China Is The Closest To Issuing a Central Bank Digital Currency Than Any Other Country

In an interview with Phoenix Chinese news Circle CEO Jeremy Allaire has said that China is the closest to getting a Central Bank Digital Currency (CBDC).

The central bank digital currency (CBDC) is a new form of money issued digitally by the People’s Bank of China (PBOC) and to serve as legal tender, a country’s sovereign currency. It has no physical form like cash, but is backed by the reserves of valuable assets that commercial institutions deposit in the central bank.

On stablecoins in general, the CEO said:

“For us, we’ve been working for multiple years on the US Dollar coin that’s been growing very fast. And I think that we’re excited to see how things like the Chinese central bank digital currency could eventually interact or be traded with things like US Dollar coin.”

The People’s Bank of China is allegedly setting up its first-ever CBDC with Alibaba, online retail giant, Tencent, Internet Giant, five financial associations and one unknown element.

Huang Yiping, director of the Institute of Digital Finance at Peking University, said:

“If China successfully issued the world’s first CBDC, it will promote other countries to accelerate relevant studies and join the competition of creating CBDC.”

Additionally, the nation is right to step its foot into digital currency space before the end of the current year as the national bank is practically ready with the eagerly anticipated launch of its Facebook’s Libra-motivated digital currency.

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Author: Sritanshu Sinha

Poloniex Will Delist Over 20 Individual Trading Pairs Due to Low Volume and Demand

The crypto exchange Poloniex, which is owned by Circle and based in San Francisco, is about to remove the total of 23 trading pairs from its list of assets. The reason for the change is that the crypto exchange has deemed that these trading pairs have a very low volume, so it is not worth to keep them around.

Curiously, none of the trading pairs is paired against Bitcoin. They are all traded against Monero (XMR), Ethereum (ETH), Tether (USDT) and only one with USD Coin (USDC). You can check the complete list of assets here.

Not The First Time Assets Are Delisted

This is not the first time that the Circle-owned exchange decides to delist assets. The last time this happened, on May 29, several assets have been completely removed from the platform, not only trading pairs. The assets were Bytecoin (BCN), GameCredits (GAME), Lisk (LSK), Augur (REP), Ardor (ARDR), Decred (DCR), Gas (GAS), Omni Layer (OMNI) and Nxt (NXT).

You may have heard of these assets. The main reason for delisting was not really low volume but regulatory uncertainty. The company is U. S.-based and most of the assets were created via Initial Coin Offerings (ICOs), which are not fully legal in the country. This meant that even somewhat famous tokens such as Augur ended up being kicked from the platform.

In related news, Coinbase Pro has also started to limit some assets this month. XTZ/BTC and XTZ/USD are set to enter transfer-only mode soon, even in the supported regions of these assets. At the moment, however, no orders can be placed on the order books of the platform.

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Author: Gabriel Machado

Circle Pay, Circle’s Mobile App, To Be Shut Down This September to Focus on Stablecoins

Circle-Pay-Circles-Mobile-App-To-Be-Shut-Down-This-September-to-Focus-on-Stablecoins

Circle Pay, Circle’s Mobile App, To Be Shut Down This September

Circle has made an announcement that saddened some of its users today. Circle Pay, the mobile app of the brand, is ready to be discontinued. On a blog post, the company affirmed that the service would be shut down on September 30.

People who still have funds on the app will be able to withdraw them, but starting from July 8 onwards, they will not be able to deposit anything on their accounts anymore.

The spokesman of the company, Josh Hawkins, talked directly with Coindesk. According to him, Circle Pay was a popular app and it had significant growth, so it was not possible to call it a failure.

However, now the company is considerably more interested in focusing more on other wallet services. Stablecoins will be a bigger focus for the company right now, hence the decision to take this important step forward and start this transition to a new view in the company.

This, he affirmed, could make the company become closer to its vision of having a free and open global payment network that could deliver to the clients what they needed the most.

While it is clear that Circle is focused on its stablecoin, you should remember that the company owns Poloniex, a crypto exchange, so it will not completely focus on it, as the other branches of the company are focused on similar apps and trading.

Poloniex recently acquired SeedInvest, a regulated trading system and there are some rumors floating around that Circle might be looking for a banking license, but nothing is solid yet.

The company announced the tragic news after CENTRE, a consortium created together with Coinbase, was launched.

Circle also faced 30 layoffs recently, so the situation in the company is far from secure and clear to everybody involved. The reason for the layoffs was the “regulatory climate” in the U. S. The company was supposed to wait some time before investing in some other areas as the market was considered somewhat unstable.

Another sign that the company might not be facing the best of times right now is that it has lowered its fundraising goal of $250 million USD to only $150 million USD recently.

About Circle

Circle has a lot of experience in the area. The company was created in 2013 with the goal of making crypto payments easier and inspired by companies such as Venmo. The company was pretty successful, as it was the first one in the crypto industry to get the valuable New York BitLicense to operate in the state back in 2015.

The first BTC wallet of the company was launched in 2014. This wallet became the foundation of what the now doomed Circle Pay app was. Back in 2015, the CEO of Circle, Jeremy Allaire, affirmed that the service was useful because you could easily turn BTC payments into USD and vice versa, so people could hold whatever they wanted.

Until now, Circle Pay was available in 29 different countries, including the U. S., the U. K. and some countries in the European Union.

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Author: Gabriel Machado