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China’s Crypto & Bitcoin (BTC) Ban as Dreadful as Ever!

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China’s Crypto & Bitcoin (BTC) Ban as Dreadful as Ever!
  • Additional rules and regulations imposed for the crypto industry in China.
  • Even off-shore crypto trading now becomes illegal. 
  • China’s Judicial management consists of several bodies, now responsible for these new regulations.

The adaptation of the crypto regulations among various nations across the globe is getting severe with the passing of each day. These rules and regulations are not only a threat for the crypto exchanges alone but for the entire crypto industry. 

Amidst all these, the worse factors these days are making the already existing regulations even more aggressive. In such terms, China has newly imposed certain regulations upon its already prevailing crypto regulations. In spite of these new regulations, it seems there would not be any future for the crypto industry in the nation. Also, it’s well known that China has been into such regulations way back since 2013, upon Bitcoin (BTC).

The New Regulations

On 24th September, China announces officially certain new regulations in addition and upon effect immediately for the crypto industry. However, it seems these new additional regulations are much worse than the already existing ones and previous regulations.

In spite of this, the People’s Bank of China (PBoC) is one of the head council members for imposing these regulations. 

Accordingly, the official notice which was given out on 24th September states that all banks and other financial services providing firms to immediately cease all their services related to crypto trading, converting fiat to crypto, crypto to fiat and crypto to crypto, etc. 

Moreover, any individual who indulges in crypto trading with off-shore crypto exchanges, but presently living in China is also now illegal and against the law. 

Agencies Responsible for New Regulations

Although, it’s well known that these new implementations and regulations are done as many members brainstorming together. Apart from the PBoC, there are nearly ten agencies of the government together. 

On the other hand, the main agencies involved in these new regulations are the Cyberspace Administration of China (CAC), Public Security Bureau (PSB), Supreme People’s Procuratorate (SPP), and the Supreme People’s Court (SPC). 

In spite of all this, it’s quite evident that China is now targeting the criminal aspects of the crypto industry.

On the contrary, it’s well known that judicial and legal entities, Civil entities, and law enforcement entities are on par with these new regulations. 

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Prime Minister Of Thailand Warns Crypto Investors

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Prime Minister Of Thailand Warns Crypto Investors

The adoption of the crypto industry is soaring every day as youngsters are interested in cryptocurrencies. There have been many regulations on digital assets and crackdown of cryptocurrencies but still, the market hasn’t fallen down. Despite the fact that some nations have banned cryptocurrencies and issued warnings to investors, the crypto industry continues to develop at an incredible rate.

In such a case, Thailand’s Prime Minister has issued a warning to investors, stating that cryptocurrencies are volatile and risky. Significantly, the young investors of the country are showing more interest in cryptocurrencies, having found a way for a quick return on investment.

Prime Minister Urges Investors To Consider Warning

As people are investing in cryptocurrencies in flocks, the Prime Minister of Thailand is worried about the risks. The deputy spokeswoman for the Thai Prime Minister’s Office, Ratchada Thanadirek stated that the Prime Minister, Prayuth Chan-Ocha is concerned about the young investors. He is mainly concerned about the young investors who invest in cryptocurrencies.

Consequently, Thai’s Prime Minister has mentioned that people are falling for crypto-assets as they produce profit quickly. But the prime minister urges investors to consider the warning as the crypto industry is spectacular in return on investment. Notably, he points out that cryptocurrencies have no supporting fundamentals and are highly volatile.

Moreover, he states that investors should do research before investing and should also accept in terms of loss. He majorly urges early investors not to get fooled by the hype of the crypto market. They should choose the service provider which is licensed by the country’s Securities and Exchange Commission. Adding to this, Ratchada elaborated regarding the saying of Prime Minister:

“Young people of the new generation, including parents, are encouraged to research data and learn before investing in order to fully comprehend the risk characteristics of the investments.”

50% Of The Investors Are Youngsters

Consequently, she concluded with the warning that investors should be very careful in terms of investments. She states that people should not get fooled and should research whether the service provider is licensed. According to the Thai Securities and Exchange Commission, there are currently 1.49 million digital asset trading accounts. In which, 311,000 are active accounts, with an average daily trading value of 6.6 billion baht ($198 million). Roughly 3% of traders are under the age of 20, while about 47% are under the age of 30.

The prime minister advises that as the number of crypto service providers grows, it is important to check and research the service providers. In truth, several service providers lack the necessary licenses to operate in the country. As a result, he advises investors to check whether they are licensed and protected by law.

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Economist Peter Schiff Calls Bitcoin An ‘Imaginary Friend’ In Response To Jack Dorsey’s Hyperinflation Tweet

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Peter Schiff is an economist, gold advocate, and one of Bitcoin’s biggest critics. He has never liked the digital currency.

He believes that real value is derived from an asset’s ability to create commercial demand in markets; and always refers to gold as a perfect example of this. In contrast, he says that Bitcoin is nothing but an asymmetric store of value with no other use except attracting an endless supply of buyers for the limited supply of assets. In short, it is a Ponzi scheme. However, he has been proven wrong over and over again.

In his most recent critique of Bitcoin, Schiff said it is not a real asset. This was in response to a tweet by Twitter CEO Jack Dorsey about the possible arrival of hyperinflation in the U.S. soon.

Schiff Responds To Dorsey

On Saturday, October 23, Jack Dorsey shared his opinion on the current economic situation in the U.S on Twitter. He tweeted about the imminent hyperinflation as a result of the constant money printing in the U.S., and how the rest of the world would suffer from it.

Related Reading | Is Hyperinflation Inevitable? Jack Dorsey Says It’ll “Change Everything”

In response, Schiff tweeted that people should not look to Bitcoin to save them because it is not a real asset. Instead, they should own real assets like gold.

Another Twitter user commented that Bitcoin is, in fact, real. And that it has just surpassed the Swiss Franc in Market cap. At this point, Schiff replied, calling the cryptocurrency a “make-believe asset” and that it is the adult version of an imaginary friend.

Peter Schiff’s Grudge with Bitcoin

According to this Wikipedia profile, Peter Schiff is an American stockbroker, financial commentator, and radio personality. He is also CEO and chief global strategist of Euro Pacific Capital Inc., a broker-dealer based in Westport, Connecticut. Additionally, he is involved in various roles in other financial services companies, including Euro Pacific Asset Management, an independent investment advisor, Schiff Gold (formerly Euro Pacific Precious Metals), a precious metals dealer, and Euro Pacific Bank, a full-reserve bank.

In addition to all these, Schiff is known for something else – his grudge with Bitcoin. He has always claimed its value will one day drop to nothing.

Earlier this year, Mark Cuban told gold bug Peter Schiff to “move on” because “gold is dead.” In Response Schiff said, “Mark, a lot of your athletes wear gold jewelry. Ask them why. Gold has many uses outside of jewelry that contributes to its value as a metal. It’s not hyped at all. Gold is money. Bitcoin is 100% hype. It’s nothing.”

Related Reading | Mark Cuban Slams Peter Schiff: Gold is Dead, Bitcoin and Ethereum Are Today

Cuban himself used to be a bitcoin skeptic, preferring bananas to bitcoin because he claimed he could at least eat a banana.

In an interview on Good Evening San Diego a few days ago, Schiff referred to Bitcoin as a fool’s gold and a digital pyramid scheme. He also said that the SEC should not be encouraging people to participate.

BTC trading at over $62K | Source: BTCUSD on TradingView.com

When asked about the SEC’s recent approval of Bitcoin ETFs, he responded that “we should get rid of the SEC”.
He continued by saying, “I have no problem with the ETF itself, but if the SEC is pretending that it is some kind of watchdog and trying to make sure that investors don’t get hurt, then it makes no sense that they would approve this ETF because ultimately, the ETF is going to collapse to zero and the people who are left holding the bag are going to get wiped out.”

Schiff is also not impressed with futures ETFs. He says, “instead of owning nothing, you own a futures contract to gamble on nothing.”

Featured image by Bloomberg, Chart from TradingView.com

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Stratis Completes Token Swap, Guns for Enterprise Blockchain Crown

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Blockchain technology company Stratis has concluded its latest major update, with STRAX tokens replacing their STRAT predecessors. The swap follows a vote that saw over 97.5% of token-holders green-light the proposal, setting the stage for a revised tokenomic structure, new incentive mechanisms and improved block times.

In total, over 93 million STRAT tokens have been converted 1:1 to STRAX, representing 93% of the circulating supply. The remainder were burned, effectively removing over 6.6 million tokens from existence.

With the deployment of a brand-new blockchain and native token – not to mention the imminent launch of an NFT marketplace, games and the Unity Engine SDK – Stratis is, like fellow sleeping giants Cardano, Tezos and Polkadot, starting to wake up and make good on its promises.

Why Token Swap?

Stratis users who failed to exchange STRAT for STRAX can hardly complain: the platform announced the changeover last October, with token-holders given a whole year to install a STRAX wallet and exchange their old outgoing assets.

The high number of tokens swapped underscored the simplicity of the process, which saw users trade STRAT independently via a trustless on-chain mechanism, transfer their tokens to an exchange that supported the swap (Binance, Bittrex, Bithumb, etc), or manually swap them into STRAX using a tool provided by the platform.

The token swap was part of a raft of changes made to the platform, with block times reduced, block rewards increased, SegWit activated, and the introduction of both cold staking and dynamic membership. The latter enables any user to join the Cirrus sidechain as an acting Masternode – providing, that is, they meet the collateral requirement of 100,000 STRAX.

The management and monitoring of masternodes have also been simplified thanks to a newly-released operator dashboard.

Stratis Enters Shipping Season

Designed to help Microsoft developers develop blockchain solutions in a language they understand and love, Stratis launched in 2016 as an enterprise-focused Blockchain-as-a-Service company. In the years since, the platform has poured an immense amount of resources into enhancing its features and tooling, while onboarding companies from around the world.

2021, though, has been something of a breakout year. Not only is Ethereum interoperability imminent thanks to its InterFlux solution, but Stratis recently launched a Unity Development Kit, enabling the integration of NFTs and decentralized identities into the gaming ecosystem. A number of gaming projects (Dawn of Ships, Trivia Legend) are now busy building on Stratis’ proof-of-stake blockchain, both due to its low-fee environment and 3D SDK.

DeFi is another area of exploration for Stratis, as highlighted by the emergence of decentralized exchange protocols Opdex. Financed by Stratis’ Decentralized Accelerator program, Opdex enables trustless token swaps, liquidity provision, mining, and staking in a non-custodial and gas-efficient manner. Recently released on the Cirrus testnet, the DEX protocols aim to bring much-needed diversity to the booming DeFi sector, which has largely centered on Ethereum.

Founder Tyler Peña believes the fact that Opdex coded in #C means the ecosystem could “drastically increase the adoption rates by developers while also decreasing the frustration of learning new languages, frameworks and tooling.”

Shaping Blockchain Policy

Although DeFi, NFTs and blockchain-based gaming are now very much part of the Stratis universe, the platform remains, at heart, enterprise-focused. As such, it remains committed to pioneering use-cases, onboarding businesses and organizations, and working with governments.

Last month Stratis joined the UK’s All Party Parliamentary Group on Blockchain (APPG Blockchain), which aims to “provide evidence, guidance and recommendations to policy makers on blockchain-related issues.”

By acquiring a seat at the table, Stratis – described by APPG Blockchain secretariat Birgitte Andersen as “one of the UK’s most established and innovative blockchain platforms” – will be in a position to influence and inform the UK government’s decision-making when it comes to blockchain initiatives.

The spoils, of course, are considerable: business investment in blockchain technology is expected to reach almost $16 billion by 2023, up 40% from 2019. And with the wider crypto market currently in rude health, Stratis seems well-positioned to capitalize on the feel-good factor.

 

Image source: Depositphotos.com
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