Kategorie: Bitcoin

The Bull Ride Continues – Bitcoin Sits Firmly in the Saddle Again after New Record

The market leader’s surge above US$60,000 has also inspired the altcoins to make significant gains.

Yesterday, 13 March, the bulls took back control of the crypto market by catapulting Bitcoin (BTC) to a new record high of US$61,844 with a strong push above resistance at US$58,000.

Pundits had already predicted a corresponding price move above the psychologically important Bitcoin Revolution mark, as a host of indicators suggest Bitcoin remains strong, helped by the fact that institutional investors are already planning further large purchases.

Next up for the market-leading cryptocurrency is a re-pricing, as there is no clear indication of an obvious price target from a technical perspective.

Philip Swift, a co-founder of Decentrader, is targeting the 1.618 Fibonacci level at US$70,000 as the next threshold where profits could be booked out and a temporary hurdle could occur.

Arrived in the mainstream

That the hype around Bitcoin is not a flash in the pan can be seen, among other things, in the fact that the crypto industry is increasingly merging with the mainstream. A current example of this is that the crypto trading platform FTX is currently negotiating a sponsorship deal with the NBA basketball league to buy the naming rights for the Miami Heat’s stadium.

If the deal is actually completed, it would be the first time that a major American sports league has involved a crypto company as a leading sponsor.

The hype around crypto is not only coming from Bitcoin, as the so-called NFTs are also currently very popular. The record auction of the artist Beeple worth 69.3 million US dollars also brought the special crypto tokens a lot of media attention this week. The protest group Pussy Riot has also recently discovered NFTs as a vehicle to combine art and activism. Accordingly, she is selling four tokens to complement her new single, using the proceeds to fight the problem of domestic violence in Russia.

Bitcoin drags altcoins along

For their part, altcoins have been able to soar to new heights in Bitcoin’s slipstream. The Decentraland cryptocurrency (MANA) was the clear winner of the day with a gain of 89%, reaching a price of 1.19 US dollars.

The majority of smaller altcoins also saw double-digit gains, with AAVE and Bitcoin Cash (BCH) climbing 10.84% and 14% respectively.

Ether (ETH) advanced by 13% to US$1,933, bringing the current record high of US$2,043 back within reach.

The total market capitalisation of all cryptocurrencies currently amounts to 1.84 trillion US dollars. US dollars, of which Bitcoin accounts for 62.1% of the market share.

Siguiendo los pasos de MicroStrategy y Square, la empresa minera de Bitcoin Marathon Patent Group ahora está invirtiendo una gran parte de su reserva de tesorería en BTC.

Marathon compró $ 150 millones en BTC a un poco más de $ 31,000 por Bitcoin, según un comunicado de prensa de la compañía.

Dice Merrick Okamoto, presidente y director ejecutivo de Marathon

“Con la compra de $ 150 millones en Bitcoin, hemos acelerado el proceso de convertir Marathon en lo que creemos que es la opción de inversión de facto para individuos e instituciones que buscan exposición a esta nueva clase de activos.

También creemos que mantener parte de nuestras reservas de tesorería en Bitcoin será una mejor estrategia a largo plazo que mantener dólares estadounidenses, similar a otras empresas con visión de futuro como MicroStrategy „.

MicroStrategy ahora posee aproximadamente 70,784 BTC por valor de más de $ 2.250 millones al momento de escribir este artículo, según CoinMarketCap. Square ha comprado 4,709 BTC por un valor aproximado de $ 148 millones.

Okamoto señala que Marathon se ha contratado para comprar 103,060 mineros que se espera estén completamente desplegados en el primer trimestre del año fiscal 2022.

Dice el director ejecutivo

“Si todos los mineros estuvieran operativos hoy, según la tasa de dificultad actual de la red Bitcoin, produciríamos aproximadamente 55-60 bitcoins por día. Sin embargo, al aprovechar nuestro efectivo disponible para invertir en Bitcoin ahora, hemos transformado nuestro potencial para ser una inversión pura en una realidad „.

Analyste : La saison 2021 d’Altcoin n’a fait que commencer

Ethereum a largement dépassé Bitcoin en 2021. Ceci, selon un analyste, est un signe majeur de l’entrée dans une saison de production de plus grande quantité de bitcoin.

2021 a été jusqu’à présent une année passionnante sur le marché des cryptocurrences. Nous avons vu sa capitalisation dépasser 1 000 milliards de dollars pour la première fois de l’histoire.

Et bien qu’une grande partie de cette hausse soit liée à l’augmentation du prix du bitcoin, ces derniers jours, il est devenu évident que les altcoins réclament leur part, ce qui fait croire à beaucoup que nous sommes dans un état du marché connu sous le nom de „saison des altcoins“.

Une „saison des altcoins“ est un terme utilisé pour décrire une situation de marché où le prix du bitcoin est fortement surpassé par celui des altcoins. Cela se reflète Bitcoin Bank directement dans l’indice de dominance de la BTC, qui mesure la part de Bitcoin par rapport à celle de l’ensemble du marché des cryptocurrences.

Selon le célèbre trader, investisseur et adepte de la cryptographie, qui utilise la poignée Twitter „Secrets of Crypto“, le marché est actuellement en phase 2 d’une saison des altcoins.

Nous sommes maintenant dans la phase 2 du tableau de l’évolution de la saison des altcoins. Ethereum a surpassé Bitcoin pendant un mois d’affilée et commence à devenir parabolique…

Le „chemin vers Altseason“ est un graphique qui décrit les différentes phases de cette condition du marché. La phase 1 est celle où un flux d’argent entre dans Bitcoin et, éventuellement, dans Ethereum. Ce qu’il est important de noter ici, c’est que pendant cette phase, Ethereum a du mal à suivre Bitcoin, et cela va et vient.

La deuxième phase (où nous en sommes actuellement, selon l’analyste) est celle où Ethereum commence à surpasser la CTB.

En effet, Ethereum a surpassé bitcoin de manière impressionnante au cours de cette année. L’ETH a augmenté d’environ 87 % depuis le début de l’année, tandis que la CTB a augmenté d’un peu moins de 15 %.

Une autre chose à propos de la phase 2 actuelle du „chemin vers l’Altseason“ est que l’argent commence à affluer vers d’autres altcoins à grande capitalisation. Nous avons vu cela aussi. Comme CryptoPotato l’a récemment signalé, le LINK de Chainlink a atteint un nouveau record, tandis que le DOT de Polkadot a également enregistré des performances impressionnantes.

Et maintenant ?

Tout d’abord, il ne s’agit en aucun cas de conseils en matière d’investissement, et il est important de noter que l’histoire n’est pas un indicateur pour les événements futurs.

Cependant, selon la photo de l’analyste, la prochaine phase verra les grandes capitalisations devenir paraboliques. En outre, d’autres altcoins aux fondamentaux solides devraient également connaître des gains notables. Au cours de la dernière phase de la saison des altcoins, „les grosses capitalisations sont devenues complètement verticales, et nous voyons des hauts qui s’envolent“.

Parmi les autres caractéristiques, citons l’explosion des petits altcoins, ainsi que le décollage des pièces mèmes, car tout le monde est ravi du marché et „on sent la manie dans l’air“.

Der Bitcoin-Preis wurde mit 19.919 US-Dollar auf ein neues Hoch im Jahr 2020 gehandelt, bevor er gegenüber dem US-Dollar nach unten korrigiert wurde.

Der Preis wird unter 19.000 US-Dollar gehandelt, aber er liegt immer noch über der Unterstützung von 55 SMA (H4) und 18.000 US-Dollar.
Auf der 4-Stunden-Chart der BTC/USD-Paarung (Daten-Feed von Coinbase) bildet sich eine anschließende zinsbullische Trendlinie mit einer Unterstützung nahe $18.050.
Es ist wahrscheinlich, dass dieses Paar in der Nähe der $18.050- und $18.000-Marke auf starkes Kaufinteresse stößt.

Der Bitcoin System korrigiert derzeit Gewinne von deutlich über 19.800 $ gegenüber dem US-Dollar. Die BTC muss über 18.000 $ bleiben, um in naher Zukunft einen erneuten Anstieg zu beginnen.

Analyse des Bitcoin-Preises

In den vergangenen Tagen verzeichnete der Bitcoin-Preis gegenüber dem US-Dollar einen starken Anstieg über die 19.000-Dollar-Marke. Die BTC durchbrach sogar den Widerstand von 19.500 US-Dollar und pendelte sich deutlich über dem 55 einfachen gleitenden Durchschnitt (4 Stunden) ein.

Ein neues Mehrmonatshoch wurde bei 19.919 $ gebildet, bevor es zu einer Abwärtskorrektur kam. Der Preis wurde unter der Unterstützungsmarke von 19.200 $ gehandelt. Es gab einen Durchbruch unterhalb des 23,6% Fib-Retracement-Levels der wichtigen Aufwärtsbewegung vom 16.232 $-Tief bis zum 19.919 $-Hoch.

Bitcoin handelt jetzt unter der Unterstützungsmarke von $18.800 und $18.750. Eine unmittelbare Unterstützung befindet sich nahe dem Niveau von 18.100 $ und dem 55 einfachen gleitenden Durchschnitt (4-Stunden).

Darüber hinaus bildet sich auf der 4-Stunden-Chart des BTC/USD-Paares eine anschließende zinsbullische Trendlinie mit einer Unterstützung nahe der 18.050 $-Marke. Die Trendlinie befindet sich nahe dem 50% Fib-Retracement-Level der wichtigen Aufwärtsbewegung vom 16.232-$-Tiefststand zum 19.919-$-Hochstand.

Bei einem Durchbruch nach unten unterhalb der Trendlinie, 55 einfachen gleitenden Durchschnittswerten (4-Stunden-Chart) und $18.000 besteht die Gefahr eines starken Rückgangs. Die nächste größere Unterstützung für die Haussiers könnte nahe der 17.300 $-Marke liegen.

Umgekehrt könnte der Preis einen erneuten Anstieg von 18.000 $ beginnen. Auf der oberen Seite sind die Niveaus von $18.750 und $18.800 erste Hürden. Ein erfolgreicher Abschluss über dem Niveau von 18.800 $ könnte den Preis vielleicht wieder über 19.000 $ führen. Der nächste große Widerstand liegt nahe der 19.500 $-Marke.

Bitcoin-Preis

Betrachtet man die Grafik, so nähert sich der Bitcoin-Preis mit 18.000 USD und dem 55 SMA (H4) eindeutig einer wichtigen Unterstützung. Insgesamt dürfte der Preis in der Nähe der Werte von 18.050 $ und 18.000 $ ein starkes Kaufinteresse finden.
Technische Indikatoren

• 4 Stunden MACD – Der MACD gewinnt langsam an Tempo in der rückläufigen Zone.
• 4-Stunden-RSI (Relative Strength Index) – Der RSI liegt mittlerweile deutlich unter der 50er Marke.
• Wichtige Unterstützungsebenen – $18.100 und $18.000.
• Hauptwiderstandswerte – $18.800, $19.000 und $19.500.

The price of XRP has seen a remarkable rise in recent weeks. What unfortunately attract scammers of all stripes, who pass themselves off as the Ripple company. We explain how to spot them.

Ripple: a scam that claims to distribute XRP

XRP scammers use multiple channels to direct their potential victims to this scam . One of the most common is an email apparently sent by Bitcoin Storm, which explains that the company wants to help the less fortunate in times of crisis, by unlocking more than 5 billion XRP for the „Ripple Army“:

If you click on the link, you apparently find yourself on the Ripple site. The reproduction is particularly faithful and everything suggests that this is the official website of the company :

Ripple site XRP scam

Only the URL changes slightly, which contributes to the confusion:

A bogus rewards program

The scam claims that Ripple wants to develop an economic reward model to support its community, through a distribution of XRP :

„With two major pillars, the Awards Program and the Support Program for the Community, the XRP is distributed based on business demands, but the d istribution is also made to individual users . “

There is of course no reward program. The site aims to collect personal information about people who would like to take advantage of this fake giveaway. Ripple also published a warning two days ago, given the scale of the scam:

XRP price goes up

This renewed interest from scammers is due to the performance of XRP in the month of November, as well as the airdrop which concerns the holders of the asset . It should be noted, however, that last week, XRP, like Bitcoin (BTC), suffered a fall, which was particularly dizzying. It lost almost 40% of its value within two days. Since then, the price of XRP has been rising:

Since the start of the weekend, it has grown by + 41% . However, it has so far not reached its highest level of last week, near $ 0.80.

It remains to be seen whether XRP will confirm its breakthrough, with a market cap still currently exceeding that of Tether (USDT) . What is certain is that scammers are sure to profit from the renewed interest in cryptocurrency, so stay cautious.

Le PDG de la plus grande bourse de cryptocourrier en volume analyse la probabilité que Bitcoin dépasse l’or comme principale réserve de valeur.

Dans une interview sur Channel News Asia, Changpeng Zhao

Dans une interview sur Channel News Asia, Changpeng Zhao, également connu sous le nom de „CZ“ de Binance, parle de l’essor actuel de Bitcoin Era et affirme que la principale cryptocouronne peut remplacer l’or, qui est un actif d’une capitalisation boursière de 10 000 milliards de dollars.

„Ça va forcément arriver. C’est inévitable. Je pense que Bitcoin est comparé à l’or de bien des façons. Il a beaucoup de propriétés d’une réserve de valeur, mais il a aussi beaucoup d’autres avantages. L’or n’est pas très divisible. Si vous voulez vendre la moitié d’un lingot d’or, c’est assez difficile. Si vous voulez vendre la moitié d’une bague en or, c’est un peu difficile.

L’or n’est pas très facile à transférer, vous devez rencontrer quelqu’un physiquement pour transférer l’or. C’est relativement lourd, si vous devez le transporter dans les aéroports, c’est aussi très flippant. Il est difficile à stocker. Il faut avoir de l’espace physique.

Ce n’est pas facile à vérifier. Vous ne connaissez pas la densité de l’or que vous obtenez, alors qu’avec les bitcoins, vous avez toujours la garantie que si vous obtenez des bitcoins, vous en obtenez aussi. Et l’or n’est pas un approvisionnement limité à 100 %. C’est rare, mais si quelqu’un découvre une autre mine d’or, l’offre pourrait être plus importante. Et le bitcoin est une source d’approvisionnement très limitée. Pour moi, l’or est une très bonne réserve de valeur, mais son cas d’utilisation est le déclin… Les bitcoins sont définitivement le futur.

Lorsqu’on lui demande si la volatilité de Bitcoin pourrait

Lorsqu’on lui demande si la volatilité de Bitcoin pourrait ou non entraver sa capacité à remplacer également les devises papier, CZ affirme qu’à bien des égards, les fluctuations de prix de la BTC peuvent être assimilées à des douleurs de croissance.

„La forte volatilité est en fait corrélée à la baisse du plafond du marché. Le bitcoin ne représente qu’environ 300 milliards de dollars de capitalisation boursière, alors que par rapport au fiat, il y a près de quelques centaines ou quelques milliers de billions de dollars en circulation. Je pense donc que [la volatilité] est juste une fonction de la taille du marché. Je ne pense pas que cela l’empêche de croître. En fait, cela lui donne plus de place pour se développer“.

En ce qui concerne ses prévisions de prix à court terme pour Bitcoin et la possibilité de casser ou non 20 000 dollars avant 2021, CZ laisse entendre qu’il ne serait pas surpris par une telle décision.

„Je ne veux pas faire de prédictions, mais je suis toujours très optimiste. Je suis toujours très optimiste“.

Bitcoin Bull Michael Novogratz’s bedrijf, Galaxy Digital, heeft twee cryptocurrency bedrijven overgenomen als voorbereiding op een „grotere golf van institutionele vraag“ naar bitcoin.

Grote golf van institutionele vraag naar Bitcoin Inkomende

Galaxy Digital Holdings kondigde vrijdag aan dat het twee cryptocurrency handelsfirma’s heeft verworven: Ophaalbrug Lending en Blue Fire Capital.

De New York City-head-quartered crypto financià „le diensten en investeringsbeheermaatschappij Galaxy Digital verleent handel, activabeheer, en de diensten van het investeringsbankwezen.

„Institutionele beleggers en bedrijven worden steeds beter geïnformeerd over digitale activa en begrijpen steeds meer het doel en het belang van cryptocurrency in hun beleggingsstrategieën“, aldus Mike Novogratz, oprichter en CEO van Galaxy Digital.

Tijdens de winstoproep van zijn bedrijf in Q3 2020 op vrijdag, zei Novogratz dat de Covid-19 pandemie „echt een versneller was voor de cryptocurrency business voor bitcoin, voor blockchain, voor alles wat we doen… Ik zie een ongelofelijke kans voor ons bedrijf en voor de ruimte“. Bitcoin handelt voor $16.250 op het moment van schrijven. Novogratz legde uit dat de cryptocurrency tegen deze prijs handelt „niet omdat er een speculatieve manie aan de gang is“, aldus Novogratz:

Het is zo’n handel omdat instellingen, hedgefondsen, vermogende particulieren, familiekantoren allemaal naar bitcoin gaan. Ze bewegen zich in als een opslagplaats van rijkdom, ze bewegen zich in als een inflatie-hedge, ze bewegen zich in omdat het een institutionele asset is geworden.

Onlangs zei de beroemde miljardair-investeerder Bill Miller dat hij denkt dat „elke grote bank, elke grote investeringsbank, elke grote firma met een hoge nettowaarde uiteindelijk enige blootstelling aan bitcoin zal hebben of wat er als het is“. JPMorgan’s analisten zeiden ook, „sommige beleggers die eerder investeerden in gouden ETF’s, zoals familiekantoren, kunnen kijken naar bitcoin als een alternatief voor goud.“

De in Chicago gevestigde Drawbridge Lending is een CFTC-gereguleerd bedrijf dat commerciële en individuele leningen verstrekt op beveiligde bitcoin die bij een gekwalificeerde bewaarder wordt bewaard. Blue Fire Capital, ook gevestigd in Chicago, biedt beleggingsmakelaardij en handelsdiensten aan met een focus op crypto activa.

Novogratz ging verder:

Wij verheugen ons op het naadloos integreren van Drawbridge en Blue Fire in Galaxy Digital Trading … om te helpen verder te voldoen aan wat volgens ons een nog grotere golf van institutionele vraag zal zijn.

È stata una settimana di pazienza per gli Stati Uniti e per il mondo intero in generale. Se la politica ha reso una settimana cattiva o buona dipende dall’opinione che ognuno ha. Tuttavia, per gli hodlers di Bitcoin (BTC) , è stata una settimana fantastica.

Il prezzo della criptovaluta di punta è aumentato di oltre l‘ 8,5% negli ultimi sette giorni

Ora si aggira intorno ai $ 15.000 e ha trascorso oltre 100 giorni sopra i $ 10.000. Questa azione sui prezzi da parte di Bitcoin ha fatto prevedere un nuovo picco da parte di alcuni esperti. Altri stanno ora facendo un viaggio nella memoria e rivedendo il 2016 per alcuni segnali positivi.

Nel 2016 è stato anche un periodo pre-elettorale e la stabilità è stata seguita da un massiccio rally. Il livello successivo di resistenza per Bitcoin è di $ 17.000. Bitcoin raggiungerà questo livello? Molto dipende da quanto scende prima.

Le balene sono ottimiste poiché il giorno delle elezioni ha visto 58.861 BTC uscire da Binance, il che si traduce in l’incredibile cifra di 816 milioni di dollari. Questo movimento potrebbe essere il risultato di un accordo. Tuttavia, è anche possibile che le balene si stiano preparando per un aumento dei prezzi.

Quasi 1 miliardo di dollari si è anche spostato da un portafoglio di Silk Road per la prima volta dal 2015. Potrebbe essere il risultato di un hack, ma il tempo dirà su questo problema. Da parte sua, PayPal è ottimista sul futuro di BTC. L’azienda di pagamenti sta aumentando i limiti di acquisto settimanali da $ 10.000 a $ 15.000.

La criptovaluta ha anche un nuovo amico al Senato degli Stati Uniti. La repubblicana Cynthia Lummis ha vinto la sua corsa per rappresentare il Wyoming. Ha acquisito bitcoin per la prima volta nel 2013 e crede che la valuta digitale possa diventare una riserva di valore affidabile.

Anche la blockchain è sveglia

Ma non è solo il bitcoin che sta andando bene al momento. Anche la tecnologia bitcoin sottostante è in fase di sviluppo. L’Associated Press è riuscita a utilizzare una blockchain per pubblicare i risultati delle elezioni garantendo al contempo che questi numeri non potessero essere violati. Un membro del Senato australiano , Andrew Bragg, ha spinto incessantemente la blockchain a venire come un modo per facilitare la conformità finanziaria.

Gibilterra è entrata a far parte del Global Blockchain Business Council come membro osservatore. È interessante notare che il territorio britannico d’oltremare si unisce a oltre 50 paesi nel consiglio e prevede di promuovere l’uso della blockchain in tutta l’isola.

Il ramo locale di HSBC in Bangladesh è anche riuscito a realizzare la prima transazione internazionale di finanza commerciale blockchain del paese. L’elaborazione della lettera di credito digitale in questione ha richiesto appena 24 ore. Senza l’uso di una blockchain, lo stesso processo richiederebbe dai cinque ai dieci giorni.

Bitcoin e la blockchain sottostante potrebbero essere in aumento. Tuttavia, i mercati della finanza decentralizzata (DeFi) stanno iniziando a raffreddarsi. Le commissioni di Ethereum sono notevolmente diminuite ma Electroneum è sveglio e attivo. Questa rete di pagamenti in criptovaluta festeggia il suo terzo anniversario. Mira ad espandere l’uso della sua moneta ETN e anche a far crescere la sua piattaforma di concerti AnyTask .

Central Bank of Brazil launches regulatory sandbox that will enable approved companies to „test“ their products in the market and Bitcoin and cryptomoedas companies can also submit proposals

Projects involving Bitcoin, crypto-currencies, tokens, cryptoactives, digital assets, stablecoins and other forms of „digital currency“ may be sent to the Central Bank of Brazil and seek authorization in its regulatory sandobox.

The resolutions approved by the Central Bank and the National Monetary Council, CMN, 4,865 and 4,866, and Resolution BCB 29, kicked off the project, which is part of the BC# Agenda in the competitiveness dimension.

The Cointelegraph contacted the Central Bank to find out if there would be any restriction to cryptoactive companies or projects involving cryptomoeda and blockchain.

Initially, according to the Central Bank, there will be no restriction as long as the participants observe all the rules established by the regulator.

European Commission to launch regulatory blockchain sandbox by 2022

The Central Bank explained that those interested in participating in the Regulatory Sandbox have to develop innovative projects that fall under the legal jurisdiction of the Central Bank or the National Monetary Council (CMN).

This way, institutions that are already part of the regulated universe – the Central Bank and the CMN – or any other constituted company can participate, as long as they present an effectively innovative project in the financial or payments area.

Sandbox

„The Regulatory Sandbox is an environment in which entities are authorized by the Central Bank to test, for a given period, innovative projects in the financial or payment area, observing a specific set of regulatory provisions that support the controlled and delimited realization of their activities,“ explained the Central Bank’s Director of Regulation, Otávio Damaso.

According to the documents published by the Central Bank, one of the objectives of the sandbox is to stimulate innovation and diversity of business models in the National Financial System and the Brazilian Payment System.

It also seeks to increase efficiency and reduce costs in the National Financial System and the Brazilian Payment System and promote competition and financial inclusion.

„Meet the needs of end users, especially freedom of choice, security, protection of their economic interests, transparency in the provision of services and in charging fees, non-discriminatory treatment, privacy and protection of personal data and banking secrecy, access to clear and complete information and appropriate conditions for the supply of products and services,“ the document highlights.

During the testing period, companies are subject to differentiated regulatory requirements and monitoring .

CVM promotes free online event about Sandbox that can release tokens issue in Brazil and trade robots

While the idea is being developed, the Central Bank will have access to the results obtained and will evaluate the risks associated with the new products. If there is any problem, innovation may be limited or even prohibited. On the other hand, if the experiment is successful, large-scale marketing can be released.

„The goal of the CBD Regulatory Sandbox is to enable the entry of innovative business models that add efficiency gains, reach a wider audience and bring more competition to the financial and payment systems in the country,“ said Damaso.

In addition, the Central Bank will be attentive to projects that also preserve the safety and efficiency of these systems.
In practice

As of today, the Central Bank will prepare for the establishment of the rules for the first cycle of the project – planned to be launched next year.

„Information on the registration process and more details on the subject will be disclosed in the coming months,“ warned the deputy head of the Financial System Regulation Department (Denor), Paula Ester Farias.

Even so, future applicants to participate in the action headed by the Central Bank must already be certain that they will have to adapt to some requirements,

strict observance of the rules to prevent money laundering and combat the financing of terrorism
compliance with the Central Bank’s regulations on the handling of complaints made by its clients and users
conducting transactions with integrity, reliability, security and confidentiality
in addition to making it clear to its eventual clients that the product/service is developed within the Regulatory Sandbox of the Central Bank.

At the end of the testing cycle accompanied by the Central Bank, participants will have the chance to obtain definitive authorization to operate in the National Financial System (SFN).

„The projects developed may also serve as a basis for improving the regulations of the Central Bank and the CMN,“ concluded the Deputy Chief in Denor.

 

The new bill legitimises digital yuan and may criminalise the issuance of yuan-backed stablecoins by third parties.

China’s Central Bank launches regulatory framework for CBDCNOTICS

China’s central bank, the People’s Bank of China (PBOC), published a bill on Friday aimed at providing a regulatory framework and legitimacy for a future central bank digital currency (CBDC), the digital yuan.

‚Blockchain is still far from mature,‘ says former Chinese technology minister
The bill states that the yuan is the official currency of the People’s Republic of China, whether in physical or digital form.

The bill also appears to target third-party initiatives on digital coins supported by yuan, stating that individuals and institutions are prohibited from making and issuing a currency intended to „replace“ the digital circulation of yuan. Such a measure would probably criminalise all stablecoins not sanctioned by the state and backed by the yuan.

Digital bank money could „threaten“ Bitcoin, says CZ
The punitive measures against the violators of this proposed law are harsh: mainly confiscate all profits, destroy all tokens and impose a fine of no less than five times the illegal value created, in addition to the possibility of criminal prosecution and imprisonment.

The People’s Bank of China has clarified that the draft new law is open for public consultation until 23 November 2020.

Earlier news indicated that China hopes to officially start broadcasting the digital yuan before the Beijing Winter Olympics in February 2022. In addition, earlier this month, China conducted a major test of Shenzhen’s yuan digital payment system, where nearly 47,500 residents claimed 200 yuan (US$30) each in digital currency, which they spent in 3,389 shops across the city.

Pomp says digital US dollar must happen now
This regulatory movement is also only the latest in a worldwide trend towards CBDCs. The Bank for International Settlements told the Cointelegraph that it had worked with seven central banks to define the basic principles necessary for any publicly available CBD to help central banks meet their public policy objectives.