Crypto News 

99% of Token Price Is Pure Speculation Says VeChain Founder

“Speaking at a panel today at BlockShow Asia 2019, VeChain founder Sunny Lu suggested that token value is mostly arbitrary” writes Cassio Gusson for cointelegraph.com. Pavel Kravchenko, CEO & co-founder of Distributed Lab.But Lu’s commentary broke through: “99% of a [token’s value] is linked to speculation, and not to the value that solution can bring to society. Source: cointelegraph.com

Read More
Markets News 

In swaps we trust? Disappearing dollars drive currency trading dependence

“It affected us in the FX swaps market a great deal” writes Midwest Communications Inc for 95kqds.com. LONDON (Reuters) – As dollars dry up, global finance is growing increasingly dependent on opaque currency trading to keep cash flowing.Reflecting the increased reliance on currency markets to borrow dollars, FX swap volumes have grown to represent 49% of total currency trading, from 42% in 2013, Bank for International Settlements (BIS) figures from August show.”We have dollar liquidity that partly depends on (the) forex swap market, as we don’t have dollar deposits.Unlike regular…

Read More
Crypto News 

Binance’s CZ Speaks Publicly About China’s Digital Currency

“Some investors predict the Chinese digital currency will be issued within 2-3 months” writes Hisashi Oki for cointelegraph.com. Speaking today at BlockShow Asia 2019, CZ shared his thoughts on the digital currency in development by the People’s Bank of China.Binance CEO Changpeng Zhao, better known as CZ, predicted that the digital Renminbi token (RMB) would be based on blockchain.Having Libra is better than not having it.” Last month, China’s President Xi Jinping called for the country to accelerate its adoption of blockchain technologies.When you learn about blockchain, you almost have…

Read More
News 

Tunisian Central Bank Denies Reports of an ‘E-Dinar’ Digital Currency

“The Central Bank of Tunisia (BCT) has denied reports stating that the bank is developing a central bank digital currency (CBDC)” writes Helen Partz for cointelegraph.com. At the event, participants were offered to attend a demonstration on the theoretical feasibility of a digital currency initiated by a private startup.The bank further stated: “The BCT is currently focusing on the digitization of finance, in its digital currency dimension and not that on cryptocurrency.The central bank clarified that it is now exploring various methods of digital payment alternatives, including a possible CBDC,…

Read More
News 

China Digital Currency ‘Not Seeking Full Data Control’ — Central Bank

“China is not launching a war on cash by introducing its own digital currency, a senior official from the central bank has said” writes William Suberg for cointelegraph.com. Mu was speaking at a conference in Singapore, as speculation swirls the digital currency could appear within the next three months.Nonetheless, Mu appeared keen to state that digital currency did not imply increased control of user data, despite the ease of aggregation of such data with digital transactions. “We are not seeking full control of the information of the general public,” he…

Read More
News 

China’s digital currency not seeking ‘full control’ of individuals’ details: central bank official

“Akin to Facebook’s proposed Libra digital currency and other cryptocurrencies such as bitcoin, the officially-named Digital Currency Electronic Payment will be powered partially by blockchain technology and dispersed through digital wallets” writes Midwest Communications Inc for 95kqds.com. It is not clear when the new digital currency will be launched.”We know the demand from the general public is to keep anonymity by using paper money and coins … we will give those people who demand it anonymity in their transactions,” Mu Changchun, head of the People’s Bank of China’s digital currency…

Read More
Markets News 

What is the market pricing in ahead of the RBNZ decision tomorrow?

“In case you’re wondering what’s weighing on the kiwi dollar today, it is the fact that the market is pricing in higher odds of a 25 bps rate cut for tomorrow” reports forexlive.com. As such, the kiwi is the weakest performing major currency on the day with NZD/USD easing from 0.6360 levels to 0.6333 currently.Given such odds as per the above, a decision by the RBNZ to cut rates tomorrow may still precipitate some weakness in the kiwi but if they do not deliver, expect a significant reversal to the…

Read More
Crypto News 

Banker Who Called Bitcoin ‘Evil Spawn’ Heads BIS Digital Currency Hub

“A former European Central Bank board member will chair a new arm of the Bank of International Settlements (BIS) focusing on digital currencies and financial innovation” writes William Suberg for cointelegraph.com. China’s central bank, the People’s Bank of China (PBoC) — one of its members — could soon become the world’s first major economy to issue its own digital currency. Last year, Cœuré himself described Bitcoin as the “evil spawn of the financial crisis.”. Both the BIS and its chairman Agustín Carstens, although publicly critical of cryptocurrencies such as Bitcoin…

Read More
Crypto News 

China’s State-Run Media: Bitcoin Is Blockchain’s First Success

“While state media has recently reiterated a cautious stance against speculative excesses in cryptocurrency trading, the country is nonetheless appearing to tone down its erstwhile stringent opposition to activities such as Bitcoin mining” writes Marie Huillet for cointelegraph.com. The country’s central bank, the People’s Bank of China, is also expected to become the first major global economy to launch a central bank digital currency as other countries, such as Tunisia, are already getting a head start.The article continues to describe the core principles of blockchain as a decentralized, immutable and…

Read More
Crypto News 

Her Majesty the Queen Rules Out Crypto as Currency

“Capital gains tax is commonly used to tax crypto activity in many countries, such as the U.S. and Israel” writes Or Lokay Cohen for cointelegraph.com. The policy paper on individuals considers crypto activity as a personal investment subject to capital gains tax that should be paid when crypto is sold for fiat, using crypto to pay for goods or services, gifting crypto or — unlike the position of the French tax authority — exchanging crypto for crypto.After 11 years of Bitcoin’s existence, countries around the world are creating clarity for…

Read More