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Venezuela’s President Nicolas Maduro has authorized the opening of a casino at a luxury hotel in Caracas where bets must be placed in petros, the country’s national oil-backed digital currency. Several cryptocurrencies and fiat currencies can be exchanged into petros to wager in the casino. The proceeds are expected to be used for healthcare and … Read more
The China Foreign Exchange Trade System (CFETS) announced that effective January 1, 2020, the system “will adjust weights for CFETS RMB Index,” decreasing the weighting of the USD for the second time in the currency basket’s history from 22.40% to 21.59%, and increasing the Euro from 16.34% to 17.40%. The change could signal further disassociation … Read more
An official at China’s central bank says that the digital form of the yuan will be different from Bitcoin and stablecoins Go to Source Powered by WPeMatico
Longest-serving PBoC governor says China will continue to focus on its digital yuan as a mechanism for domestic retail systems and payment Go to Source Powered by WPeMatico
Yichuan Rural Commercial Bank, a lender operating in the central Henan province, has become the latest Chinese bank to be bailed out by the government this year. The small financial institution, which has around 30 branches only in the Yichuan county, experienced a bank run sparked by rumors that its top management was in trouble … Read more
In the wake of China’s recent decision to push blockchain adoption across its borders, industry experts speak out Go to Source Powered by WPeMatico
Blockchain development has kind of become an element of the party line in the world’s largest officially communist state. The General Secretary of the Communist Party of China, Xi Jinping, recently told a Politburo meeting that the People’s Republic has to gain an edge in the emerging field. Some say Xi’s statement brought back the … Read more
Tether announced that is launching a new stablecoin pegged to the offshore Chinese yuan Go to Source Powered by WPeMatico
Weakening Chinese yuan leads to higher Bitcoin prices and Asian premium Go to Source Powered by WPeMatico
Bitfinex shareholder Zhao Dong claims Tether will release a version of its stablecoin pegged to commodities such as gold, crude oil and rubber Go to Source Powered by WPeMatico