Crypto Guides, Knowledge & Insights

China Mulakan Sistem Pembayaran Gaji Dalam Yuan Digital

Pemberian gaji itu dapat dilaksanakan menggunakan teknologi blockchain, Xiong‘an Blockchain Payment Platformyang diusahakan hasil kerjasama antara Bank of China cawangan Hebei Xiong’an dengan China Xiongan Group Digital City Technology.　　Xiongan merupakan salah satu bandar pertama selain daerah Shenzhen dan Suzhou yang membuat ujikaji terhadap yuan digital ketika negara itu mengumumkan fasa pengujian matawang digital bank pusat (CBDC) pada tahun lalu.　　Bagaimanapun, Xiongan terlebih dahulu menjadi bandar pertama yang menguji pemberian gaji dalam yuan digital kepada penduduknya.　　Malah, wallet hardware juga telah dilancarkan pada Februari lalu bagi tujuan penyimpanan yuan digital. Ia dibangunkan oleh Agricultural Bank of China (ABC) dan dilancarkan di Xiongan New Area.　　Ketika Amerika Syarikat (AS) bimbang kewujudan yuan digital menjadi ancaman kepada dolar, China sejak April lagi sudah memberi penjelasan bahawa mereka tidak mahu aset digital ini menjadi ‘senjata’ menentang matawang itu. Sebaliknya mereka memberi jaminan penggunaan yuan digital hanya untuk kegunaan domestik sahaja.　　Pada masa yang sama, yuan digital juga tidak akan menggantikan perkhidmatan pembayaran digital daripada firma penyedia terbesar China seperti Alipay dan WeChat Pay.

2021-06-16Deep Dive

Hedge Funds Plan to Allocate 7% of Portfolios in Cryptocurrencies by 2026: FT Survey

Large hedge funds expect to increase their cryptocurrency holdings to 7% in five years, a recent survey conducted by the Financial Times concluded. This comes after the increased involvement from prominent names like Stan Druckenmiller, Paul Tudor Jones III, SkyBridge Capital, and more.　　Hedge Funds to Increase Crypto Holdings　　It‘s safe to say that 2020 was Bitcoin’s breakout year in terms of institutional adoption. The COVID-19 pandemic and the financial catastrophe it caused ultimately highlighted BTCs merits over most traditional investment tools, which attracted corporations and institutions that steered clear of it up until that moment.　　According to a survey by the FT, this will only increase in the next five years. Following a survey among officers from over 100 global hedge funds, the paper concluded that “executives expect to hold an average of 7.2 percent of their assets in cryptocurrencies in five years time.”　　Although the current holding numbers are unknown, the publication concluded that such an allocation would “represent a large increase” in funds put in various digital assets.　　Per David Miller, executive director at Quilter Cheviot Investment Management, hedge funds are “well aware not only of the risks but also the long-term potential” of bitcoin and other cryptocurrencies.　　However, analysts from the consulting

2021-06-16Deep Dive

Russian central bank ‘short-sighted’ regarding crypto, lawmaker says

A long-time member of the Russian State Duma has criticized the central banks approach to digital assets.　　A Russian State Duma member has blasted the central banks tough stance on the cryptocurrency industry for ignoring the growing demand for crypto in the country.　　Fedot Tumusov, a member of the “A Just Russia” party representing the Siberian region of Yakutsk, has criticized the Bank of Russias approach to regulating the crypto industry following a Tuesday plenary meeting of the State Duma.　　In a Tuesday Telegram post, Tumusov outlined the growing need to create an ecosystem that allows Russian residents to purchase cryptocurrencies like Bitcoin (BTC) amid increasing demand. The official argued that despite Russia enforcing crypto legislation earlier this year, the Bank of Russia has been negligent, refusing to authorize local banks to offer crypto investment services.　　Tumusov said that central bank governor Elvira Nabiullina has been speaking openly about the banks reluctance to deal with decentralized cryptocurrencies, focusing on a state-controlled digital ruble instead. “Reluctance or not, this will not change the situation. It is necessary not to struggle with the reality but rather to adjust to it, to respond to the challenges of the time,” Tumusov argued.　　The lawmaker noted that many countries around

2021-06-16Deep Dive

Bitcoin And Cryptos Are “Dangerous” And “Could Be Worth Nothing”, Bank Of England Boss Bailey Warns

Andrew Bailey, the Bank of England governor has said that the bank is focusing on stable coins which are backed by real-world assets and not on other crypto-assets which are “dangerous” and “could be worth nothing.”　　He said this during TheCityUKs virtual annual conference. According to him, crypto-assets like Bitcoin have extrinsic value but they are highly unstable.　　However, according to him, stable coins “have the potential to be systemic in terms of their importance for the financial system and its stability.” He added that stable coins can reduce lending rates and cause people to look elsewhere outside the banking system.　　A Central Bank digital currency rather than a crypto asset　　The bank supports a central bank digital currency that it says could enable anyone to make electronic payments. It says that the central banks digital currency could “make electronic money, issued by the Bank of England, available to all households and businesses.”　　The bank also notes on its website that such a currency should be introduced alongside cash and bank deposits instead of replacing them.　　But the bank has not launched any central bank digital currency. It is in the process of consultation on the same issue. It is likely therefore that they will issue

2021-06-16Deep Dive

NYDIG, FS Investments file for new Morgan Stanley-focused bitcoin fund

In March, Morgan Stanley became the first big American bank to offer its clients exposure to bitcoin through a trio of funds, one of which was jointly created by NYDIG and FS Investments.　　A new filing from the Securities and Exchange Commission (SEC) indicates that a fourth fund will be made available.　　Sakes connected to the FS NYDIG Institutional Bitcoin Fund LP have yet to take place, per the June 15 document, described as a new notice. The filing notes that Morgan Stanley “will receive certain placement and servicing fees with respects to clients it refers to the issuer, as disclosed to the applicable clients.”　　As detailed back in March, Morgan Stanley initially went live with its offering with two funds from Galaxy Digital and one from NYDIG/FS Investments. NYDIG and FS Investments formally announced a partnership that same month.　　CoinDesk reported on April 22 that the initial NYDIG/FS Investments vehicle, the FS NYDIG Select Bitcoin Fund LP, had attracted nearly $30 million from investors.

2021-06-16Deep Dive

Bitcoin Left Out Of SEC’s 2021 Regulatory Agenda

The US SEC has tabled a plan on how it will regulate the market this 2021, but the conspicuous exception of Bitcoin and other cryptos from the regulatory agenda is turning heads.　　Many hoped that the crypto industry would somehow feature in the regulatory agenda, especially now that cryptocurrencies like Bitcoin have gone fully global and achieved acceptance in numerous economic sectors.　　Interesting Shift Of Focus　　Instead, SEC plans to focus on regulating short-selling events, something that may be attributed to last years craze that affected GameStop and AMC Theatres. This apparent lack of focus on the crypto industry is interesting in that the SEC Chairman himself has been actively advocating for Bitcoin and crypto regulation.　　Gary Gensler, who is SECs new Chairman, was recently quoted as saying that cryptos are a volatile asset class and that the public needs protection in the way of regulation of exchanges.　　While Gensler agreed that some cryptos that are deemed securities fall under its umbrella, others like Bitcoin don‘t. However, the fact that they’re trading on publicly accessible crypto exchanges means that the public needs protection. This protection is not currently in force.　　Little Action By Congress　　The SEC chairman has been at the forefront in pushing Congress to adopt

2021-06-16Deep Dive

El Salvador Government Discussing Paying Salaries in Bitcoin

El Salvadors Minister of Labor and Social Welfare Rolando Castro says that the government is currently discussing whether companies should pay salaries in Bitcoin, according to Telenoticias21.　　The details about the new initiative remain scant, and its unclear how employers will be able to mitigate the cryptocurrencys volatility.　　The Ministry of Economy and the Ministry of Finance are jointly working on the issue together with the Ministry of Labor and Social Welfare.　　El Salvadors 2001 Monetary Integration Law includes Article 7, which states that all salaries are payable in dollars. The country replaced the Salvadoran colón with the greenback during Francisco Floress presidency.　　Last week, Congress passed President Nayib Bukeles groundbreaking Bitcoin bill with a supermajority vote, making El Salvador the first country to adopt the cryptocurrency as legal tender.　　Merchants will be able to price goods and services in Bitcoin, but the U.S. dollar will still be used as the reference currency for accounting purposes.　　El Salvadorians will also have an option to pay tax contributions in the flagship crypto.　　On top of that, the tropical nation plans to utilize geothermal energy generated by its volcanoes for mining.

2021-06-16Deep Dive

Time to Buy Bitcoin?

Time to Buy Bitcoin？　　There is blood running on the street of crypto at the moment. Lots of crypto traders are in a panic mood as their portfolio is heavily affected. But there is always opportunity in a crashing market as most people are fearful. This could be the best time to buy.　　According to Warren Buffet, “be fearful when others are greedy and be greedy when others are fearful”. There is fear in the world of crypto at the moment, which is another wonderful opportunity for the smart money to get involved in cryptocurrencies.　　Fundamentally, Tesla CEO Elon Musk made the world realize that the Bitcoin mining process is unsustainable when he removed Bitcoin as a means of payment on the Tesla platform. The market didnt receive the news on a good note as the price of cryptos dipped.　　A lot of people criticized his decision but he made it clear that the Bitcoin mining process is against what he and his company stand for. Tesla is an electric vehicle company that uses renewable energy to power their vehicle while Bitcoin is mined through a non renewable energy. That sounds contradictory.　　To sustain the mining process of Bitcoin, something has to be done.

2021-06-15Deep Dive

Breaking News in Crypto World and Market Forecast.

Breaking News in Crypto World and Market Forecast.　　1.0 Bitcoin Officially becomes a Legal Tender: El- Salvador emerges the First Country to adopt Bitcoin as official currency.　　　　The Latin America country El-Salvador has gone down in history as the first country to officially adopt Bitcoin as an official currency backed up by law for legal transactions within the country. Recall that during the Bitcoin conference 2021 at Miami, Florida, the El-Salvadorean President had initially announced that his country will consider accepting Bitcoin as a legal tender. Following this presidential declaration, the bill was immediately passed in the Congress. A week after the bill was passed, the President-Nayib Bukele came out to announce on June 9, 2021, that the Bitcoin Law has been officially passed in the Salvadoran Congress with a strong majority of 62 votes. 　　This definitely has gone down in history with El Salvador being the first country to officially accept Bitcoin (BTC) as a legal tender alongside USD in the countrys financial system. The Bitcoin Law is expected to come into effect in the next 90 days. 　　As a further back up, the President has revealed that he we will be meeting with the IMF (International Monetary Fund) in

2021-06-15Deep Dive

Runaway Concierge Coin Exchanges (CCC): Stop Sitting on the Fence Any Longer!

Concierge Coin Exchanges (CCC) announced that a new digital currency exchange was scheduled with the cooperation of heavyweights in this industry, aiming to create a pioneering business pattern, in the Token Galaxy Blockchain Conference opened at the U.S. Silicon Valley. However, CCC, an exchange people have pinned great hopes on, is not effectively endorsed.　　According to WikiBit, the rating of this exchange is very low with the status shown as air coins and a problem detected through the risk evaluation. In fact, CCCs craving for running away has come to light as its withdrawals have been unsuccessful since last year and Clipper, its financial APP, was officially closed in April this year.　　Zhen Liu, founder and CEO of CCC, has always been using varying excuses for prevarication and didnt respond to contacts in private. He hyped up CCC via chat groups, frequently changing from one to another and kicking group members out. His misconduct has led to the dispersion of investors, constituting obstacles on the path of safeguarding their legitimate rights and interests in the future.　　Similar to Zhen Liu, many so-called moguls in the cryptocurrency industry are swindlers good at disguising themselves. Please be alert to their identities and well-designed talks! You

2021-06-15Deep Dive

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