Bitcoin plummets to a six-month low on China crackdown ...
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10-15 16:42 - 'China wants centralised digital currency after bitcoin crackdown' (self.Bitcoin) by /u/RotiKirai removed from /r/Bitcoin within 132-142min
''' As Facebook readies to launch its answer to bitcoin, China is set to introduce its own digital currency -- one that could allow the government and the central bank to see what people spend their money on, according to analysts. Far from the libertarian ideals of cryptocurrencies, whose anonymity allows users to buy and sell without leaving a digital trail, China's mooted e-cash system will be tightly regulated, experts say, and run by the People's Bank of China, the central bank. It "would give the PBoC greater insight into transactions throughout the country," analysts at Beijing-based research firm Trivium China said in a note. "We will not predetermine the technical path," he said. "We may consider blockchain technology or another technology that evolves from existing electronic payments." It is likely to be more akin to electronic money, stored on a physical medium, than a cryptocurrency such as bitcoin which is based on a computer network. One thing is certain: "We will adhere to centralised management," Yi said, the polar opposite of the philosophy behind cryptocurrencies like bitcoin.
Its purpose is to 'replace cash' -
China was once a stronghold of bitcoin. Just two years ago, the three major Chinese bitcoin trading platforms -- BTC China, OKCoin and Huobi -- accounted for more than 98 percent of world trade, according to the benchmark site bitcoinity.org. But the sector was unregulated and transactions were invisible to the authorities -- anathema to Beijing, which shut down the trading platforms in 2017. "You can be interested in the technology behind bitcoin and not like the way it is implemented, and want to create your own bitcoin with your desired characteristic," said Stanislas Pogorzelski, editor-in-chief of the specialist site Cryptonaute.fr. In a country where social credit systems and facial recognition cameras are becoming widespread, a new Chinese cryptocurrency could allow the government to "more closely monitor the actions of its population," he said. Its purpose is to "replace cash," he explained, "the last bastion of privacy." "The digital currency will allow the PBoC to collect new information that is impossible to collect when a transaction is through paper currency," said Song Houze, a research fellow at think tank MacroPolo, which specialises in the Chinese economy. [link]1 ''' China wants centralised digital currency after bitcoin crackdown Go1dfish undelete link unreddit undelete link Author: RotiKirai 1: ww*.*hanne*ne*sas**.*om*news/bus*ness/china-*ants-*entral***d**igital-cur*ency-afte****t*oin**ra*kdown-1*0*14*0 Unknown links are censored to prevent spreading illicit content.
Kingpin of global central banks calls for Bitcoin crackdown; claiming blockchain/DLT systems "are very expensive to run and slower and much less efficient to operate than conventional payment and settlement systems.” Are they concerned for the average Joe or is it for corporate financial leverage?
Blockchain Bites: China’s Tether Crackdown, CME’s Bustling Bitcoin Markets, Kin’s ‘Active Development’ Oct 23, 2020 at 16:16 UTC CME headquarters, Chicago (Daniel J. Macy/Shutterstock) The bitcoin and cryptocurrency regulatory landscape in the U.S. has long been found stifling by the nascent crypto industry—with some choosing to more favourable regions such as Switzerland. Bitcoin slumped to a six-month low on Friday after China's central bank launched a fresh crackdown on cryptocurrencies, warning of the risks entailed in issuing or trading them. Consequences for Bitcoin after CFTC’s crackdown on BitMEX. By Reynaldo October 4, 2020 No Comments. BitMEX experienced a high volume of Bitcoin withdrawals after the CFTC crackdown. Experts predict bullish implications following a new strategy of the U.S. federal entities. The charges filed by the Commodity Futures Trading Commission (CFTC) and the U.S. Department of Justice against BitMEX ... The correlation between any further oppression of the bitcoin and crypto industry in China and market movements appears to be crumbling. Mainstream media is still firmly behind the premise that the latest rout was a direct response to further crackdowns on the mainland, but BTC and digital assets are making gains today to suggest otherwise. China Crackdown Claims First Casualties. Following a ...
Bitcoin Crackdown in China: What´s the Bigger Picture?
Donate: 18EQEiQBK1X2DyDL5Y18j78iw4NuNHoLej Featuring… Tone Vays (https://twitter.com/Tone_LLT) Theo Goodman (https://twitter.com/theog__) and Thomas Hunt (ht... At the Property and Freedom Society Conference in Bodrum we talked about the recent Chinese government crackdown on Bitcoin and how the bigger picture looks like. The conference: ... Bitcoin crackdown begins by BTC News Bitcoin prices were reeling on Thursday, following reports that South Korea’s government plans to ba... SUBSCRIBE 4 More ..... : https://goo.gl/7BeyGH ... Nikole Hannah-Jones - Reframing the Legacy of Slavery with “The 1619 Project” The Daily Show - Duration: 9:53. The Daily Show with Trevor Noah Recommended for you. New Bitcoin crackdown: france plots to regulate cryptocurrency GETTYThe French finance minister is calling for tough new regulations on cryptocurrencies Bruno Le Maire, French finance minister has ...