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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.

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Altcoin News

Swiss Exchange BiboxEurope Launches Referral Program (With Up to 80% Gains)

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The Swiss exchange BiboxEurope is in the latest cryptocurrency news again for announcing a new set of benefits for its users. The benefits come in the form of a referral program which enables the users to make the most of their offering. As the updates show, the program went live on September 18 and should conclude by the end of October 2019. The users participating in the Swiss exchange BiboxEurope Referral Program can earn up to 80% in commissions by referring their friends and family to become part of the Bibox community. As the coming altcoin news show, the BiboxEurope Referral Program follows two other attractive announcements made by the company since its launch two months ago. First of them was the free deposits into the account, along with industry-low fees. The second announcement was the launch of the Insta-Buy feature which enables users to purchase cryptocurrencies with credit cards at unmatched rates. Basically, the Swiss exchange BiboxEurope and its Insta-Buy feature witnessed a huge rush on the opening day. As such, it forced the company to briefly suspend the functionality to boost their infrastructure so that the platform can handle its higher demands. The feature was later reintroduced. As many best cryptocurrency news sites show, the Swiss exchange BiboxEurope and its new referral program has the following rules:
  1. Every user receives 80% in referral commission by inviting their friends to trade on the platform.
  2. The commissions' token type shall be subject to the transaction fees incurred.
  3. There is no upper limit of the number of invitees.
Throughout the total duration of the program, the Swiss exchange BiboxEurope will be updating the referral and commission histories every day at 8AM (GMT+1). The referral commissions earned by users will also be distributed to their respective accounts on the next day at 10AM (GMT+1). In short, the rewards earned by users will be directly proportional to the trades executed by their referrals. The greater the number and size of trades by the referral, the higher the payouts will be for the users who referred them to the platform. You can learn more about the Swiss exchange BiboxEurope and its Referral Program at the following link.  
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BTC Owners Giving Away Altcoins To Support TOR Project

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In times when the crypto sphere is buzzing and when there are new price updates in the Bitcoin and coming altcoin news, no one would expect cryptocurrency holders to give away free crypto, right? Well, it seems like BTC owners think differently - they have been donating altcoins to the TOR Project - a nonprofit organization which is primarily responsible for running "The Onion Router." As per some Bitcoiners, this is a trend that is a way of killing two birds with one stone. On one hand, it supports the TOR Project and on another, it gets them rid of "shitcoins" as they label them. Also, the BTC owners appear keen to extend the running gag of altcoins being worthless. Many best cryptocurrency news sites earlier this year showed that people should support the TOR Project. Even the co-host of the "Tales from the Crypt" podcast Matt Odell tweeted, urging people to support the project with donations. This is where the entire frenzy started and how BTC owners began donating altcoins. As Odell back then said, "donate shitcoins. stack sats." In the news today, we also have Sarah Stevenson, who is the fundraising director at the TOR Project. She initially thought that the donations were coming from members of the Stellar community, mostly because of the influx of XLM tokens. However, the BTC owners corrected her conclusion, seemingly opposed to letting their attempted ribbing to go unnoticed. They piled onto the thread soon, dropping Twitter phrases such as “perfect destination for my airdropped shitcoins” and “sounds like a good place to dump my shitcoins.” Some of the donations by BTC owners also came from recipients of the Keybase XLM airdrop, the altcoin news today show. As we previously reported, the encrypted messaging platform Keybase partnered with the Stellar Development Foundation, launching a $120 million airdrop. Right now, BTC owners are seeing these donations as something that benefits the TOR Project. Stevenson said that they appreciate all of the donations, regardless of the subtext.
“I am generally a peace, not war kind of person but I welcome any activity that draws attention to the importance of financially supporting the Tor Project. Everyone benefits from the privacy and anonymity technologies we develop and maintain. As for the tangible value proposition for altcoins, I'll plead the fifth because I prefer to be friends with everyone," she concluded.
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Binance OTC Platform For Chinese Market Coming In October

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The cryptocurrency giant Binance is still the main topic in the recent news on many best cryptocurrency news sites - again for the planned launch of the fiat-to-crypto over-the-counter (OTC) platform. As the latest updates and official news from the company show, the all new Binance OTC platform will come to the market in China this October. It was Yi He, the co-founder of Binance and chief marketing officer (CMO) who announced the news at a media session on September 17 as Binance confirmed to many altcoin news sites yesterday, September 19. According to He who is the CMO at the leading exchange, the Binance OTC platform is scheduled to launch next month and only targets the Chinese market. The current plan envisions supporting the Chinese renminbi only, according to a Binance spokesperson. What's important to note is the fact that to date, Binance has already set up an OTC trading desk which provides users with large transactions service, as noted by the representative. In April 2019, the exchange saw an immense surge in OTC trading and apparently recorded almost $80 million in profits. The latest cryptocurrency news show that China is still one of the most skeptical global jurisdictions - and the Binance OTC platform aims to change that. The country's stance towards Bitcoin (BTC) and other cryptocurrencies has been strict ever since China banned crypto trading in September 2017. Ever since then, OTC traders have become the main method to buy Bitcoin with fiat money in the country, while the local investors have been purchasing stablecoins such as Tether (USDT) via OTC platforms and converting them to other cryptocurrencies. For those of you who don't know, OTC refers to a type of trading which involves a direct deal between two interested parties and is usually conducted without much supervision over exchanges. What's also important to note besides the Binance OTC platform launch coming in October is the fact that this is Binance's first move in China since the company departed from the country and relocated its headquarters to the island of Malta back in 2017. On September 17, the exchange participated in a $200 million funding round for the Beijing-based Mars Finance, which is a local crypto and blockchain publication.
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Ripple Avoids XRP Question, Moves To Dismiss Securities Lawsuit

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Ripple Avoids XRP
The blockchain network and giant Ripple is in the latest cryptocurrency news for filing a controversial motion to dismiss a lawsuit over its allegedly selling unregistered securities. As the news show, Ripple avoids XRP question in the court and dismisses the claims against the investors. In a court filing that was uploaded by Fortune on September 20, the lawyers representing the company against the investor Bradley Sostack dismissed the claims against it. This was part of an ongoing legal battle, where Sostack said that Ripple's sales of the altcoin XRP in 2013 constituted an unlawful securities offering. Ripple denied this, but the case has thrown up a lot of concerns about how legal Ripple's operations regarding XRP are. As many best cryptocurrency news sites reported, executives refused to acknowledge the company and its relationship to the  token, despite their huge personal holdings and sell-offs of it which have continued. The fact that Ripple avoids XRP question in the court did not stop XRP from surging on the market. As the altcoin news show, the total market has corrected overnight and XRP stabilized at $0.2972 which is its next stance before it breaks through the $0.3 region. Fresh suspicions are already showing up right now, after lawyers' motion to dismiss failed to address the securities aspect of XRP at all. As one section in the Ripple avoids XRP scenario reads:
“Because of the multiple, independent grounds for dismissing this action, the Court need not resolve whether XRP is a security or currency for purposes of this Motion, which assumes Plaintiff’s allegation that XRP is a security.”
What's also interesting is the fact that the substance of this filing attracted a lot of attention from the crypto-focused lawyer Jake Chervinsky, who adopted a realistic stance on all of the proceedings. As he summed up on Twitter this Friday:
“They make twelve separate arguments for dismissal of the plaintiff's claims. Not a single one squarely addresses whether XRP is an unregistered security.”
All in all, the latest developments have little impact on the markets. Even though Ripple avoids XRP in court, the token continues to trade high and is just under $0.30 as we speak.
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