In today’s digital currency news, Litecoin gets a slight price boost after Gemini’s announcement that customers can now deposit Litecoin into their Gemini accounts. The announcement was made on Friday, October 12.
Gemini’s VP of engineering noted that traders can now make transactions using Litecoin. This was yet again a strategic step for the major exchange in order to make the platform the best trading and exchange platform in the world.
As an original fork of Bitcoin, Litecoin is widely traded and its goal is to proliferate the use of cryptocurrencies in daily transactions. The goal is to make this cryptocurrency similar to traditional banking methods but with one major difference and that is a cheaper transaction.
Being listed on the Gemini marketplace, litecoin will be close to Wall Street giants that will also increase how this coin is interacting with fiat economy. Also, there’s a slight liquidity spike as well.
As for the price, following the listing on Gemini, the coin increased in price by about 2 percent and it’s now trading at $53.53.
This is great news for Litecoin since Gemini’s user base is constantly growing and many institutional investors and retail ones are looking into it. They appreciate this major exchange because it is highly regulated.
Gemini’s VP Eric Winer said:
“Though we have a steady increase into our user base and have plans to take on more cryptocurrenciess, we still continue to grow with a “security-first” approach. We have worked closely with the appropriate regulatory bodies to gain approval for litecoin trading and custody service and we are excited to provide our customers with a safe, secure, and compliant method to buy, sell, and store these digital assets.”
Gemini also plans to offer support for Bitcoin Cash as well in the near future.
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
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"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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