The major crypto exchange Poloniex started offering support for Tether’s stablecoin USDT on the Tron (TRX) blockchain, according to an official announcement. The latest cryptocurrency news published on April 19th showed that the US-based digital currency exchange Poloniex has added support for deposits and withdrawals of USDT within the Tron network.
The official announcement said:
“To support both versions, our crypto exchange Poloniex will be converting a percentage of Tether currently on the Omni network to Tether on the TRON network. The amount of USDT we receive in the airdrop will be based on the amount we convert. Once the airdrop begins, Poloniex customers will be credited based on the amount of Tether they hold on Poloniex. The airdrop is scheduled to begin on April 30th and more details will be provided next week.”
According to the announcement which went viral in the Bitcoin and altcoin news, the development will support Tether on both chains – the USDT issued on the Omni protocol and the Tron network. The crypto exchange Poloniex also said that their decision to support the new chain is reasoned by expanded flexibility it provides to the USDT platform.
In order to support the two issued versions, Poloniex will be converting a percentage of Tether which is currently on the Omni blockchain to Tether within the Tron blockchain. As Poloniex noted in the announcement:
“The amount of USDT we receive in the airdrop will be based on the amount we convert. Once the airdrop begins, Poloniex customers will be credited based on the amount of Tether they hold on Poloniex.”
Meanwhile, Tether started issuing USDT on the Tron (TRX) blockchain on April 17th – and this development has been an upgrade from the Omni protocol-based USDT. As the best cryptocurrency news sites reported, this would enable users to hold and transfer the cryptocurrency through smart contracts on Tron.
In December 2018, the crypto exchange Poloniex launched a dedicated offering for institutional traders and joined an increasing array of operators looking to service the institutional market. Before that, Poloniex explained then that the move had been taken in order to ensure that the exchange complies with the regulatory requirements in every jurisdiction.
However, this announcement did not refer directly to any specific regulations.
Binance Removes US Resident Ban: Launching In “A Month Or Two”
“3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
China’s Digital Fiat Currency Is Not A Real Cryptocurrency
“Since last year, the staff at the Digital Currency Research Lab have been working 996 to develop the system. We can say the CBDC is now ready to launch at one’s call," was his speech, later shared by many best cryptocurrency news sites.The CBDC with this aims to replace MO, meaning cash in circulation through a two-tier system. The central bank will issue the digital yuan only to commercial banks, who will further issue it to the public. Meanwhile the PBoC and its Digital Currency Research Lab are the ones standing behind China's digital fiat currency - along with more than 50 patent applications which are all either invented or co-invented by Yao Qian. One patent application reads:
“The emergence of digital currency is an inevitable trend. So far, privately issued digital currency bears the features of anonymity and volatility. Central banks must take their impacts on the payments, monetary systems and financial stability seriously. As such, it’s inevitable for central banks to push for digitized fiat currencies to optimize their circulation.”However, physical cash is still arguably the only form of fiat money inside China that can remain anonymous. We can see that China's digital fiat currency is not close to cryptocurrency - and the only third-party methods which are compared to bank wire can be offered by companies like Alibaba or WeChat - both requiring real-name verification authenticated by users' IDs as well as additional banking information.
“Existing M0 (banknotes and coins) are subject to counterfeit and money laundering risks. … The [CBDC] system should follow the existing rules about anti-money laundering and anti-terrorism financing imposed on cash, and should report to the PBoC on large amounts and suspicious transactions,” Mu emphasized in a speech.
Market With Mixed Signals As Ether And Bitcoin Record Minor Gains
XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis
"Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market."
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