Bitcoin 

Binance Starts Accepting Fiat Currencies Through Alipay and WeChat

Major cryptocurrency exchange Binance has begun accepting fiat currencies through online payment service Alipay and mobile messaging and payment app WeChat, CEO Changpeng Zhao (CZ) confirmed in a tweet on Oct. 9. Zhao was quick to clarify that, while it is accepting fiat through the aforementioned services, it is not working directly with WeChat or Alipay. Zhao noted that users are still able to use them for peer-to-peer transactions.  The move follows the implementation of Binance’s peer-to-peer trading for Bitcoin (BTC), Ether (ETH) and Tether (USDT) against the Chinese yuan…

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Bitcoin 

Can Central Bank Digital Currencies Be Used to Fight Financial Crimes?

Paper money today is a marginal part of the currency in circulation and represents a direct relationship between the end user and the central bank. Its use is, however, unknown to the central bank; in a certain sense, it can therefore be said that like cryptocurrencies, cash can be used for illicit purposes. Central banks could start the process of digitizing paper money and thus create their own digital currency. Such a solution would have the great advantage of combating the shadow economy and illegal activities, and could be a…

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Bitcoin 

Differences Between Tokens, Coins and Virtual Currencies, Explained

1. In short: Yes, there is. There are indeed differences between all of these terms, both major and minor. For instance, when JPMorgan Chase released its JPM Coin, it presented it as a “digital coin,” while Facebook’s Libra was introduced as a solid “cryptocurrency” — and, ironically, that could be part of the reason why regulators around the world got so worked up about the latter.  Nevertheless, while JPM Coin and Libra are different by design, in both cases, decentralization pundits were quick to discard them as not “cryptocurrencies,” but…

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Bitcoin 

Bank for International Settlements Exec Advises Against Central Bank Digital Currencies

Bitcoin (BTC) critic and general manager at the Bank for International Settlements (BIS) Agustin Carstens advised against the issuance of central bank digital currencies (CBDCs) in a speech in Dublin on March 22. Bloomberg reported on the speech the same day. Per the report, Carstens explained that a CBDC could facilitate a bank run, enabling people to move their funds from commercial banks to central bank accounts faster, thus destabilizing the system. Another issue that Carstens said arises with CBDC use, according to Bloomberg, is the different impact of interest…

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Ethereum 

Russia to Postpone Adoption of Bill on Digital Currencies

Russia’s parliament, the State Duma, may defer the adoption of the country’s major crypto bill “On Digital Financial Assets” (DFA) until the autumn session, local news outlet TASS reported on July 9. The Duma is considering shifting the adoption of the DFA bill to the autumn session, while the representatives have largely agreed on a bill on crowdfunding, according to the chairman of the State Duma Committee on Financial Markets, Anatoly Aksakov. Aksakov further explained that officials have not been able to reach a common position on the fate of…

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Bitcoin 

Cash Prevents Digital Currencies With Negative Interest

Japan’s second most senior banking figure has said central banks cannot use digital currencies to enforce negative interest rates, Reuters reported on July 5.  Speaking at an event held by the publication, Masayoshi Amamiya, deputy governor of the Bank of Japan, said that states issuing digital currency with a negative interest rate would force inhabitants towards cash.  This cash supply would remain, Amaiya said, and despite the current trend to replace it, no government would actually do so.  “To overcome the nominal zero lower bound, central banks would need to…

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