Is China Finally Easing Up on Cryptocurrencies?

… 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.

Tags: china, China Central Bank, cryptocurrency

China’s PBC Is Warming Up To Digital Currencies — Good News For Bitcoin, ETH, XRP, and LTC

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 …

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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.

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“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.

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Crypto Pioneer Bobby Lee Unveils Metal Hardware Wallet

The new wallet, called REAL, will be very similar to a credit card: it will be metal and it will feature a QR Code associated with the cryptocurrency wallet …
Reading Time: 2minutesbyEdoardo VecchioonSeptember 12, 2019&nbspBitcoin

According to news published by Yahoo Finance September 12, crypto pioneer Bobby Lee, who founded one of China’s first bitcoin exchange, is releasing its own hardware wallet. Similar to a credit card, it will feature one of the cheapest prices on the market.

A New Metal Hardware Wallet

Crypto pioneer and early investor Bobby Lee, announced his new venture Ballet at a blockchain event in Singapore. Ballet is a hardware wallet supporting multiple cryptocurrencies. According to Bobby Lee, the wallet is unhackable.

He also thinks that due to the peculiarity of generating public addresses and private keys in advance for users, it will be easier for non-crypto holders to manage digital assets without having to go through difficult set-up processes that most hardware wallets require.

The new wallet, called REAL, will be very similar to a credit card: it will be metal and it will feature a QR Code associated with the cryptocurrency wallet addresses. Under the QR Code, the metal wallet displays an encrypted code. Another string of encryption is put at the bottom of the card; the latter must be scratched off to be exposed.

Both codes can be used alongside Ballet mobile app to manage the private keys and make transactions. Ballet’s wallet should free users from hackers’ attacks, passwords, backups or trusting any third-party custodian. The mission is to attract adoption by removing all the complications surroundings cryptocurrency ownership.

pic.twitter.com/33GFnTlTHT

— Bobby Lee – Ballet: Simple & Elegant Wallet (@bobbyclee) September 12, 2019

Currently, the wallet supports Bitcoin, Litecoin, XRP, and Ethereum network.

Another significant feature of the REAL wallet is its price. Ballet is planning to sell each metal wallet for $35, but a promotional launch to beta testers will start from $29.

Crypto Pioneer

Bobby Lee, who’s still a board member of the Bitcoin Foundation, co-founded BTCC, one of China’s oldest exchanges, and sold it in early 2018 to an anonym Hong Kong-based blockchain investment fund.His new company Ballet, which is headquartered in Las Vegas, has raised $5 million in a recent Series A round led by VC giant Lightspeed. Other investors included Silicon Valley venture capital firm Ribbit Capital, known for the early bets on Coinbase and mobile bank Revolut.

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Founder of China’s first bitcoin exchange returns with crypto wallet

The founder of China’s first bitcoin exchange has returned to the market with a new startup, Ballet, that builds bitcoin wallets. Bobby Lee told Yahoo …

The founder of China’s first bitcoin exchange has returned to the market with a new startup, Ballet, that builds bitcoin wallets.

Bobby Lee told Yahoo Finance UK that Ballet’s new credit card-sized wallets will “allow normal people, regular people access to cryptocurrency.”

Ballet’s first wallet, called REAL, has no electronic parts. It means the wallet, which stores electronic keys, can not be hacked. The wallet acts as a store for the private key that cryptocurrency owners must use to unlock their online wallets, a little like a key to a safe deposit box.

“It’s like cash,” Lee, a former Walmart executive, said. “Once you load it with bitcoin, litecoin, ethereum, this device has everything it needs to access the funds.

“It can be used as a gift to give someone or you can just store it in safe deposit box and hide it somewhere at home. This is completely offline, there’s no hacking risk.”

READ MORE: Domino’s Pizza France giving away €100K in bitcoin

Prior to Ballet, Lee founded and ran BTCC, China’s first cryptocurrency exchange. The startup grew rapidly but was forced to stop operating in China when Beijing banned crypto exchanges in 2017.

Lee sold BTCC for an undisclosed sum in early 2018. He said the business was sold for eight figures, adding it was “a good number we were all very happy with.”

“I spent most of last year giving speeches, travelling, taking some vacation, spending time with family — just enjoying life having made some money off of my last startup,” he said.

A mock-up of Ballet's REAL cryptocurrency wallet. Photo: BalletA mock-up of Ballet's REAL cryptocurrency wallet. Photo: Ballet

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A mock-up of Ballet’s REAL cryptocurrency wallet. Photo: Ballet

Lee said he was inspired to return to the crypto market after spotting a gap in the market.

“There are a lot of people who come to me and say: Bobby, will you help me store my bitcoin for me?”

READ MORE: Bitcoins worth $1 billion just moved to an unknown wallet

Ballet has raised around $5m in seed funding from Lee’s friends and family, as well as Silicon Valley venture capital fund Ribbit Capital. Ribbit was an early backer of Coinbase and other fintech businesses like Revolut.

Ballet, which is headquartered in Las Vegas, will beginning shipping REAL wallets to beta testers in the next few weeks before a wider roll-out in October. The products will sell for $35 but initially retail at a promotional price of $29.

The price of bitcoin peaked at $20,000 around the time Lee was selling BTCC. It has since crashed, taking the rest of the cryptocurrency market. Bitcoin has traded around the $10,000 mark since late July.

“People get dissuaded or get doom and gloom after the big rise to $20,000 in 2017 and then the crashing down,” Lee said.

“We are in one of many, many cycles to come. Any cycle will take us to higher and higher heights. I’m quite confident sitting on my bitcoin investment that in a very short amount of time we’ll exceed $20,000 and go to $50,000, $100,000, even $200,000.

He added: “When I say a short time, I don’t mean minutes or hours, I mean maybe months, if not a few years.”

Ripple vs. Tron vs. Litecoin: Which cryptocurrency will succeed?

Although Bitcoin is the world’s most significant cryptocurrency, crypto proponents can’t afford to miss the other leading market players. While Bitcoin …

Although Bitcoin is the world’s most significant cryptocurrency, crypto proponents can’t afford to miss the other leading market players. While Bitcoin holds 70 percent dominance as of now, altcoins such as Ripple (XRP), Tron, and Litecoin are now considered as the most effective source of payment adoption, donations, and cross-border transactions.

Which cryptocurrencies will succeed?

At present, the crypto market counts over 2000 cryptocurrencies but which coin is worth to invest in, is the question that hits every crypto trader’s mind. So, which are the ones holding the key to success in long-run? At the time of reporting, Coinmarketcap witnessed the list of top 10 cryptocurrencies as follows; Bitcoin, Ethereum, Ripple’s XRP, Bitcoin Cash, Litecoin, Tether, Binance Coin, EOS, Bitcoin SV and Monero.

While cryptocurrency is becoming the wealthiest trend in recent times, a newbie needs to understand which cryptocurrency is best to invest in. With the crash of the ICO market in late 2017, quite a few projects are considered as the trusted assets to invest and trade-in.

While cryptocurrency is completely decentralized in nature, the development of few trusted projects are backed by a talented and experienced team that spreads across the various regions of the world. Few of these projects are Ripple’s XRP, Litecoin, and Tron.

Tron vs. Ripple vs. Litecoin

While Ripple’s XRP stands on the third-largest spot in term of market capitalization, Litecoin (LTC) is the fifth-largest coin and Tron (TRX) is spotted on the thirteen most significant spot. Currently, XRP stands with $11.29 Billion market cap while Litecoin’s market cap stands at $4.4 Billion. Subsequently, Tron captures $1.06 Billion market capitalization.

We’re almost at the Finish Line.

There are no coincidences.

Soon we will LIVE IT.

Who remembers the passing of the XRP torch? pic.twitter.com/sfmX2oRVqC

— MRc (@MrCugs) September 9, 2019

XRP is backed by a San-Francisco based company Ripple, which offers blockchain-based remittance services. The firm has been in the crypto-blockchain market since 2012 and backs up various financial entities alongside banks that provide cross-border services at affordable and quickest way. Ripple encourages banks to employ cryptocurrency XRP by smartly enabling it with its remittance-oriented products such as xRapid.

Litecoin, the fifth-largest cryptocurrency has been around the news for its growing popularity of adoption and acceptance as a means of payment. As per the latest report, the coin has been announced as the official cryptocurrency of the Miami Dolphins. Subsequently, fans at Hard Rock Stadium in Miami can directly pay for the tickets using LTC.

Waiting for my $TRX bags to moon like…#Tronpic.twitter.com/qVEMHuQdTp

— TRX Colony (@TronColony) September 8, 2019

Tron, which currently stands as the thirteenth most significant cryptocurrency in terms of market cap – is aiming to revolutionize the digital content entertainment system. The Tron network is backed by dynamic entrepreneur Justin Sun, who has recently launched a scalability solution called as Sun network.

Although these cryptocurrencies are yet to hit their highest graph of market capitalization, the teams behind these tokens are working relentlessly to outpace in the escalating crypto market. So, it is worth noting that each crypto-coin in question here has its respective use-cases and these cryptocurrencies are here to stay.

But yes, no matter whether you’re holding Ripple, Tron, Litecoin, or any other cryptocurrency that’s here to stay, you should know one thing: patience is the key.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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