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Blockchain Textbook Guide Has Just Been Published By China

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Blockchain textbook

A blockchain textbook guide has just been released by China where you can learn all about blockchain technology and cryptocurrencies. The readers can also learn about their future usage and potential impact on the world despite the fact that trading is banned in the country for years, so let’s read more in the blockchain news below.

China’s Communist Party just released the second printing of the blockchain textbook guide according to a recent report and it shows that the book is about 200 pages long and consists of 23 different articles. Some of the topics include all of the technical aspects such as artificial intelligence and blockchain but also provide information on monetary systems, finances, and cryptocurrencies. It also acknowledges the digital assets placing them right on the cover since the digital currency is inevitable in the course of history.

This book comes as guidance for China’s planned state-backed cryptocurrency and it was announced last year and it could be launched in November 2019 but will arrive later. Some of them consider that the country didn’t actually know how to use a digital currency which is the reason behind the delay. According to the report, the blockchain textbook guide will provide officials with the needed information for clarification of the coin’s future purpose. The People’s Republic of China had its fair share of blockchain history over the years and most of the world was paying more attention to crypto while China decided to ban crypto trading.

Since then, the community considered China to be against crypto but in October last year, President Xi Jinping urged the citizens to start embracing blockchain technology which had a serious impact on Bitcoin’s price. The officials quickly made sure that there’s no misconception about it so the country introduced a new regulatory update saying that cryptocurrencies are still illegal, staying true to their ‘’blockchain and not Bitcoin’’ attitude. The publishing of the handbook guide on both topics is regarded as a move in the right direction but it could also be solely related to the nation’s upcoming state-backed digital asset that has been under development in the past year.

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Blockchain Dispute Resolution Firm Listed On London’s Stock Exchange

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The Main Market of the London Stock Exchange now lists a new blockchain dispute resolution firm which uses smart contracts to manage arbitration and dispute resolutions around transactions. As officially announced on January 17, the firm intends to list on the LSE.Proof of Trust Ltd. is the name of the business and even though it did not give any financial details or timetable for the listing, the CEO Dean Armstrong said that the company was excited at the prospect of the listing and “look[s] forward to providing investors with the opportunity to share in this groundbreaking project."Additionally, the blockchain dispute resolution firm describes its proprietary technology in the crypto news as one that stands to be the first-ever "insurance protocol for blockchain transactions and smart contracts." As it stated:
"The Proof of Trust owns the worldwide patents to a protocol which facilitates clear dispute resolution based upon smart contract disputes which are highly efficient both in terms of speed and use of resources."
The system also delivers an anti-collusion algorithm which ensures the authenticity of the data used to execute smart contracts. Proof of Trust claims that the protocol has come to the attention of major governments and corporations globally and has been presented to a number of prime ministers.Now, the blockchain dispute resolution firm is probably going to gain more respect after it decided to seek a listing on the LSE and similar exchanges. The truth is, the crypto industry has long suffered from a poor reputation in the traditional financial circles and the lack of regulation during the ICO boom did nothing to alleviate this.The blockchain news now show that more and more crypto firms are choosing to go down the more traditional route and have an initial public offering (IPO) of shares on a major stock exchange. The first firm which did that on the LSE has been doing pretty well - Argo Mining has added 1,000 new mining machines and had seen its share price almost triple since May 2019, reaching £9.50 ($11.85) per share. Even though the price dropped back, it is still strong standing at £7.15 ($9.32) per share.The market news show that there might be a bullish run soon and that BTC could finally reach the $10,000 mark.
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YouTube Purge Comeback: Davinci Reports His Channel Was Blocked Again

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The YouTube purge is back after it became an important topic in the last days of 2019, but it looks like it could be still in duration. Another well-known cryptocurrency YouTuber has lamented that he received a strike on a live stream video recently and his ability to upload new content was removed as we are reading in the latest cryptocurrency news.During Christmas time in 2019, the most talked topic in the cryptocurrency community was the YouTube purge. The content-sharing platform that is owned by Google began striking, removing videos and deleting accounts that were related to cryptocurrencies. The number of influenced influencers quickly increased, however, the issue was solved in a few days, supposedly. Furthermore, YouTube claimed that it was a huge misunderstanding, that happened because of a mistake, and the videos were allegedly restored.But it looks like things had not changed i.e. things are not back to normal. DAVINCIJ15 well-known crypto YouTuber, claims that he had received another strike on his last live stream video. Although he thinks it is a mistake on the platform’s behalf, he says that he cannot upload or stream any content. The crypto community demonstrated notable support during the first stages of the Purge. The same thing happens again, as a multitude of people shares the post and comment on the subject. One of the well-known defenders is The Moon Carl who in an interview with Cryptopotato asked on the matter is he afraid that the YouTube purge could return he said:
 “Yes, of course! The fact that it happened once shows that it’s completely possible again in the future. However, I don’t think it’s likely that my channel receives any strikes again in this specific purge, because I was reinstated after manual review. But, I think it’s important just to realize how much power YouTube has over YouTubers.”
Also, there are a lot of people that think about the content sharing platform that is owned by Google, as a power monopolist, which is bad for the content creators. They have over and over again emphasized decentralized media sharing platform as a good alternative. Which lacks the centralized part of authority, which will eliminate the ability to ban or delete videos on the concrete topics, such as cryptocurrency.
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Bithumb Filed Complaint Against The National Tax Service

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The well-known and the biggest South Korean cryptocurrency exchange, Bithumb filed a complaint with the Tax Tribunal against the National Tax Service (NTS). The crypto exchange company wants the Tribunal to nullify a tax for nearly $69.3 million, which was imposed by the National Tax Service (NTS) on Bithumb’s customers as we are reading further in the blockchain latest news.At the end of 2019, the National Tax Service (NTS) imposed $69.3 million of withholding tax on the customers of Bithumb according to a certain report. Then this was the first case where the South Korean authorities had taxed crypto transactions.The well-known exchange expressed that it will take legal actions towards the decision of the National Tax Service (NTS), and it looks like they have fulfilled their promise. Earlier this day, South Korean news reported that Bithumb filed a complaint with the Tax Tribunal. The crypto exchange claims that the needed taxes are already paid by them and that the National Tax Service (NTS) request is without any ground. An official from Bithumb spoke on the issue:
 “We paid the full amount and have since been preparing for arguments. We believe we will be given a chance to clarify our stance in court.”
The withholding (retention) tax must be paid to South Korea by the payer of the income and not the recipient. The Tribunal has to bring a decision on the case in a deadline of 90 days. The defense of Bithumb is grounded on the fact that cryptocurrencies are still not recognized as currencies by the South Korean law, and that authorities should not tax them based on that.This is where the arguments crash. The National Tax Service (NTS) considers that the gains withdrawn in Korean Won from foreigners must be taxed. But experts on the issue are supporting the argument of Bithumb, that cryptos are not still regulated under the tax laws of South Korea. An adviser to the Financial Supervisory Service, Choi Hwoa-In Supposedly talked about this:
“Bitcoin under the current law is not an asset. It is clear and simple. The Ministry of Economy and Finance already made that clear. The NTS pushing ahead with the tax imposition is baseless and groundless, especially since it is still awaiting the ministry opinion on the same matter it sought again.”
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Nakamoto LTD Insurance For Custody Accounts Launched By Gemini

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Today, the US Exchange Gemini by the Winklevoss twins, launched Nakamoto LTD, a captive insurance company that will serve the custody accounts according to the reports that we have in our cryptocurrency news.The press release says that the announcement explains that with the coverage of up to $200 million for offline storage but it is the largest purchase by any other crypto custodian across the globe. The insurance company is called Nakamoto LTD and is licensed by the Bermuda Monetary Authority and the company worked with the insurance brokers Marsh and Aon to set up the platform in Bermuda which is a commonplace to set up a business because of the favorable tax conditions.The latest risk-mitigation development of Gemini, gone to great lengths to ensure compliance with the US regulators and security for the client base and it now offers the clients the opportunity to purchase additional insurance for the separated crypto assets along with the hot wallet coverage for the funds to be kept online. The US dollars that are held on the Gemini platform are covered by the Federal Deposit Insurance Corporation which is a ‘’pass-through’’ deposit insurance for up to $250,000 per customer. This kind of insurance is American federal-level insurance which covers all of the qualified accounts.Aon serves as the captive manager and Marsh’s Digital Asset Risk Transfer team worked for the broker excess insurance from the commercial markets. It is evident that the self-insurance funds are now much more common in the crypto exchange and it is welcomed by the crypto community since it provides some assurance to the users that their funds are safer from theft. Binance divers a share of the trading fees into the self-managed insurance fund that is called SAFU which was used to cover the individual losses when the exchange got hacked last year.The captive insurance operates separately from the company of which it operates and these companies are formed by larger firms as a means of formalizing the self-insurance. Rather than purchasing insurance policies with the help of third parties, a company can choose to self-insure against the losses by setting up a fund. Gemini is now a subsidiary that provides risk mitigation services that will cover the financial losses that are not dissimilar to an external insurer.
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