The banking giant from Japan, Mizuho Financial Group is in our blockchain news today after the announcement for the launch of their yen-pegged stablecoin for payment services that was reported by the local newspaper Nikkei Asian Review.
Mizuho Financial Group partnered with more than 60 counterpart financial institutions that all of them combined to host 56 million user accounts. The new stablecoin ‘’J-Coin’’ will work as a direct link for the existing bank accounts with the digital wallets.
The bank reported over $1.8 trillion in assets as of December 21, 2018. The stablecoin will be managed by a mobile app using a QR code that will help to complete the retail payments. Also, the stablecoin will be used as a digital stablecoin fixed at 1 yen per unit and the transfers to the wallet will be set to zero fees.
The CEO of Mizuho, Tatsufumi Sakai explained that:
“The arrival of all these new entrants [into the digital payments space] is eroding the common-sense notion that payment services are provided by financial institutions.”
The J-Coin wallet users won’t have to bother with credit checks and the services will be provided even for users under the age of 18. Mizuho is also in negotiations with multiple convenience stores such as FamilyMart, Bic Camera which is an electronic retailer and East Japan Railway transport company. It is expected for more than 300,000 stores to sign up which is about 6.5 million users.
Mizuho is also trying to partner with one of the largest online stores Alibaba’s Alipay that will potentially help J-Coin to gain even more attraction. Merchants will be eventually charged with lower transaction fees than the credit card services do.
Venezuelan President Mandates New Petro-Financed Housing Scheme
“We tell President Nicolás Maduro that we continue to follow his instructions, moving forward and giving concrete samples when delivering homes, and the next milestones will be with Petro and the homes will be more protected by this mechanism.”Another member of the Venezuelan government was in the altcoin news. Joselit Ramirez, who is the superintendent of virtual currency in the country, praised the department and its confirmaiton that it will adhere to the Petro Incentive plan. He described the department as “a bastion of transformation of the entire national economy" and stated that this program will allow private investors to finance the construction of public housing through the stock market with 4,000 houses set to be constructed. This announcement was featured on many best cryptocurrency news sites and local news sites portraying the Venezuelan president as an authority leading the scheme. The announcement also comes 15 months after the government in the country and its desired to finance public housing using Petro cryptocurrency was first reported. As the coming altcoin news show, the financing initiative approved by the Venezuelan president Maduro is the latest attempt of the government in the country to cultivate Petro adoption via executive mandate. Earlier this month, the Bank of Venezuela launched an online portal which aim is to facilitate Petro wallet registrations. The announcement followed an official order from the Venezuelan president Nicolas Maduro in July - which demanded that the country's central bank must provide support for Petro. At the end of August 2018, Maduro ordered banks throughout Venezuela to accept the oil-backed virtual currency as a unit of account.
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BitMEX CEO Arthur Hayes: ‘Traditional Traders Are Under Pressure’
“Some of the practices in our market are going to be mimicked in traditional trading [...] All these things about being somewhere and trading something and physically reconciling records is all going to go out the window. Once you get away from that and understand that everything will be digital in the next 10 years, you realize that Bitcoin isn’t such a strange idea.”It remains to be seen how labor organizations which were crucial in the adoption of weekends, the 40-hour workweek and mandatory break - will respond to the claims of the BitMEX CEO Arthur Hayes and especially if his prediction passes. On September 18 and before this, the CEO of BitMEX was in the news for predicting that Bitcoin (BTC) could soon shoot to $20,000 as a result of emergency measures from the United States Federal Reserve. The comments by Hayes came right after the Federal Reserve swooped in and decided to decrease interest rates on some loans which reached more than 10% or four times its target. More than $53 billion was pumped in the economy through the quantitative easing (QE) measures.
“QE4eva is coming. Once the Fed gets religion again, get ready for #bitcoin $20,000,” the BitMEX CEO Arthur Hayes tweeted back then.The latest Bitcoin and altcoin news show a new correction on the market. The total market cap is now at $267 billion and Bitcoin is again below $10,100.
Upbit Exchange Delists Privacy Coins Including Monero, Dash and Others
“There are also crypto-assets that can selectively utilize anonymity features among projects that are subject to end of transaction support. For these crypto-asset, Upbit has only supported transparent withdrawal/deposit support. Nevertheless, the decision to end trading support for the crypto-asset was also made to block the possibility of money laundering and inflow from external networks. Upbit will continue to consider crypto-asset that represent anonymity functions as candidates for designation of investment warning crypto-asset.”Now that Upbit exchange decided to delist the privacy coins, the coming altcoin news show that coin prices are starting to drop. According to Messari analytics, the Zcash price dropped over 50% since July 1 joined by Monero, which has been down near 20% over the same period. Still, the exchange delistings and price drops have not necessarily slowed privacy coin tech development. Over the past month, the Electric Coin Company by Zcash released Halo which is the long-awaited zk-SNARK which can verify a single blockchain in one proof.
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