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People’s Bank of China Will Accelerate The Creation of China’s Official Cryptocurrency

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The central bank of China (People’s Bank) announced in a video conference that it will accelerate the pace of research and development of China’s legal cryptocurrency (DC/EP), track the development trend of domestic and foreign virtual currency, and continue to strengthen Internet financial risk remediation. This was reported by Beijing News.

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

Huang Zhen, director of the Institute of Financial Law at the University, told the Beijing News reporter.

Prior to the launching ceremony and the first academic seminar of the Digital Finance Open Research Project held on July 8, Wang Xin, director of the Research Bureau of the People’s Bank of China, revealed that the State Council has officially approved the research and development of the central bank’s digital currency. Currently, the central bank is organizing market institutions to engage in corresponding work.

In fact, after Facebook published the Libra digital currency project white paper, it triggered the attention of financial regulatory authorities in various countries on digital currency regulation. Libra is an encrypted digital currency project announced by Facebook. According to its white paper, the goal is to build a currency and a financial infrastructure that serves billions of people. Libra has been put on hold for a while, due to concerns from US regulators about its data security issues.

What is the difference between the legal digital currency announced by the central bank and Libra? What is the legal digital currency positioning?

A number of experts said that the legal digital currency is a substitute for banknotes and is issued by the central bank. The general encrypted digital currency, including Libra, does not have a monetary function and cannot impact legal tender.

In view of the difficulties faced by the central bank in issuing legal digital currency, many experts said that it may be difficult to move freely under the technology, RMB capital, illegal use of digital currency, and the transformation and upgrading of financial infrastructure.

Wu Changhai, deputy dean of the Institute of Capital and Finance of China University of Political Science and Law, said that the issuance of virtual currency by Internet companies, whether in the United States or in China and other countries, under the existing state governance model, it is impossible to impact or replace fiat money. While the legal digital currency is a legal currency, Wu Changhai seems that the encrypted digital currency, especially the stable currency represented by Libra, cannot and cannot replace the legal digital currency.

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.

Wu Changhai said

In response to the possible positioning of the legal digital currency issued by the central bank, Chen Wen, deputy director of the Center for Inclusive Finance and Intelligent Finance of Southwestern University of Finance and Economics, told the Beijing News reporter that the central bank’s digital currency should be regarded as a supplement to the base currency.

Chen Wen believes that, like the previous central bank’s issuance of the base currency, it must be finally put on the market. In fact, it is necessary to use the bank as a channel provider and the micro-subject of the bank to be a channel, but like the issuance of digital currency, it can directly target ordinary people and non-profit enterprises. , less transmission links.

Professional Trader, Social media scholar and a Crypto expert. If you have any comments, suggestions or questions feel free to contact me at [email protected] and i will get back to you shortly.

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Craig Wright’s “Satoshi Nakamoto” Claim Debunked in UK Court Ruling

June G. Bauer

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The mysterious identity of Satoshi Nakamoto, the inventor of Bitcoin, has been a burning question in the crypto world for over a decade. Several self-proclaimed candidates have stepped forward claiming to be Nakamoto, but their assertions have been widely doubted or disproven. One of the most vocal Nakamoto claimants is Australian computer scientist Craig Wright, but a recent UK court ruling has decisively undermined his case.

In a lawsuit brought by the Crypto Open Patent Alliance (COPA), a group representing crypto companies, the British High Court judge firmly rejected Wright’s claim to be the creator of Bitcoin. The evidence presented in court exposed critical flaws and deception in Wright’s story.

According to the lawyer representing COPA, Jonathan Hough, Wright’s insistence on being Satoshi Nakamoto amounted to “a brazen lie and an elaborate false narrative supported by forgery on an industrial scale.” Hough argued that Wright had provided fabricated documents, backdated file edits, and even indications of using AI language models like ChatGPT years before they were publicly available.

The judge, Justice Mellor, found the evidence overwhelmingly against Wright’s claims. In an unusually swift ruling, he stated unequivocally: “Dr. Wright is not the inventor of Bitcoin” and “Dr. Wright is not the author of the Bitcoin white paper, and he is not the person who adopted the name Satoshi Nakamoto.”

This legal setback is just the latest blow to Wright’s efforts to establish himself as the elusive Bitcoin creator. In a separate case in 2018, Wright was sued for fraud by the estate of the late Dave Kleiman, an American computer scientist considered by some to be a potential Nakamoto candidate. Wright lost that lawsuit as well and was ordered to pay $100 million in damages.

As the crypto community continues to speculate about Satoshi Nakamoto’s true identity, Craig Wright’s claims have been definitively dismissed by the UK court. The mystery endures, leaving open the question – who was the brilliant mind behind the revolutionary blockchain technology and the world’s first cryptocurrency? Only time may unravel the details shrouding Bitcoin’s enigmatic origins.

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Former IcomTech CEO Admits Guilt in Cryptocurrency Ponzi Scheme

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In a recent development, Marco Ochoa, the former CEO of IcomTech, has pleaded guilty to a conspiracy to commit wire fraud charge in the United States District Court for the Southern District of New York. This admission of guilt is tied to the infamous Ponzi scheme orchestrated by IcomTech during Ochoa’s tenure as CEO, which lasted from the company’s inception in 2018 until 2019.

The U.S. Department of Justice, in an official statement, revealed that IcomTech enticed investors with the promise of daily returns on investment products, all under the guise of being a cryptocurrency mining and trading enterprise. To attract unsuspecting customers, the company went to great lengths, including hosting extravagant expos and community events on a global scale. Additionally, IcomTech introduced its own digital token, known as an “Icom.”

However, the shocking truth emerged that the company did not engage in cryptocurrency mining activities as claimed. Worse yet, investors found themselves unable to access the profits they believed were accumulating in their accounts. This deceitful scheme eventually unraveled, leading to the company’s collapse in late 2019.

In the aftermath, legal charges were filed against Marco Ochoa and other high-ranking IcomTech executives in November 2022. As a result of his guilty plea, Ochoa now faces a maximum prison sentence of 20 years.

This latest revelation serves as a stark reminder of the importance of due diligence when investing in the cryptocurrency space. It highlights the need for investors to exercise caution and skepticism, especially when confronted with promises of unrealistically high returns. As the cryptocurrency market continues to evolve, staying informed and making informed decisions remains paramount to protect oneself from fraudulent schemes like the one perpetrated by IcomTech.

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Robert Kiyosaki’s Bold Prediction: Citibank Tokens vs. Bitcoin and the US Dollar

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In a recent tweet that sent shockwaves through the cryptocurrency community, renowned author and financial literacy advocate Robert Kiyosaki ignited a spirited debate about the future of Bitcoin and the US dollar. The tweet read:

This bold statement has raised questions about the impact of traditional financial institutions like Citibank embracing blockchain technology and its potential implications for both Bitcoin and the US dollar.

Citibank, one of the world’s leading financial institutions, made headlines by announcing its entry into the blockchain arena. The bank revealed its plans to leverage blockchain technology to create Citibank tokens, which will be backed by institutional savings. These tokens aim to facilitate instantaneous cross-border transactions, operating 24/7 without the limitations of traditional banking hours or international borders.

Bitcoin, often hailed as “digital gold” and a store of value, has faced both optimism and skepticism since its inception. While some see it as the future of global finance, others view it as a speculative asset prone to volatility. Citibank’s move to introduce its blockchain-based tokens could potentially challenge Bitcoin’s status as the premier digital asset.

Citibank’s tokens, backed by the credibility and stability of a major financial institution, may attract investors seeking a more secure and regulated digital asset. This development could lead to increased competition between Bitcoin and Citibank’s blockchain-based tokens, potentially impacting Bitcoin’s market dominance.

The US dollar, long considered the world’s primary reserve currency, has faced its share of challenges in recent years, including inflation concerns and geopolitical uncertainties. Citibank’s blockchain technology could potentially offer an alternative means for cross-border transactions that is not reliant on the US dollar.

As more institutions adopt blockchain-based solutions like Citibank’s, the traditional financial system’s reliance on the US dollar may gradually diminish. This could have far-reaching consequences for the global financial landscape, including potential shifts in currency preferences and a reduced role for the US dollar in international trade.

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