Chinese Government come Hard on Bitcoin Miners – Cryptocurrency News

Chinese Government come Hard on Bitcoin Miners - Cryptocurrency News

Bitcoin BTC miner mining

  • The virtual cash trade has been removed from China since the national bank gave a virtual money boycott in 2017. The exchange administration between lawful delicate and virtual money has a past filled with being mostly underground in relational exchanges, for example, OTC and P2P. 
  • Chinese blockchain media Wu Blockchain, 74% of sellers significantly affect admittance to fiat monetary standards because of government crackdowns on digital currencies OTC. 
  • Chinese law authorization offices carefully manage homegrown illegal tax avoidance exercises, it gets hard for some crypto resources (virtual cash) excavators (minors) to sell lawful delicate, for example, mined bitcoins, and running costs.

As indicated by a review by Chinese blockchain media Wu Blockchain, 74% of sellers significantly affect admittance to fiat monetary standards because of government crackdowns on digital currencies OTC. 

In China, the virtual cash trade has been removed from China since the national bank gave a virtual money boycott in 2017. The exchange administration between lawful delicate and virtual money has a past filled with being mostly underground in relational exchanges, for example, OTC and P2P. 

While Chinese law authorization offices carefully manage homegrown illegal tax avoidance exercises, it gets hard for some crypto resources (virtual cash) excavators (minors) to sell lawful delicate, for example, mined bitcoins, and running costs, for example, power charges I need installment. 

Lately, as a feature of the reinforcement against tax evasion measures by the national bank, it has been affirmed that some virtual cash OTC organizations have solidified their ledgers, and there are worries about the additional fixing of guidelines. As per the public authority partnered with People’s Daily, the People’s Bank of China’s view is that administrations for purchasing and selling virtual monetary forms, including OTC, will be unlawful. 

Under tension from the Chinese government, a few minors are now participating in Russia and Kazakhstan’s movement. 

As indicated by a Wu Blockchain report, a few minors who experienced selling their mined digital currencies quit working since they couldn’t bear the cost of their power bills. The effect of fixing guidelines has spread to some OTC organizations. Bitcoin’s hash rate (mining speed) has soared again after a dive in late October to early November, yet drifts in China should be viewed. 

Ritika Sharma

Source: themarketperiodical.com

Author: Ritika Sharma


Bitrue exchange boosts its XRP staking to 5.3% APR

Bitrue exchange boosts its XRP staking to 5.3% APR

Ripple

  • Leading crypto finance platform Bitrue announced that it will raise the interest rate for users that stake XRP.
  • Bitrue shortly introduced the new DeFi token Finance token (BFT) for its users.
  • Leading crypto finance platform Bitrue has announced that it will raise the interest rate for users wishing to stake Ripple’s native token XRP. The annual percentage rate (APR) for XRP on the PowerPiggy tool is now set at 5.3%.

    Among the many moving parts of its multidimensional digital finance platform, Bitrue offers users a staking product called PowerPiggy. It enables savers to lock up 26 different cryptocurrencies and borrowers to take out loans in USDT, BTC, ETH or XRP. Each of the cryptocurrencies has its own APR. Up until now, XRP’s rate has been set at 4.1% but it will be raised to 5.3% starting from November 20. Bitrue cites the community’s demand as the key reason for the raise.

    Bitrue has been a go-to cryptocurrency exchange and investment platform for XRP holders since the very beginning of its existence. It initially focused on XRP as its base currency and still boasts 16.2% of XRP’s total trading volume. It also offers traders a wide range of XRP-denominated trading pairs. According to Bitrue’s co-founder and CEO Curis Wang, the platform’s close connection to the XRP ecosystem is a crucial differentiating factor from other cryptocurrency exchanges.

    Commenting on the APR increase decision, Bitrue’s Chief Marketing Officer Adam O’Neill underscored the importance of the XRP community for Bitrue, saying: “We’re proud to have served the XRP community for many years already, and we always hear demand from these users asking for us to help maximize the utility of their XRP. In response to the community’s voice, we are now happy to be the #1 destination for XRP investments.”

    In addition to catering to traditional cryptocurrency traders and connecting crypto savers and borrowers, Bitrue has been working on incorporating elements of the rapidly ascendant defi space into its toolkit.

    The initial major defi functionality that Bitrue will offer will be a peer-to-peer crypto loan matching engine. It will consist of an on-chain liquidity pool to which lenders will be able to contribute funds. Borrowers will be able to take loans out of the pool by depositing the required collateral. In addition to loan matching, Bitrue has also set its sights on becoming a key hub for facilitating value transfers among major blockchain platforms. The implicit goal of Bitrue is to expand the defi activity beyond the confines of the Ethereum ecosystem.

    Bitrue’s defi component will be underpinned by the newly-issued Bitrue Finance token (BFT). Part of the BFT supply has already been distributed via combined pre- and public sales, and users can still earn BFT by participating in the Bitrue Yield Farming program. According to Bitrue, it is designed to be easier to use than traditional liquidity mining and make it possible for yield farmers to avoid handling several defi protocols by themselves.

    Users can lock up crypto via Bitrue’s dedicated mobile app, and the platform will invest their funds into various defi protocols on their behalf. BFT rewards can be earned by depositing BFT or XRP.

    Source: elexonic.com

    Author: by elexonic


    Atari Token to be Listed on the Changelly and HitBTC Exchange

    Atari Token to be Listed on the Changelly and HitBTC Exchange

    The Atari Token, the cryptocurrency for the upcoming Atari video game console, is now listed on the Changelly cryptocurrency exchange to make it more accessible to United States users, according to a press release from the group.

    This token will be built on Ethereum’s ERC-20 platform, and plans to be “the standard for the video game and entertainment industry.” The asset will also be available on HitBTC.

    Changelly is described as a company that “enables in-app trading to any wallet owner and breaks down barriers to entry by providing users with increased accessibility to its non-custodial service without the need for accounts,” the release continues.

    The asset plans to provide the following for the gaming space:

    • Monetization of digital assets;

    • Means of payment for smart contracts;

    • Compatibility with crypto-currency wallets and decentralized applications;

    • Speeds of up to 20 transactions per second;

    • Easy token transfers and exchanges;

    • Visibility as a tradeable asset within the crypto-market.

    Speaking on the matter is Frédéric Chesnais, the CEO of Atari, who said:

    “While a key use of Atari Token will be as a payment tool within our ecosystem, our goal has never been to limit its use to our own proprietary platform. We have already identified several categories in the current market that can benefit from Atari Token and have recently entered into many partnership agreements to expand its adoption.”

    Remember, all trading carries risk. Past performance is no guarantee of future results.

    Source: insidebitcoins.com

    Author: FOLLOW ON


    Abu Dhabi port signs MOU with DNV GL for blockchain in supply chain

    Abu Dhabi port signs MOU with DNV GL for blockchain in supply chain

    Abu Dhabi Ports, part of ADQ, in UAE has signed a memorandum of understanding with DNV GL, the world’s largest consultancy of independent maritime and energy experts, to accelerate the sustainable development of Abu Dhabi’s maritime ecosystem. According to the agreement, both companies will work to advance the digital transformation of Ab Dhabi’s maritime sector utilizing  deployment of leading-edge innovations including autonomous technology, AI, machine learning, electrification, as well as logistics and supply-chain authentication based on blockchain.

    The partnership also creates opportunities to encourage Emirati graduates to pursue a career in Abu Dhabi’s maritime trade ecosystem by offering research and development opportunities in the field of decarbonisation, such as alternative fuels and renewable energy usage. Commenting on the MoU, Captain Mohamed Juma Al Shamisi, Group CEO, Abu Dhabi Ports, said: “A vital aspect in Abu Dhabi’s philosophy is constantly researching and developing smarter ways to do things, and then integrating them into our local environment.

    “Abu Dhabi Ports’ strategic partnership with DNV GL ensures our emirate elevates its status as a world-leading maritime centre in the years ahead. Through the guidance of our wise leadership, we are committed to instilling a new generation of Emiratis with a strong ethos that values a sustainable model for economic growth, and embraces decarbonisation and digitalisation across the entire maritime and logistics supply chain.”

    Remi Eriksen, CEO and Group President, DNV GL, said: “It is an honour for DNV GL to support ADPC in achieving its strategic vision. Digitalisation and decarbonisation are important themes in shaping a maritime industry that are future fit, and by working together we will maximise the impact.  We are looking forward to working with the leadership of Abu Dhabi Ports and being a partner in this transformational journey.”

    Source: www.unlock-bc.com

    Author: Source: Al Bawaba News piece


    NetCents Technology all set to launch its crypto backed Visa Card

    NetCents Technology all set to launch its crypto backed Visa Card

  • VANCOUVER: NetCents Technology Inc. has provided and an update on the NetCents Cryptocurrency Credit Card.

    To refresh investors on August 10, 2020, the Company announced that it joined the Visa Fintech FastTrack Program – for the rollout of a Crypto-Backed Visa Card, this project superseded the previous credit product since it was an opportunity to work in a direct relationship with Visa.

    Then on October 24, 2020, the Company announced that it had engaged with i2c to be the backend provider that links directly into the Visa network, working towards a possible launch date of November 15, 2020, after which Visa imposes a holiday blackout period preventing the issuance of cards until mid January.

    The Company has been working diligently to complete the steps required to launch the card program. To complete this process NetCents has provided the bank with expert legal opinion to certify NetCents compliance with all relevant AML laws and Fintrac MSB requirements.

    As part of the external expert legal opinion review, the legal team analyzed all applicable compliance laws currently in force and those coming into effect in 2021. The legal team reviewed all NetCents policies and procedures, and the Company was found to be compliant with requirements under Fintrac, Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), United Nations Act, Special Economic Measures Act (SEMA), and Freezing Assets of Corrupt Foreign Officials Act.

    Program and Corporate analysis, including full program flow analysis including flow of funds; market gap and competitive landscape analysis; technology integration and program management; 3-year program projections; and corporate, financial, and operations overview.

    Full corporate compliance program documentation including Compliance Policy, Sanctions Policy, Business Continuity and Disaster Recovery Plan, Risk Appetite Statement, a Santy Clause, and Privacy Policy.

    “We have been running hard to jump through all of these hoops before the November 15 window closing but I think the November timeline was a bit ambitious based on the many stakeholders in the process,” stated Clayton Moore, CEO of NetCents.

    “As you can see from the above – there is a lot of specialized work involved and we have to respect everyone’s professionalism and rigor when dealing with customer’s hard earned money,” Mr. Moore continued.

    “There is a silver lining though – after completing this process and having been in the payments industry for 20 years, I know that there are very few companies that will able to follow in our footsteps. This product when launched will be another building block creating a fortress of intellectual property and differentiated product and enhance the barriers to entry to others contemplating entering the crypto space. We are staking out our turf and will always be innovators in the space,” he concluded.

    NetCents Technology Inc, the transactional hub for all cryptocurrency payments, equips forward-thinking businesses with the technology to seamlessly integrate cryptocurrency processing into their payment model without taking on the risk or volatility of the crypto market. NetCents Technology is registered as a Money Services Business (MSB) with FINTRAC.

     www.net-cents.com  

  • Source: newsnreleases.com

    Author: Press Release


    Grayscale now holds half a million Bitcoin

    Grayscale now holds half a million Bitcoin

    Grayscale today holds half a million Bitcoin

    Cryptocurrency investment manager Grayscale Investments today holds significantly more than 500,000 BTC in its Bitcoin Trust. 

    Based on a Nov. 16 post, Grayscale today holds to $8.35 billion well worth of Bitcoin— equating to 2.69percent of Bitcoin’s (BTC) outstanding offer and market cap.

    However with Chainalysis calculating that around 3.7 million BTC happen lost, Grayscale could possibly now maintain ownership of 3.37percent of Bitcoin’s remaining circulating offer

    Appealing to institutional investors who are ready to pay reduced to buy and hold cryptocurrency through the safety of a regulated investment, shares within the Grayscale Bitcoin Trust presently represent $15.62 well worth of Bitcoin each, however change hands for $18.86. This means nearly a 19percent premium. Grayscale also charges an annual charge of 2percent.

    Grayscale Bitcoin Trust today keeps over 500,000 $BTC. Yes, you study that right. Learn more about the whole world’s largest #Bitcoin financial investment product. #GoGrayscale https://t.co/2sEpUdw8iN pic.twitter.com/9h8nGZ8i4t

    — Grayscale (@Grayscale) November 16, 2020

    The Grayscale Bitcoin Trust has actually aggressively gathered Bitcoin during 2020, with all the quantity of BTC held by the fund building almost 50% before six months. That’s a steep increase in 2020 for a fund that launched seven years back and reveals snowballing institutional interest.

    Last week, the fund reported its largest-ever weekly in-flow, taking in 15,907 BTC really worth $215 million.

    Grayscale’s Ethereum Trust also ramped up its purchases during 2020, and from now on keeps roughly $1.175 billion well worth of Ether, or 2.24% of ETH’s whole capitalization.

    Grayscale’s eight various other crypto funds currently handle nearly $400 million worth of possessions, bringing the total value of digital assets handled by the firm to $9.9 million.

    Published at Tue, 17 Nov 2020 00:46:17 +0000

    Source: binance-user.info

    Author: by Alfred Camarro · 2020-11-17


    Chinese Government come Hard on Bitcoin Miners - Cryptocurrency News


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