US Fed Chair Jerome Powell Rules Out The Private Sector in Creation of a Digital Dollar

Jerome Powell, the U.S Fed Reserve Chairman, has said that private entities should not be part of the creation process of a digital dollar. Appearing before the House Financial Services Committee on June 17, the Fed Chair highlighted that monetary policy functions should be left to the central banks regardless of the operating ecosystems.

On the digital dollar progress, Powell noted that the Fed owes it to the public to be up to speed with developments in the space. Consequently, the financial watchdog has emphasized understanding the intricacies of digital assets to evaluate their public good.

Private Entities Ruled Out of Digital Dollar Creation

Earlier this year, a digital dollar proposition was launched by the former CFTC Chairman, Christopher Giancarlo, together with other notable stakeholders in the financial services industry.

This recommendation had proposed private entities and the Fed to work together towards creating the digital dollar. According to the suggested layout, this digital currency would leverage the current U.S banking system to provide two-tiered services with the Fed’s backing.

This issue was raised as a question to Powell by Rep. Tom Emmer (R-MN) hence triggering the clarification on monetary policy functions. In his opinion, a collaboration with the private sector would invalidate the idea of the public good:

“The private sector is not involved in creating the money supply. That’s something that the central bank does. […] I don’t [think the public would welcome the idea that private employees who are not accountable solely to the public good would be responsible for something this important.”

Notably, Powell also addressed some shortcomings with the proposition of a digital dollar. One of the main concerns is striking a balance in what would be a fair oversight of the digital dollar.

According to Powell, there are a lot of questions when it comes to transactional privacy, which means it would be difficult to cap where the Fed’s control ends. However, he was keen to reassure the House Financial Services Committee that the Fed will not shy away from something beneficial to the world’s reserve currency, U.S. dollar.

China on Sunrise Phase

As the U.S continues to debate on the value proposition of a digital dollar, China has already launched a pilot for the digital renminbi (RMB). This initiative had been in the works for around five years and is quite promising, given China’s extensive use of mobile app payments such as Alipay and WeChat.

It, therefore, follows that a complete sweep up of fiat money within China’s economy in replacement with the digital yuan could soon be a reality. Despite this progress, China is not guaranteed to displace the U.S dollar as a reserve currency given its substantial market dominance. Also, the Euro is still significantly ahead of the CNY in FX markets.

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Author: Edwin Munyui

ConsenSys Codefi Staking Service Launches Institutional Testing Ahead of Ethereum 2.0 Launch

Binance and Huobi exchange are part of a six-institution team selected by leading Ethereum developer, ConsenSys, to test the upcoming ETH 2.0 staking service. The testing period will allow the developers to find the best iterations to enable the institutions to successfully conduct staking on Ethereum’s upcoming upgrade.

ConsenSys launches testing for Codefi Staking

ConsenSys backed, Codefi Staking project announced the release of its first ETH 2.0 staking-as-a-service platform to six institutions including Binance, Crypto.com, Huobi Wallet, Trustology, MaxiPort, and DARMA Capital. This is the first release of its kind with the platforms expected to return feedback on several components during the testing phase.

ConsenSys developers, led by enterprise-focused, PegaSys, built the Codefi Staking platform coding in Java programming language using Teku.

Speaking on the launch of the test phase, Tim Lowe, the project manager of the Codefi staking platform, expects feedback on users’ responses on the payments of rewards on the amount staked in ETH or fiat fee, custodial services’ security protocols once the ETH 2.0 proof-of-stake (PoS) launches, and finally the ease of API integration on the platform.

‘Enterprise focused platform’

The Codefi Staking platform is focused on providing a powerful ETH 2.0 staking platform to blockchain-based enterprises such as exchanges, custodial services, hedge funds, etc. Lowe believes ETH 2.0 holds a lot of potential, given the current demand for such services. Lowe said,

“I think anybody who is holding any crypto assets and is aware of Ethereum generally is starting to look at Eth 2.0 and staking. It’s still early but the interest is there across the board.”

The pricing is yet to be set for the institutions waiting to use the platform as a SaaS, Time Lowe said. However, the price will not be their selling point, Lowe explained;

“From a staking point of view, we are not going to be the cheapest, but we’re also not going to be the most expensive.”

Is Custodial staking good for users?

Codefi’s platform focuses on exchanges and custodians but some sections of the community believe better options are available. Binance currently offers staking services for a number of PoS coins including Tezos, Algorand, and Cosmos without the need to own a whole node.

The Codefi staking service is only focused on Ethereum staking, Changpeng “CZ” Zhao, Binance founder said. He hopes to replicate the user-friendly features on its staking such as “low fee staking or minimum staking amounts” into Ethereum staking. Speaking on Codefi’s test phase CZ said,

“Users deserve the rewards that their coins can earn them. With the eventual launch of Ethereum 2.0, we are excited to support staking for all of our ETH holders on Binance.”

Exchanges and custodians offer users a direct gateway into staking while allowing the use of assets to trade and transact without affecting the staking rewards.

Mirko Schmiedl, founder and CEO of Staking Rewards, however, holds a negative view on leaving the exchanges to fully control your staking. In addition to not having control over the governance decisions, “it’s not possible to store a staked asset on Binance and then use it as collateral in BlockFi or Maker to take out a loan,” Mirko said.

This increases the centralization of power over certain blockchains to exchanges beating the purpose of PoS governance systems.

‘Codefi staking rewards to come in two years’

Codefi Staking will be integrated into Ethereum’s “intermediate phase” allowing users to earn staking rewards before the official launch of ETH 2.0.

As the Eth 2.0 is in preparation to launch, an intermediate phase (“ETH 1.5”) will be adopted to ease the transition from the Ethereum 1.x version as the PoS system cannot be directly compatible with the old proof of work system. This phase of moving from ETH 1.x to ETH 2.0 will take approximately two years.

The rewards gained during the intermediate phase will be accessible to the users only upon the launch of the Ethereum PoS network.

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Author: Lujan Odera

‘Masked Hero’ Calling to ‘Buy Bitcoin’ Amidst the Peaceful Protests and Riots in the US

  • Bitcoin is taking an active part in the riots across America.
  • People are protesting since last week over the death of George Floyd, a black man who died while pleading for air as a white Minneapolis officer jammed a knee into his neck.

One protestor in the Los Angeles neighborhood talked about opting out of the current scenario by moving into bitcoin. He said,

“We live in a system that will not allow us to thrive. […] My macro solution for everyone is to opt out and exit the economy as a whole and the way we do that is by buying bitcoin.”

“Who is this masked hero?” enquired Jesse Powell, founder and CEO of cryptocurrency exchange Kraken on Twitter.

The protests erupted only recently but it needs to be pointed out that in the first five months of 2020, things weren’t going well either. People were under lockdown due to the coronavirus pandemic that resulted in unemployment soaring to nearly 24% with jobless claims since mid-March at a staggering 40.8 million.

While people are struggling to fed their family and pay their rent and mortgages, US Federal Reserve printed money and stocks are flying.

This wasn’t the first incident of bitcoin being highlighted during the protests either.

Earlier this week, another protester in Dallas carried a sign saying “Bitcoin will save us,” much to the ire of the people both from inside and outside the crypto industry.

Another one has been in Raleigh, North Carolina, where the poster of the protester read “Bitcoin & Black America” referring to the book authored by Isaiah Jackson.

Crypto industry has also been sharing its solidarity to the cause with Ripple CEO Brad Garlinghouse supporting those “who are fighting to save Black lives,” although he “can’t ever fully understand the pain of our Black community that recent and past events have caused.”

Bitcoin has been a part of protests in other parts of the world as well. Last year, the pro-democracy movement in Hong Kong supported the adoption of the digital currency. Also, in countries like Venezuela, Argentina, Chile, and others, cryptocurrencies played a role.

Markets Rising amidst the Chaos

For the first time in about a month, this week the price of bitcoin also jumped above $10,000 amidst the raging protests, although we are back to $9,500.

But bitcoin isn’t the only one, while many cities are on fire in the US, the S&P 500 enjoyed its greatest 50-day rally in history while struggling with the coronavirus pandemic.

If history is any indication, these 37.7% returns would further expand in the days ahead.

The reason behind this disconnection between the stock market and the economy is the trillions of dollars injected into the market by the Federal Reserve and government. Trader and economist Alex Kruger said,

“Europe sharply reducing political tail risk, Japan fiscal package 40% of GDP, China fears overdone as Trump steps back, economies reopening, US riots The market has spoken. Hence why so much green.”

But the widespread civil rest in the US could act as a headwind for stocks. Currently, bitcoin is trading at above $9,600 and is expected to hit $20,000 this year.

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Author: AnTy

Albania’s Parliament Approves ‘Comprehensive’ Crypto Bill into Law, Joining France and Malta

  • Albania’s parliament has signed a new ‘comprehensive’ crypto bill into law on May 21 as part of its approach towards a legal framework for the industry.
  • It will now join the likes of Malta and France among the countries with the most advanced crypto laws in Europe.

The bill was first introduced to Albania’s Committee of Economy back in 2019 in a bid to create legislation around crypto activities. Dubbed the ‘law on Financial Markets Based on the Technology of Distributed Ledgers’, it was approved yesterday with a majority of 88 votes against 16 with only 3 in absentia.

The New Albania Crypto Law

Anila Denaj, Albania’s Minister of Finance and Economy, is the one who presented the draft law. Following the milestone, she highlighted that:

“The draft law aims to regulate the conditions for licensing, exercising the activity of operators and stock exchanges and supervising them, as well as preventing abusive practices in the market, where severe fines are stipulated for anyone who violates the provisions of the law.”

Notably, the law will also be used to combat money laundering, which has thrived in the crypto market in recent years. In fact, International regulatory bodies like the FATF have already implemented regulations such as the ‘travel rule‘ to ensure proper KYC/AML practices in crypto operations.

Crypto Law Advancements

This volatile market remains quite grey in most parts of the world. However, some countries such as Japan have been touted as leaders in crypto regulatory frameworks.

The Asian superpower recognized Bitcoin and other digital assets to be legal as early as April 2017. In addition, crypto exchanges are also legal provided they register with the Financial Services Agency (FSA).

Other than Japan, the European Union also introduced the 5AMLD (Fifth Anti-Money Laundering Directive) which came into force in early 2020.

These advanced guidelines basically provide clarity on the ambiguity that existed within digital asset logistics. Crypto Exchanges and digital wallets are also highlighted as part of the exposure avenues to money laundering activities.

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Author: Edwin Munyui

Bitmain’s Wu Jihan, Micree Zhan Continue Spat As Mob Brawls With Co-Founder

Luyao Liu, Bitmain’s Chief Executive, and the former legal representative has been arrested for his part in a ‘mob-like attack’ conducted on Micree Zhan, the exiled co-founder of Bitmain.

Bitmain’s Beijing subsidiary business license was apparently stolen, and the police held Liu responsible for what happened, together with others. Zhan has been involved with Bitmain’s other co-founder, Jihan Wu, in a power struggle since October of last year.

What on Earth Happened?

A group of people with masks (due to COVID-19) hassled Zhan at the Beijing Municipal Administration of Industry and Commerce.

Zhan was there to obtain a business license for Beijing’s Bitmain subsidiary so that he could become the legal rep for the company. Liu got arrested soon after the altercation for being involved in the assault.

Bitmain Says Liu Is the Company Legal Rep

An announcement from Bitmain’s WeChat official account says Zhan no longer holds a position at the company since October 2019, adding that Liu Luyao is the legal rep of Bitmain Beijing. Even if there are documents who show Zhan is in fact occupying this position within the firm.

The documents were called by Bitmain a registration error. Wu abandoned his CEO post at the firm in 2018, yet he appears to have appointed Liu as a legal rep this year. In February, Zhan appealed the decision with the Beijing Haidian District Bureau of Justice and won.

The Power Struggle at Bitmain

In October last year, a power struggle between Wu and Zhan started because Wu decided to oust Zhan. Zhan’s position within the company at that point was of chairman and legal rep. Bitmain staff was forbidden by Wu to have any interaction with Zhan, who said back then that he was removed as a legal rep without him giving his consent.

Ever since, he filed many lawsuits against 2 Bitmain subsidiaries, trying to also restore his position within the company and to obtain a business license for Bitmain Beijing.

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Author: Oana Ularu

Paul Tudor Invests In Bitcoin Futures, a Catalyst for BTC/USD Price Surge?

Paul Tudor Jones, hedge fund manager and philanthropist will pivot part of his client’s funds into bitcoin futures. The move intends to curb the effects of a devaluing dollar through inflation as the Federal Reserve prints trillions of dollars into circulation.

Jones made his intentions clear in a note to his customers titled “The Great Monetary Inflation,” commenting “If I am forced to forecast, my bet is it will be Bitcoin.” His fund, Tudor BVI, may reportedly hold a single-digit percentage in the virtual currency.

“We are witnessing the Great Monetary Inflation — an unprecedented expansion of every form of money unlike anything the developed world has ever seen,” wrote Jones. He also worked out that 6.6 percent of the world’s economic output was printed since February in response to the ongoing coronavirus pandemic.

Tudor is said to have considered various other financial instruments before finally settling on bitcoin, including gold, bonds, stocks, currencies, and commodities.

Part of Tudor’s affection for bitcoin could have come from a profitable trade he allegedly made in 2017 near the peak of its all-time high of $20,000 that doubled his money. This time, however, he says is due to the fact that bitcoin has four important qualities: liquidity, portability, trustworthiness, and purchasing power.

In spite of seeing these positives, Tudor states that he is “not a hard-money or crypto nut,” but instead sees it as an inevitable step of money becoming virtual, accelerated by Covid-19.

Still, Tudor is undeniably bullish on the world’s largest cryptocurrency “bitcoin reminds me of gold when I first got into the business in 1976,” he wrote.

Bitcoin, which saw the price of BTC/USD exchange rate start the 2020 decade at around $7,100, has already rose to a 2020 high of $10,300 around the middle of February, and a low point of $3,800 on March 12, has already recovered with an 8 week straight rise to surging past the $9,900 range. While many believe there are many factors in the bullish sentiment the number one leading cryptocurrency is enjoying, whether it be the fact it is up 1,500%+ since its July 9, 2016 halving or the fact that Paul Tudor is purchasing bitcoin, one thing is for certain – the future is bright and despite being 11 years into this thing, while the third of thirty three halvings is set to take place, momentum is back in the crypto ecosystem and bitcoin is leading the charge.

Latest Bitcoin Price News and Crypto Market Updates

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Author: Matthew North

The George Gilder Report: Internet Reboot 2020 Blockchain Prediction

Gilder’s Internet Reboot is a new marketing campaign for The George Gilder Report.

As part of the new 2020 promotion, the country’s number one futurist, George Gilder, claims America is preparing for a $16.7 trillion reboot. Smart investors can position themselves for the internet reboot, then reap enormous profits.

“Get ready for the $16.8 trillion reboot of 2020 and beyond,” explains George Gilder, described as “America’s #1 futurist”.

“Today’s internet cannot survive. The next new paradigm could impact over $16.8 trillion in the world economy. And you could get very rich as it does.”

Gilder explains his philosophy in his book “Life After Google”, which describes why big data will fail and the blockchain economy will rise. You can get the book for free by subscribing to The George Gilder Report today.

What’s the deal with Gilder’s Internet Reboot? Should you subscribe to the George Gilder Report? Today, we’re explaining everything you need to know about Gilder’s Internet Reboot and the George Gilder Report.

Grab George Gilder’s Internet Reboot Report Here

What is Gilder’s Internet Reboot?

George Gilder claims that new technology is about to disrupt the internet as we know it. Because of this new technology, the internet will go through a “$16.8 trillion reboot”, permanently changing the way today’s largest internet giants – including Amazon, Google, and Facebook – do business.

Gilder claims he predicted the death of cable TV in 1994, releasing a book called Life After Television. He also predicted the smartphone revolution a decade before Steve Jobs introduced the iPhone.

Now, Gilder is releasing a similar prediction for the internet. He has published his predictions in a book called Life After Google.

Who is George Gilder?

George Gilder is a technology industry analyst who has been making predictions for over 40 years. He rose to prominence in 1982 with a book called Wealth and Poverty. That book caught the eye of President Reagan, who distributed it to every member of his cabinet.

Reagan was known for frequently citing passages from Wealth and Poverty, especially when justifying Reagan’s low-tax, supply-side approach to economic reform. The New York Times described the book as a “hymn to getting rich”. Others called it the “Bible” of the Reagan revolution.

In a recent interview, Forbes described Gilder as a “technology prophet” with a history of predicting the disruption of big tech.

After publishing Wealth and Poverty, Gilder turned his attention to technology, publishing books predicting the future of the tech space at a time when everything was changing. He published Microcosm (1989), Life After Television (1990), Telecosm (2000), The Silicon Eye (2006), and The Scandal of Money (2009).

In July 2018, Gilder released his latest book predicting the future of tech: Life After Google.

What is Life After Google?

Life After Google: The Fall of Big Data and the Rise of the Blockchain Economy describes how the age of big data is coming to an end, giving rise to the age of blockchain.

The book describes how cryptocurrencies and blockchain companies are disrupting big technology companies like Google, which could significantly disrupt their business model in the coming years.

Google’s business is built on big data and machine intelligence. In Life After Google, George admits that Google’s period of dominance has “been an awesome era” but claims it’s “coming to an end”.

George describes how tech companies are deluding themselves with visions of a world controlled by artificial intelligence. They’re so wrapped up in artificial intelligence, in fact, that these companies have ignored security.

“Even as advances in artificial intelligence induce delusions of omnipotence and transcendence, Silicon Valley has pretty much given up on security. The Internet firewalls supposedly protecting all those passwords and personal information have proved hopelessly permeable.”

To solve this problem, companies will turn to something George calls the “cryptocosm”, the new architecture of blockchain and its derivatives.

“Enabling cryptocurrencies such as bitcoin and ether, NEO and Hashgraph, [the cryptocosm] will provide the Internet a secure global payments system, ending the aggregate-and-advertise Age of Google.”

The book is frequently in the #1 best-selling spot in Amazon’s crypto category. The Financial Times also picked Life After Google as a book of the month.

By signing up for The George Gilder Report, you get access to Life After Google for free.

What is The George Gilder Report?

The George Gilder Report is a monthly newsletter delivered to your inbox. The newsletter is focused on cryptocurrency and other megatrends, including the investment opportunities presented by these trends.

According to testimonials on the Gilder Internet Reboot sales page, one subscriber turned a $250,000 investment into $6 million by following Gilder’s advice.

What’s Included with The George Gilder Report?

By subscribing to The George Gilder Report today, you get access to a handful of bonus reports, including eBooks, online materials, and a video series.

Your subscription includes:

12 Issues of The George Gilder Report: This newsletter is delivered monthly, covering new trends in cryptocurrency, investing, and more.

Archived Copies of The George Gilder Report: Subscribers get access to every copy of The George Gilder Report ever released.

Convergence Video Series: Subscribers get access to four short, easy-to-follow videos explaining Gilder’s “convergence” theory of opportunity, which involves capitalizing on unique moments of history to create enormous wealth.

Q&A Sessions: George Gilder holds quarterly question and answer sessions where he answers questions from subscribers.

Gilder 360 Speaking Events: George Gilder claims to charge speaking fees as high as $100,000. As a subscriber, you get a special discount through the Gilder 360 program.

Bonus Report #1: The Truth About Artificial Intelligence: Most experts agree that AI is taking over the world and transforming into a $200 billion+ industry. Gilder presents an alternative view, claiming that conventional AI predictions “are dead wrong”.

Bonus Report #2: Our Robot Future: Gilder explains how to capitalize on a future that will be dominated by AI and robots, including the types of jobs that will be safe as things become increasingly automated.

Bonus Report #3: The True 5G Revolution: Gilder explains what 5G means for the stock market, including the stocks you can pick to capitalize on the rollout of 5G.

Three Daily Newsletters: Your subscription comes with three daily email newsletters, including Gilder’s Daily Prophecy, One Last Thing, and the 5 Minute Forecast.

The George Gilder Report Pricing

The George Gilder Report is priced at $19 per year, although discounts are available for two-year and lifetime subscriptions:

  • 1 Year Membership: $19
  • 2 Year Membership: $29
  • Lifetime Membership: $149

As a lifetime member, you gain access to various bonuses, including expedited customer service and exclusive reports.

The George Gilder Report Refund Policy

The George Gilder Report has a 90 day refund policy.

You can request a complete refund within 90 days of signing up for the report and receive your $19 back.

Final Word

The George Gilder Report is a subscription service offering alternative financial analysis. The newsletter is published online by George Gilder and his team.

Gilder has launched a new marketing campaign online called “Gilder’s Internet Reboot”. Gilder claims the world is preparing for a “$16.8 trillion reboot” as internet technology adapts to new realities.

The George Gilder Report is priced at $19 per year and includes a handful of bonus reports and other features. Visit the official website to learn more or signup today.

Get George Gilder’s Internet Reboot Report Today

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Author: Andrew Tuts

Hyperledger Fast Tracks Dev of Ethereum Based eThaler As US Central Bank Digital Dollar

  • A lot of talks have emerged on the possibility of the Federal Reserve issuing a digital dollar as part of the $2.2 trillion dollar stimulus package to fight the COVID-19 pandemic being a key turning point in the discussions.
  • Now, an Ethereum-based project is accelerating its efforts in the development of a platform that will potentially allow the Fed to directly send cash to an individual.

eThaler Set To Create Central Bank Digital Currency (CBDC)

At a planned meeting at Hyperledger, a blockchain consortium, it was decided to accelerate its efforts in the development of eThaler, an Ethereum based project aiming to create a CBDC. While the need for a CBDC has only been a priority to a small number of governments, the current COVID-19 virus pandemic, is setting a new stage for governments to become more “blockchain-friendly,” the U.S becoming the latest superpower to join the race.

In February, a clear use of the CBDC started to show as California Congresswoman and chair of the House Financial Services Committee, Maxine Waters, introduced the concept of a digital dollar, firing up the accelerated development of Hyperledger’s, eThaler.

Vipin Bharathan, 59, chair of the Hyperledger identity working group said,

“The concept of the CBDC seems to have gotten an imprimatur from the house finance committee. That’s a significant step, and I argue that such crisis situations always produce new ideas, and acceptance of new ideas, which will live on long after the coronavirus has burned through the world.”

Development of the eThaler, CBDC project

Over the past six months, developers across the world have kept working on open-source projects – professionals from Accenture and InfoSys and the Itau Bank in Brazil – leading the charge. The token follows the ERC-1125 standard, which differs from the conventional ERC-20 token standards by providing a single standard designed to support multiple kinds of tokens.

The token is expected to be fungible, mintable and destroyable through a burning process similar to Binance Coin (BNB) structure. Notwithstanding the CBDC is expected to be highly divisible to allow micropayments across the system, a feature currently unavailable with fiat currency.

“Lastly, and perhaps most controversially, the asset must be “pausable” in case a bug in the software is discovered, or an update is being implemented.” – Forbes.

Criticisms of the CBDC

Despite the accelerated development of the platform, it may not be used for the current disbursement of the $2.2 trillion dollar relief fund with several critics coming forward to disclaim the formation of a CBDC.

First, the legacy finance argument is that most of the currency across the world is already on a digital platform. Doubling up, is the Bitcoin community who believe that the central banks interference still makes the blockchain centralized hence defeating the purpose.

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Author: Lujan Odera

Huobi Crypto Exchange Makes its Debut in Blockchain Development with DeFi PlatformHuobi Collabs With Nervos On Blockchain Framework Testnet For DeFi Applications

  • Huobi announced on Feb 28th the launch of its blockchain beta testnet as part of an expansion plan to tap into the decentralized finance (DeFi) market.
  • Huobi Chain, the blockchain network designed for this, runs as an open-source where participants can leverage the platform’s features to get financial services attributed to digital assets.

The Singapore-registered crypto exchange has partnered with Nervos in this project as its technical development partner. Together, the two provide a regulatory friendly ecosystem for DeFi’s offering financial services like lending, decentralized exchange, payments and asset tokenization based on blockchain networks. Huobi’s Group VP of Global Business, Ciara Sun, was optimistic of this milestone;

“With Huobi Chain, we want to provide the decentralized framework that facilitates industry-wide collaboration, which is critical to the widespread adoption of DeFi.”

For internal blockchain regulation, Huobi chain will use the Delegated Proof of Stake Consensus (DPoS) allowing authorities to operate on the network through special nodes. Furthermore, a decentralized identifier will be used to capture personal records digitally for the purpose of AML/KYC procedures across borders.

Huobi Chain Prospects and Practicality

This platform was purposely built to serve the financial services space; third parties can easily develop apps tailored to their needs once Huobi’s chain real version goes live. The Huobi chain network design basically facilitates cross-chain linking, asset management and the high-volume trades in financial markets. Both centralized and decentralized networks can interact with the blockchain through 3rd party side chains or smart contracts.

Popular crypto coins which are supported by Huobi chain include Ether (ETH), Bitcoin and Huobi’s native token (HT). It is however notable that the latter is the only utility token that will operate on Huobi chain.

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Author: Edwin Munyui

Bitcoin is a “Recognized Form of Investment” According to Australian Court

A New South Wales (NSW) court, this week, has allowed cryptocurrency to be used as collateral.

As part of a broader defamation claim, the NSW District Court was asked to force a plaintiff to put $20,000 AUD, or about $13,000 USD into a court-controlled bank account. The amount, in question, was to be used for the defendant’s legal costs, should the plaintiff lose or withdraw.

In an unexpected move, the court allowed the plaintiff to use his cryptocurrency exchange account instead of the bank account for this.

The defendant’s lawyer, however, raised concerns regarding the instability of the plaintiff’s crypto account. In reply, the presiding Judge Judith Gibson said that she was prepared to accept that.

“This is a recognised form of investment,” Judge Gibson responded ahead of the case.

Addressing the volatility issue, she asked the plaintiff to provide monthly statements on the crypto account’s overall value. The defendant would also be alerted, should the value in the crypto account drop below $20,000.

“I can see the desirability of the defendant receiving prompt notification of any drop in the value of the account,” the judge said. “These are uncertain financial times.”

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Author: AnTy