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legal digital currency

 

China is among those countries that have exerted more control over cryptocurrency and continues to go forward in its exertions to present a government-controlled cryptocurrency. Recently, a group of Shanghai reporters learned about a secretive cryptocurrency projects during the Global Blockchain Summit Forum.

Last week, the ministry of industry and information technology of China revealed that a study searching for a framework in order to regulate blockchain technology locally has been already conducted by it. The embracive perspective for blockchain technology is exactly opposite to the Chinese crippling curbs against the local cryptocurrency markets that have called on ICOs (Initial Coin Offerings) ban and cryptocurrency exchanges phased out to effectually broad up the local trading markets.

Progress

According to a report, 22 blockchain technology invention patents have been applied by the China Boxer Blockchain Technology Research Institute. The primary technology architecture by the team has been finished and according to Yifeng, the digital billing business of central bank has been also completed. At this time, it is encouraging the opening and closing of a blockchain registration platform.

According to Yifeng, the most crucial part of the blockchain is to advance the technology with the real business while searching for application scenarios. The members of the platform cannot only use it, but they’ll be also able to conduct the institutional certification and attain shared trust and assistance amid all parties.

Yifeng said that the major difference between the current electronic payment and digital currency is that it can be both “account-based” and “non-account-based.” Digital currency appears to ease the expediency, speed and low-cost of a trade payment system, although simultaneously, delivering protection and security of the privacy of the user.

The Real Digital Currency

According to Yifeng, the statutory digital currency that is issued by the central bank is the only real digital currency. For him, the digital currency that bitcoin represents is, in fact, a digital asset with firm qualities, less intrinsic value and more volatility.

Yifeng said that the coins issued by ICO are more preposterous. He added, how can an autonomous credit currency turn out to be a payment and liquidity instrument. He furthermore added, there’s no clear schedule for the launch of the legal digital currency.

The Blockchain Technology Research Institute will be establishing obliging associations with numerous research institutes and universities to encourage research in extents like distributed technologies, cryptography algorithms and zero-knowledge proofs.

Based on blockchain technology, the Digital Billing Platform which was taken on back in 2016 by the China Boxer Blockchain Technology Research Institute was effectively established on the Stock Exchange. According to the chairman of China Bills Credit Card Industry Development Co., Ltd., Fan Guiluo, blockchain is a trusted technology and it will be used under the reliable system of the China’s banknote printing and issuing company.

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Ripple Becomes The Second Only Currency With A Market Cap Of Over $100 After Bitcoin

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January 3 proved to be a historical day for Ripple. The crypto became the only currency after bitcoin to have a market cap of over $100 billion. At the time of writing, the valuation of Ripple is ~$121 billion.

$19 Billion Surge In 24 Hours:

Ripple’s native token, XRP, went up by more than 24 %, taking the coins value to $3. The huge value surge saw the valuation of ripple go from $95 billion to $116. As a result, Ripple further distanced itself from the third top cryptocurrency, Ethereum, and solidified its spot as the second most valuable crypto after bitcoin.

The daily trading volume of XRP is vigorously amassed in the South Korean market. Korbit and Bithumb are handling 40 percent of worldwide Ripple exchanges, representing more than $2.2 billion of Ripple’s daily trading volume.

On Bithumb, the second biggest digital money exchanging platform on the planet situated in Seoul, South Korea, Ripple stays as the most exchanged crypto, recording daily trading volume that is three times bigger than that of bitcoin.

Despite being the biggest and most liquid Ripple trade market, XRP is being exchanged with a high premium inside South Korean digital money market. On Bithumb and Korbit, Ripple is being traded at $3.5, with a 12 percent premium.

Brad Garlinghouse, the CEO at Ripple, and responsible for the advancement of the Ripple blockchain network, expressed that the “genuine use case” separates Ripple from other computerized assets.

However, as with any other digital money, Ripple met with some criticism. On January 3, P4man expressed that the vision of Ripple to develop into Swift 2.0 isn’t reasonable because for Ripple to become a Swift-like network, banks will need to pick up control over it.

“As for the moonshot of replacing Swift; most importantly, I have doubts over a worldwide agreement protocol being the correct approach. Banks presently control Swift. How likely is it they would give up control to a little startup and allow themselves to become indebted to its private currency, that they have no need for?” wrote P4man for Coindesk.

Story credit: ccn.com

Image: Google images

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What Is Bitcoin Wallet and What Are the Main Types of It?

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What Is Bitcoin Wallet

Bitcoin is a peer to peer currency which does not have any physical form. In other words, it’s a virtual currency. The currency is stored in Bitcoin wallets.

There are several forms of Bitcoin wallets – most common ones being desktop wallets, mobile wallets, online wallets and hardware wallets.

The goal of this article is to provide you with the necessary information about all these forms of wallets. So let’s get started with knowing what is a Bitcoin wallet are and what are the different types of it.

Desktop Wallets:

Desktop wallets are compatible with different desktop applications and each of them offers different features. For example, Hive is an OS X-based wallet which includes app store that connects directly to Bitcoin services.

Another example of desktop wallets is Bitcoin Core which relays transactions on the network and enables you to create a Bitcoin address for sending/receiving virtual currency.

Some desktop wallets are particularly designed to gain enhanced security. Armory is a prime example of such wallets.

Mobile Wallets:

Desktop wallets are handy, but only when you are at home. If you are out on the street, they are of no use. And this is the reason as to why these wallets are falling out of favor.

On the other hand, mobile wallets are more useful as everything regarding your bitcoins is just one tap away.

It doesn’t matter where you are, whether it’s a physical store, park or just a random street, if you have access to the internet, you can access your Bitcoin wallet and make transactions on the go. Some of the common bitcoin mobile wallets are Xapo, Mycelium, and Blockchain.

These wallets keep your bitcoin keys encrypted on the phone and also back it up on a web-based server.

Online Wallets:

Online wallets store user’s private key online and link it to mobile/desktop wallets. One of the biggest advantages of online wallets is that they can be accessed from anywhere regardless of which device you are using.

However, there is one major drawback: If a user fails to implement them correctly, it will put the organization running the website in charge of his private key which eventually takes his bitcoins out of his control. That could be a risky move, especially if you collect a lot of bitcoins.

Some examples of the best Bitcoin wallets online are:

Coinbase:

Coinbase operates worldwide. Users in the United States and Europe can also buy bitcoins through Coinbase exchanges.

learn more about how to buy Bitcoin with Coinsbase.

Circle:

Circle offers the feature to send, receive, store and buy bitcoins.

Strongcoin:

This service offers hybrid wallet which lets the users encrypt their private keys before sending them to its servers.

And Hardware Wallets:

Hardware wallets are dedicated devices that are used to facilitate payment and store private keys. Some examples of these wallets are Trezor Hardware Wallet and Ledger USB Wallets. These wallets are easy to carry in your pocket and can be physically moved from one place to another.

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Yahoo Japan’s Subsidiary “Z-Corporation” Purchases Stake in Crypto-Exchange

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On Friday, Yahoo Japan confirmed that it has acquired a minority stake in a cryptocurrency exchange of Japan. According to Reuters, a subsidiary of Yahoo Japan, Z Corporation, has purchased a 40% stake in the Japanese crypto Exchange, “BitArg Exchange Tokyo,” which has the worth of almost $18.6 -$27 million. The exchange will be set to launch in the month of September, 2018.

yahoo crypto news

Rumours of Acquisition

The rumours of the acquisition first came out in March; however, at that time they showed that the investment will be made by Yahoo Japan through YJFX, which is its forex transaction platform, and not through Z Corporation.

In a statement, Yahoo Japan said:

“By utilizing the service operation and security expertise of the Yahoo group, we support the operation of exchanges operated by BitArgo Exchange Tokyo.” Yahoo Japan also added that the exchange intends to offer services for customers that are secure and easy to use.

Monex Group

Japan is considered as an industry hub as it has above three million domestic crypto-traders. The news of Yahoo Japan’s investment showed up just after days when the financial regulator of the country ordered crypto exchanges; FSHO and Eternal Link, to stop operations due to inadequate KYC procedures. Similarly, another prominent acquisition happened this month – Monex Group announced that it struck a deal to acquire Coincheck exchange, as it went through a major hack at the beginning of this year.

After the Yahoo crypto news, Monex, which is known as a major Japanese online brokerage has confirmed its acquisition of Coincheck and was undeterred even with Coincheck getting lots of criticism for negligent-security procedures the whole year that led it to the mugging of $530 million of NEM tokens from its wallet.

Even with interruptions, SB, which is a Japanese banking giant is set to launch its own cryptocurrency exchange after firming up the security measures when the FSA is considering to ramp up its scrutiny of exchanges after the theft of Coincheck. Also, Messaging giant Line, that has a market cap of more than $9 billion and has almost 600 million registered users as well as 200 million monthly active users, has also filed an application with FSA in order to launch its own cryptocurrency exchange in Japan.

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