PBOC Official Stresses Importance of Digital Yuan
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Cary
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September 4, 2023
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Cryptonews, Crypto, News
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China’s Digital Currency Research Institute head highlights the need for digital yuan in all retail payments, and proposes unified QR code standards. Key Points The head of the Digital Currency Research Institute at the People’s Bank of China (PBOC), Changchun Mu, emphasized the necessity of making the digital yuan available for all retail payment scenarios at a trade forum in …
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South Korea Crack Down on Crypto Drug Trafficking
South Korean police arrest 312 individuals involved in a cryptocurrency-facilitated drug trafficking network operating on dark web platforms. Key Points South Korean police have intensified their efforts to combat drug trafficking facilitated by cryptocurrencies, resulting in the arrest of 312 individuals involved in a major narcotics bust. The arrests were made by the Seoul Metropolitan Police Agency’s Drug Crime Investigation, …
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Bittrex Agrees to Pay $24 Million Fine to SEC
Bittrex faces a $24 million fine for alleged unregistered securities exchange operation amid the SEC’s intensified crackdown on the crypto industry. Key Points The United States Securities and Exchange Commission (SEC) continues its enforcement action to bring the crypto industry into regulatory compliance. The latest target of the SEC is bankrupt crypto exchange Bittrex, which has agreed to pay a …
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Congresswoman Criticizes PayPal’s Launch of Stablecoin
Congresswoman Maxine Waters voices concerns over PayPal’s PYUSD stablecoin launch without federal regulatory approval, highlighting the need for oversight and stablecoin regulation. Key Points Democratic Congresswoman Maxine Waters (D-CA) has voiced her criticism of PayPal’s recent launch of its dollar-backed stablecoin, PYUSD. While acknowledging the groundbreaking move by the global payment firm, Waters expressed concerns regarding the lack of federal …
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Korean Prosecutors View XRP as a Positive Development
South Korean prosecutors’ pursuit of fraud charges against Do Kwon and Terraform Labs faces complications after the XRP trial verdict. Key Points The recent ruling in the XRP trial has raised concerns among South Korean prosecutors who are seeking to convict Do Kwon and Terraform Labs of fraud and securities violations. The ruling by a US court, which declared that …
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Russian Banks Demand Answers on Digital Ruble
Russian banks seek clarity from the Central Bank on the digital ruble, raising questions about its implementation and impact. Key Points Russia’s Association of Russian Banks (ARB) has sent a letter to the Central Bank of Russia, requesting clarification on the country’s plans for a Central Bank Digital Currency (CBDC) known as the digital ruble. The ARB expressed concern over …
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Curve Finance Offers Bounty to Identify Exploiter
Curve Finance offers $1.85 million bounty to identify hacker after $60 million exploit; some funds returned voluntarily, security concerns raised in DeFi ecosystem. Key Points Curve Finance, the decentralized finance (DeFi) platform that suffered a devastating exploit resulting in a loss of over $60 million, has announced a bounty of $1.85 million to anyone who can identify the exploiter. In …
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Suspected Bot-Driven Price Surge on FTX for Alameda Coins
Tokens tied to Alameda Research experience price surges after being listed on FTX, fueled by alleged inauthentic Twitter activity. Key Points Several digital tokens that were associated with Sam Bankman-Fried’s trading firm, Alameda Research, experienced a significant price increase after being listed on the now-bankrupt cryptocurrency exchange FTX. This information comes from a report released by the Network Contagion Research …
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KPMG Study Reveals Bitcoin Mining’s Ability to Reduce Carbon Footprints
Bitcoin miners are cutting costs by relocating near affordable sources of renewable energy, as per KPMG’s analysis. Key Points KPMG’s recent analysis sheds light on the strategy employed by bitcoin miners to cut down on costs by relocating near affordable sources of renewable energy like solar and wind. In today’s digital era, cryptocurrencies have taken the financial world by storm. …
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David Marcus Talks about Difficulty in Developing Bitcoin’s Lightning Network
Lightspark CEO David Marcus faces challenges in developing Lightning Network solutions but remains committed to advancing the technology and collaborating with stakeholders. Key Points Lightspark CEO, David Marcus, recently expressed his frustrations with the development of Lightning Network-based solutions. As an experienced entrepreneur in the field of technology and finance, Marcus has been at the forefront of implementing innovative solutions …
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