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 […]
The post Bitcoin proponent talks about dangers of centralized cryptocurrencies appeared first on AMBCrypto.
Source: AMB Crypto

Binance’s Peer-to-Peer Trading in China is Great for Everyone

Coinspeaker
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

Continue reading at Coinspeaker
Source: CoinSpeaker

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

Coinspeaker
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

Continue reading at Coinspeaker
Source: CoinSpeaker

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

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
The post China Fears Facebook Cryptocurrency, Central Bank Wants its Own appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bitcoin [BTC] Price Logs $12750 – Here’s Two Prominent Reasons Backing it

Bitcoin’s price rose bullish again late on 8th July 2019 as it broke above $12,000 psychological level. The price gained 7.2% in less than 12 hours; it rose from $11890 to record a monthly high of $12750. While technical analysis of Bitcoin has a strong bullish penchant, Monday’s move can be attributed to regulatory progress made by the US and China.
The price of Bitcoin at 3: 50 hours UTC on 9th July 2019 is $12630. It is trading 10.53% higher on a 24-hour scale.
BTC/USD 4-hour Chart on Bitstamp (TradingView)
As reported earlier on CoinGape, People’s Bank of China has proposed a new cryptocurrency plan that will be implemented through WeChat for about 1.1 billion Chinese customers. The release of a stablecoin from centralized institutions will possibly have similar effects on Bitcoin, like Libra. Anthony Pompliano, the founder of Morgan Creek Digital also tweeted about it,
BREAKING: China has received internal approvals to create a central bank digital currency and has already started building it. Let the global arms race for digital currency supremacy begin
SEC Introduces New Crypto Guidelines
The Securities Exchange Commission in the US also made significant progress related to crypto regulations. Reportedly, more than 35 firms start-ups based on cryptocurrencies have been seeking SEC’s approval to get brokerage license. Some of these applications have been pending for more than six months.
SEC Commissioner, Hester Pierce notified the public about SEC’s new stand with a little added humor. She tweeted,
If figuring out how to deal with the SEC on crypto issues feels like a regulatory version of an escape room, here’s the latest clue…
According to SEC rules, any broker requires ‘third-party repositories to safeguard client assets.’ This complies with the ‘Customer Protection Rule’ which formed to protect the customers from theft and fraud.
However, these rules do not apply to non-custodial characteristics on Bitcoin and some of the other cryptocurrencies. Hence, the SEC has decided to ease its regulatory roadblocks for such applications o cryptocurrencies.
Hence, according to the new guidelines, while these firms would still face some resistance, individual other players like OTC, peer-to-peer market, etc. should be in the clear.  the SEC and the Financial Industry Regulatory Authority noted in the press release that
“Noncustodial activities involving digital assets do not raise the same level of concern,”
While the approval would still be contingent on specific applications, more than two dozen newly regulated firms are expected to flood the US markets soon.
Do you think that Bitcoin will break its All-Time High in 2019? Please share your views with us. 
The post Bitcoin [BTC] Price Logs $12750 – Here’s Two Prominent Reasons Backing it appeared first on Coingape.
Source: CoinGape

China Aims To Create A Cryptocurrency Using WeChat, Will They Lift Their Ban On Crypto?

The People’s Bank of China (PBoC) is reportedly considering to create a cryptocurrency for their 1.1 billion active monthly WeChat users. According to a report made by South China Morning on Monday, China is looking to review its almost two years ban on cryptocurrencies in the region.
The news came after China reportedly went against the Libra project in its region which must have instigated other countries like the US and United Kingdom to follow in their footsteps. However, disallowing Libra in China didn’t really end it all as the Chinese government saw a need to create its own cryptocurrency as a way to shut out any other digital currency from gaining any popularity among the Chinese.
During a conference at Peking University’s Institute of Digital Finance, Wang Xin, director of the Chinese central bank’s research bureau, expressed concerns that Facebook’s Libra could potentially make a challenge to Chinese cross-border settlements, monetary policy, and financial dominance. In his words,
“If Libra is widely used for payments … would it be able to function as money and accordingly have a large influence on monetary policy, financial stability, and the international monetary system?”
WeChat as an instant messaging platform has about 1.1 billion active monthly users and is the biggest in China. Seconded by Alibaba, WeChat has an already existing payment system called WeChat Pay which transacts in Chinese Yuan through Chinese bank accounts. This network of payment was launched in 2013 and has since then generated around 900 million users locally and globally, especially among travelers and Chinese expats.
With a user base just half of Facebook’s 2.3 billion monthly users, it is reasonable to assume that China is making a smart move in protecting a large number of potential Libra adopters which might be coming from the region.
Libra and WeChat Pay seem to have a lot in common. They both support peer-to-peer (P2P) mode of money transfer, as well as online and in-store payments. However, one of the differences that exist is that Libra was designed to allow a cross-border mode of payment while WeChat Pay is solely based on the Chinese Yuan.
The post China Aims To Create A Cryptocurrency Using WeChat, Will They Lift Their Ban On Crypto? appeared first on Coingape.
Source: CoinGape

WeChat Updates Its Payments Policy, Now Crypto Transactions are Banned

Coinspeaker
WeChat Updates Its Payments Policy, Now Crypto Transactions are Banned
WeChat, the Chinese largest social media and messaging platform operated by Tencent, has updated its service terms. Starting from May 31 it is forbidden to perform cryptocurrency trading there.
WeChat Updates Its Payments Policy, Now Crypto Transactions are Banned

Continue reading at Coinspeaker
Source: CoinSpeaker

WeChat Closes its Crypto Payment Method, Set to Ban Merchant Account Dealing With Crypto

China’s ban on cryptocurrency certainly affects its largest social media platform with a huge user base. Recently updated privacy policy of WeChat indicates that merchant accounts which found dealing in cryptocurrency transactions will be terminated soon.
WeChat To Ban Accounts Dealing with Crytpo Trading
The update was first served on Twitter by Dovey Wan, a crypto influencer. She tweeted the translated message of WeChat privacy policy updated page, which explains ‘merchant can’t serve any token issuance/fundraising or crypto trading activities’.
Source: Twitter
Besides social media, WeChat is a Chinese multi-purpose messaging and mobile payment app developed by Tencent. Following the update, those who continue proceeding crypto trading activities will see their account terminated – this rule will come into effect at the end of the month, on May 31.
Also Read: Alipay Distances itself from Cryptocurrency as China’s Clampdown Intensifies Further
The platform earlier in August 2018 reported that WeChat and one more payment platform Alipay are working with govt agencies to closely monitor crypto trading/other activities in the country. Nevertheless, parent company, Tencent then issued a new report of its three key measures to effectively monitor crypto activities –

Prohibit users from using Wechat payment to make crypto transactions
Real-time monitoring of daily transactions
Risk assessment of any suspicious transactions

Nevertheless, the updated policy is likely a result of this measure which hinders merchants and users to deal with crypto transactions within the country. The update got the attention of CZ, CEO of the largest bitcoin exchange Binance who commented on Dovey Wan’s update, stating that ‘crypto is not a bad thing’. In his continuous tweet, he quoted his 2018’s tweet that hints ‘WeChat may probably reverse its decision’.
In his quoted tweet, he added
Source: Twitter
Nevertheless, concerning the stern crypto regulations in China, CZ talks ‘its probably not their own (WeChat) choice’.
Honestly, it would be hard to beat WeChat pay if they are relatively open. (The UX is good). But more and more restrictions are forced upon them (probably not their own choice). Go #crypto!
Do you think Chinese stubborn regulations prevent the country’s innovation and forced platforms like WeChat to leverage the emerging payments like cryptocurrency and tech like blockchain? Share your thoughts with us.
The post WeChat Closes its Crypto Payment Method, Set to Ban Merchant Account Dealing With Crypto appeared first on Coingape.
Source: CoinGape

WeChat update: Merchants to cease crypto-sales via messaging app; OTC trading could take a hit

WeChat, China’s largest messaging platform, has updated its payments policy in what could be a detrimental effect to token services on the platform. As a result, merchants that offer token and fundraising services on the platform will be taking a severe hit.
Dovey Wan, a funding partner at Primitive Ventures and notable cryptocurrency influencer, confirmed the news via a tweet. She stated that the “local liquidity” will be adversely impacted, given the severity of OTC transactions that take place via the messaging application.
Wan’s tweet read,
“Urgh, Wechat just updated its payment policy .. merchant can’t serve any token issuance/fund raising or crypto trading activities, otherwise account will be terminated
Given most OTC transactions are happening in wechat, this may impact local liquidity to quite some extent”
The Chinese messaging platform will terminate the accounts of those who use their services for trading cryptocurrencies. According to WeChat’s payment policy change, “merchants may not engage in illegal transactions such as virtual currency.”
Source: Twitter
WeChat’s stern stance is not against the virtual currency sector alone, with transactions related to online gambling and pornography also leading to account termination. This rule will however, only be enforced from May 31.
The exodus of cryptocurrency transactions from China’s messaging mainstay is part of a long-term plan to weed out decentralized currency as a whole from the country. Back in 2017, the government placed an exchange and ICO ban and more recently, moved to outrightly ban the country’s globally dominant mining industry.
China has in the past exercised its authority over WeChat to irk the country’s cryptocurrency community. In August 2018, the government cracked down on several public WeChat accounts, citing violation of the messaging platform’s terms.
Several analysts have pointed out that the Bitcoin [BTC] price collapse from $7,300 to under $6,300 in early September 2018 was directly due to the WeChat de-platforming, despite the Goldman Sachs crypto-trading desk rumors being put to bed at the same time.
Changpeng Zhao, CEO of Binance responded to Wan’s tweet, stating,
“This is a classic example of short term pain, long term gain. It is inconvenient for people short term, and they take a hit. But long term, it is precisely this type of restriction of freedom that will push people to use crypto. Not a bad thing.”
Given crypto’s ‘under the hood’ dominance in China, this OTC trading crackdown could be a larger effort on the part of the messaging giant to force users to migrate to WeChat pay. However, given the degree of control exercised by the Chinese government, “restrictions” will eventually be placed on WeChat as well, stated CZ. He concluded,
“Honestly, it would be hard to beat WeChat pay if they are relatively open. (The UX is good). But more and more restrictions are forced upon them (probably not their own choice). Go #crypto!”
The post WeChat update: Merchants to cease crypto-sales via messaging app; OTC trading could take a hit appeared first on AMBCrypto.
Source: AMB Crypto

Rakuten and Techrock Partner for Anti-Counterfeit Blockchain-Based Solution

Coinspeaker
Rakuten and Techrock Partner for Anti-Counterfeit Blockchain-Based Solution
Rakuten, the leading Japanese e-commerce giant, has partnered with Techrock, blockchain-based supply chain and e-commerce company, in an initiative to bring verifiably authentic Japanese consumer goods to the Chinese market.
Rakuten and Techrock Partner for Anti-Counterfeit Blockchain-Based Solution

Continue reading at Coinspeaker
Source: CoinSpeaker

Telegram Launched Private Testing for Its TON Blockchain

Coinspeaker
Telegram Launched Private Testing for Its TON Blockchain
Telegram launched private testing of its Telegram Open Network. The new blockchain is available to several development teams at the moment.
Telegram Launched Private Testing for Its TON Blockchain

Continue reading at Coinspeaker
Source: CoinSpeaker

Popular Asian Messaging App Line Expands into Cashless Payments and FinTech

Coinspeaker
Popular Asian Messaging App Line Expands into Cashless Payments and FinTech
Line, one of the most popular messaging apps in Japan and other Asian countries, is going to expand its business into e-payments and other fintech services.
Popular Asian Messaging App Line Expands into Cashless Payments and FinTech

Continue reading at Coinspeaker
Source: CoinSpeaker

Facebook’s Facecoin Set to Replace the U.S. Dollar, Not Bitcoin: Kik CEO

Coinspeaker
Facebook’s Facecoin Set to Replace the U.S. Dollar, Not Bitcoin: Kik CEO
In a blog post, Kik Ceo Ted Livingston explained how Facebook’s coin may replace the US dollar as the global reserve currency.
Facebook’s Facecoin Set to Replace the U.S. Dollar, Not Bitcoin: Kik CEO

Continue reading at Coinspeaker
Source: CoinSpeaker