China’s president Xi Jinping expands CBDC cooperation at SCO, Hong Kong’s crypto licensing costs surge, and Multichain is hacked yet again.
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China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival: Asia Express
Chinese president shills CBDCs
On July 4, Xinhua News Agency, China’s state broadcaster, published a transcript of President Xi Jinping’s address to the Shanghai Cooperation Organisation Summit (SCO). The SCO is one of the world’s largest regional organizations for political, economic and security cooperation, and was established by China and Russia in 2001.
During the speech, President Xi welcomed Iran as a full organisation member, and praised the move for Belarus to join. He also talked up the importance of central bank digital currencies (CBDCs):
“The Chinese side proposes to expand the share of local currency settlements of SCO countries, expand sovereign digital currency cooperation, and promote the establishment of SCO development banks.”
In January, the People’s Bank of China reported that there were 13.61 billion digital yuan (e-CNY) CBDCs in circulation, representing around 0.13% of the monetary supply. Since then, the CBDC’s use has expanded to the country’s Belt and Road Initiative, various consumer airdrops, and as a means of payment for everyday transportation. However, experts have warned that despite the constant promotion, the currency has struggled to gain traction.
On July 10, local news outlet East Money reported that a SIM card linked to the e-CNY CBDC will soon be available to Chinese consumers. Because the e-CNY CBDC digital wallet is embedded in the SIM card itself, individuals can pay for their phone bills via a point-of-sale machine even if their phone has no power.
China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival: Asia Express
China’s president Xi Jinping expands CBDC cooperation at SCO, Hong Kong’s crypto licensing costs surge, and Multichain is hacked yet again.
China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival: Asia Express
China’s president Xi Jinping expands CBDC cooperation at SCO, Hong Kong’s crypto licensing costs surge, and Multichain is hacked yet again.
China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival: Asia Express
Chinese president shills CBDCs
On July 4, Xinhua News Agency, China’s state broadcaster, published a transcript of President Xi Jinping’s address to the Shanghai Cooperation Organisation Summit (SCO). The SCO is one of the world’s largest regional organizations for political, economic and security cooperation, and was established by China and Russia in 2001.
During the speech, President Xi welcomed Iran as a full organisation member, and praised the move for Belarus to join. He also talked up the importance of central bank digital currencies (CBDCs):
“The Chinese side proposes to expand the share of local currency settlements of SCO countries, expand sovereign digital currency cooperation, and promote the establishment of SCO development banks.”
In January, the People’s Bank of China reported that there were 13.61 billion digital yuan (e-CNY) CBDCs in circulation, representing around 0.13% of the monetary supply. Since then, the CBDC’s use has expanded to the country’s Belt and Road Initiative, various consumer airdrops, and as a means of payment for everyday transportation. However, experts have warned that despite the constant promotion, the currency has struggled to gain traction.
On July 10, local news outlet East Money reported that a SIM card linked to the e-CNY CBDC will soon be available to Chinese consumers. Because the e-CNY CBDC digital wallet is embedded in the SIM card itself, individuals can pay for their phone bills via a point-of-sale machine even if their phone has no power.
China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival: Asia Express
Chinese president shills CBDCs
On July 4, Xinhua News Agency, China’s state broadcaster, published a transcript of President Xi Jinping’s address to the Shanghai Cooperation Organisation Summit (SCO). The SCO is one of the world’s largest regional organizations for political, economic and security cooperation, and was established by China and Russia in 2001.
During the speech, President Xi welcomed Iran as a full organisation member, and praised the move for Belarus to join. He also talked up the importance of central bank digital currencies (CBDCs):
“The Chinese side proposes to expand the share of local currency settlements of SCO countries, expand sovereign digital currency cooperation, and promote the establishment of SCO development banks.”
In January, the People’s Bank of China reported that there were 13.61 billion digital yuan (e-CNY) CBDCs in circulation, representing around 0.13% of the monetary supply. Since then, the CBDC’s use has expanded to the country’s Belt and Road Initiative, various consumer airdrops, and as a means of payment for everyday transportation. However, experts have warned that despite the constant promotion, the currency has struggled to gain traction.
On July 10, local news outlet East Money reported that a SIM card linked to the e-CNY CBDC will soon be available to Chinese consumers. Because the e-CNY CBDC digital wallet is embedded in the SIM card itself, individuals can pay for their phone bills via a point-of-sale machine even if their phone has no power.
China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival: Asia Express
China’s president Xi Jinping expands CBDC cooperation at SCO, Hong Kong’s crypto licensing costs surge, and Multichain is hacked yet again.
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Arkham on-chain ‘Intel Exchange’ labeled ‘snitch-to-earn’ by Crypto Twitter
Users who shared links to a waitlist for the Arkham service had their email addresses exposed on Twitter due to how the references were encoded.
BOE governor trashes crypto, stablecoins in favor of ‘enhanced digital money’
A retail CBDC or “enhanced” digital money would support the singleness of money and settlement finality, Andrew Bailey said, but crypto isn’t money.
Arcadia Finance hacker used reentrancy exploit, team demands return of funds
In a post-mortem report, Arcadia Finance developers said an attacker stole funds by liquidating a vault before it could perform a health check, interrupting the app's normal flow of operations.
US lawmakers allege CCP connection in calling for SEC, DoJ investigation of Prometheum
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From Thailand to South Africa, regulators tighten their grip on crypto: Law Decoded, July 3–10
South Africa’s financial regulator has announced that all crypto exchanges in the country must obtain licenses by the end of 2023.
Connext founder proposes 'Sovereign Bridged Token' standard after Multichain incident
EIP-7281 will allow token issuers to list official bridges and limit the rate at which they can mint tokens, potentially limiting losses from bridge hacks.
Connext founder proposes 'Sovereign Bridged Token' standard after Multichain incident
EIP-7281 will allow token issuers to list official bridges and limit the rate at which they can mint tokens, potentially limiting losses from bridge hacks.
Parliamentary report recommends Canada recognize, strategize blockchain industry
“Canada punches above its weight” in blockchain innovation, parliamentarians conclude, but lots more should be done to encourage the industry.
A no-fail trade? Bitcoin traders who dollar cost average are profitable
Investors who have dollar-cost-averaged into Bitcoin over time are profitable regardless of when they began implementing the strategy.
A no-fail trade? Bitcoin traders who dollar-cost average are profitable
The weighted average cost of purchased Bitcoin recently reached a level signifying that all investors who have consistently dollar-cost averaged into the leading cryptocurrency are now in the black, regardless of how long they have been holding.
This news comes despite the price of Bitcoin, as measured in U.S. dollars, still being down by over 50% from its all-time high of around $69,000.
And yet, many financial pundits in the space still cling to the notion of Bitcoin’s (BTC) entire existence and market cap of nearly $600 billion being based on a Ponzi scheme of some sort. Others continue to deny that saving in the hardest form of money ever known has, so far, been an excellent investment thesis — one that has outperformed all others.
Yes, there may be risks. And yes, volatility definitely comes with the territory. But looking at such factors in a vacuum does not make for adequate analysis of any investment. The alternative strategies available must be taken into consideration, along with other variables such as:
What is the current macro environment, and how might it change going forward? What impact might this have on different asset classes and their performance?What risk/reward ratio does one strategy offer in comparison to others?Can diversification lead to an optimized risk/return profile, or does YOLO’ing all-in provide better returns?These are just a few potential questions that could be worth investigating when it comes to arguments against dollar-cost averaging (DCAing) into BTC for the long term.
Social media discussions play a crucial role in influencing crypto returns: Study
A team of researchers at Pennsylvania State University recently analyzed to determine whether attitudes and emotionality surrounding cryptocurrency could help predict returns. What they found may stand in stark contrast to related financial markets.
According to the team’s research paper, social media plays an outsized role in adoption and activity rates while cryptocurrency journalism isn’t a great predictor of market movement:
“Our findings indicate that social media sentiment significantly predicts crypto returns, while sentiment from news media does not.”
The researchers used natural language processing to analyze millions of financial news articles and social media comments and generated sentiment scores along 53 topics and attention metrics for over 300 cryptocurrencies.
They then compared the ground truth returns over a given period of time to the coinciding news and social media sentiment.
Social media discussions play a crucial role in influencing crypto returns: Study
The researchers also determined that “news sentiment” is a much less effective predictor of cryptocurrency returns.