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

Sying Tien

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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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Drug Dealer Loses Private Keys For $57m Worth of Bitcoin

Sying Tien

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An Irish drug dealer who decided to hide his fortune in Bitcoin has lost the private keys to his wallets that contained around 6,000 Bitcoin (around $57m) on them.

According to Irish Times, The drug dealer lost his keys after hiding them with his fishing rod, which has gone missing. The dealer bought most of the bitcoin in late 2011 and early 2012 using cash he made growing crops of cannabis.

In early 2017 he had around 6,000 bitcoin in one account but he feared it may be too easy for a hacker to hack it so he decided to spread his Bitcoin fortune across 12 new wallets and transferred exactly 500 bitcoin to each wallet.

He then printed out the private keys for his newly created accounts onto an A4 piece of paper and hid the paper inside the aluminum cap of his case containing his rod at his rented house.

He was arrested for growing weed at his house in 2017 and jailed for five years. The landlord decided to clean up the house and trough the dealer’s belongings away to a dump.

Garda officers said they were hopeful advances in technology would one day enable them to access the bitcoin so it could be sold.

Losing private keys to crypto wallets is a genuine problem for crypto that needs to be solved.

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Egypt’s Dar Al Ifta: Using Bitcoin and Other Virtual Currencies Are Forbidden in Islam

M. Ali

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Egypt’s Dar al-Ifta, the Egyptian state-run Islamic institution assigned to issuing religious edicts, said on Thursday that egg freezing is permissible in Islam.

In a live video broadcast on Dar al-Ifta’s official Facebook page , Sheikh Awaida Othman, director of Fatwa administration, and the Secretary of the Fatwa in the Egyptian Ifta House, answered one of the questions posted during the live stream asking about Bitcoin, and if it’s allowed in Islam. The Sheikh answered question, saying: “It is not permissible in Islam to use Bitcoin, and we have issued a detailed fatwa before regarding this”.

Last year, Egypt’s Counselor of the Republican’s Mufti, Dr. Magdy Ashour, proclaimed that Bitcoin is pretty much a no-go as far as Sharia is involved, on the basis that its dealings might not be very Halal, given that you don’t know the morality behind any of the transactions involved with Bitcoin, and even going so far as to claim its use a tool to fund terrorism.

This is by no means the first time Bitcoin has received notable backlash in the country, hearkening back to the Head of the Egyptian Financial Supervisory Authority (EFSA) Mohamed Omran’s in 2017 statement that Bitcoin is pretty much illegal in Egypt and urging interested individuals to keep a distance from the cryptocurrency.

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PrivCoin Shuts Down Due to Extensive Regulations

Sying Tien

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The team behind PrivCoin , the nonprofit cryptocurrency mixer has decided to shut down the website due to “new and extensive regulations” in the European Union. PrivCoin will be donating all of their profits to charities.

A screenshot of PrivCoin’s announcement

PrivCoin offered cryptocurrency mixing service, which is a service that mixes different streams of potentially identifiable cryptocurrency. This improves the anonymity of transactions, as it makes crypto harder to trace. PrivCoin used to be the only online service that offered Bitcoin, Ethereum, Litecoin and Bitcoin Cash mixing in a safe and fast way.

PrivCoin’s services were recommenced by some of the big DarkWeb markets such as Empire Market.

Last week, US authorities have arrested and charged an Ohio resident for running “Helix “, a Bitcoin mixer service that supposedly helped criminals disguise the origin of Bitcoin transactions.

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