China’s PBoC Completes ‘Top-Level’ Design For Digital Yuan, Launch Date Still Unknown

The People Bank of China (PBoC) has just completed a top-layer design and the testing of its central bank digital currency (CBDC) that should be released very soon.

As reported by Chinese news outlet Sina on January 10, the tests and top-layer design for the digital Yuan were accomplished and developed according to relevant standards. PBoC carried out with the CBDC research, development and testing for a while now.

The latest developments were presented by the bank in a special article that also highlights its plans on improving the financial industry network’s cybersecurity and the rules for accrediting the most important information infrastructure.

Plans to Conduct CBDC Real-World Tests Revealed in December 2019

PBoC’s plans to conduct real-world tests for its CBDC were revealed in December 2019. The pilot project was set to be conducted in the city of Shenzhen by the end of last year, with the city of Suzhou possibly being included too. At the tests, the digital Yuan was expected to enter multiple service scenarios like education, transportation, medical treatment and others. Earlier in January 2020, PBoC said its CBDC is progressing smoothly.

Digital Yuan’s Encryption Standards

China has a law on cryptographic password management, a law that sets some standards when it comes to the management of passwords and cryptography. On Rand Corporation’s China professor of blockchain technology and policy analyst Sale Lilly’s opinion, this law complements the efforts and tasks that rolling out a CBDC require. This is what Lilly commented on the digital Yuan’s progress in relation to the importance of encryption levels:

“If China’s experience in trying to unify government cryptographic standards is anything like the U.S. Military’s experience, higher standards of encryption and trust scale users at a slower rate, so onboarding oracles and trusted agents for a private or permissioned access CBDC blockchain implies a natural trade-off between key security and speed of onboarding digital economy participants; banks, vendors, and a slew of Chinese government entities in tax and finance roles.”

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Author: Oana Ularu

Central Bank Chief Says Facebook’s Libra Would Have ‘Greater Potential’ in Emerging Markets

  • Germany testing a blockchain as a supplement to the previous central, account-based solution
  • Facebook’s Libra will create an exchange rate risk for the users
  • It has the potential to become a dominant player right from the start

On the backdrop of Germany’s second-largest bank, DZ-Bank’s report that says crypto usage is “just a matter of time,” cryptocurrencies made its way into 2020. As DZ analyst Sören Hettler talked about a “change in citizens’ expectations,” central banks are working on their own digital currencies.

However, Bundesbank President Jens Weidmann doesn’t believe in going with the state right away. He said:

“In a market economy, it is first up to the company to develop an appropriate offer for customer requests. Competition gives legs to market participants.”

As for the one the bank is developing, he says it is about payment transactions between the central bank and other banks.

“We are testing a blockchain as a supplement to the previous central, account-based solution,” said Weidmann. But initially blockchain, he says is “no more efficient than a central processing.”

And China might be ready to launch its central bank digital currency, but Weidmann says they have a different political system, adding that “a social market economy will ultimately find better solutions in a free society.”

Sweden is another one that has plans for e-Krona as cash gets increasingly out of use. But in Germany, as Weidmann says three-quarters of all payments are still made in cash. Even then, deposits with banks are another available option.

But he assures, “it is clear that we will provide cash as long as citizens want it to.”

Libra has the potential to become a dominant player

Tech giants have also joined in, with Facebook planning to launch its stablecoin Libra this year. However, it has raised the hackles of regulators around the world. Weidmann said,

“Facebook is planning a digital form of payment, tied to a basket of multiple currencies such as the euro and the US dollar. This creates an exchange rate risk for the users. We have stable money with the euro that has proven itself over the past decades.”

Moreover, according to him, such a currency has “greater potential” in countries such as emerging markets where their official currency is weak and the payment infrastructure is not well developed.

But the fact that the social media giant has more than two billion users, it has such a strong impact that Weidmann says, “would give Libra the potential to become a dominant player right from the start.”

However, one of the criticisms thrown at Libra is that it threatens to create a private monopoly. To prevent that, regulators want the digital currency to follow regulations that prevent money laundering and terrorist financing.

Weidmann also wants banks to counter Facebook by focusing on speed, ease of use, low costs, and security.

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Author: AnTy

After Being Banned on Telegram, ISIS Adopts Blockchain-Based Messaging for Propaganda

It has been reported by Vice that the organization has already started testing a blockchain-based messaging app in order to spread propaganda and communicate anonymously. This app is known as BCM Messenger and comes after the group has already tried using Riot, TamTam, Hoop, and RocketChat. BCM is more advantageous for the terrorists because it’s encrypted and those using can remain anonymous.

BCM Messenger Available on Both iOS and Android

Working on iOS and Android too, the BCM Messenger is advertised as very secure, as its messages are strictly encrypted, and a third party could never decipher their content. Besides, it has the option to create supergroups with more than 100,000 people. Different from other similar platforms for instant messaging, BCM doesn’t require a phone number or an email address. This means anyone can use it without providing personal details, which furthermore indicates law enforcement agents can’t track criminals sending messages on it. This is what Brenna Smith, a disinformation researcher, had to say about BCM in her latest newsletter:

“The app’s core features of anonymity, encryption, and large group-chat sizes also pose a great risk for adoption. Extremists covet technologies that can get their message out to thousands all while concealing their identity.”

Telegram No Longer Accepts Terrorists

Terrorist organizations have been using encryption-enabled instant messaging (IM) platforms to distribute their propaganda for quite a while. Telegram has been their choice in the recent past, since Decrypt reported in August that this platform has been used widely by terrorists from all over the world, as the DC-based Middle Eastern Media Research Institute (MEMRI) says. This is what the MEMRI’s executive director, Steven Stalinsky had to say about the situation back then:

“Telegram is the number one source for terrorist organizations online.”

The EU Made an Effort to Discover and Destroy ISIS IM Accounts

The European Union (EU) made an effort to discover and destroy the ISIS IM accounts, which means the same can happen with BCM. This is what Pavel Durov, Telegram’s CEO has declared in the past about ISIS using Telegram:

“ISIS and their likes will have [a] hard time on Telegram if they continue to spread their message of violence and hatred.”

ISIS isn’t using the blockchain technology for the first time. As a matter of fact, it has been raising funds through cryptocurrency transfers, regardless of the fact that the group is employing public ledgers and are quite easy to track.

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Author: Oana Ularu

JPMorgan Tests Blockchain Solution To Track Automobile Inventory

  • JPMorgan is testing a new blockchain solution that it would allow it to track auto dealer inventory. In this way, it would be possible for companies to avoid linking the same cars for different loans.
  • The information was unveiled in a recent patent filed by the car financing arm.

JPMorgan Develops Blockchain Solution For The Automotive Industry

The patent describes a blockchain lending system that would allow car companies to handle car loans and their inventories.

It is worth mentioning that each of the cars in the market has an individual vehicle identity number (VIN). In this way and with the help of a blockchain system, it is possible to reduce inefficiencies in the industry and improve loans, services and solutions.

According to the head of research and development at Chase Auto, there is a responsible person that identifies each of the vehicles and reconciles the inventory on the dealer’s and the bank’s systems.

Clearly, this is an inefficient way of handling loans and inventories. This is why JPMorgan, with several years of blockchain experience, is trying to offer improved solutions in the industry.

Christine Moy, blockchain lead at JP Morgan, mentioned that the pilot is being tested with some partners but it is not ready to be released to the market as of yet.

Blockchain technology has been expanding during the last few years and several companies, including JPMorgan, are offering solutions to clients and other firms.

The automotive industry is also very important for the U.S. economy and it is clearly a large market for it to have old financial and tracking systems.

This is not the first time that JPMorgan is working with distributed ledger technology. The firm has also been developing its own permissioned blockchain network that would allow the bank to improve its presence in the market and offer better services.

It is possible for dealerships to pledge the same vehicle as collateral for one floor plan with one bank and using the same car for another floor plan and with another bank. With this new blockchain system that is currently being tested, this problem is solved and the whole system becomes much more efficient and fast.

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Author: Carl T

Samsung SDS Tests a New Blockchain Medical Claims Processing System

Samsung SDS, the blockchain wing of Korean electronics giant Samsung, is testing a medical insurance claims processing system that has been developed on a blockchain network. To pilot the new system, Samsung SDS revealed it is working with a bunch of medical providers and insurance companies from around the world to examine the performance as well as the effectiveness of the new system.

As CoinDesk reports, if the system is successful it is expected to be rolled out later this month. Yoon Shim, Samsung SDS vice president, revealed that the firm launched the piloting program in August this year. Shim was speaking during the Blockchain Seoul 2019 event.

According to Shim the aim of the new system is to ease the challenging process that patients have to go through while filing for medical claims or refunds for medical services rendered from the insurance companies. Shim explained that while most people have medical insurance covers and are not supposed to pay most of the medical expenses from their own money, the majority are hesitant to file for claims as the process is very complex. The new system, she said, would help in connecting hospitals, pharmacies, insurers as well as other health-related firms to make the process easier for users.

According to Shim, once the system is up and running, patients will get an instant message via the KakaoTalk messenger once they are treated. They will then be able to send the receipt to their respective insurers using just a single click to file their claims.

The blockchain technology is being utilized to share personal medical data and information among the right companies. According to Shim, the new network will aid in the reduction of the paperwork or workload involved in medical care-based companies, reduce the waiting times involved once a patient has filed for claims as well as lessen the claims’ processing costs by more than 70 percent.

Samsung Hospital, Severance Hospital, and Korea University Medical Centre are among the institutions that Samsung CDS is working with and plans are underway to add extra institutions in the future. The new system has been developed on the Nexledger blockchain network.

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Author: Joseph Kibe

BitTorrent To Start BLive Internal Testing Of Its Social Streaming Platform

BitTorrent, the largest P2P sharing network of the world, has recently announced that the internal testing of its social streaming platform was about to start. While an official date was not unveiled, the process is set to start within the next few weeks.

According to the Tron-owned company, the new feature will be important to empower users who want to connect with others in the network. They can create live video content, express their creativity and even gift the people they admire with tokens.

The platform, which is called BitTorrent Live (or BLive) will have a video streaming program and a messaging system. BTT tokens will be used to make payments or donations within the ecosystem. This way, people will be rewarded by the quality of their content. If they produce something interesting, the system will allow their fans to tip them quite easily.

The users will also be able to withdraw or deposit tokens in any place in the world without having to pay any kind of transaction fees. This is set to enable them to make easy cross-border transfers.

BitTorrent Live is set to be a disruptive platform that intends to change the way that people deal with live streaming. It wants to decentralize how this market works so that people will have more freedom to consume media.

It was also affirmed that the company will release its testnet soon, although no date was set at the moment.

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Author: Matthew North

Bakkt Launches Testing Phase Of Its Physical Bitcoin Futures Contracts

  • Bakkt is launching the testing phase of its Bitcoin futures contracts
  • The goal is to offer physically-backed futures contracts to crypto investors

A testing phase of Bakkt, the platform created by the Intercontinental Exchange (ICE), is going to be launched today. This comes almost after a year since releasing and announcing its plans to offer physically-backed Bitcoin (BTC) futures contract to larger investors.

Bakkt Gets Ready To Test Its Bitcoin Futures Contracts

After failed attempts and delayed dates to launch its Bitcoin futures contracts to the market, Bakkt is going to be testing today this new solution for larger investors. Back in May this year, Bakkt announced that it was going to start testing the Bitcoin futures contracts in July. A few weeks later, they provided a specific launch date, July 22nd.

According to the company, they will be testing a monthly and a daily contract that the firm wants to offer to traders through the ICE Futures U.S. and that will be cleared through ICE Clear U.S. At the moment, there is no information about what the firm wants to achieve with this testing. Clearly, they want to check whether the systems respond as expected, that the processes were implemented correctly and they will also try to find bugs and other issues that would be fixed before the launching of the official network.

The Chicago Mercantile Exchange (CME) has been offering bitcoin futures contracts since December 2017 alongside the Chicago Board Options Exchange (CBOE) that decided to shut down its operations a few months ago.

Bakkt is not the only company trying to launch physically-backed Bitcoin futures contracts in the United States. For example, LedgerX and ErisX have also received approvals from the Commodity Futures Trading Commission (CFTC) a few weeks ago to offer their own products. However, none of these companies has released a timeline for their products.

The cryptocurrency market is getting more mature as time passes and new and respected companies are entering the market to offer services to larger investors that do not trust the current infrastructure in the crypto space.

Bakkt has also acquired Digital Asset Custody Company (DACC) that provides crypto custody solutions for institutional investors. This is something very important because regulators claimed that the market did not have the necessary custody services for it to continue expanding.

Individuals in the cryptocurrency market are trying to understand which is the impact that the testing period will bring to the market and the price of Bitcoin. Currently, each Bitcoin can be purchased for $10367 according to data provided by CoinMarketCap. It also has a market capitalization of $185 billion.

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Author: Carl T

Bitcoin Cash Price Prediction: Long-term (BCH) Value Forecast – June 22

Bitcoin Cash (BCH) to Implement Schnorr Signatures Before Bitcoin (BTC) Core
  • The BCH market was in a downward correction after testing the $457 overhead resistance.
  • The market fell to a low at $384 price level and resumed a range bound move above the 12-day EMA and the 26-day EMA.

BCH/USD Long-term Trend: Bullish

  • Resistance levels: $480, $500, $520
  • Support levels: $460, $440, $420

The BCH/USD pair was in the bullish trend zone. The BCH market was in a downward correction after testing the $457 overhead resistance. The market fell to a low at $384 price level and resumed a range bound move above the 12-day EMA and the 26-day EMA. A bullish trend line has been drawn to determine the duration of the bullish trend. From the trend line tool, as long as the bullish trend is ongoing, the trend line will be unbroken, the price will test the trend line resume its upward move.

However, if the price breaks the trend line and another candlestick closes on the opposite of it, then the current bullish trend is presumed to be terminated. However, the current trend is ongoing. The stochastic is in the overbought region but above the 60% range which indicates that the price is in a bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \ Investment Disclaimer

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Author: Azeez Mustapha

CoinMine Now Allows Mining Enthusiasts to be Paid in Bitcoin (BTC)

  • As things stand, Coinmine One is still in its testing phase — as a result of which fixed monthly returns are still not guaranteed on any mining activities carried out through the use of the machine.
  • The device is currently priced at $799 ($699 with a special BTC discount).
  • According to an all-new press release issued recently, Coinmine — a crypto mining rig that is aimed primarily at casual altcoin enthusiasts – will now provide its users with the option to be paid in Bitcoin [BTC].

For those of our readers who may not be aware, the device previously allowed owners to only mine selected alt-assets such as monero, zcash, grin and ethereum. However, the rig now allows users to receive their payouts in BTC.

Additionally, according to the firm’s founder, Farood Nivi, Coinmine One comes preloaded with the latest version of MineOS – as a result of which the device has the innate ability to convert its mined crypto-assets into BTC at the highest rate possible (before transferring them into the owner’s linked wallet address.)

Talking about his company’s latest offering, Farood was quoted as saying:

“This way you’re getting way more Bitcoin than if the device was mining Bitcoin directly.”

In a recent interview with a respected media outlet, Nivi stated that Coinmine is essentially an experimental tool for miners who are looking to enter this burgeoning market space.

  • The device offers users with a less energy-intensive mining option when compared to other traditional rigs available in the market today.
  • From a purely numbers standpoint, we can see that CoinMine One currently has the ability to generate anywhere between $15-20 worth of BTC per month. With that being said, it should be pointed out that these numbers purely depend on the future market performance of the flagship crypto coin.
  • A number of experts believe that CoinMine is one of the cheapest/ fastest ways for mining enthusiasts to make use of BTCs Lightning Network.
  • In closing out this piece, it should be mentioned that the Coinmine One mining rig will undergo its latest BTC upgrade within the next 24 hours.

As per Farood Nivi — the founder of CoinMine — the firm will be partnering with Compound Finance, Cred, and Blockfi so as to help their core clientele reap maximum returns on their already mined crypto-assets.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Shiraz J

Binance Tests New Stably StableUSD (USDS) Stablecoin Based On Its Blockchain Network

Binance Tests New Stably StableUSD (USDS) Stablecoin Based On Its Blockchain Network
  • Binance Is testing a new Stablecoin called BGBP
  • The exchange is also welcoming a new stablecoin for its DEX called USDS.B

Binance, one of the largest and most popular cryptocurrency exchanges around the world, has launched its own stablecoin called BGBP. According to CryptosBatman on Twitter, the new stablecoin could be used on, and also on its decentralized exchange (DEX).

Binance Launches New Stablecoin

The crypto exchange Binance seems to have launched a new stablecoin known as Binance GBP Stablecoin. The information was released by CryptosBatman on June 3. According to Changpeng Zhao, the CEO and founder of Binance, they have only minted £200 so far with the intention to test it and release a working and safe stablecoin.

The digital currency is going to be based on its blockchain network that was released to the market a few months ago and in which new projects are starting to build their platforms. At the moment, it is possible to see technical information about this stablecoin on this website. According to it, the coin was issued on June 1st.

At the same time, Binance decided to welcome a new stablecoin called StableUSD (USDS). Stably, a venture-capital backed startup, announced that it will be launching a new stablecoin on the Binance chain. The new coin is called USDS.B and it is going to be the first stablecoin launched on the Binance Chain.

According to Stably, they have decided to use the Binance Chain because it has a large number of benefits and improvements over other blockchains currently available in the market.

At the moment, there will be issued 90 billion tokens that are going to be backed 1:1 with US dollar reserves. Changpeng Zhao informed that this is going o be the first stablecoin on Binance DEX, even when it is not operated by Binance.

Although Binance was affected by a hack a few weeks ago, the exchange continues to expand and reach a larger number of users and individuals around the world. Binance Coin (BNB), the digital currency launched by the exchange, continues to break new records and it is currently traded close to its all-time high.

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Author: Carl T