Bitcoin proponent talks about dangers of centralized cryptocurrencies

From banning Bitcoin [BTC] and other cryptocurrencies to launching its own digital currency, China’s recent developments have prompted policymakers across the globe to take a second look at cryptocurrencies. The country’s venture into the digital currency space with the introduction of Central Bank Issued Digital Currency [CBDC] was one of the topics discussed by Michael […]
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Binance’s Peer-to-Peer Trading in China is Great for Everyone

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Binance’s Peer-to-Peer Trading in China is Great for Everyone
Cryptocurrency exchange platform Binance launched its P2P trading facility for trading cryptocurrencies against the Chinese Yuan. This way, the company is opening a kind of a “safe space” for Chinese traders who want to trade cryptos.
Binance’s Peer-to-Peer Trading in China is Great for Everyone

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Binance Unveils XRP/BNB Trading Pair Now Available on Binance DEX

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Binance Unveils XRP/BNB Trading Pair Now Available on Binance DEX
Binance has made an official announcement that an XRP/BNB trading pair is now open on its decentralized platform Binance DEX and available for trading.
Binance Unveils XRP/BNB Trading Pair Now Available on Binance DEX

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Source: CoinSpeaker

Alipay Denounces Bitcoin Transactions After Binance Adds it into its Fiat Gateway

Chinese online payment platform, Alipay has been reported to decline transactions related to bitcoin and any other cryptocurrency. This was made official by the organization when it updated its official Twitter handle with the information.
Alipay Declines Bitcoin Transactions
According to Alipay’s Twitter post on Thursday, if any transaction relates to either bitcoin or any other cryptocurrency, the giant Chinese online payment system would immediately stop the relevant payment services.
Preceding this confirmation was the fact that Alipay does not support any form of crypto transactions on its platform. It made this known after revealing that it received several reports that the platform supported bitcoin transactions.

If any transactions are identified as being related to bitcoin or other virtual currencies, @Alipay immediately stops the relevant payment services.
— Alipay (@Alipay) October 10, 2019

The Chinese online payment platform, Alipay was also said to have been banning accounts involved in Bitcoin OTC trading. A certain Twitter user had posted this on Twitter in August last year.

#alipay is blocking accounts involved in bitcoin otc trading. pic.twitter.com/7cuATHWReq
— Red Li (@redtheminer) August 24, 2018

Alipay is a Chinese intermediary online payment platform which was started in February 2004. Based in Hangzhou, the popular Chinese organization overtook PayPal as the world’s largest mobile payment platform in 2013. The platform boasts of about 900 million customers.
Binance Recently Added Alipay Fiat Gateway
This news comes amid a recent report that popular cryptocurrency exchange, Binance added Alipay and WeChat to its fiat gateway. According to a report by Coingape on Wednesday, the integration will allow Binance users to deposit fiat into the exchange using Alipay or WeChat. This was publicly announced on Twitter by a user who asked for an official confirmation regarding this update, tagging Binance CEO, Changpeng Zhao, CZ in the process. CZ responded to the inquiry by tweeting “YES”, thereby confirming that AliPay andWeChat had been added to Binance’s fiat gateway.

NO, you cannot. https://t.co/J0YMTz3FZW
— Alipay (@Alipay) October 10, 2019

Moving forward, Alipay seems to have a role to play in the adoption of China’s underway cryptocurrency. Platforms like Alipay, Tencent and WeChat have been listed among the payment platforms where it will be possible to use the yet-to-be-launched digital currency from the People’s Bank of China.
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Source: CoinGape

Binance Users Can Now Deposit Fiat With WeChat and AliPay

Binance platform is all set to add Alipay and Wechat pay to its fiat gateway. 
Good News For Chinese Traders
The announcement came through a screenshot posted by BitDeer Founder, Haiyi(Celine) Lu in which the Binance Founder, CZ was tagged. Interestingly, the latter responded with a “YES”. 
Source- Twitter
The initiative is currently in a testing phase for Android users and will eventually be fully rolled out on iOS and Web. WeChat Pay and AliPay became two of the most popular payment processors for crypto traders after the Chinese regulators announced a ban on running crypto exchanges and trading platforms. 
This then prompted investors to continue trading without an exchange by using peer-to-peer trading platforms like LocalBitcoins.
Binance Launches P2P Trading Against Chinese Yuan
In another announcement, Binance has launched P2P trading functionality with Bitcoin(BTC), Ethereum(ETH) and Tether(USDT) available for trading against CNY (Chinese Yuan). Presently, access to P2P trading will be initially provided to Android users (Version: 1.12.1) that have Binance accounts registered for over 30 days. 
P2P(also known as peer-to-peer) trading is a trading style in which two parties interact or trade directly with each other. In this case, parties directly engage with one another to buy or sell cryptocurrency.
Also, recently Binance released a mobile application and an android version for its respective staking and lending platforms. The application will be beneficial for Future traders as they can trade with just the tap of a button.
Binance On A Developmental Spree
Binance has been ongoingly announcing developments after developments.  Between the second and third quarters of this year, the crypto exchange launched platforms for staking, lending, and futures contracts. It also made significant expansions to many other regions by developing subsidiaries like Binance U.S.
What will be Binance’s next development initiative? How profitable will it for the Chinese traders? Let us know what you think in the comments below!
The post Binance Users Can Now Deposit Fiat With WeChat and AliPay appeared first on Coingape.
Source: CoinGape

Binance CEO Confirms Chinese Crypto-Fiat On-ramps

Despite a crypto ban in China, citizens are still hungry for digital assets and companies around the world are seeking ways to facilitate trading for the burgeoning population. One of the world’s largest exchanges has just confirmed new fiat on-ramps for two of China’s largest ecommerce and social media payments platforms.
Buy Crypto With WeChat Pay and Alipay on Binance
For the past two years buying Bitcoin in China has been a tricky business. With the Beijing blockade, traders have resorted to OTC platforms and peer to peer trading using chat groups. The regime even went to the extreme of trying to ban these, but that has not quashed the hunger for crypto in China.
The world’s top exchange just confirmed that is now accepting fiat with Alipay and WeChat Pay, two of China’s largest online payments platforms.
“Is #Binance now accepting fiat on-ramp with #Alipay and #Wechat pay? Exciting news… would love for someone to confirm. @cz_binance”

YES https://t.co/dnHKQSLvS4
— CZ Binance (@cz_binance) October 9, 2019

the AliPay and WeChat Pay integration could have a bigger effect on the cryptocurrency sector than Bakkt which had no real impact on crypto markets.
Alipay has a billion users worldwide according to the official international website. It needs little more than that to reiterate how big this could be. WeChat Pay is not far behind with an estimated 900 million users so Binance has just provided a fiat on-ramp for almost a third of the planet.
Since most people in China use at least one of these platforms they will all have full access to cryptocurrencies now. No longer will crypto need to be traded behind clandestine curtains though there has yet to be an official reaction from the government.
Crypto Market Reaction
Today has seen further gains for most altcoins while Bitcoin again has stalled at resistance. A third day of green coated crypto markets is good news for most however BTC dominance has dropped another percentage point.
Yet again, resistance has proved to be too strong for BTC. According to Tradingview.com Bitcoin has been oscillating between $8,100 and $8,200 for the past 24 hours. It is currently at the top of that range but has not been able to push higher.
The death cross on the daily chart is still on target to form if the current down trend cannot be reversed. Crypto twitter appears to be split pretty evenly as both bulls and bears respond to Josh Rager’s little survey. At the time of writing 53 percent of the over 1,500 respondents were bearish.
Bitcoin dominance has dropped back to 68.5 percent according to Tradingview.com.
Altcoins are having another positive day with Ethereum holding above $180 while XRP pushes towards $0.28. Binance Coin spiked 8% on the news and has reached $17.50 at the time of writing. Total crypto market capitalization has added a further $3 billion but today is likely to be a strong one for Binance.
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PayPal Entering China Market by Local Acquisition

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PayPal Entering China Market by Local Acquisition
PayPal is buying a 70% equity state in Chinese GoPay. According to PayPal, the transaction is expected to close in the fourth quarter of 2019 and is subject to customary closing conditions.
PayPal Entering China Market by Local Acquisition

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Source: CoinSpeaker

Bitcoin Gets Rejected In China Again As Libra Is Compared To Alipay And Wechat Pay

China has once again shown pessimism on Bitcoin. This time, according to Globaltimes, bitcoin fell short of recognition amongst the likes of Libra, Alipay and Wechat Pay.
China said a few good comments about Libra this week, and according to report, the country has considered it to be very similar to payment systems like their locally used alternatives like Wechat Pay and Alipay.
In a globaltimes report which explicated on the obvious similarities between Chinese payment systems and Libra as well as the various uses cases of the highly controversial Facebook project, Libra was expressed to be “independent,” “stable,” “convenient,” and “safe.”
Further, “Libra, unlike other cryptocurrencies, has a stable currency value and is convenient and safe to use in cross-border transactions,” writes Li Daokui, author of the op-ed. “In fact, Libra is in many ways the same as Alipay and WeChat Pay. The difference is that Alipay and WeChat Pay are directly pegged with the yuan – 1 yuan in an Alipay or WeChat Pay account equals 1 yuan of fiat money – while Libra is pegged with a basket of currencies. This difference indicates Libra is an independent currency and one that could very well grow into an important super-sovereign currency.”
Although this consideration does not particularly mention any cryptocurrencies like bitcoin, it does consider the immutability of sovereign currencies of which Libra shows similar qualities. Further speaking on the matter, Li Daokui maintained that,
“China should take advantage of WeChat Pay and Alipay, among other technological innovations, to increase the cross-border use of the yuan and accelerate the yuan’s internationalization,” he says. “The nation should also take an active role in the operation and management of Libra, to establish a foothold in the future international currency battlefield.”
Bitcoin Always Falls Short Of China’s Recognition
This news comes after China, earlier this year, placed other cryptocurrencies like EOS ahead of bitcoin on their list of top cryptocurrencies. Bitcoin also fell short of recognition as it couldn’t make the top 10 of the list where Ethereum had also managed to secure a spot.
The post Bitcoin Gets Rejected In China Again As Libra Is Compared To Alipay And Wechat Pay appeared first on Coingape.
Source: CoinGape

China Fears Facebook Cryptocurrency, Central Bank Wants its Own

Facebook certainly rattled some cages when it announced its own cryptocurrency last month. A number of nations including Russia and China have expressed concern over the rising dominance of US tech and internet giants, especially if they’re aiming to manipulate finances as they currently do with data.
Crypto Community Unfazed, China Is
The crypto community has largely shrugged off Zuckerberg’s schemes on global financial domination. A centrally controlled stablecoin in the clutches of one billionaire and a bunch of tech monopolies is no real threat to the concept of Bitcoin and is decentralized brethren.

The People’s Republic of China, where Facebook is currently banned, thinks otherwise. This week the central bank said it was increasing research efforts into creating its own cryptocurrency as Libra could potentially pose a threat to Chinese cross-border payments, monetary policy, and even financial sovereignty. According to the SCMP, director of the PBOC’s research bureau, Wang Xin said;
“If [Libra] is widely used for payments, cross-border payments in particular, would it be able to function like money and accordingly have a large influence on monetary policy, financial stability and the international monetary system?”
The report added that China’s central bank was the first to study cryptocurrencies in 2014 in an effort to counter the increasing threat of Bitcoin and others, which it banned in late 2017. Xin expressed concerns that those controlling Libra in addition to Facebook, namely a Switzerland-based consortium of tech and finance giants such as Visa, PayPal, Mastercard, eBay, would be dominated by US dollars.
“There would be in essence one boss, that is the US dollar and the United States. If so, it would bring a series of economic, financial and even international political consequence.”
One way to battle the already all-consuming social network with its 2.3 billion user base, would be to encourage the development of cryptocurrency on local platforms.
Chinese social platform WeChat is about half the size of Facebook with 1.1 billion users. WeChat already has a payments system but like Libra it is completely centralized, in Yuan only and available through Chinese bank accounts. According to the firm, Tecent’s WeChat Pay launched in 2013 and has over 900 million users. Alibaba’s Alipay is its biggest rival but the group’s financial arm, Ant Financial, is the world’s largest privately held fintech company according to Forbes.
With its escalating anti-crypto stance, Bejing pressurized WeChat into banning cryptocurrency payments back in May. However, WeChat Pay does own payment licenses with Chinese regulators, and it remains unlikely if Facebook will be able to do the same in China and different countries that are wary of its dominance.
What has become clear is that the concept of Libra is a threat, not just to China, but to any other nations looking to distance themselves from the dollar and the US tech monopolies.
Image from Shutterstock
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Japan’s Mizuho Bank to Launch Its Own Stablecoin by March 2019

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Japan’s Mizuho Bank to Launch Its Own Stablecoin by March 2019

Mizuho is launching its new stablecoin pegged to the Japanese Yen in 1:1 ration that will promote the spread of cashless digital systems in the country.

Japan’s Mizuho Bank to Launch Its Own Stablecoin by March 2019

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Alipay Distances itself from Cryptocurrency as China’s Clampdown Intensifies Further

As the Chinese clampdown of cryptocurrencies has increased over past week, Alipay the largest payment application in China has come forward and has officially banned over-the-counter (OTC) Bitcoin trading, prohibiting traders from utilizing Alipay accounts to initiate digital asset trades.
Alipay crumbles under regulatory pressure
Ant Financial, a subsidiary of Alibaba, is the parent company of Alipay. Its valuation increased to $150 billion earlier 2018, after securing a massive $10 billion funding round. Alipay has dominated the Chinese payment market, garnering 90 percent of the market share. With such large magnitude and market share, Chinese government definitely knows that the services of Alipay would be used by a crypto enthusiast to trade cryptocurrencies and it is believed that the regulators need to clip it. Joseph Young too tweeted the same saying that China ban in 2017 the citizens of China would have been actively trading Bitcoin. Alipay’s ban would also further strengthen the ban that the government imposed on accessing around 120 crypto exchanges.

China’s Alipay, fintech app used by 90% of mobile users in the country valued at $150 billion, banned all Bitcoin OTC trades using Alipay.
This means people were still actively trading Bitcoin after the China ban in 2017. First reported by @redtheminer https://t.co/aU4gBxdnzH
— Joseph Young (@iamjosephyoung) August 24, 2018

Beijing News, a media outlet administrated by the Communist Party, reported Friday that Ant Financial is beefing up efforts to monitor both merchant and customer accounts, as well as notable sites that integrate the Alipay gateway to facilitate over-the-counter (OTC) crypto trading.
For many years, Alipay and Jack Ma, the founder, and chairman of Alibaba has expressed optimism towards cryptocurrency and blockchain technology. Even though Ma described Bitcoin to have bubble-like characteristics, Ma emphasized that cryptocurrencies as consensus currencies and blockchain-based distributed systems will achieve massive mainstream adoption in the future.
A spokesperson from Ant Financial was quoted by media saying
“Alipay adheres to the principle of not providing services for virtual currency transactions,”
adding:
“We have been and will continue to closely monitor over-the-counter trading activities. If we find any transactions that we suspect are related to virtual currencies, we take appropriate measures including, but not limited to suspension of related fund transfers and permanently restricting payment collection functions of accounts involved.”
 
In February 2018, Alipay was pressured to eliminate cryptocurrency traders from its network indirectly, when the government of China asked all banks and financial service providers to ban Bitcoin trading accounts.
“To prevent financial risks, China will step up measures to remove any onshore or offshore platforms related to virtual currency trading or ICOs,”
said an article published on Sunday night by Financial News, a publication affiliated to the People’s Bank of China (PBOC).
The Chinese clampdown intensives
Over past 72 hours, China has practically clampdown the who crypto industry in the country. After China banned all commercial events including related to cryptocurrencies, it has gone ahead and hand has blocked more than 124 overseas crypto exchanges that are offering trading services to Chinese residents. A tweet realized by the Korean Cryptocurrency and Blockchain News that mentioned, also mentions Fiat payment channels will be highly monitored apart from Communication channels and Exchange blocks.

🇨🇳 – 🤦‍♂️ F that Coin.
Hint above for the word scramble below. pic.twitter.com/RnAzZgJVGm
— Korean Cryptocurrency & Blockchain News (@BlockchainROK) August 22, 2018

Another organization that had to adhere to the regulation was Tencent holdings whose popular app Wechat was asked to ban top blockchain & cryptocurrency platforms due to ‘failure to comply to regulations’ which had come as a shock to local analyst and enthusiasts.

BREAKING NEWS (CHINA): WeChat bans top blockchain & cryptocurrency platforms due to ‘failure to comply to regulations’… What implications does this have for the industry? pic.twitter.com/tJPSZ90Yyl
— BitKan (@BitKanOfficial) August 21, 2018

So #WeChat just banned more than 8 #blockchain & #cryptocurrency media site based on the WeChat platforms include @HuobiGlobal and #jinse caijing 🤔🤔🤔🤔 pic.twitter.com/68zR6t8J66
— 🎀 (@cryptovenus) August 21, 2018

The banned sites are reportedly Huobi International, Binance, DPRating, and TokenClub
With the way China is wiping cryptocurrencies in the country, it looks like all would touchdown to zero. All the promise that the worlds most populated country and economic giant had shown in the first half of 2018 is all going down the drain. It’s just a wait and watches what unless there is some government clarification on why all this is happening
What do you think is the actual reason behind this clampdown on activities? Do let us know your views on the same.
The post Alipay Distances itself from Cryptocurrency as China’s Clampdown Intensifies Further appeared first on Coingape.
Source: CoinGape

Crypto to Expand Mobile Payments to Rural Networks Without State Control

China, which is on its way to becoming a cashless society, highlights how cryptocurrencies could be used for all global payments. However, the overreaching control of the Chinese state shows why cryptocurrencies are needed to maintain the financial freedom of citizens.

Mobile Payments Used in Rural Villages

Roughly two-thirds of China’s population use WeChat to make everyday payments by scanning QR codes. Alibaba’s Alipay also has around 520 million users. Due to the proliferation of mobile networks across China, this reach of digital payments extends beyond the cities. Even in some rural villages, these systems are used instead of cash to pay for locally produced food.

Alibaba, which runs a major e-commerce site called Taobao, has expanded through two new offerings based in villages and rural areas. Taobao villages aim to enable villagers to sell their goods online. Rural Taobao helps those in the hardest-to-reach areas acquire bedding materials and shoes at a local delivery point.

Cryptocurrencies have long been touted as the solution to the unbanked but it has so far not delivered more than conventional solutions. However, the prevalence of mobile banking in rural areas presents a vision of what a cryptocurrency future could look like. The use of QR codes is important because they have often been used to represent crypto public addresses.

Crypto Better Than Traditional Payment Systems

While WeChat and Alipay show the potential of a cashless society, it is important to note why cryptocurrencies would be a better alternative. One reason is that cryptocurrencies allow users to fully own their own money in a way that cannot be controlled by the state.

China is set to digitize more and more systems including train tickets and national identity cards which are used to open bank accounts. Taxis mostly work through an Uber-style app and private cars only accept mobile payments. It is getting very difficult to buy anything without having a mobile payments account which requires a Chinese bank account.

China is notorious for controlling its citizens’ liberties. They have recently set up a ranking system for citizens which controls their freedom based on behavior. More than nine million people have already been banned from buying plane tickets. Punishments include stopping access to kids for school placements, throttling internet speeds, and stopping individuals from getting jobs.

As an alternative, users who have cryptocurrency in their own wallet own it in a way that cannot be controlled by the state. As it is based on a blockchain technology, states cannot control it unless they attack the network as a whole. By moving to a cashless society built on cryptocurrency, financial systems can be expanded to rural areas without relinquishing financial control to the state.

 

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