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U.S. Senators Warn Over China’s Digital Yuan Use at Beijing Olympics

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Marsha Blackburn, Roger Wicker, and Cynthia Lummis have urged the U.S. Olympic Committee to forbid any usage of China’s central bank digital currency (CBDC) at next year’s event in Beijing.

The lawmakers expressed concern over spying and espionage in a letter to Susanne Lyons, board chair of the U.S. Olympic Committee on Monday according to Bloomberg.

“Olympic athletes should be aware that the digital yuan may be used to surveil Chinese citizens and those visiting China on an unprecedented scale, with the hopes that they will maintain digital yuan wallets on their smartphones and continue to use it upon return,”

The senators, who are all members of the Committee on Commerce, Science, and Transportation, have requested a briefing on their appeal within 30 days.

Over 20 Million Wallets

The warning comes a few days after the People’s Bank of China stated that more than 20.8 million individuals have opened a virtual wallet with the bank.

The paper published on July 16 said that foreigners will be granted access to China’s CBDC without the need to open a local bank account during trials at the 2022 Winter Olympics in Beijing.


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China’s central bank has not confirmed a timetable for the full deployment of its Digital Currency Electronic Payment (DCEP). It did state that 34.5 billion yuan (around US$5.3 billion) had already been spent through almost 71 million transactions as part of ongoing trials of the CBDC over the last two years.

The digital yuan is still in trial stages, but concerns in the U.S. are mounting that it may challenge the status of the greenback as the world-dominant reserve currency. Chinese officials have asserted that it will mainly be used for domestic retail transactions.

Growing Concern

On July 14, CryptoPotato reported that American hedge fund manager Kyle Bass warned over a potentially devastating effect the Chinese digital currency could have on the U.S.

China could use the CBDC as leverage, forcing companies and banks to adopt and accept it if they wanted to do business with the People’s Republic. Bass added, “imagine what kind of stronghold they will have over the world if they hold all of our capital that way.”

China has already exhibited such behavior by cracking down on the mining of decentralized rivals to its own currency. Earlier this month the PBoC also took aim at stablecoins warning that they could negatively impact financial stability.

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Source: https://cryptopotato.com/u-s-senators-warn-over-chinas-digital-yuan-use-at-beijing-olympics/

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Ripple CEO Reveals the “Only” Condition Under Which They Would Settle With SEC

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The Ripple vs SEC lawsuit is nearing an end and with settlement speculations still quite high, Ripple CEO Brad Garlinghouse cleared the only condition that would make them settle with the SEC. Garlinghouse appeared on the Fox network to talk about the need for clarity on Security laws from the SEC and also made it clear that only if SEC agrees that XRP is not security quite similar to Ether, they would go for the settlement. He explained,

“To the extent, we can find a constructive path forward with the SEC, we, of course, want to find that. There is no scenario though when we going to settle unless there is absolute certainty about what is XRP on a go-forward basis. We have a clear vision of how XRP can be an extremely powerful tool…There’s a lot of other people in the crypto community and the XRP community doing amazing things with XRP. “

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The XRP lawsuit is currently at a critical stage where Ripple’s legal counsel is betting on former SEC director William Hinman’s speech from 2018. Ripple has accused SEC of giving Ether, the second-largest cryptocurrency, a free pass which is quite similar to XRP conducted an ICO as well. On the other hand, SEC claims Hinman gave that speech in his personal capacity and it cannot be used as a defence against the agency.

XRP Community Certain Ripple Would Win the Case

XRP community is considered one of the strongest crypto communities out there and they have unearthed a number of documents and speeches made by SEC executives during 2018 after Hinman’s speech to prove that SEC did give Ethereum a free pass. XRP community also accused SEC of personal gains from the decision.

In the latest development of the XRP lawsuit, Ripple has filed a motion to examine three additional documents for in-camera review based on a privilege log provided by the SEC after the August 31, 2021 telephone conference, including an email chain. The email chain in question reportedly shows that SEC asked third parties to use Hinman’s speech to analyze digital assets. This is quite a big revelation given SEC has claimed Hinman’s speech was made in his personal capacity.

XRP community are quite certain that Ripple would win the case given the glaring evidence and number of lies that the SEC has told during the ongoing lawsuit.

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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.
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Source: https://coingape.com/ripple-ceo-reveals-the-only-condition-under-which-they-would-settle-with-sec/

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XRP, Chainlink and This Crypto Project Launching Bitcoin Smart Contracts Are ‘About To Go Crazy’, Says Altcoin Daily

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Altcoin Daily host Austin Arnold is listing three altcoins that he says are “about to go crazy”.

In a new video, Austin tells his one million YouTube subscribers that the altcoins in question are Dfinity Foundation’s Internet Computer (ICP), the bridge currency XRP, and blockchain oracle network Chainlink (LINK).

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Kicking off the list with Internet Computer, Austin says that the crypto project focused on becoming a decentralized global computing platform, is planning to introduce smart contract functionality to Bitcoin.

Internet Computer smart contracts will gain access to Bitcoin liquidity and Bitcoin will gain powerful new smart contract functionality without the need for insecure and cumbersome trusted bridging services.

So this could be big – a DeFi [Decentralized Finance] ecosystem for Bitcoin is a major industry initiative. It would mean the world’s most popular cryptocurrency, Bitcoin, could be used for lending, yield farming, derivatives, liquidity pools and more.”

Turning to XRP, Austin says the developer Ripple Labs has encountered a setback in the lawsuit filed against it by the U.S. Securities and Exchange Commission (SEC).

“…Ripple filed a motion back in August 27th requesting information about whether SEC employees had purchased and traded Bitcoin, Ethereum and XRP. The United States Magistrate Judge Sarah Netburn rejected this motion on Tuesday…

…so what this means to you as a potential XRP holder is that Ripple will have to find another way to prove to the SEC that XRP is not a security. That’s of course the SEC’s point of view. They’re the ones that are suing Ripple and the case is heating up.”

In the case of Chainlink, Austin says that the blockchain oracle network’s recent integration with decentralized cold storage aggregator Coldstack is bullish.

“…big green flag for LINK holders. Here’s the reason Chainlink was chosen – because in their [Coldstack] words ‘Chainlink is the industry standard in blockchain oracles’.”

Austin also quotes Coldstack’s CEO Alexander Shishow showering praise on Chainlink.

“In a direct quote from Coldstack CEO… ’There really isn’t any substitute for Chainlink – if we want to provide the best data storage solutions for our users, then it makes sense to use the best oracle service provider in the industry.’”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Source: https://dailyhodl.com/2021/09/25/xrp-chainlink-and-this-crypto-project-launching-bitcoin-smart-contracts-are-about-to-go-crazy-says-altcoin-daily/

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Bhutan Partners With Ripple to Pilot Digital Ngultrum on a Private Ledger

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The Central Bank of Bhutan, the Royal Monetary Authority (RMA), has partnered with Ripple to start testing a model of its central bank digital currency (CBDC) using Ripple’s technology. The test will be using Ripple’s own CBDC private ledger, to support similar use cases. The pilot test will include retail, cross-border and wholesale payments for the proposed CBDC.

Bhutan Involves Ripple in CBDC Pilot Test

Bhutan, a small country located in the south of Asia, is working on the issuance of a central bank digital currency of its fiat currency, known as the Ngultrum. The nation will be partnering with Ripple, the cryptocurrency and payments company, to pilot test the digital currency in different use cases. The Royal Monetary Authority (RMA), Bhutan’s central bank, will use Ripple’s technology for the tests.

This pilot provides yet another example of a country approaching the digital currency world as a way of improving access for citizens to financial services. In this regard, Bhutan expects these actions to increase the accessibility of its citizenship to the financial market by 85% by 2023.

Yangchen Tshogyel, deputy governor of the Royal Monetary Authority of Bhutan, stated they chose Ripple because it may allow them to use their existing infrastructure. Tshogyel stated:

Ripple’s groundbreaking technology will allow for the experimentation of a CBDC with our existing payments infrastructure — while ensuring efficient and cost-effective cross-border transfers.

Ripple and CBDCs

While Ripple has been touted as the go-to platform for remittances and bank-related applications — and even as a SWIFT replacement of sorts — this is the first time it has been involved in a test of a CBDC. However, this test is not using Ripple’s public ledger. The test is taking advantage of another Ripple technology called CBDC private ledger, which was introduced by the company in March.

The private ledger is powered by Ripple’s own consensus, which is based on proof-of-stake, and according to the company supports tens of thousands of operations per second with negligible fees, suitable for massive payment operations. James Wallis, VP of Central Bank Engagements at Ripple, stated:

We couldn’t be more thrilled to partner with the RMA on its CBDC agenda and foster our shared values in creating a more sustainable, accessible, and financially inclusive reality.

Bhutan now joins other geopolitical regions like China and the EU in actively researching central bank digital currencies for implementation.

What do you think about Bhutan testing a central bank digital currency? Tell us in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Source: https://news.bitcoin.com/bhutan-partners-with-ripple-to-pilot-digital-ngultrum-on-a-private-ledger/

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