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Digital Yuan Architect Says, CBDC can be Established on Ethereum Network

CBDC established Ethereum Network

Rate this post Yao Qian, former Director of the PBOC Digital Yuan Research Institute, believes that their CBDC can be established on the Ethereum network. Can CBDC be Established on the Ethereum Network? When discussing the operational architecture of a central bank digital currency (CBDC), Yao Qian, science and technology supervision bureau chief of the China Securities Regulatory Commission (CSRC), remarked during the spring meetings of the 2021 International Finance Forum (IFF): “We may assume that if the central bank’s digital currency runs directly on blockchain networks like Ethereum and Diem, the central bank would be able to use their BaaS services to directly supply the central bank’s digital currency to users without the use of middlemen.” Overall, Yao identified seven factors to consider while researching and constructing a CBDC: its technical path, value attributes, operational architecture, interest accrual, distribution, smart contract implementation, and regulatory difficulties. The official emphasizes that a digital currency cannot be a “simple imitation” of real money, arguing for the development of smart money. He did, however, draw attention to the risks of smart contracts, arguing that the technology needed to mature. In terms of rules, Yao advocates for finding the right balance between preserving users’ privacy and guaranteeing compliance with fundamental anti-money laundering and know-your-customer (KYC) rules. Does “Crypto Dad” Believes the CBDC of China will actually be shifted to Ethereum? Yao, popularly known as China’s “Crypto Dad,” is one of the most prominent figures in the blockchain business. He was the head of the People’s Bank of China’s (PBOC) digital currency research subsidiary until September 2019, when he was replaced by Mu Changchun. However, he stressed in his address that he was merely expressing his personal opinions, which did not represent those of the PBOC He also refuted a claim made by Federal Reserve Chairman Jerome Powell last month, in which the Fed chairman claimed that tokens such as the digital yuan will allow banks such as the PBoC to “watch every payment that’s used.” Yao stated: “The PBOC’s objective was not to assist the government in seeing all transactions in real-time. In the face of the tide of digitalization, central banks must assist fiat money in innovating.”  

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Yao Qian, former Director of the PBOC Digital Yuan Research Institute, believes that their CBDC can be established on the Ethereum network.

Can CBDC be Established on the Ethereum Network?

When discussing the operational architecture of a central bank digital currency (CBDC), Yao Qian, science and technology supervision bureau chief of the China Securities Regulatory Commission (CSRC), remarked during the spring meetings of the 2021 International Finance Forum (IFF):

“We may assume that if the central bank’s digital currency runs directly on blockchain networks like Ethereum and Diem, the central bank would be able to use their BaaS services to directly supply the central bank’s digital currency to users without the use of middlemen.”

Overall, Yao identified seven factors to consider while researching and constructing a CBDC: its technical path, value attributes, operational architecture, interest accrual, distribution, smart contract implementation, and regulatory difficulties.

The official emphasizes that a digital currency cannot be a “simple imitation” of real money, arguing for the development of smart money. He did, however, draw attention to the risks of smart contracts, arguing that the technology needed to mature.

In terms of rules, Yao advocates for finding the right balance between preserving users’ privacy and guaranteeing compliance with fundamental anti-money laundering and know-your-customer (KYC) rules.

Does “Crypto Dad” Believes the CBDC of China will actually be shifted to Ethereum?

Yao, popularly known as China’s “Crypto Dad,” is one of the most prominent figures in the blockchain business.

He was the head of the People’s Bank of China’s (PBOC) digital currency research subsidiary until September 2019, when he was replaced by Mu Changchun.

However, he stressed in his address that he was merely expressing his personal opinions, which did not represent those of the PBOC

He also refuted a claim made by Federal Reserve Chairman Jerome Powell last month, in which the Fed chairman claimed that tokens such as the digital yuan will allow banks such as the PBoC to “watch every payment that’s used.”

Yao stated:

“The PBOC’s objective was not to assist the government in seeing all transactions in real-time. In the face of the tide of digitalization, central banks must assist fiat money in innovating.”

READ  UK Watchdog Reports $34 Million Lost in Crypto and Forex Scams Last Year

#Central Bank Digital Currencies (CBDC) #Cryptocurrency #Ethereum #PBOC Digital Currency Research Institute #Yao Qian

Source: https://www.cryptoknowmics.com/news/architect-of-digital-yuan-says-cbdc-can-be-establish-on-the-ethereum-network/

Blockchain

Bank for International Settlements backs Central Bank Digital Currencies

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The BIS, which is often called the central bank to the world’s central banks, set out recommendations on June 23 as to how a CBDC should be.

It estimated that around 56 central banks and monetary authorities around the world are now looking at digitizing their currencies as commerce shifts online, as reported by Reuters.

The momentum comes as usage of physical cash has fallen in the wake of online e-commerce portals and pandemic-induced lockdowns.

The big bankers also see decentralized currencies such as Bitcoin and “Big Tech” as a threat, especially the likes of Facebook and its plans for its own cryptocurrency Diem, formerly known as Libra.

Head of the Innovation Hub at BIS, Benoît Cœuré, warned that without CBDCs, digital money would become increasingly dominated by big tech firms. Describing the scenario as a loss of control of sovereign money, he added:


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“That is a place where you don’t want to be, where governments don’t want to be,”

China Leading CBDC Race

According to the report, The Bahamas became the first country to officially launch a general purpose CBDC, known as the Sand Dollar, in October.

China is well on the way to becoming the second.

Earlier this month, Chinese authorities hand out $6.2 million in digital currency to citizens of Beijing for a trial of its digital currency/electronic payments (DCEP) platform.

The Beijing Local Financial Supervision and Administration Bureau allowed citizens to apply for the handout by using two banking applications. The giveaway was part of a lottery system using “red packets” valued at 200 Yuan a piece (around $30).

The southwestern city of Chengdu handed out around 40 million Yuan in digital currency in February this year. Shenzhen also completed a digital currency trial in October 2020.

China also has plans to expand the trials with foreign visitors at the 2022 Beijing Winter Olympics.

More Study, More Regulation

While China forges on, governments in the West are dragging their feet over regulatory woes.

Earlier this month, Republican Maxine Waters announced a task force on Financial Technology that will study cryptocurrencies and CDBCs and their impact on the U.S. economy.

In April, CryptoPotato cited a PwC report that revealed 70% of the world’s central banks are “nowhere near” launching their own CBDCs.

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Source: https://cryptopotato.com/bank-for-international-settlements-backs-central-bank-digital-currencies/

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John McAfee’s Strange Suicide Leads To Even Stranger Conspiracy Theories

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Today is a sad day for the crypto-verse. For good or bad, John McAfee, one of the most eccentric, bizarre, and influential personalities of the ecosystem, said his goodbyes to the physical world in a no less eccentric, bizarre, and controversial way: He committed suicide by hanging himself from a rope in his prison hours after learning that the Spanish justice system had approved his extradition to the United States.

The news was first announced by his lawyer and later confirmed by the government of Catalonia, the region of Spain where McAfee was imprisoned.

“Everything indicates that it could be a death by suicide.”

Immediately after the news broke, the Crypto Twitter community quickly shared their shock. Some paid respect, others criticized… and others questioned everything that happened.

Don’t Trust…

The conspiracy was easy to imagine, given McAfee’s background. Several cryptocurrency influencers began trying to tie up loose ends to understad what happened. They relied on several tweets from McAfee claiming that he would never commit suicide, that he was being threatened, and that he knew some secrets that the elites needed to silence.

But something that blew everyone’s minds was a picture uploaded post-mortem to his official Instagram account. A black letter Q, presumably pointing to the QAnon movement, though without explanation.

The last post by John McAfee: A Letter Q.
Source: Instagram

QAnon, or simply Q, is a conspiracy movement that claims that a group of satanic pedophiles dominate government and media elites. Its followers claimed that former President Donald Trump was waging a battle to destroy this group.

The movement gained momentum with the arrest of Harvey Epstein on sex charges. The suspicious causes of his controversial suicide prior to his testimony further heightened suspicions that he had in fact been murdered in order to be silenced.

The slogan “Epstein didn’t kill himself” went viral and is still observed when references are made to corrupt government practices in the United States.

And, of course, McAfee had a thing or two to say about this. He pointed out to similarities between his case and Harvey Epstein’s in many times, and assured he had many secrets that the government wanted to hide. If his allegations are true, and the QAnon post means anything, we could soon find out what he knew.

“McAfee Didn’t Kill Himself”

A Twitter user attempted to contact the administrator of the controversial right-wing news site Zero Hedge and introduce him to a Spanish journalist who claims to have video recordings and reports that Joe Biden allegedly teamed up with the Prime Minister of Spain, Pedro Sanchez, to fake McAfee’s suicide.

MMCrypto, a cryptocurrency trader, also questioned McAfee’s suicide. He shared a tweet from McAfee in which he assured that if he were to appear dead, it would not be by his own decision, and everything could be a set-up “a la Epstein.”

Tweet from MMCrypto
Source: Twitter

Podcaster Peter McCormack shared the ticker $WHACKD in reference to another McAfee tweet showing a tattoo as a reminder that he would never commit suicide despite threats from US Officials.

Also, Kim Dotcom, the man behind Mega.nz and active Bitcoin Cash advocate, claimed to be working with McAfee on an initiative to fight government surveillance shortly before the tragic news.

And finance lecturer Vladislav Ginko also shared several tweets warning about the danger of McAfee and his family suffering from deaths caused by USAMRIID, the Department of Defense’s (DoD) lead laboratory for medical, biological defense research.

So far, no official autopsy has indicated his cause of death. In the meantime, theories will continue to emerge. But if there is one thing that everyone – conspiracy theorists or not – can agree on, it is that John McAfee lived his own way until the end.

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Source: https://cryptopotato.com/john-mcafees-strange-suicide-leads-to-even-stranger-conspiracy-theories/

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Filipino Artists Participate in Binance NFT Marketplace Launch

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This June 24, four Filipino artists will be participating in the official launch of Binance NFT Marketplace “100 Creators Campaign,” an initiative to bring in different types of artists, celebrities & athletes into the platform.

LUIS BUENAVENTURA II

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Luis is one of the world’s first NFT artists drawing under his own brand “CryptoPOP!” This year, he also had the highest NFT sale by any Filipino artist when he collaborated with Jose Delbo, an Argentinian artist who has worked for DC and Marvel Comics brands in the past. Together, they were able to sell 222 editions for $1,999 each of their art “Satoshi The Creator – Genesis.”

Luis collaborated with Filipino artist Ian Magbanua for the exclusive launch of their new creation: T4NG on Binance’s NFT marketplace.

MARVIN GERMO

Marvin Germo is a financial expert, author, and CEO of   Stock Smarts Inc. with over thirteen (13) years of experience in the Philippines financial industry. He is one of the most sought after investment speakers.

POKEMEN

Pokemen is the visual art project of two musicians Josh Villena (Guitars & Vocals) and Gep Macadaeg (Drums) from Autotelic, a popular Filipino indie-alternative rock band in Manila, Philippines under independent record label Nemesis Music Group, and major record label MCA Music.

“From the original 151 monsters we know today, we thought – what would they actually look like if they were humanized? They are massive. They are muscular. They are ugly. They are Pokémen.”

ALI YOUNG

Ali Young is the first artist under the new independent & Non-Fungible Token (NFT) label Alibatta Records which has been launched in the Philippines. Alibatta, a brainchild of tech executives Geoff Mabasa, Adrienne Cajayon and Charles Gener, is an “entertainment technology” company operating as a music label that provides traditional label services such as artist management, music production and marketing, with the goal of modernizing the way music reaches fans through blockchain technology.

Ali Young debut single album “Craving” will be released in a limited NFT version through the Binance NFT marketplace this June 24. It will be available on major streaming platforms the next day. This sets Ali as the first artist in Southeast Asia to have a simultaneous release of an ‘NFT’ format music album.

Premium Event Auctions

Binance will also have its first Premium event auction, titled ‘Genesis’, which will feature two (2) new iconic digitized artworks of Salvador Dali along with the tribute to Andy Warhol’s original works.

Three Self-Portraits by Andy Warhol

Divine Comedy: rebeget by Salvador Dali

Binance NFT will also feature its first series “mystery boxes”, a way for users to unlock special NFTs. According to Binance, the mystery boxes will contain NFTs ranging from ultra rare, limited edition to more common collectibles.

Lily Lee, Binance PR Manager said in an interview, “100 Creators Campaign is one of the campaigns prepared by Binance NFT, and it is to support and promote innovative creators from around the world and spotlight NFT pieces from different cultures.” Users already on Binance will not have trouble accessing the NFT marketplace because it will have the same account system as Binance.com. That means if you are already on the exchange platform, you are able to access the NFT marketplace and trade with your current funds on Binance.com. 

Check out Binance NFT Marketplace launch here.

This article is published on BitPinas: Filipino Artists Participate in Binance NFT Marketplace Launch

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Source: https://bitpinas.com/feature/filipino-artist-binance-nft-marketplace/

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