The creator of Litecoin Charlie Lee declared that he is now mostly focused on making his major cryptocurrency more fungible in the next period and this is what we are reading today in our altcoin news today.
Lee tweeted that making the cryptocurrency more fungible is ‘’the only property of sound money that is missing from Bitcoin and Litecoin’’ while adding that the next war will be going on for privacy and fungibility.
He concluded in the tweet that he wants to focus on implementing private transactions by saying:
“I am now focused on making Litecoin more fungible by adding Confidential Transactions.”
When replying to another tweet in the same thread, Lee made clear that the confidential transactions could essentially be added to Litecoin through a soft fork. This means that a modification will be made in the cryptocurrencies’ source code that won’t lead to the division of blockchain as it happens with a hard fork.
Lee also noted that the update will be implemented sometime in 2019 but he was not precise with the date.
To make clear, fungibility means the property of money that implies that every asset’s unit has the exact same value as any other asset that has the same unit or it is from the same kind. Bitcoin’s fungibility, for example, has been questioned before because particular bitcoins became involved with criminal activity which can eventually lead to a decrease in value.
The privacy coins such as Zcash or Monero were created with a purpose to improve the perceived issues that Bitcoin and other major altcoins have such as low level of anonymity and fungibility.
Russia’s Central Bank Looks Into The Pros And Cons Of CBDC
“CBDC de facto cannot provide the same level of anonymity that is provided by cash. This is certainly an advantage for regulators, but can be considered a disadvantage by users, not only those who are involved in suspicious activities, but those who are concerned about privacy.”Russia’s central bank also pointed out that central bank digital currencies can compete with commercial bank deposits when there is low inflation and not so high-interest rates. CBDCs can also become almost equal to cash but only in cases of providing liquidity and ease of use. As previously explained in almost all of the best cryptocurrency news sites, central bank digital currencies are digital currencies issued by a central bank. They have the status of a legal tender but also have elements of centralized money. Despite Russia’s central bank, the World Economic Forum also released a report claiming that there are about 40 global central banks that plan to use CBDCs. Some of the central banks interested include the Bank for International Settlements and the State Bank of Pakistan.
SBI Holdings Removes BSV But Not As A Part Of The Delisting Campaign
“It is true that we do have a business relationship with Mr. Craig Wright through our partnership with nChain. However, our decision to delist Bitcoin Cash (ABC) is unrelated to the delisting of Bitcoin SV by several non-Japanese exchanges.”SBI Holdings made clear that the BCH delisting was premeditated and a decision was brought after a long consultation with the Japanese Virtual Currencies Exchange Association. The decision comes at a time when BSV is reaching almost all headlines in every best cryptocurrency news sites but the company states it is a coincidence. As of press time, Bitcoin Cash is trading at 3.2 percent lower at $299 while Bitcoin Satoshi Vision is trading around $59 despite the massive delistings.
Renminbi Chinese Currency To Officially Become A Cryptocurrency
“It’s not really necessary to do that [to ban exchanges and mining] because in 20 years we are not going to be using bitcoin in China. Chinese people will use the RMB, only the RMB will become a cryptocurrency. The central bank of China will turn it into a digital currency.”Tapscott also gave a long explanation on decentralized exchanges as all of the best cryptocurrency news sites reported. He explained the Initial Coin Offering ban in the country and said that the government has a harsh stance towards using digital currencies. He suggested that decentralized exchanges should outperform the centralized ones since they have the ability to be more transparent and can identify ‘’bad behavior.’’ All assets, including the Renminbi Chinese currency, should join the decentralized exchanges according to Tapscott. The Chinese authorities are discussing the possible ban on crypto mining. The National Development and Reform Commission (NDRC) added crypto mining on the revised list of industrial activities. The agency believes that the crypto activities don’t provide safe production conditions. However, the country is a huge player in the bitcoin market since the Renminbi Chinese currency is often traded against the number one cryptocurrency. China is also one of the largest bitcoin mining pools owner. Bitmain for example, in 2018 operated about 11 mining farms in China so he was affected by the national agency’s reported plans. As for the blockchain technology, China is also among the places in the world with the largest number of blockchain projects. There are currently more than 264 projects. This is also one of the reasons why the Renminbi Chinese currency should become an official cryptocurrency.
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