Connect with us

News

China Plans A $6.2 Billion Digital Currency Lottery for Beijing Residents

Published

on

Pointpay

After testing its Digital Renminbi use in some of the small cities, China is now planning a big CBDC giveaway for Beijing residents. The Chinese government has planned a 40 million renminbi ($6.2 million) lottery giveaway in form of digital currency.

China has been conducting such programs for a while as it goes on to test the CBDC acceptance among its population. For the distribution of its CBDC, the government has also collaborated with some of the biggest financial players like Ant Financial.

To apply for the current lottery, Beijing residents can use two major banking apps and win one of 200,000 so-called red packets. As per the information provided by the Beijing Local Financial Supervision and Administration Bureau, each of these packets will have 200 yuan or $31 which can be spent with selected merchants. The deadline for this application is June 7, reports CNBC.

We can say that the Chinese central bank is moving one step closer to its nationwide launch of the CBDC. In April 2021, PBoC deputy governor Li Bo said that the central bank will possibly expand the scope of its digital currency pilot projects. The Chinese central bank has been keen to introduce the CBDC during the 2022 Beijing Winter Olympics.

Earlier this year in February 2021, China conducted a similar exercise in Chengdu City. The central bank handed over 40.2 million in the Digital Yuan lottery.

advertisement

China’s Race With CBDCs

China has been an early participant in the game of CBDC and aims to take a lead over other powerful economies. There have been some talks that China’s CBDC development could potentially threaten the dominance of U.S. Dollars in international markets.

Clarifying this matter, PBOC Deputy Governor Li said that the PBoC has no such plans. He said:

“For the internationalization of renminbi, we have said many times that it’s a natural process and our goal is not to replace (the) U.S. dollar or any other international currency. I think our goal is to allow the market to choose and to facilitate international trade and investment.”

Even the U.S. has started taking CBDC developments seriously. Fed Chairman Jerome Powell recently stated that the U.S. central bank will release the research paper on Digital Dollar by this summer.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Handpicked Stories

Source: https://coingape.com/china-plans-6-2-billion-digital-currency-lottery-beijing-residents/

Blockchain

MiamiCoin Could Free Residents Of Tax Burden, Says Mayor

Thanks to its recently launched cryptocurrency, Miami is exploring a new way to fund municipal expenditures. ICYMI my interview on MiamiCoin w/ @FoxBusiness ✅The revolutionary concept of @mineCityCoins ✅Understanding how it’s generated $5M+ for the City ✅How these benefits translate into a better quality of life for Miamians pic.twitter.com/ipewPwBMdw — Mayor Francis Suarez (@FrancisSuarez) September […]

The post MiamiCoin Could Free Residents Of Tax Burden, Says Mayor appeared first on CryptoCoin.News.

Published

on

.

Thanks to its recently launched cryptocurrency, Miami is exploring a new way to fund municipal expenditures.

MiamiCoin earns 2,000 USD every 10 minutes for the city

In February, Miami mayor Francis Suarez made first advancements to transform the city into a cryptocurrency hub. His plans were further cemented when the municipal cryptocurrency MiamiCoin launched last month with 30% of all mined coins going directly to the city.

In a recent interview with Fox Business, Suarez confirmed that the city receives roughly 2,000 USD every 10 minutes though MiamiCoin. Annualized, this transfers to a revenue of over 100 million USD, although Suarez has been more careful, estimating a yearly revenue of 60 million USD. The money is earmarked for specific projects, such as funding for underprivileged communities, crypto education, and climate change mitigation.

Crypto could revolutionize government funding, says Francis Suarez

In his interview, Suarez stated that MiamiCoin could theoretically abolish Miami’s already low tax burden altogether:

It’s interesting because it’s not an involuntary tax and it’s not philanthropy. It’s something that is completely different and could revolutionize the way governments are funded in the future.

It is still a long way to go for that though. In 2015, the City of Miami recorded a total tax revenue of roughly 240 million USD. Yet, the move towards municipal coins is a very natural development.

Using cryptographic tokens as a funding vehicle for developing DeFi platforms and other decentralized applications is a tested method and has specially made great advancements over the last year. It should be only a matter of time until this method will be tried on a municipal, or even nationwide scale.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptocoin.news/news/altcoin/miamicoin-could-free-residents-of-tax-burden-says-mayor-64826/?utm_source=rss&utm_medium=rss&utm_campaign=miamicoin-could-free-residents-of-tax-burden-says-mayor

Continue Reading

Blockchain

Osprey Funds launches first-ever Polygon fund in the U.S

Published

on

The cryptocurrency market is witnessing a huge dump right now, one that was triggered by a sudden meltdown in global financial markets. Even so, many, including quite a few institutional investors, remain confident in the asset class. While the likes of Bitcoin and Ethereum have often stolen the limelight, of late, others have come to the fore. The example of Polygon (MATIC) is a case in point.

Crypto-asset management firm Osprey Funds is in the news today after it introduced its fifth digital asset investment product. According to an official press release,

Osprey Funds, LLC, a premier digital asset management firm, launches its fifth investment product of the year ​​― the Osprey Polygon Trust. It is the first U.S. fund to invest exclusively in MATIC, the native token of the Polygon network.”

The product will offer exposure to MATIC, the native token used on Polygon, an Ethereum Layer-2 blockchain network. According to Osprey CEO Greg King,

“Polygon is a disruptive layer-2 technology that gains from Ethereum’s secure network while mitigating common blockchain pain points, such as high gas fees and slow transactions.”

He added,

“We’re excited to offer investors a new way to tap into the growing Ethereum market via the Osprey Polygon Trust.”

The trust is available to accredited investors with a $10,000 minimum investment. Moreover, Osprey plans to list the fund on the over-the-counter OTCQX exchange “as soon as possible and has also agreed to waive the management fee for all investors until January 2023.”

This development comes just weeks after it launched its Solana Trust. Meanwhile, it also offers products tied to Bitcoin (BTC), Polkadot’s DOT, and Algorand’s ALGO tokens.

Polygon (MATIC) has seen a lot of traction both inside, as well as outside the (crypto) community. For instance, one of the world’s largest consulting firms, Ernst & Young (EY), has now partnered with Polygon to aid its Ethereum scaling.

Moreover, despite the current market being what it is, its on-chain metrics have painted a promising picture.

Its unique addresses (no. of ETH wallets holding MATIC) as well as total wallets held over time, have both seen a parabolic incline over time.

Source: Dune Analytics

The number of unique transactions too has played a positive role behind the coin’s surge since its inception.

It won’t be a surprise to see more firms jumping on this fast-paced bandwagon. For example, Grayscale Investments has also shared its interest in incorporating the said token under its belt.

Where to Invest?

Subscribe to our newsletter

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://ambcrypto.com/osprey-funds-launches-first-ever-polygon-fund-in-the-u-s

Continue Reading

News

XRP Lawsuit: Ripple’s appeal in the pre-clearance data dispute has been “DENIED”

Published

on

By

The latest update in the XRP lawsuit saw the court deny Ripple’s Motion to Compel SEC to produce documents reflecting the SEC’s trading preclearance decisions of SEC employees’ transactions in Bitcoin, Ether, or XRP, as well as annual certifications concerning SEC employees’ XRP holdings.

Ripple’s Privacy Act Argument falls flat

advertisement

In its opposition, the SEC had already argued that Ripple’s request has a “low bar of relevance” and is an “unjustified intrusion” into SEC’s employees’ sensitive financials. Ripple argued against SEC’s Privacy Act claims, stating that the defense only seeks aggregate and entirely anonymized data of narrow scope and of a limited timeframe. Ripple ascertains in its response that their motion to compel discovery possesses “no Privacy Act obstacle to the Court ordering production of this information.”

While the defendants appealed for anonymized or aggregated documents, the Court stated that the data related to Ethics Counsel’s preclearance decisions is not sufficiently probative. Furthermore, according to the Court’s decision, partially probative evidence cannot justify the intrusion into SEC employees’ financial conduct, even if anonymized, aggregated, or redacted.

The Court clarified that the Privacy Act protects information retrieved directly or indirectly from a system of records like the SEC’s Personal Trading Compliance System. However, the only way to discard the Privacy Act pursuant to a court order is by providing the court with evidence justifying the disclosure.

Furthermore, ‘the court must accord proper weight to the policies underlying…statutory protections, and…compare them with the factors supporting discovery in a particular lawsuit’. The Court order has also highlighted the defendants’ failure to display that such disclosure is justified in the XRP lawsuit.

The defendant’s annual certification appeal has also been denied through the existing Congress ban of “disclosure of such financial information through federal privacy statutes and regulations in order to maintain government employees’ privacy.” However, the Court directed the SEC to provide Defendants with data supporting SEC counsel’s statement during August 25, 2021, meet and confer that, after the formal order of investigation was issued as to Ripple on March 9, 2019, SEC employees could no longer trade XRP.

advertisement

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://coingape.com/xrp-lawsuit-ripples-appeal-in-the-pre-clearance-data-dispute-has-been-denied/

Continue Reading
Blockchain4 days ago

Over 40 days after Ethereum’s EIP-1559, here’s where it stands

Blockchain4 days ago

Cardano Sees an Influx in Smart Contracts ! But There’s a Twist

Blockchain3 days ago

After Targeting BlockFi, State Regulators Now Set Their Eyes On Celsius

Uncategorized3 days ago

NBA 2K22 Limitless Spot-Up and Chef Badges Explained

Uncategorized3 days ago

What is The Old Gym in NBA 2K22 Next Gen?

Uncategorized3 days ago

Best Dribble Pull-Up in NBA 2K22: Which to Use

Uncategorized4 days ago

NFTs Are the Building Blocks of the Metaverse — Here’s How It’s Being Built

Blockchain4 days ago

EY Taps Polygon Network to Improve Enterprise Clients’ Experience 

Blockchain3 days ago

Matic Price to hit $1.75 in the next leg up! Launch on Bitfinex to be the Catalyst?

Uncategorized4 days ago

Shiba Inu (SHIB) Rises to Range High

Blockchain3 days ago

Flux Pools autoriza o pagamento de ativos paralelos em mais de 300K Flux!

Uncategorized4 days ago

The Head of Diem wants you to trust Facebook, but is he fighting a losing battle?

News4 days ago

XRP Lawsuit: Here’s Why Experts Think Ripple Could Win the Case Against SEC

Blockchain3 days ago

All you need to know about MATIC before investing

Blockchain5 days ago

EY Integrates with Polygon Protocol: Advances NFT Issuance

Blockchain4 days ago

Shiba Inu’s days in the sun may be over; here’s why

Blockchain3 days ago

Smart Contracts Running on Bitcoin? Internet Computer Founder Explains How It’s Possible

Uncategorized1 day ago

PetPals, One Of The First Play-To-Earn NFT Web-Based Games Is Out Now

Uncategorized5 days ago

Solana (SOL) outperformed top 10 cryptos with $50 million in institutional inflows last week

Blockchain4 days ago

EOS: Why there’s a question mark attached to its long-term trajectory

Trending