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China’s Digital Fiat Currency Is Not A Real Cryptocurrency

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As the latest cryptocurrency news this month hinted, China may be about to launch a fiat digital currency with which the country will probably compete with Bitcoin. However, the expert analysts found that China’s digital fiat is not actually a real cryptocurrency and will only resemble one on the surface.

Aside from this, the coin won’t use a blockchain, too. Even though it is inspired to some degree by Bitcoin and the like, the effort will be explicitly framed as a strategy in order to beat them back.

The altcoin news show that China’s digital fiat currency came with a project that was thrust into the spotlight last weekend, when a senior official from the People’s Bank of China (PBoC) said at a closed-door conference that the country and its central bank digital currency (CBDC) is ready to launch.

“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.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Namecoin Market Capitalization Reaches $8.61 Million

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The Namecoin market capitalization reached $8.61 million and more than $3,1333.00 worth of the coins were traded on exchanges in the past 24 hours. Namecoin traded 0% against the US dollar during the one day period which ended on February 16th. One namecoin can now be bought for $0.58 or 0.00005686 BTC on a few exchanges including C-Patex, Cryptopia, and WEX. Over the past few days, Namecoin was trading up 2.6% against the dollar and the namecoin market capitalization reached $8.61 million. Namecoin NMC cryptocurrency started trading 14.2 percent lower against the US dollar during the 1-day period and over the past week, Namecoin has traded 15.4 percent lower against the US dollar. Namecoin has a market cap of $7.23 million and about $7,305.00 worth of coins traded on exchanges in the past day as we are reading more in the Namecoin news today. One Namecoin NMC coin can be purchased now for about $0.49 or 0.0000498 BTC on crypto exchanges including Altcoin Trader, Cryptopia, YoBit, and C-Patex. Namecoin NMC is a proof-of-work coin that uses the SHA-256 hashing algorithm and Its genesis date was April 13t, 2011. The total supply of the coin is 14,736,400 coins and the official Twitter account is @namecoin and the Facebook page is extremely accessible. In the recent altcoin news, we can see that, the popular crypto researcher and analyst Willy Woo posted on Twitter about his opinion on the type of altcoins of interest to investors and regardless how nuanced the altcoins are or manifested as protocol coins, utility coins and non-fungible coins, the only two types that have actual relevance to investors as Degenerators and Oscillators. On the other hand, there are only a few Oscillators and one of the most surprising examples of such a coin is Dogecoin (DOGE). The cryptocurrency was made as a joke and is now ranked at number 30 by its market capitalization and is considered as an Oscillator. Woo says that Dogecoin proves the store of value properties and to qualify, the coins have to keep up with Bitcoin/USD gains. In order to find oscillators, the coin has to oscillate around a horizontal line for at least one full bull-bear cycle which is around every four years but more than one cycle is better.
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Crypto Books Are Still Best Sellers On Amazon For 2020

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Despite the fact that there’s still no sign for an Amazon cryptocurrency, crypto books are best sellers for 2020 as we are reading further in the coming altcoin news today. Cryptocurrencies are still a major trend in 2020 and the entire market capitalization once again reached $300 billion which was seen six months ago as well. What is most interesting is that it’s not just the price of Bitcoin that is increasing over time since the altcoins are exploding as well. Of course, when the prices of altcoins increase, it increases the retail interest as well. Crypto books are now again in the mainstream while the Google searches are going up as well. Plenty of bitcoin and crypto books are trading and are reaching Amazon’s best-seller list for 2020. Maybe with the ever-increasing popularity, the online retail giant will consider the amazon cryptocurrency again. Amazon is the largest retailer in the world and it is the biggest marketplace for books and e-books. Writers across the world are using this platform to market their writings and to reach a bigger audience. More than 20 percent of the books are related to bitcoin and cryptocurrency. The author of one of the books, Nik Patel, recently ranked #3 on the list but it is also worth noting that the list is updated every hour but the number of books is still notable. This shows that there’s a lot of interest from retail investors as well. As the prices of crypto increase, the interest in investing in crypto also increases every day. These investors are referred to as retail because they don’t have specific knowledge on the matter and they don’t classify as institutions. As per the recent altcoin news reports, the ‘’buy bitcoin’’ key phrase surged to a new high last seen in June 2019 which is a very important price level because it shows interest in buying Bitcoin rather than learning more about it. Bitcoin searches are also increasing and this is only an indicator that people follow the price of the altcoin. Cryptocurrencies are charting a lot of gains since the start of 2020 and they show no signals of slowing down. Most of the major altcoins received double-digit profits since the start of the year.
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CommerceBlock CBT Reached $4,030 In Daily Trading Volume

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CommerceBlock CBT was trading down for 23.3% against the dollar throughout the 24-hour period that ended at 22:00 PM ET on February the 16th as we are reading more in the commerceblock news today. One CommerceBlock CBT token can be at this time bought for around $0.161 or 0.00000160 Bitcoin (BTC) on exchanges like OKEx, Gatecoin, IDEX, and Mercatox. CommerceBlock has a market capitalization of $2.81 million and about $4,030 of CommerceBlock was traded on exchanges the last one day period. In the last week, CommerceBlock was traded down 20.7% against the US dollar. The date of the launch of CommerceBlock was the 19th of December, 2017. The total supply of CommerceBlock is 743,256,686 tokens and the circulating supply is 174,866,686 coins. The official Twitter account of CommerceBlock is @commerceblock. CommerceBlock’s official website is www.commerceblock.com. The Reddit community for CommerceBlock is /r/CommerceBlock and also Github the currency account can be found here. The official message board of CommerceBlock is blog.commerceblock.com. CommerceBlock can be purchased or sold on certain crypto exchanges like Mercatox, Ethfinex, IDEX, OKEx, and Gatecoin. It is at this time common to be unable to buy alternative digital currency like CommerceBlock with U.S. dollars. Those who want to buy CommercBlock coins should purchase at first Ethereum (ETH) and Bitcoin (BTC) as a proxy, utilizing exchanges that use U.S. dollars like Gemini, Changelly or GDAX. Investors can then sell their newly purchased Ethereum (ETH) or Bitcoin (BTC) coins to purchase CommerceBlock coins utilizing one of the mentioned exchanges. In the other altcoin news, There’s a lot of innovation that is happening with bitcoin right now and Ethereum is still the smart contract standard but the developments are also occurring on the BTC network through the integration of TapScript. Most of the reasons by altcoins keep on getting battered are mainly because of the successes of Bitcoin over the past year. The recent report indicates about 99% of the altcoins listed on analytics websites which show no liquidity were it can be seen as untradeable. In the last 30 days, the Tezos price gained more than four times what Bitcoin added in the same period. Even though the Tezos price positions were unexpected for many, the XTZ cryptocurrency made over 60% in gains and the market determining the most dominant coin (Bitcoin) spiked by 17% against the US dollar.
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LocalBitcoins Users Remain Without Access To Their Tokens

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Most of the LocalBitcoin users remain without access to their tokens, two weeks after the exchange suspended their accounts without a word. The account-holders said that they have been frustrated by the move which has brought their trading operations to a stop, as per the latest cryptocurrency news. LocalBitcoins is based in Finland and is a platform where buyers and sellers can trade Bitcoin directly. It incorporates escrow for security and is also licensed by the Finnish regulator or the Finnish Financial Supervisory Authority. The platform is available in more than 248 countries and generates revenues per year of 31 million USD. The company has more than 67 employees. Back in 2019, the exchange tightened its compliance requirements thus removing the ‘’in-cash’’ person option. despite that, however, the exchange suspended the accounts of many of the LocalBitcoins users without prior warning. Customers in Africa have also been affected mainly those in Uganda and Nigeria. The account holders in Asia have also been affected including people from Pakistan, Afghanistan and other countries in the Middle East. There were many users in the United Kingdom that were affected as well. The localbitcoins users have been asked to withdraw their bitcoin holdings and erase their accounts if they don’t want to wait for activation. Many say that they have been unable to take any action since their accounts have already been suspended with thousands of dollars worth of Bitcoin locked. Rizwan Ali was one trader from Pakistan who was affected, he said:
 “It’s devastating. The exchange suddenly blocked our funds and suspended accounts without any warning. My 0.5 BTC is blocked, and I am waiting for it to be released. It’s been 14 days today since I made my account deletion request. There was no notice. They violated their own terms of service. I am sure what they are doing is illegal.”
Another localbitcoins user in Nigeria said that he was unable to access the account even after he received notifications about customers that want to sell him bitcoins:
 “One of my customers was due to travel out of the country and had to sell some of his bitcoin to be able to go – only to notice on his way to the airport that he could not even access his funds.”
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