… according to experts, the establishment is beginning to see the benefits of mainstream coins like bitcoin, Ethereum, Litecoin, EOS and bitcoin cash.
It looks like some people (or entities) can change their minds after all. Despite a mixed relationship with cryptocurrency in the past, the People’s Bank of China (PBC) appears to finally be easing up to it.
Is China Becoming “Friendlier?”
As China’s central bank, the financial institution is looking to release its own digital currency in the future. This is not the same digital currency that China had initially announced weeks ago as a means of combating Libra. This would be an entirely separate entity, as according to experts, the establishment is beginning to see the benefits of mainstream coins like bitcoin, Ethereum, Litecoin, EOS and bitcoin cash.
This should come as relatively surprising news given that China has not always been kind (or fair) to digital currencies. The country has initiated a full ban on initial coin offerings (ICOs) and foreign exchanges and is even considering a full ban of cryptocurrency mining, though the country has been slow to act on this.
Kevin Sekniqi, co-founder and chief protocol architect at AVA Labs, says:
China’s foray into digitizing the yuan is a key milestone in changing how money is represented, stored and moved. Global sovereign level adoption of digitized assets is a testament to how transformative and impactful decentralized ledger networks have become… Coupled with the fact that China has completely adopted digital payment technologies, we can hope that a digital currency issued by the PBOC will further augment China’s ability to build many new financial primitives.
Dave Hodgson, director and co-founder of NEM Ventures, seems to agree with Sekniqi, though he’s critical of the centralized nature of the bank’s new digital currency, commenting that this goes against everything crypto is all about. He states:
It’s positive to see the Chinese Central Bank engaging with digital financial services and moving towards a better user experience for its citizens, but the proposed approached is still a centralized system, run by a national government… This wouldn’t be considered a decentralized cryptocurrency and in the People’s Bank of China’s words, ‘It is to protect our monetary sovereignty’ – a pseudonym for control over currency… I believe that this move will likely disrupt other digital currencies in China, such as WeChat and Alipay. While other governments may take note and follow suit, this currency doesn’t appear to be cross-border and is centrally controlled, which makes it a different proposition to cryptocurrency altogether.
Many Banks Will Do the Same Thing
Tomer Afek, CEO and co-founder of Spacemesh, says that other banks are likely to copy the work of China’s Central Bank, which could lead to a world of multiple cryptocurrencies:
Cryptocurrencies are a necessary evolution – and revolution…I envision a world where multiple cryptocurrencies exist, each one serving a different need. The central banks will become another set of competitors and service providers in this system.
That may come as a big surprise to some. Back in 2017, China banned Initial Coin Offerings (ICOs), and stopped direct Bitcoin-yuan trading, crushing …
China’s Central Bank, the People’s Bank of China (PBC), is planning to introduce its own digital currency.
That’s according to an article published in Globaltimes last week, which says that the PBC applied for 74 patents involved with digital currencies to the National Intellectual Property Administration, in order to speed up the development of a legal digital currency.
That may come as a big surprise to some. Back in 2017, China banned Initial Coin Offerings (ICOs), and stopped direct Bitcoin-yuan trading, crushing cryptocurrency markets.
Now, cryptocurrency experts see PBC’s efforts to introduce its own digital currency as a recognition of the many advantages cryptocurrencies have over traditional currencies, and therefore, consider those efforts to be good news for major cryptocurrencies like BTC,ETH, XRP, and LTC.
Kevin Sekniqi, Co-Founder and Chief Protocol Architect at AVA Labs, is one of these experts.
“China’s foray into digitizing the yuan is a key milestone in changing how money is represented, stored, and moved,” he says. “Global, sovereign level adoption of digitized assets is a testament to how transformative and impactful decentralized ledger networks have become.”
Meanwhile, he sees PBC’s move as a source of further financial innovation. “Coupled with the fact that China has completely adopted digital payment technologies, we can hope that a digital currency issued by the PBOC will further augment China’s ability to build many new financial primitives,” he says.
Dave Hodgson, Director and Co-Founder ofNEM Ventures, agrees. “It’s positive to see the Chinese Central Bank engaging with digital financial services and moving towards a better user experience for its citizens,” he says.
Still, he points to the centralized nature of PBC’ proposed currency as a limiting factor.
“The proposed approach is still a centralized system, run by a national government,” he says. “As a result, this wouldn’t be considered a decentralized cryptocurrency and in the People’s Bank of China’s words, ‘It is to protect our monetary sovereignty’ – a pseudonym for control over currency. “
While Hodgson sees the new currency competing with China’s other digital currency, he doesn’t see it competing with major cryptocurrencies. “I believe that this move will likely disrupt other digital currencies in China, such as WeChat and Alipay,” he says. “While other governments may take note and follow suit, this currency doesn’t appear to be cross-border and is centrally controlled, which makes it a different proposition to cryptocurrency altogether.”
Pradeep Goel, CEO of Solve.Care, sees central bank-issued digital currencies as supplementing major cryptocurrencies, too. “The uses of digital currencies have significant potential and known benefits, and these advantages are compelling enough to merit the careful adoption of these currencies,” he says. “Whether the private sector leads and central banks follow, or whether the central bank leads and the private sector follows, will vary by country. For example, in Sweden, the central bank is leading the way with the introduction of an e-krona.”
And Tomer Afek, CEO and Co-Founder of Spacemesh, sees other central banks following through with their own digital currencies. “It’s a certainty that other central banks will follow China’s lead; the writing’s on the wall. Currency is already well on its way to becoming fully digitized, and cryptocurrencies are a necessary evolution – and revolution – of that process,” says Afek. “States will inevitably want to ride the wave, hoping to get ahead of its potential to shake up the status quo.
That could create a world of multiple cryptocurrencies.
“This is only the beginning for cryptocurrencies, and they’ve already proven their ability to capture the value that has been omitted by the traditional monetary system,” he says. “I envision a world where multiple cryptocurrencies exist, each one serving a different need. The central banks will just become another set of competitors and service providers in this system.”
Still, the central banks will always have the upper hand, ready to trash decentralized cryptocurrencies should they threaten their monopoly of creating money, as discussed in previous pieces here.
An initial coin offering (ICO) or initial currency offering is a type of funding using cryptocurrencies. Mostly the process is done by crowdfunding but …
The white paper is similar to a roadmap of the ICO.
A Study shows the largest of the 10 ICOs accounted for more than 25% of the money raised and only 48% of ICOs seemed to be successful.
A perfect ICO Website attracts the attention of the investors and also gives them a sense of reliability about your venture.
As an ICO development Company, we offer complete ICO solutions right from whitepaper drafting, pre-ICO, token development, ICO listing, smart contract development to Blockchain software development. We help your Launch your own ICO and make it as one of the most successful investment.
ICOs are similar to IPOs, but this is not entirely true. ICOs are unregulated, fast and reach globally in the quickest manner. The very first step to launch your own ICO is to draft a whitepaper, create your token gives it a name and a value. This is followed by the pre ICO and the post-ICO, in other words, crowd sale.
HOW TO LAUNCH YOUR OWN ICO?
To Launch your own ICO, the most essential and powerful tool is the whitepaper. The whitepaper of an ICO includes a detailed description of the whole process of the ICO development services. The white paper is similar to a roadmap of the ICO. The pre ICO strategy helps to reach out your ICO across the world for successful and effective results in the fundraising mechanism.
The simplest part of the ICO development process is the creation of the crypto coin or the token. The token or the crypto coin of the ICO determines the success of the ICO. It is important to establish the fundraising goals before creating the token. Once the token is ready, make it ready for the show.
TIPS ON EFFECTIVE ICO DEVELOPMENT AND MARKETING
ICO Development and Marketing have attracted the interest of masses ever since the cryptocurrency trend entered the market. Large and small businesses are hopping into the ICO stream of fundraising by creating their own cryptocurrency and launching their own ICO. For such, ICO Marketing strategies are necessary to help the company raise a large sum of money and obtain the financial support needed for their ICO venture.
However, not every ICO brings success. To launch a successful ICO and raise millions, it is necessary to conduct good research and plan a perfect marketing strategy. A Study shows the largest of the 10 ICOs accounted for more than 25% of the money raised and only 48% of ICOs seemed to be successful. To make a successful ICO launch, planning your ICO Marketing strategy form the very first day determines thesuccess of it. The ICO Marketing team should make use of various marketing channels that are conventional and recognized to the latest advanced marketing strategies.
Most of the crypto tokens get through a successful ICO simply because of the story behind their mission and the symbol it portrays. Many potential investors claim to invest in tokens with attractive stories that share the same values in their investments. Your story should have a grip on potential investors making them supporters of the same.
Connecting people with a clear vision is one of the most effective ways of raising a successful ICO to millions. It also stands as a good marketing means, where they will spread information to other potential investors and get them linked to your ICO.
#2 DEVELOP A STUNNING ICO WEBSITE
The ICO website can be considered as the window of your shop. When people pass by, it should attract them to visit it. This applies to your website. The content, layout, design and navigation should pull the attention of the visitor. A perfect ICO Website attracts the attention of the investors and also gives them a sense of reliability about your venture. The very first impression should never go wrong. Hence, make sure to build a stunning website for your ICO.
Showcase all the important information required to invest in the ICO. Some of the most important sections of the website should be the featured team of your project, an explainer video, the roadmap, information that portrays your clear vision of the ICO venture. It is very essential to have the Call-to-action section that ensures to appeal to investors to become whitelisted or participate in the pre-sale. Design and develop eye-catching graphics.
#3 ICO DEVELOPMENT AND MARKETING REACH OUT TO THE RIGHT AUDIENCE
It is essential to target a specific group of individuals when you plan to market your ICO. Plan an innovative ICO Marketing Strategy that is designed around that particular group. When it comes to a specific project like an ICO, make sure your marketing schemes reach the right audience at the right time.
Create an ICO marketing strategy for the experienced investors and for the new investors individually. In this way, you will reach your targeted audience in the right manner. The ICO industry is growing big, marketing ICOs on a large scale will not be very effective. Make sure to spread the right information to the right audience. This is because the majority of various business sectors around the world are unaware of ICO, let alone the Blockchain Technology. Only some of them are aware and some of them are experts in the field. Therefore, it is necessary to target the right audience in specific time to make your ICO Marketing even more effective.
#4 INTRODUCE YOUR PROJECT TEAM
Giving an identity for a good ICO venture is not a bad thing. If you are developing something of a great deal, why not let people know the individual behind it? Well, when it comes to ICOs, it is essential to showcase your team of advisors, directors and partners. Moreover, your team of directors should be genuinely interested in invested and bringing your ICO to a high level.
#5 BUILD A COMMUNITY AND COMMUNICATE TO INVESTORS
In developing an ICO, it is important to make it transparent. This alone will help you build a good brand awareness and community for a wide ICO reach. By making your ICO transparent, you attract potential investors by gaining their trust. Take time to reply and communicate to your potential or impending investors, never try to ignore any one of them.
Our ICO development company helps you Launch your own ICO. Once the tokens are created and marketed, we list your tokens in some of the most prominent exchange listing websites. One of the best ways to Launch ICO Successfully is to launch it on the Ethereum platform for more effective results. It provides transparency, security and efficiency for a successful ICO launch.
… of blockchain and cryptocurrencies and are starting to create their own like with Facebook’s Libra stablecoin and its respective cryptocurrency wallet, …
‘Bitcoin Revolution’ Scam Strikes Again, Uses Billionaire To Promote Project
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Lim Oon Juin, a billionaire from Singapore, has recently fallen victim to promoting a blockchain scam, something many celebrities fall for as bad actors take advantage of their status and fame.
The scam, known as “Bitcoin Revolution” went to great lengths to pull the rug from under Juin, going so far as to create a fake interview with Hin Leong, an oil trading firm owned by the billionaire.
This Bitcoin Revolution fraud not only lied about the interview but also asked readers to give out their credit card information and other personal data.
The Straits Times originally reported on this story, noting that Facebook had to take down ads regarding the scam. In a statement to the publication, a spokesperson from Hin Leong said that “Mr Lim Oon Kuin does not condone any of the alleged statements and representations set out in the article which are attributed to him.”
This is shortly after other prominent billionaires tried to sue Facebook for allowing such scams on their platform.
Sometime last year, the scam created a website that looked similar to CNN and wrote an article about Norway investing $100 million into the Bitcoin Revolution. This article went somewhat viral, with social media spreading the story consistently.
Unfortunately, it’s so easy to generate scams and other fake news nowadays thanks to the virality of the internet. If someone with influence sees an article that captures their attention and fails to do due diligence, it could spread like wildfire.
This is why Social Media companies like Facebook and Instagram banned blockchain-related advertisements back when cryptocurrencies and Initial Coin Offerings (ICO’s) involving cryptocurrency trading platforms became a big thing after the big Bitcoin blowup in late 2017. Obviously, now that these companies have seen the power of blockchain and cryptocurrencies and are starting to create their own like with Facebook’s Libra stablecoin and its respective cryptocurrency wallet, bans are less frequent and scams like these can slip through the cracks.
The company was one of the first to hold an initial coin offering (ICO) in 2017 and was said to be a legitimate group, unlike many who had gone down …
GXChain a well-known crypto company was raided by Chinese police in Hangzhou city on September 11th, with the reasoning not yet disclosed by local authorities.
The prominent news outlet, Jinse requested information from the police but further details were not forthcoming, only confirming that the investigation was opened and arrests of executives were made at the GX Chain office. The confirmation of the validity of the initial reporting from the police also explained why many of the GXChain staff were uncontactable.
The news of the alleged nefarious act may come as a surprise to many. The company was one of the first to hold an initial coin offering (ICO) in 2017 and was said to be a legitimate group, unlike many who had gone down this funding route.
Since the ICO, GXChian had been successful. They reached a market cap of over $600 million USD and although times had been less favorable in recent times, their cap had only gone down to $48 million.
Yet, this figure is set to drop even further if their price is anything to go by. Following the news of the arrest, their already falling price took a steep drop of nearly 20%. The price was at a high point of $1.50 in early August but now it sits at $0.56.
Why have police hit GXChain?
Until the police or GXChain reveal any further details, it is not yet known what prompted the crackdown by authorities. There is, of course, a deep history of ICO scams in China as the recent Plus Token scam proved. But why would they target a seemingly legitimate and previously popular company?
Primitive Crypto’s Dovey Wan gave her two cents on the matter in a post via Twitter. The Chinee analyst claimed it could be due to GXChain’s practices regarding personal credit data. She said:
“Tbh I have no idea why the police took action against GXchain instead of 10000 other Chinese scams, as GXchain has a real business behind. The trigger might be their data business- they sell processed personal credit data, which is a highly sensitive area now in China,”
Whatever the case may be, it is certainly not looking good for GXChain. The company may yet recover but until more is known about the situation, it is hard to tell.