The crypto news in China are always showing ups and downs. Earlier this year, Binance announced a fiat on-ramp for crypto trading through the Chinese payment services Alipay and WeChat. The move was part of the exchange’s plan for making most of peer-to-peer (P2P) trading for cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and Tether (USDT) against the Chinese yuan. Now, Alipay denounces Bitcoin OTC trading and makes huge waves in the industry.
Using payment channels like Alipay and WeChat for crypto trading is what is a main topic of scrutiny in China. Alipay did, in fact, release statements and distanced itself from crypto trading activities – and Binance later clarified that it wasn’t working directly with the aforementioned payment services.
As Alipay denounces Bitcoin OTC trading, the situation and narrative around it speak to the legal status of Bitcoin and cryptocurrencies in China. Even with a major trading ban in place, there are still whispers of a potential booming P2P arena. As it stands, authorities in Beijing are seeming to adopt a “see no evil, hear no evil, speak no evil” approach.
The cryptocurrency regulation news also show that Chinese businesses and authorities want to stop these things from happening. Moreover, it seems like the country’s proposed digital currency might necessitate the emergence of more clear-cut handling of the crypto commerce in China.
As we previously reported on our news site, the Alibaba-owned payment channel Alipay has moved and banned transactions involving Bitcoin and other cryptocurrencies. A spokesperson for the platform then wrote:
“Alipay closely monitors over-the-counter (OTC) transactions to identify irregular behavior and ensure compliance with relevant regulations. If any transactions are identified as being related to bitcoin or other virtual currencies, we immediately stop the relevant payment services.”
This statement came in direct response to reports that Chinese crypto traders were using the platform as a P2P trading marketplace. This even led to Binance announcing that it had enabled support for fiat deposits via Alipay and WeChat.
As Alipay denounces Bitcoin OTC trading and denies the use of its platform for that type of trading, several commentators say that this practice is common in China. The summary of the arguments posted by many is that such activities are illegal on paper but still fall in a regulatory gray area.
US Federal Reserve Will Print And Inject $425 Billion This New Year
“The Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York has released the schedule of repurchase agreement (repo) operations for the monthly period from December 13, 2019 through January 14, 2020,” the statement from the US Federal Reserve reads.As it continues, the Fed confirms the following:
"In accordance with the most recent FOMC directive, the Desk will conduct repo operations to ensure that the supply of reserves remains ample and to mitigate the risk of money market pressures around year end that could adversely affect policy implementation.”Right now, repo offerings by the US Federal Reserve are scheduled to be set in place on December 31 and January 2 with a valuation of $150 billion. By the January 14 deadline, the minimum that the Fed expects to generate is $425 billion as per the report.Even though moves like these are common, they are certainly involving conjuring vast new liquidity based on zero backing which is basically money printing without the physical printing of any money. This is why critics have long hailed the policy as an example of the failure of central banks to "manage" their economies.One Bitcoin news advocate known as Rhythm recently commented on the news about the US Federal Reserve printing and injecting $425 billion and said that the amount is over three times the size of Bitcoin's market cap. Ironically, he said that "everything is fine" but did not mean that.https://twitter.com/Rhythmtrader/status/1205612768709222401Meanwhile, recent reports showed that the US national debt is now at $23 trillion since November, which is around $12 million for every Bitcoin that will ever exist.
New European Regulations Force BTC Service Bottle To Shut Down
Lagarde Suggests ECB Has To Set Objectives For Digital Currencies
‘’Are we trying to reduce costs? Are we trying to cut out the middleman? Are we trying to have inclusive finance at no cost? There is a whole range of objectives that can be pursued.’’Lagarde admitted to the increased demand for stablecoins ignoring Bitcoin and referred to the interest shown by the Canadian and British counterparts as well:
‘’My personal conviction is that given developments we see, not so much in bitcoin but in stablecoins projects… we’d better be ahead of the curve because there is clearly demand out there that we have to respond to.’’Last month, the bank was thinking about launching a digital currency and the proposal was a part of the new draft that seeks to ban the high-risk crypto projects. At that time, a target for ECB was Libra and the global digital currency projects developed by some entities such as Facebook which have been repeatedly criticized by European leaders. With a digital currency that will be parallel to the euro, the consumers will have a cheaper means of payment option and this will also have a huge impact on the bank’s fiscal policy. The Central bank will also be able to inject funds into the economy to achieve inflation targets which the ECB left unchanged so far.
SEC Charges Shopin Founder For Its ‘Fraudulent’ $42 Million ICO
“As alleged in today’s action, the SEC seeks to hold Eyal and Shopin responsible for scamming innocent investors with false claims about relationships and contracts they had secured in support of a blockchain-based universal shopper profile [...] Retail investors considering an investment in a digital asset that meets the definition of a security must be afforded the same truthful disclosures as in any traditional securities offering."Furthermore, he also told the public that Eyal lied about having forged partnerships with established retail outlets when in fact no such partnerships existed. The SEC also claims that Eyal misappropriated investor funds to pay for personal expenses. The SEC charges Shopin for this and the complaint clearly states:
“Eyal used over $500,000 of investor funds for expenses such as his rent, retail shopping, entertainment, tickets to philanthropic events, and a dating service, but omitted to disclose to investors that he would use any proceeds for his own benefit.”The official charges show that Shopin was violating the anti-fraud and registration provisions of the federal securities laws. For that, it is seeking injunctive relief, disgorgement with prejudgment interest as well as civil money penalties.
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