The Chinese mobile payment platforms WeChat Pay and Alipay are now under the eye of many regulators – especially after the recent announcements regarding initial coin offerings (ICOs) as well as cryptocurrencies.
According to news releases published yesterday, both of the payment giants said that they will work with the government in order to closely monitor the cryptocurrency transactions.
Meanwhile, there are even five high-level regulatory agencies in China – including the People’s Bank of China as well as the Banking Regulatory Commission – that issued a warning against the crypto-related fundraising and trading activities which were potentially present on WeChat Pay and AliPay.
The release published by Tencent, which is the parent company of WeChat Pay, said that the company has invented three main measures in order to regulate the “problematic” platforms related to ICOs and cryptocurrencies.
As the tech giant said, they will prohibit users from using WeChat payments to make any virtual currency-related transactions – as well as conduct real-time monitoring of daily transactions and risk assessment of any suspicious transactions.
On the other hand, another Beijing-based news outlet published an interview with the Alibaba Group affiliate Ant Financial (which owns AliPay) – where the giant said that depending on the situation, it will restrict or permanently ban any personal Alipay accounts that are involved in cryptocurrency transactions.
Bitcoin Searches On Google Increase After Trump’s Bashing Tweet
“Trump tweets… BTC does nothing. Bitcoin is now less volatile than Donald Trump.’’Other comments moved the entire BTC market in the past such as the damning report by the Bank of International Settlements and its Chief Augustin Carstens. In the end, the only increase that Trump initiated the bitcoin searches on Google Trends where the interest for ‘’Bitcoin’’ temporarily surged before leveling once again. In the long term, Trump may change his mind according to some commentators. He has already acknowledged bitcoin as a major global phenomenon and of huge importance. The CNBC host Ran Reuner commented:
“We finally got that Bitcoin tweet from Trump. They can’t shut down Bitcoin but Facebook, on the other hand, may have some issues. I say again, the more resistance Facebook face (sic), the more valuable Bitcoin becomes.”As reported in the latest cryptocurrency news, the idea of BTC finally getting its ‘’Trump pump’’ was very irresistible for bulls. They eyed the potential for the largest cryptocurrency in order to break all-time high. Just a few days ago, the BTC/USD pair traded above $13,000 which suggests a new record that is imminent or due at some point this year.
Litecoin Wins A New Partnership With The Miami Dolphins
‘’We’re thrilled to see Litecoin become the official cryptocurrency of the Miami Dolphins. This collaboration propels Litecoin in front of an audience of millions of people around the world at a time where adoption of cryptocurrencies continues to gain momentum and the ecosystem is able to support real-world use cases in ways previously not possible. We see this as a powerful way to raise awareness and educate people about Litecoin and cryptocurrencies on a tremendous scale.’’The deal means that all Litecoin will have the exclusive opportunity to enjoy in-game advertising through the team’s Hard Rock stadium as well as some other online places as well. The partnership will launch for the 2019 NFL season. This also means that the users will be able to pay with both Bitcoin and Litecoin for the 50/50 raffle. The home game visitors will be able to purchase tickets by using the Litecoin cryptocurrency both online and ad the stadium with the support of the Alliant Payments. The attendees can buy tickets until there are about 12 minutes left on the clock for the fourth quarter. The tickets will start selling for $10. Half of the proceeds will go to the foundation of the team and to charitable causes. It’s really great news that Litecoin wins s partnership like this one with the Dolphins. The price of the altcoin increased nearly fivefold since 2018 in December. It is currently resting at $105 so Lee claims that Litecoin is the new silver to Bitcoin’s gold. He also expects an increase in adoption as noted in the altcoin news previously.
FED Chair Jerome Powell Admits Bitcoin Is An Alternative To Gold
"Really, almost no one uses bitcoin for payment, they use it more as an alternative to gold really. It's a store of value; it's a speculative store of value like gold."There is a huge significance that the world’s largest central bank is labeling bitcoin as a store of value and even calls it an alternative to crypto. Many people in the crypto community took it to Twitter to celebrate. Morgan Creek Digital’s Anthony Pompliano was among the happiest users that wrote a triumphant ode to the FED Chair Jerome Powell. On the opposition side, the notable gold bull Peter Schiff had some really strong words for Jerome saying that he likened the validation of bitcoin by such a strong and prominent individual to the financial crisis in 2008. Schiff noted:
‘’Just like Alan Greenspan encouraged homebuyers to take out ARMS at the height of the housing bubble, Jerome Powell effectively just did the same thing with Bitcoin. By claiming it's similar to gold he not only validated Bitcoin, but encouraged people to buy into the bubble.’’Powell also noted that the lawmakers should be considered the regulatory risks that are associated with Facebook’s Libra crypto project. He appeared to take a severe approach to the crypto project and even stated:
"Libra raises a lot of serious concerns. Those would include around privacy, money laundering, consumer protection, financial stability. Those are going to need to be thoroughly and publicly evaluated before this proceeds."As noted in the latest cryptocurrency news, the bitcoin price didn’t really do anything despite the comments made by Powell. This could be the case since the major cryptocurrency was buried in a long testimony that included mainly the approach to Libra suggesting a similar harsh approach to Bitcoin as well. Despite the good words from Powell, the BTC/USD pair is going back sharply towards the $11,000.
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