to Pilot the Use of RMB for Cross-border Payments first appeared on BitcoinExchangeGuide.

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Is Evergrande Defaulting? Is This The Reason For China’s War Against Bitcoin?

The biggest property developer in China, Evergrande, seems to be on the verge of collapse. They apparently owe $300B. Is bankruptcy on the table? There’s a better question, though. Is Evergrande the only company in the sector with these kinds of debts? Or is Evergrande just a symptom of a widespread disease? And, how does this relate to Bitcoin? Do we present a valid case or are we reaching? Is this “China’s Lehman moment,” as the following Bitcoin analyst suggests? Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course What we know for sure is that “China’s major banks have been notified by the housing authority that Evergrande Group won’t be able to pay loan interest due Sept. 20,“ according to Reuters. Plan B’s comment sets the tone, and the video shows the intensity of the situation: China’s Lehman moment. The money printing will be massive, I repeat MASSIVE! This is good for #bitcoin https://t.co/lAdSMhnk3L — PlanB (@100trillionUSD) September 15, 2021 Check yesterday’s date. Well, on September 15th, 2008, Lehman Brothers filed for bankruptcy. Let’s quote Investopedia for a quick recapitulation. “At the time of its collapse, Lehman was the fourth-largest investment bank in the United States with 25,000 employees worldwide. It had $639 billion in assets and $613 billion in liabilities. The bank became a symbol of the excesses of the 2007-08 Financial Crisis, engulfed by the subprime meltdown that swept through financial markets and cost an estimated $10 trillion in lost economic output.” Is China living through a similar situation right this minute? How Did China Evergrande Get Here? A few days ago, on September 13th, the South China Morning Post seemed cautiously optimistic about the situation. They explained the root of the issue:   “Reports about missed payments to contractors, attempts to reschedule payments on wealth management products, and failure to sell assets have prompted Chinese regulators and the central bank to intervene to prevent a shock to the financial system.” At the time, the big news was that they hired “Houlihan Lokey and Hong Kong-based investment bank Admiralty Harbour Capital to assess its capital structure, evaluate the liquidity and explore ways to ease its current liquidity crunch.” And you know what that meant: “Hiring such financial advisers means Evergrande has come to a serious stage of listing what it owns, what it owes and what are the best plans” to extricate itself, said Lung Siu-fung, an analyst with CCB International.  The writing was on the wall. Evergrande price chart on HKEX | Source: 3333 on TradingView.com Where Are We Now? Is China Really In Trouble? Apparently, China Evergrande was caught in a loop. The company was pre-selling apartments and using that money to fund other projects, in which they also pre-sold the apartments and the cycle started again. Evergrande bonds are suspended, and there’s a chance they’re worthless. The stock is near its all-time low, it has lost nearly 80% of its value this year.  Completing the story, CNBC informs: “The company warned investors twice in as many weeks that it could default. On Tuesday, Evergrande said it’s at risk of a cross default, which means such risks could spill into other related sectors. Evergrande said Tuesday its property sales would continue to deteriorate significantly this month, adding to its severe cash flow problems.” Is there a possibility that Evergrande’s problems are the symptom of a widespread disease? That’s the $1M question. Is the real state sector really in trouble? For that answer, we have to go to ZeroHedge’s report: “Country Garden, the nation’s largest developer by sales, plunged 16% in the past two days, while Gemdale slumped 12% as a  gauge of property shares in Shanghai tumbled almost 5% in the period, with valuations firmly below book value. Following the news, Guangzhou R&F Properties drops 10.8% to the lowest since Dec. 2008 while Greentown China -9.1%. At this point, one can safely call it a crisis.” How Does Evergrande Relate To Bitcoin? China’s Bitcoin policy doesn’t make sense. Regulating themselves out of the leadership position in the most important industry of our times is a hard pill to swallow. There has to be something else going on. We at NewsBTC have been on the case. We explored the Digital Yuan CBDC angle. We looked at ads selling small hydropower stations. We discovered China’s dominance over the Bitcoin hashrate was waning before the ban. And we detailed the so-called new “China Model.”  The guaranteed outcome of fractional reserve banking: Impairment of promises. It’s just a matter of when and at what magnitude. The impairment of credit will cascade to other balance sheets unless central planners debase the currency via QE, UBI, and/or debt forgiveness. BRRRRR — Preston Pysh (@PrestonPysh) September 15, 2021 Under Plan B’s original tweet, two comments attract attention. Investor and podcaster Preston Pysh feels that the situation is “The guaranteed outcome of fractional reserve banking: Impairment of promises. It’s just a matter of when and at what magnitude.” And the person behind Documenting Bitcoin goes conspiratorial and says, “They knew this was coming. Perhaps this is why they “banned” bitcoin.” That, as you might imagine, opens a huge can of worms. Related Reading | Since China’s Mining Ban, Bitcoin Hashrate Has Recovered by 68% And Counting Full of confidence, Plan B responds, “Yes, and they closed the exits, typical they always do that.” Bad for the people in China but, in general, bullish for Bitcoin. To recap: the government saw this coming from a distance. They knew the crisis was going to repeatedly hit the country and banned Bitcoin mining to scare the population into not buying the hardest asset ever created. Bitcoin, the true hedge against the collapse of every economy. In any case, the Chinese government will probably try to print its way out of this one. And somehow it’s going to use this crisis to unveil their Digital Yuan CBDC. Does the theory sound coherent to you? Or is there even more to this story? Featured Image by Li Yang on Unsplash – Charts by TradingView
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Roxe Taps Former IMF Economist to Leads its Bitcoin Hashrate Powered CBDC Drive

Global payment network Roxe is advancing its Central Bank Digital Currency (CBDC) product suite with the appointment of an experienced economist from the International Monetary Fund (IMF). Andreas Jobst will notably be leading the organization’s approach to design and develop CBDC solutions based on the Bitcoin hashrate. Roxe’s CBDC initiative is targeted at helping countries

The post Roxe Taps Former IMF Economist to Leads its Bitcoin Hashrate Powered CBDC Drive appeared first on Coingape.

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Singapore Central Bank Selects 15 Firms For Retailing CBDC

The Monetary Authority of Singapore (MAS) finally shortlisted 15 companies that will assist in developing retail CBDC. These firms will participate in the Global CBDC challenge and help build the in-house retail central bank digital currency. MAS announcement indicates that the participants include four companies from the United States and six from Singapore. There’s also one firm each from Barbados, France, Switzerland, Australia, and Germany. Of all the participants, only three winners will emerge and work to build Singapore’s retail CBDC. On June 28, there was an announcement of the cash prizes for the digital currency ideas by the Singaporean central bank. This resulted in a challenge that has more than 300 fintech firms from over 50 countries in participation. Related Reading | Ethereum Software Client Geth Issues Hotfix To Tighten Security Some of the global finalists are Criteo (France), Bitt (Barbados), and Soramitsu (Switzerland). Also, there are ANZ Banking Group Limited (Australia) and Giesecke+Devrient advance52 GmbH (Germany). The shortlisted United States-based firms include Consensys, cLabs Inc., IBM, and Extolabs LLC. The local Singaporean shortlisted consortiums are IOG Singapore Pte Ltd, Citibank N.A., Standard Chartered Bank, and IDEMIA. Others are HSBC Bank Limited and HSBC Holdings Plc, and Xfers Pte Ltd Finalists Will Be Rewarded For Developing CBDC Retail A cash prize of 50,000 Singapore dollars (about $37,000) complements the Singaporean initiative of building its retail CBDC. An earlier announcement disclosed the MAS mentoring of the 15 finalists. Also, the finalists can gain access to the APIX Digital Currency Sandbox that will promote quick prototyping of digital currency solutions. The Sandbox ecosystem should contain over 100 APIs that are linked to payments and core banking. Furthermore, it will contain Mastercard’s digital fund APIs. The finalists now have an opportunity to promote their CBDC solutions during the Singapore Fintech Festival from November 8th to November 12th, 2021. There have been pro-crypto moves from the country’s authorities through the entire 2021. For example, the MAS recently released an ‘in-principle approval to Independent Reserve, an Australian crypto exchange. The company stands as the first crypto exchange to receive such approval in Singapore. The approval will enable the company to run as a regulated Digital Payment Token (DPT) Service provider. Through the approval, Independent Reserve is expected to avail its users the maximum consumer protection. It will also ensure compliance with Anti-Money Laundering rules. Related Reading | Bittrex Global CEO Declares Dubai Will Gain Benefit From Cryptocurrency Market Expansion Also, there’s a report that Singapore hosts 170 crypto exchanges, including Germini and Binance. These companies seek approval to kick off businesses in the country. Featured Image From Pixabay
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Bittrex Global CEO Declares Dubai Will Gain Benefit From Cryptocurrency Market Expansion

The UAE (United Arab Emirates) is moving to secure its presence within the digital asset sector. They have also applied various efforts to promote the adoption of blockchain-based technologies. According to Bittrex Global cryptocurrency exchange CEO Stephen Stonberg, Dubai and the United Arab Emirates are among the very friendly jurisdictions to the crypto industry. Dubai Benefits From Local regulation In an interview on Sunday, Bloomberg said that the crypto market expansion into the Middle East is more likely to favor Dubai since the local regulators are continually accepting blockchain-related technologies. Dubai and the United Arab Emirates are doing the proper things and drawing in various regional projects within the crypto industry, says Stenberg. According to his speech, the jurisdictions offer the perfect location to set up token projects or operate a crypto exchange due to the tax haven provided by the region status. Related Reading | Former DigitalX Executive Appointed As The New Binance Australia CEO As stated by the Tax Justice Network data, in March 2021, the United Arab Emirates became the number one world’s biggest fast-growing tax havens together with Bermuda and Switzerland. Stenberg declares, “in my opinion, Dubai is will benefit greatly.” He added that Bittrex is now showing signs for more expansion and getting extra customers within the region. Bittrex Global is a worldwide cryptocurrency trading platform for Bittrex exchange. It is among the biggest cryptocurrency exchanges in the US. In September 2019, the worldwide exchange was launched officially with its headquarters at Liechtenstein. Bittrex global acquired their operational license for a crypto exchange last year, although they are still under the Bermuda Monetary Authority’s supervision. In present times, the United Arab Emirates are securing their existence within the digital assets Industry. A few months back, Abdulla Touq Al marri, the Minister for Economy, declared that asset tokenization and cryptocurrencies would become the major plan to increase the country’s economy come 10 years in the future. Also, the United Arab Emirates joined the global CBDC (Central Bank Digital Currency) race last July. Cryptocurrency Regulations In Dubai This year, DFSA (Dubai Financial Authority) and the Dubai International Finance Centre’s regulatory agency commenced various crypto-related regulations. They intend to embrace a regulatory structure for various digital assets this 2021. The cryptocurrency market is on an upward trend | Source: Crypto Total Market Cap on TradingView.com Reportedly, the financial body is on its way to launch two cryptocurrency-linked consultation documents as one of their 2021 business plans. The Dubai Financial Services Authority, Dubai International Financial Centre, and the financial regulatory agency for the unique economic zone plan to promote the local crypto-related regulations. Related Reading | El Salvador’s Legislative Assembly Green Lights The $150 Million Bitcoin Trust The objective of the Dubai Financial Services Authority is to create regulatory structures for multiple digital assets. Featured image from Pixabay, chart from TradingView.com
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Bank of International Settlements’ (BIS) Partners With Multiple Central Banks to Test Cross-Border CBDC Infrastructure

The race to launch a central bank digital currency (CBDC) is still on as several developed countries are working tirelessly to look into the effects of currency digitization. But, while some countries are taking the individual approach, there has also been a growth in collaborations towards this objective. Participation Across Continents In the latest move, […]

The post Bank of International Settlements’ (BIS) Partners With Multiple Central Banks to Test Cross-Border CBDC Infrastructure first appeared on BitcoinExchangeGuide.

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Four Major Central Banks Conducting Cross-Border CBDC Payment Trials

In the latest report on Thursday, September 2, Reuters noted that four major central banks will be conducting cross-border CBDC payment trials. This includes the central banks of Australia, Singapore, Malaysia, and South Africa. The pilot projects from these four central banks will determine whether if CBDC transaction settlements are easier and cheaper. Governments and

The post Four Major Central Banks Conducting Cross-Border CBDC Payment Trials appeared first on Coingape.

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Chinese State Banks Aims to Expand e-Yuan Use in Insurance Products

The Digital Yuan or e-yuan, the CBDC developed by the People’s Bank of China is nearing the final stages of its trial phase that has expanded to numerous provinces and cities. The total value of e-yuan trnsacted during the trial phase has reached $5.3 billion in June. Now State-owned China Construction Bank is exploring the

The post Chinese State Banks Aims to Expand e-Yuan Use in Insurance Products appeared first on Coingape.

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Cryptobanknotes and Blockchain Standard — The Next Monetary Evolution

Fiat is beginning to become obsolete. It will be replaced by blockchain-based CBDC with its own cash in the form of cryptobanknotes.

The post Cryptobanknotes and Blockchain Standard — The Next Monetary Evolution appeared first on BeInCrypto.

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Why Chinese Banks Are Adding Digital Yuan To Apps? Here’s What You Need To Know

The Chinese Central Bank Digital Currency (CBDC) is progressively spreading out to more users. This can be seen as 35 banks in China include the digital Yuan in their mobile apps. According to a local report, the digital RMB App reveals a recent addition of more banks to the interface. Before now, the digital app only had 6 state-owned banks. Furthermore, these added banks now have access to the digital renminbi App to recharge digital RMB wallets. The banks include city commercial banks, joint-stock firms, rural commercial banks, rural credit cooperatives, and others. Related Reading | Bitcoin Bull Cathie Wood Attracts Big Short Michael Burry To ARK Innovation ETF Also, the report from Shanghai Securities Journal states that both small and medium-sized banks are embracing digital currency. The state-owned journal explained that these financial firms are striving to avail e-CNY services to their clients. How The Digital Yuan Testing Has Progressed From the initial testing of the digital yuan in the country, the process had only the prominent Chinese 6 state-owned banks. Subsequently, as more adoption of cryptocurrency flow into several mainstreams, the testing includes more firms. As a result, financial organizations such as city banks, joint-stock companies, and rural credit cooperatives constitute the recent 35 banks in the testing. In the same vein, 94 banks are planning to embed the digital yuan. The local report includes 3 foreign banks,15 private banks, and 76 city commercial banks. They plan to utilize a new clearing platform to access the digital yuan. Furthermore, the report discloses a private Shanghai-based firm, City Bank, that built the clearing platform. City Bank Clearing is a reputable platform in the financial industry, and it also provides outstanding financial technology. Related Reading | SushiSwap Narrowly Escaped A $350 Million DeFi Hack, Here’s How Moreover, the report mentions that JD.com, an e-commerce giant, has successfully undergone CBDC testing on its platform. Before now, the company participated as well as funded trials in readiness for its testing. It’s making a move to meet the demands of its business customers. The recent activities indicate more expansion of digital yuan trials across the country. Due to the popularity of cryptocurrency, more companies are opting for digital yuan testing. Even the People’s Bank of China has indicated its interest in the test during Beijing Winter Olympics in 2022. Featured image from Pixabay
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“Eventually,” A Digital Dollar Could Be Issued But Fed Is Still A “Long Way” From Deciding On It, Says A US Central Bank Official

Dallas Federal Reserve Robert Kaplan said the US central bank could see it eventually issuing its own digital currency, calling it the “last mile” in the digitization of the payment system. “I would imagine in the years ahead — it’s something the Fed is actively working on now — and I can see reasons why […]

The post “Eventually,” A Digital Dollar Could Be Issued But Fed Is Still A “Long Way” From Deciding On It, Says A US Central Bank Official first appeared on BitcoinExchangeGuide.

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How Samsung Will Help The Bank Of Korea With CBDC Development

Started by the end of July 2021, the Bank Of Korea central bank digital currency (CBDC) project has been gaining traction. Per a report by the Korea Times, the project will be aided by electronics company Samsung. The company and the financial institution will build the platform that will support the CBDC. In addition to Samsung, the Bank of Korea has brought in other partners from the private sector, such as Ground X, a blockchain-based division from another company called Kakao. The Times cited a source on an executive position to support its claims: Samsung Electronics has recently decided to participate in the BOK-led CBDC pilot project, under which interested parties will research the practicalities of the CBDC in a test environment. Representatives from Samsung and the Bank of Korea have spoken about the benefits of CBDCs and their potential to improve the country’s payment system. The Times claims that Samsung and the Bank of Korea will test the “usability” of blockchain systems on the Galaxy mobile. Specifically, the Kakao consortium and Samsung Group’s two tech affiliates will launch a pilot program aimed at checking on money transfers and remittances between countries, issuing and distributing the CBDC and monitoring how that eventually works in virtual environments. Samsung To Test CBDC Functionality With Its Smartphones? The sources quoted by the report said the project will have two main focuses on the Samsung side: the capacity to conduct payments to other devices and the possibility (…) payments via mobile phones using the digital currency with no internet availability, or to send CBDC remittances to other mobile phones or to other connected bank accounts. The objectives will be carried out by the company’s IT unit and an affiliate called Escor. These entities will handle the procedures for the experiments with the central bank digital currency (CBDC), the Times reported. Apparently, high-ranking officials at the Central Bank of Korea have dismissed cryptocurrencies and their potential to improve the current financial systems, mainly due to the volatility of the assets. However, China’s own digital currency, the e-CNY or digital yuan, has brought concerns to its neighbors in Asia. The development of South Korea’s CBDC will initially operate in a virtual environment during its test phase. Samsung and other partners involved will look for issues and bugs and the technical limitations of the project. Later, in mid-2022 the project will be focused on “offline payments”, e-commerce, remittances, and other applications. The CBDC will allegedly also have advance privacy features developed in collaboration with private banks. At the time of writing, Bitcoin trades at $49,913 with a 2% loss in the 24 hours chart.
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Ukraine’s Security Service Closes Illegal Cryptocurrency Exchanges

Ukrainian authorities have allegedly reported that cryptocurrency exchanges are involved in illicit financial activities, including money laundering. Ukraine’s Security Service, known as SBU, has closed down various crypto exchanges reported to have transacted illegally since early 2021. The SBU, in a Wednesday statement, referred to crypto exchanges as the network of ‘clandestine’- known for their illicit transactions. They added that the clandestine cryptocurrency exchanges network was situated in Kyiv, the county’s capital. They unitedly processed a turnover of $1.1 million monthly in funds connected to criminal activity. Related Reading | Coinbase Removes USD Coin (USDC)” Backed By Dollar” Statement Many people today wish to stay anonymous online and many effective ways are out there to achieve that. Privacy experts and organizations believe that’s a fundamental right of humans. But the financial watchdogs around the world keep seeing anonymous transfers as gray payments. The Security Service of Ukraine, in an announcement, accused the illegal crypto exchanges of providing transaction services tagged anonymous. SBU added that this type of illegal service had been tagged as a money laundering risk. They also revealed that some people funneled money via these crypto exchanges across the country to arrange for a protest. The Source of Illegal Cryptocurrency Funds SBU revealed that the illegal funds emanate from electronic wallets (e-wallets) linked to the Russian banned payment process. They are many, including Yandex, Qiwi, and WebMoney. The Security Service of Ukraine, according to the reports, has recovered some computers with evidence of the suspected illegal activities. In addition, they have allegedly forged documents of incorporation for the forms during the foray of the cryptocurrency exchange platforms. The cryptocurrency market records groundbreaking growth as the altcoins set all-time highs | Source: Crypto Total Market Cap on TradingView.com The news about the crypto exchange shutdown came within the period of a raid accusing a warehouse of electricity diversion. The warehouse was said to have used the diverted electricity in mining crypto with consoles from PlayStation 4. Related Reading | Lionel Messi To Get Paid In Crypto For Joining Paris Saint Germain However, an investigation by a local business publisher Delo shows that the warehouse used the facility in generating in-game currency. They were not farming crypto with it-Delo further revealed. Meanwhile, Cointelegraph previously reported that the Parliament of Ukraine is considering issuing a new crypto bill. This bill will be proposing crypto legalization across the country. However, this legislative action is not intended to change that Bitcoin (BTC) and cryptos are not legal tenders. The Future Of Digital Currencies in Ukraine The Central Bank of Ukraine is currently handling a project on national digital currency. Since July, the National Bank of Ukraine has gotten official authorization to start issuing CBDC (central bank digital currency). In addition, there is a joint partnership between the Ministry of Digital Transformation and the Stellar Development Foundation. They are collaborating to strategize for CBDCs and digital assets jointly. However, the new crypto-related bill will allow payments in cryptocurrencies like Bitcoin (BTC) in Ukraine, even though it doesn’t qualify as a legal tender. Featured image from Pixabay, chart from TradingView.com
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Jamaica’s Central Bank Begins Minting Country’s Digital Currency (CBDC)

Central Bank Digital Currencies (CBDCs) have become a hot topic in the last year, with Asian giant China leading the charge. However, Caribbean nation Jamaica is now at the forefront following its roll-out of its first wholesale digital currency in a recently concluded ceremony. BOJ To Issue $1.5 million CBDCs By December The Bank Of […]

The post Jamaica’s Central Bank Begins Minting Country’s Digital Currency (CBDC) first appeared on BitcoinExchangeGuide.

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Bank Of Jamaica Mints The First Batch Of CBDC

Bank of Jamaica is making steady progress with the country’s central bank digital currency (CBDC). During a short financial ceremony organized on Monday morning, the Jamaican apex bank minted the country’s very first lot of fiat backed CBDC, ‘the digital version of the Jamaican Dollar.’ Reportedly, a total of J$230 Million in CBDC will be

The post Bank Of Jamaica Mints The First Batch Of CBDC appeared first on Coingape.

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Government To Legalize Cryptocurrency Payments In Ukraine

The annual spring rains have brought plentiful changes in the Ukraine region this year. According to sources, the proposed cryptocurrency bill is being ready for its second reading in the Ukraine Parliament. And there’s a very high probability that the Ukrainian Govt may give a green flag to cryptocurrency payments and Central Bank Digital Currency

The post Government To Legalize Cryptocurrency Payments In Ukraine appeared first on Coingape.

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CBDC India: RBI plans to launch digital Fiat model before 2022

In a recent development about the status of India’s Central Bank Digital Currency, Deputy Governor T. Rabi Sankar confirmed today that the Reserve Bank of India (RBI) is planning to launch its model for operations of fiat digital currencies by the end of 2021. “It will be difficult to pin a date on it (introducing

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