China Construction Bank Disables Chinese DCEP Wallet After Users Notice Feature in Bank App

China Construction Bank, one of the central state-owned banks in China, recently realized that the official wallet for the national CBDC is open for public use within its official banking app. The users could navigate to the wallet by merely entering the national digital currency, which would take the users to the wallet feature where they can register and activate the wallet by subscribing with the mobile number associated with their bank accounts.

Soon, the bank came to discover about the activation of the official wallet from the amount of community’s buzz that the activation caused among the crypto community in the country. Many customers went on to make small transactions in the yet to be released CBDC.

As soon as the news was brought to the attention of the state-owned bank, they swiftly disabled the feature. After disabling the official wallet feature, people searching for the CBDC wallet were shown a message which roughly translated to, “This feature is currently unavailable for the public, kindly wait patiently.”

How Does the Official Wallet Look and Function

The official wallet app was online for a brief period, but in today’s day and time, anything which makes it to the internet ones hardly disappear, and that has been the case with the ongoing official digital Yuan wallet launch by mistake. People were quick to post the layout of the wallet app on the internet, which showed that the users who managed to register with the new wallet app were given an official wallet ID, which could be used for the transfer of funds between the official wallet app and the user’s account.

The wallet would not just allow transactions between the bank and the app a user can send their digital yuan to another wallet by adding the unique wallet ID.

China is going to become the first country to launch its official digital currency issued by the People’s Bank of China. The big-four state-owned banks have been tasked to develop their respective wallet app to facilitate transactions using the CBDC.

China started its research on Central Bank Issued Digital Currency almost five years ago, and rumor mills were rife that the launch of the digital yuan would take place by the end of last year. However, the Chinese government mostly discarded these rumors without offering any official stance on the date of the launch. However, by the first quarter of 2020, the PBOC launched the testnet, and last week the mainnet for the digital yuan was established as well.

During the trial run, the government used digital yuan as a form of a travel subsidy for government employees in selected areas. The testing phase was later expanded to more cities and even included restaurants and fast-food chains.

With the official launch of the digital yuan just round the corner, many countries are actively observing China’s progress in the digital currency domain.

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Author: Hank Klinger

Investors Increasingly Bullish As New Money Is Flowing Into Bitcoin

  • Bitcoin realized value hits ATH at $103.5 billion, up 15% from Dec. 2017 when the price was at its peak
  • The premium on bitcoin futures means investors across all platforms increasingly bullish for the upcoming months

The amount paid for all bitcoin has reached an all-time high (ATH) of $103.5 billion, as per the data provided by Glassnode, which is up about 15% from the value when the Bitcoin price hit its peak at $20,000 in December 2017.

Currently, Bitcoin is trading at a five-month high of $10,138, hitting $10k for the first time since October 2019.

Created by crypto analytics firm, Coin Metrics, realized cap is an alternative approach to market cap as a measure of network valuation. The realized cap values all the coins in the network based on the last time they were moved.

This is unlike market capitalization which uses the last traded price and multiplies it by the coins in circulation, which is currently at $184 billion. Borrowed from the world of equities, the Coin Metrics team found market cap to be an empty metric when applied to cryptocurrencies.

Unlike equities, large fractions of cryptos tend to get lost, go unclaimed or remain dormant because of bugs. So, to take into account the permanently lost bitcoins, which are roughly 15% of the supply, this metric was created.

According to Arcane Research, this new high is a bullish signal but says these shifts in the realized cap should only be used as an indication. This is because a large amount of the currency bitcoin supply is held by exchange and leaves no trace on the blockchain if traded within the same exchange. Also, large BTC holders and exchanges moving coins between the wallets inflate the metric.

Investors increasingly bullish for the upcoming months

When it comes to new money flowing into the market, institutional investors are just as active as retail ones.

Retail and institutional investors are in agreement on futures bitcoin price, for the first time in several months. The premium rates for BTC are about equal across most platforms, with the premium rate on March contracts keep on rising but June premiums are decreasing, at just above 10%.

With the annualized premium rates for both February and March bitcoin futures contracts above 20%, this means, “Investors across all platforms are increasingly bullish for the upcoming months,” found Arcane Research.

Meanwhile, roughly 500 contacts, 2500 BTC worth of interest rolled off for the second week in a row on CME, “in contract to near-record highs on Bitmex,” as per Market Science’s COT Report.

The trading volume for these contacts is also pushing to new highs, reaching over $600 million last week, the highest since the price topped last summer. January saw an increase of 250% in daily volume.

However, these trading activities are still far from retail exchanges like BitMEX which sees daily trading volume 10x of CME.

The net short positioning of the largest layers in the CME futures markets, leveraged funds meanwhile, has increased “significantly” from last week. Other reportable positions, on the other hand, flipped net-long after being net-short much of 2019.

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Author: AnTy

Taiwanese Crypto Company Maicoin Wants To Be A Part of the Libra Association

By now, most people have already realized what a powerful asset Facebook’s Libra coin will be in case it is ever allowed to exist. Because of this, a Taiwanese crypto company called Maicoin has decided to try for a membership at the Libra Association, which will be the validator for Libra.

According to the local media outlets, Maicoin wants to work on the development of the upcoming Libra stablecoin and to operate its own Libra node.

The CEO of the company, Alex Liu, has affirmed that he is confident on Maicoin’s chances. According to him, the company has already reached Facebook and it has argued that the team has the expertise to be a part of the team and that it has over 20 million users.

Another reason for the partnership to be approved is that Maicoin would not need any special permissions to be a part of the project, as it already has everything that it needs.

Facebook is certainly looking at Asian markets for the launch of its token, so more partnerships with local companies would certainly be important. China will certainly not allow Libra and India is very likely to ban the token, too, so looking for strategic partnerships in smaller countries seems like a good idea.

At the moment, Facebook is on its mission to receive permission to launch Libra. The company has been facing several issues in the European Union and the United States. In both places, regulators and lawmakers are pretty scared of how Facebook handles the security of its customers’ data and about the monopoly potential of the project.

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Author: Lillian Peter