China’s Central Bank Digital Currency (CBDC) Will Launch In Next 60-90 Days Per HCM Capital Exec

Jack Lee, the founding partner of HCM Capital, has recently affirmed that the central bank digital currency (CBDC) of China is being created and is expected to be launched in the next few months.

According to a recent interview with CNBC, Lee said that the central bank of China will use the new digital currency to have more strength over its capital flows. He also noted that the Chinese government uses serial numbers on banknotes to track cash flows, so this would basically be a more efficient system.

He claims that we’ll see this system, which is being called the Digital Currency Electronic Payment system, pretty soon. The official narrative created by China is that the launch is “near” but no official date has been stated, which means that he may be right about this.

Daniela Stoffel, the state secretary of international finances in Switzerland, was also interviewed by CNBC.

She said,

“The pressure has been on for a while. […] Other governments now realize this is now actually really happening and that the questions and challenges that are implied in an e-currency are now real. I hope this will lend further momentum to decisions on a global basis.”

While there are some concerns about money laundering and other related topics, she claims that the regulators have already understood that they have no choice but to take these systems seriously and that we are about to see a whole new age of digital currencies backed by central banks very soon.

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Author: Gabriel Machado

Nearly 19 Million EOS Coins, Valued Over $60 Million Today, Transferred on EOS Blockchain

An eventful week for EOS as the cryptocurrency sees a mysterious 19 million EOS tokens transferred across unknown wallets on November 10. This follows the recent congestion on the blockchain as an airdrop of the EIDOS project launched and EOS locked out most users from accessing the platform. On the peak of the cycle, the coin was named the best cryptocurrency project by Chinese authorities in the latest technological report.

The transaction summed up close to $64 million USD in the value of EOS tokens transferred between the unknown wallets (except for one transaction that was sent from the Gate.io cold wallet storage). The transaction was separated into 12 different transactions that included 10 successive transfers of 1 million EOS tokens, worth approximately $35.6 million USD, and two transactions of 3.6 million EOS tokens (from Gate.io) and 4 million tokens successively.

While the value of transactions on EOS has remained rather constant in the past few weeks, the number of users has dropped drastically citing a challenge with the recent congestion of the blockchain due to an airdrop. In the past 7 days, the blockchain experienced a lag as EIDOS token contract launched on EOS rewarding users with more than 0.0001 EOS in the airdrop.

The slow nature prompted some of the community members to ask for a boost in the number of tokens available in the ecosystem to smooth the lag. Could the recent silent injection be a cause of EOS development team?

EOS Remains a Top on China’s CCID Rankings

In a sustained effort by EOS blockchain, the blockchain remained top in the latest rankings by the China’s Center for Information and Industry Development (CCID) workgroup. The blockchain dropped slightly from its previous score at 153.8 to 151.3 in the latest ranking that includes the blockchain’s basic technology, applicability, and creativity. Tron (TRX), and Ethereum (ETH) took the second and third place respectively with the pioneer cryptocurrency coming in 11th in the CCID rankings.

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Author: Lujan Odera

Luxury New York Condo in Manhattan Gets Sold in Bitcoin Worth $15.3 Million

A retail condo in the Upper East Side has been sold by Ben Shaoul for $15.3 million in Bitcoin. The 11,400-square-foot living space was owned by the landlord’s firm Magnum Real Estate Group. The company is converting rentals in the 389 Easy 89th Street into condos. It all happened earlier this month, with the buyer being the Taiwanese entity Affluent Silver International LLC.

The Transaction Was Completed in Bitpay and Starr

The two parties of the selling agreement have used Bitpay and Starr in order to complete the transaction. The Jet Real Estate broker Eric Hedvat, who was a representative for Magnum, said that the process was “seamless”, while Shaoul refused to make any comments.

Magnum Has Used Bitcoin for Transactions Before

It’s not the first time that Magnum has gone into a contract with buyers and used Bitcoin transfers. Last year, they sold a 624-square foot space for $875,000 in Bitcoin and a 989-square-foot unit priced at $1.48 million. Shaoul previously said he would accept Bitcoin payments for his 62 Avenue B residential spaces in Alphabet City, but he ended up selling the unfinished building to Martin Shapiro for $82 million last year.

Digital Currencies Not Yet Widely Accepted in Real Estate

Since digital currencies and Bitcoin are continuing to have their value fluctuate, and they’re not accepted by many Real Estate sellers. Only over the last year, Bitcoin has had its value ranging from just above $3,000 to $12,000. However, New York sellers are starting to use it more and more. For example, the Brooklyn rental management company ManageCo has announced last year that it accepts cryptocurrency as payment.

Digital money is starting to be welcomed for the priciest listings, like the 10 East 76th Street on the Upper East Side, for which Corcoran is marketing a $29 million mansion and states that the seller accepts Bitcoin, Ripple or Ethereum as payment. A mansion that Sotheby’s is marketing at 40 Riverside Drive is priced at $13 million, with the seller accepting Bitcoin. Since New York’s Real Estate market is already embracing digital currencies, it can be expected others to do it too.

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Author: Hank Klinger

Alibaba Offers Bitcoin Shopping Cashback Rewards Via Lolli App With New Partnership

The affiliate retail startup Lolli has started a new partnership with the Chinese e-commerce giant Alibaba. Now, Alibaba will offer Bitcoin (BTC) rewards for clients who use Lolli to make purchases. Lolli is an in-browser app that is focused on allowing the users to get cashback in crypto and earn small rewards.

This new partnership was announced on Singles Day, a Chinese shopping holiday which is similar to Black Friday. As this is a major day for retail in the country, there are many people shopping, so it was the ideal day to launch the new project.

Aubrey Strobel, the head of communications at Lolli, has recently affirmed that China residents will, unfortunately, not be able to participate. Only Chinese-Americans, foreign students or travelers who are currently in the U. S. will be able to participate as Lolli cannot operate legally in China. Another reason is that all products need to be sent from China to the United States.

Lolli’s CEO Alex Adelman said that this partnership could be considered a milestone for the company and that Lolli had plans for an international expansion next year. He also noted that this was an important step to connect two important economies via Bitcoin and e-commerce.

Adelman acknowledged that the opportunity was only available for U. S. residents right now and claimed that the goal was to actually let anyone participate as soon as possible.

The industry of BTC cashback is growing. Companies such as Fold and SPEDN have also invested in this niche, so Lolli has a fierce competition to beat.

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Author: Silvia A

Creator Of ‘Big Brother’ And ‘The Voice’ Wins Legal Battle Against Facebook For Bitcoin Scams

A Dutch court has recently ruled that all fraudulent ads involving Bitcoin must be removed from Facebook. The case started when the Dutch millionaire John de Mol sued the social media company. He started the process some months ago after Facebook failed to remove fake ads that used his and other celebrities’ images.

According to the court, Facebook needs to pull all the right now and also to give regulators information about the individuals who masterminded the scams. If the social media giant is not able to do it, it may receive a fine, which can be as expensive as $1.2 million USD.

Facebook argued that it was “just a neutral funnel for information”, but the court didn’t buy it and determined that it was unacceptable for them not to act. During the legal process, Facebook affirmed that it removed all the malicious ads and that it would pursue legal action against the scammers, too.

Unfortunately, this was not the first time that de Mol had to complain about Facebook’s practices. The social media giant let other scammers capitalize on his image before. The problem dates back to October 2018, when John de Mol’s lawyer contacted the court for the first time.

Other prominent figures such as Martin Lewis, a British TV presenter, also sued Facebook last year. He accused the social media company of defamation with fake crypto ads. Before early 2018, all crypto ads were banned from the platform, but the company’s policies were changed a few months before the Libra stablecoin was announced.

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Author: Gabriel Machado

Omise To Offer PayNow Payment Options In Singapore; Faster And More Secure Transactions

Asia-focused Payment Gateway, Omise announced that it will be offering PayNow to customers in Singapore reports Finance Magnates. Customers, namely small and medium-sized e-commerce businesses can expect this addition to take place sometime next month.

PayNow was created by DBS, Development Bank of Singapore. Their foundation involves leveraging digital technologies to ensure that customers are offered simple, fast and exceptional banking solutions and experiences. All in all, they believe in being able to live a life that doesn’t require tedious banking, hence their solution, PayNow!

Omise has since offered details as to how the integration can help customers. According to the reportings, the transactions will be completed by either sending money using registered mobile numbers, National Registration Identity Card (NRIC) or Unique Equity Number (UEN). In order for the payment to be accepted, users are required to simply scan the QR code provided by the merchant.

Speaking regarding this endeavor is Omise’s Country Manager in Singapore, Nick Gan who expressed gratitude and pleasure in being able “to launch PayNow Corporate as part of Singapore’s cashless drive towards a Smart Nation.” He further emphasized that such a move was needed given how tech-friendly consumers have become as well as businesses starting to adapt to technology.

Moreover, he said:

“Omise is proud to launch PayNow Corporate as part of Singapore’s cashless drive towards a Smart Nation. Consumers are becoming more digitally savvy and demand fast and seamless payments. As a result, more and more companies are adapting to this shift and recognizing the speed and convenience of PayNow over cash and cheque collections,”

“With PayNow, businesses are simply able to get paid faster and become more efficient. Omise is excited to be able to offer businesses multiple online payment methods across cards, PayNow and e-wallets on one payment platform.”

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Author: Nirmala Velupillai

China’s State Administration of Forex (SAFE) Extends Cross-Border Pilot to Leverage Blockchain Tech

China’s State Administration of Foreign Exchange (SAFE) has recently taken a move to help leverage blockchain technology so that better cross-border financial services are offered, reports local news outlet Global Times.

To be more specific, their cross-border financing blockchain platform pilot now covers up to 19 provinces and cities, which has increased from their original decision to cover nine. According to the news outlet, SAFE’s endeavor is deemed the most scalable in the country, as it has the ability to provide accounts receivable financing services from exports, and ensures that companies taking part in cross-border related businesses have been verified.

As of the end of October, the introduced system has supposedly completed 6,370 transactions as well as giving out $6.8 billion in loans. Thus far, they’ve been able to secure 1,262 companies as clients, most of which consists of small and medium-sized businesses.

Having spoken to Global Times Analyst, Cao Yin shared that this is definitely a milestone for them, especially considering the gap in traditional financial processes and that of the blockchain system.

More specifically, he shared:

“The traditional financial processes […] leave a lot of room for financial fraud. But as the blockchain system promises a decentralized and encrypted track of each capital flow, it leaves potentially little to no space for human mediation.”

In addition to allowing users to retort to a financial service that isn’t with a traditional financial institution, SAFE’s system is deemed crucial for Chinese exporters because it promotes real-time supervision and is time-efficient (i.e. processing time from one to two days to simply 15 minutes) among other improvements.

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Author: Nirmala Velupillai

New Wirex Visa Travelcard To Reward Users With 1.5% in Bitcoins on All In-Store Purchases

Crypto and fiat multi-currency accounts provider, Wirex has officially launched its travel Visa card as of Monday, November 11, 2019. Considering the fact that the firm focuses on establishing connections around the world with its services, the new travelcard will first be made present in the Asia-Pacific region, namely, Singapore, Taiwan, Hong Kong, South Korean, Australia, New Zealand, Thailand, and the Philippines.

As per the press release, the travelcard is compatible with over 150 distinct cryptocurrencies and allows users to connect multiple fiat currencies. Together, these features are expected to help customers avoid unwanted expenses that typically arise from traveling (i.e. money exchange).

In addition to helping customers use money wisely, the firm has created a Cryptoback program, where customers who make in-store purchases will be given the opportunity to earn 1.5% in Bitcoin.

CEO and Co-Founder of Wirex, Paul Matveev expressed delight in being able to provide such an experience for his customers, adding that it is a great way to let them have full control over their money for whatever travel reasons.

He further noted that:

“We have witnessed an explosion in demand for hybrid fiat and cryptocurrency-enabled banking alternatives in APAC, where people need payments redesigned for the future.” He went on expound on the firm’s offerings, which he deems are, “More than just the next stage in the platform’s growth strategy; it is a tangle example of our mission to provide a genuine alternative to conventional financial services.”

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Author: Nirmala Velupillai

Crypto Exchange Bittrex to Return the Frozen Funds of Customers From Sanctioned Regions

Cryptocurrency exchange Bittrex is reportedly looking to return the digital assets to the customers in sanction nations, as per the letter posted by an ex-Bittrex user Ziya Sadr on Twitter.

According to this document, Bittrex is looking to contact past clients who have been residing in a country or region for which the crypto exchange wasn’t permitted to operate by the US Treasury’s Office of Foreign Assets Control (OFAC).

Bittrex explains in the document they filed in 2018 in which asked for permission to return frozen funds to their rightful owners.

“This application was recently granted and we are writing to let you know that you may withdraw your funds to another exchange,”

the letter further read.

However, there are a few restrictions applied to this withdrawal. In accordance with the US law, the exchange says the funds can only be withdrawn to an exchange or hosted wallet that is not located in Iran, Syria, Cuba, the Crimea Region of Ukraine, or otherwise subject to the OFAC sanction or any other US-based sanction regions.

In order to receive the funds, apart from creating an account on a cryptocurrency exchange or hosted wallet that isn’t a US sanction region, the customer needs to create an account at support.bittrex.com as well and register the Bittrex account. Now, the user has to fill all the details on the OFAC Withdraw Request.

However, if the balance in your Bittrex wallet is below the minimum withdrawal amount of the wallet, you won’t be able to withdraw. As per the Bittrex website, the minimum withdrawal for “all coins must be greater than 3 times the fee.”

The exchange also says that it will also ask for “additional identification procedures” to release the funds. Users need to follow the procedures set in place in order to retrieve their funds by March 15, 2020.

Recently, the exchange halted its trading services for 31 countries including Iraq, Somalia, Venezuela, Yemen, and Zimbabwe.

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Author: AnTy

NASDAQ’s Former Cinnober Head, Eric Wall, Leaves to Join Bitcoin Investment Fund, Arcane Crypto

Eric Wall, the ex-Cinnober blockchain lead, has decided to no longer be in the exchange business because he has joined Arcane Crypto, the Oslo bitcoin investment fund. Arcane Crypto is a branch of Arcane that focuses on Scandinavians with a high net worth, also on global institutional investors.

The same firm runs a trading arm, a technology team and Kryptografen, the portal for crypto news. Its CEO is Torbjorn Bull Jensen, a Norwegian crypto expert who has published a white paper on how the industry could be closely watched, but in which he doesn’t mention anything about investing.

Arcane Wants to Include Altcoin in the Portfolio

Eric Wall said that he can’t disclose the assets on which Arcane will be focusing and that the outperformance of bitcoin revaluation will be metric. He also hinted that altcoin may be included in the Arcane portfolio, but that the selection process will be very harsh, so only projects that can truly compete against bitcoin will be taken into consideration. The goal won’t be to measure performance against fiat, but more to increase the portfolio by trading digital currencies in bitcoin.

“We are seeing a maturing trend in the altcoin market. It’s already very different now than it was a few years ago. It’s becoming harder and harder for technically inept projects to fake-it-til-you-make-it. There’s only in a very few, select areas in the cryptocurrency design space that has merit to compete against bitcoin.”

he said.

Who’s Behind Arcane Crypto?

Founded by Khristian G. Lundqvist and Ketil Skorstad, two investors from Norway, Arcane Crypto was funded by poker enthusiasts and chairman of the Swedish Cherry casino company, Morten Klein. Since all three Arcane Crypto investors are Norwegian, the fact that the fund is aimed at Scandinavians comes as no surprise.

Eric Wall joined this fund after NASDAQ has acquired Cinnober, where he used to explain for more than three years, what crypto is, to traditional financers. He also mentioned that while Arcane will focus on Scandinavians, it won’t be exclusive.

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Author: James W