News

The People's Bank of China (PBoC) intends to launch its much-awaited central bank-backed Digital Currency (CBDC) in Shenzhen and Suzhou. The WHO recommends using digital currencies over banknotes. They suggested this after discovering that the COVID-19 virus could be transmitted through banknotes leading to many central banks speeding up issuing their digital currencies. Recent reports say that research into China's central bank digital currency (CBDC) is dragging because of the COVID-19 outbreak. Still, the central bank has completed another milestone…

The Russian government could soon create regulatory sandboxes for companies working on cutting-edge technologies like artificial intelligence and distributed ledgers. A Russian Federal Ministry has initiated legislation that would legalize crypto and its underlying blockchain technology within a particular regulatory jurisdiction. Local news reports say that the Ministry of Economic Development has assembled a draft law that will allow the testing of crypto and blockchain development within unique 'regulatory sandboxes.' A few days ago, the draft was introduced to the…

Bitfinex, a major digital currency exchange, announced on Tuesday the deployment of Shimmer, a proprietary surveillance tool to combat market abuse on the crypto trading and promote orderly trading. Bitfinex is a popular crypto trading platform for integrating the latest innovative tech to deliver high-performance trading solutions to its users. Paolo Ardoino, CTO at Bitfinex, said on Twitter that Bitfinex has chosen to develop its state-of-the-art surveillance system to meet the complex demand of an evolving digital asset class and…

As the markets continue to shift negatively, the US looks to Congress for agreement on a significant stimulus package to rescue the economy from impacts of the coronavirus pandemic. The Democrats in the US house want to create a ‘digital dollar’ and the establishment of ‘digital dollar wallets according to a proposed draft stimulus bill, which has been circulating ahead of formal publishing. The digital wallets would be maintained by the Federal Reserve Bank. The new proposals will facilitate payments…

Many stock markets across the world may likely close due to the recent pandemic. BTC could save the financial world after the current crisis comes to an end. It has survived any shutdowns caused by the Coronavirus. The cryptocurrency market runs throughout, setting it apart from any other financial market. Famous crypto trader Dan Hedi revealed via a tweet that Bitcoin could be one of the last assets still trading despite growing market turmoil caused by Coronavirus. News media worldwide…

Changpeng Zhao (CZ), the CEO of Binance was quoted saying that the current global financial system is broken. He believes Bitcoin and other crypto are the solution to this global problem. CZ notes the corporate culture which gang presses CEOs to pursue short-term objectives instead of lasting solutions. His blog post views investors as part of the cause,  vaunting CEOs who can push up stock prices and make good profits every quarter. He thinks investors should rather praise their CEO…

Tim Draper, the founder of Draper Venture Network and Draper University announced his intentions to invest in Indian crypto startups. The news follows the lifting of a ban on crypto trading in the country. A heavy critic of the ban by the Indian government, Draper is hopeful that the best ideas prevailing in the Indian crypto industry. The Indian Government is among several that are anti-crypto. He notes that the Supreme Court ruling signifies how best ideas ultimately prevail, having…

On March 20, 2020, reports show that Senator Kelly Loeffler, the founder, and CEO of Bakkt exchange, was involved in possible insider trading as per a 20th March 2020 report. The senator dumped most of her stocks shortly before the latest market crash  The disruption of global markets and daily life appears to have been a beforehand knowledge to the Trump administration before going public. A secret senators meeting may have been instrumental in briefing them on this. Interestingly, the…

Get the weekly summary of cryptocurrency market trends, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $169 billion. Bitcoin recovers from the Covid-19 blow and ends the week trading above $6,000 Ethereum restarts its ascent towards the $135 resistance level. XRP ends a rough week to trade again at around $0.15 on Sunday Governments everywhere announce economic stimulants to prevent entire industries from a complete shutdown. Covid-19 spreads further and…