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| January 16, 2019

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Brexit chaos: May warns of catastrophe if deal falters as some lawmakers reportedly plot to seize control

January 13, 2019 |

Two days ahead of a vote in parliament that she’s expected to lose, British Prime Minister Theresa May warned lawmakers that if they don’t back her plan to ditch the European Union the country will face a catastrophe. 
FOX News

Oregon man crosses Antarctica unaided in ‘Impossible First’; reportedly first person to accomplish feat

December 27, 2018 |

An Oregon man on Wednesday became the first person to traverse Antarctica alone without any assistance, trekking across the polar continent in an epic 54-day journey that was previously deemed impossible.
FOX News

Texas man, 19, reportedly had 12 drinks before crash that killed young mom

December 20, 2018 |

Erick Hernandez, 19, appeared before a judge this morning after being accused of driving drunk and killing a young mother, 23-year-old Taylor Phillips in Houston on Sunday.
FOX News

A Chinese Government-Controlled Bitcoin Alternative Is Reportedly in the Works

December 18, 2018 |

China's Very Own Bitcoin Alternative is In the Works

In the midst of a sino-U.S. trade war, the People’s Bank of China is working to develop its own cryptocurrency prototype. It apparently believes this centralized digital asset can ultimately trump BTC and perhaps even the U.S. Dollar.

Also read: Bibox Buys 100% Share of Decentralized Exchange

A Love-Hate Relationship With Cryptocurrency

A Chinese Government-Controlled Bitcoin Alternative Is Reportedly in the WorksThe government of China has been infamously hostile towards cryptocurrency-related economic activities like crypto trading, mining, P2P loans, and ICOs. But this doesn’t mean that the Chinese government disapproves of the underlying idea of Bitcoin. Although Xi Jinping’s administration has done much to kill the domestic cryptocurrency market, it’s currently at work developing its own secure, blockchain-based digital currency.

Reports reveal that the People’s Bank of China (PBoC) has registered 78 digital currency patents, of which 44 are blockchain related, since at least 2016, ranking the PBoC as the fifth most prolific patenter in the space, as has been reported by China’s IPR Daily.

Further, the PBoC has been actively hiring developers and economic specialists for its Beijing-based Digital Currency Institute, whose stated goal is to issue and distribute a blockchain-based currency.

Unprecedented Control

A Chinese Government-Controlled Bitcoin Alternative Is Reportedly in the WorksThe project was originally conceived by the PBoC’s deputy governor Zhou Xiaochuan, with the intention of “protecting” China from Bitcoin, an asset it couldn’t control. In contrast with the decentralized digital currencies we know and love, the PBoC’s alternative could, in fact, allow the Chinese government to exert even greater control over the lives of the country’s citizens.

The current Deputy Governor of the Bank, Mr. Fan Yifei, announced earlier this year that once implemented, the Chinese-controlled cryptocurrency would replace the country’s fiat currency and would ultimately help the bank curtail risks associated with money laundering and other crimes.

Some of the patents filed by the PBoC reveal what the Chinese government has in mind for the future. According to a Bloomberg review of recent patent filings, the government not only wants to track its citizen’s everyday transactions, but aims to force banks to share all data related to potential borrowers before authorizing any type of transaction.

Also, the PBoC would be immediately able to prohibit any financial institution from dealing with “blacklisted” companies. Although there is no evidence that the bank intends to deny individuals from accessing financial services, the recent efforts by the Chinese government to establish a social credit system may point to this possibility.

Trump’s Administration May Hasten China’s Digital Currency Development

With the U.S. unrelenting in its current trade war against China, bankers and politicians alike are becoming increasingly interested in accessing an alternative payment method that would reduce the United States’ dominance of international financial markets, all while rumors of a Chinese-backed crypto are gaining momentum.

A Chinese Government-Controlled Bitcoin Alternative Is Reportedly in the Works

The recent arrest of Huawei’s CFO Sabrina Meng Wanzhou in Canada at the behest of the U.S. government has rekindled this discussion in China. Meng was arrested under charges of U.S.-imposed international sanctions on Iran, charges that may involve HSBC and the Standard Chartered Bank.

As reported by the South China Morning Post on Dec. 17, Richard Jerram, chief economist at Bank of Singapore, declared:

President Trump is promoting an ‘America first’ policy, so you cannot rely on America to keep its borders open for trade, or to rely on it to support the World Trade Organization or the International Monetary Fund. So you can understand why countries are looking for substitutes … In a world of fracturing of multilateral order, countries will be looking to reduce their dependence on the US.

Even though the Chinese yuan only accounts for 1 percent of the international payments market and 1.8 percent of all reserve assets held by central banks, China contributed 27.2 percent of total global GDP growth in 2018 alone. This performance makes it the single largest contributor to the current global economy despite the ongoing U.S. trade war and depreciation of the Chinese yuan.

Its position as an economic powerhouse and the current climate of political tension with the United States may compel the Chinese government to redouble its efforts to end U.S. hegemony by attacking the U.S. dollar.

Given that the world’s economy is slowly migrating towards digital systems, it wouldn’t be too farfetched to think that an alternative to the U.S. dollar might take the form of a digital asset much like the Chinese government’s proposed cryptocurrency.

Will China roll out its own cryptocurrency? Do you think such a digital asset could end up having consequences in the world stage? Let us know in the comment section below.

Images courtesy of Shutterstock.

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The post A Chinese Government-Controlled Bitcoin Alternative Is Reportedly in the Works appeared first on Bitcoin News.

Bitcoin News

Former L.A. Times publisher reportedly got $2.5 million after secretly recording his ex-boss Michael Ferro

December 13, 2018 |

The Los Angeles Times’ former publisher and editor, Davan Maharaj, reportedly received a $ 2.5-million settlement following his exit from Tribune Publishing Co. after revealing to a mediator he had recorded anti-Semitic comments allegedly made by the company’s largest shareholder, Michael Ferro.

L.A. Times – Business

Harry, Meghan Moving Into Reportedly Grand ‘Cottage’

November 25, 2018 |

Like many a couple before them, Prince Harry and his wife Meghan are moving to the suburbs ahead of the anticipated birth of their first child. Officials said Saturday that the couple will move from Kensington Palace in central London to Frogmore Cottage, a house on the grounds of Windsor…


US reportedly urges allies to block use of Huawei equipment

November 24, 2018 |

The United States is urging its allies to stop using Huawei telecommunications equipment because the Chinese company poses a security threat, according to a published report. – RSS Channel – World

Woman goes on racist, homophobic rant on plane, reportedly threatens a flight attendant

November 10, 2018 |

An anonymous woman has made headlines across the internet for going on an expletive-filled tirade full of racist and homophobic slurs against her male seatmate.
FOX News

Instagram influencer reportedly booted from the Louvre for revealing outfit

November 9, 2018 |

She later said that the experience didn’t ruin her time in Paris, adding that the city is “so beautiful that you can’t stay upset for long”.
FOX News

The Daily: Coinbase Reportedly Cuts Staff, Telegram Loses Appeal Against Ban

October 28, 2018 |

The Daily: Coinbase Reportedly Cuts Staff, Telegram Loses Appeal Against Ban

In this edition of The Daily, we cover reports that the U.S. exchange Coinbase has laid off some of its remote workforce. We also look at news that Bitfury is considering holding an initial public offering like Bitmain. Also, a court in Moscow has reject an appeal against the ban imposed on the popular messenger Telegram.

Also read: September Losses for Most Traders, Crypto Debit Cards Shipped in Singapore

Coinbase Lays Off 15 Employees, Report

The Daily: Coinbase Reportedly Cuts Staff, Telegram Loses Appeal Against BanCalifornia-based cryptocurrency exchange Coinbase has reportedly laid off some employees this week. The cuts have affected its customer support, compliance, and fraud departments. According to sources quoted by Yahoo Finance, more than 15 people have been released from duties, mostly remote staffers. Coinbase has confirmed the layoffs but declined to specify the number.

The personnel cuts in the U.S. crypto company, which is thought to be preparing to go public, come after a major funding round this month that raised its valuation to $ 8 billion. The cryptocurrency trading platform employs around 550 people. Coinbase’s remote customer support team was built in the past few years to accommodate its growing user base. The exchange claims to have 25 million customers worldwide. The San-Francisco-headquartered business has offices in New York, Chicago, Portland, London, Dublin, and Tokyo.

According to the report, Coinbase’s new customer service executive, Tina Bhatnagar, wants to centralize the operations of the department. As a result, some members of the remote support team have been laid off, while others have been offered to relocate to one of the company’s offices. In a written statement, Coinbase commented: “We’ve learned that certain teams who are co-located are more efficient, effective, and happier in their roles. So moving forward, some teams – Including Support, Fraud, and Compliance – will only hire employees into Coinbase offices.”

Bitfury Considers Initial Public Offering

The Daily: Coinbase Reportedly Cuts Staff, Telegram Loses Appeal Against BanMining hardware producer Bitfury is exploring a number of business options including an initial public offering (IPO). The IPO can be held in Amsterdam, London or Hong Kong, said sources familiar with the matter quoted by Bloomberg. According to the report, raising debt financing or selling a minority stake are also among the alternatives currently reviewed by the company. Some estimates suggest that the decision to go public could raise its valuation to between $ 3 and $ 5 billion.

Bitfury has so far declined to comment on the matter but the move wouldn’t be a huge surprise. Bitmain, the Beijing-based mining giant and hardware manufacturer, has already filed for an IPO and seeks approval to be listed on the Hong Kong stock exchange. In August, market observers predicted the Chinese company could raise up to $ 3 billion. Earlier reports were more optimistic. Bitmain’s listing is expected in the first quarter of 2019.

Moscow Court Turns Down Appeal Against Telegram Ban

The Daily: Coinbase Reportedly Cuts Staff, Telegram Loses Appeal Against BanThe Moscow City Court has rejected a cassation appeal filed against the Russian blockade of Telegram, RIA Novosti reported quoting the court’s press secretary, Ulyana Solopova. The clampdown on the messenger, popular among crypto enthusiasts around the world, started with attempts by Russia’s telecom watchdog, Roskomnadzor, to restrict the service. They followed a decision issued by a district court in the capital city on Apr. 13, 2018, which came in response to Telegram’s refusal to hand over its encryption keys to the Federal Security Service (FSB). The agency insists the messaging app is used by terrorist suspects.

The city court now says that Telegram’s claimed inability to provide the keys is not a reasonable ground for non-compliance with the law. References to provisions safeguarding the privacy of correspondence have been rejected as well with the presiding judge stating that the information needed to decode the messages does not constitute a secret protected by the Russian constitution. The efforts to block access to the messaging platform have been largely unsuccessful. In August, Telegram agreed to share information with authorities in cases in which the court has issued an order.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.

Images courtesy of Shutterstock.

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The post The Daily: Coinbase Reportedly Cuts Staff, Telegram Loses Appeal Against Ban appeared first on Bitcoin News.

Bitcoin News