China is preparing a new legal framework to regulate the use of its CBDC digital currency, the DCEP, and the issuance of stablecoins backed by the digital yuan. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
📍‌ The People's Bank of China (PboC) published the draft of a new regulatory framework The purpose of which is to establish the legal bases for the control and management of its new digital currency CBDC, the digital yuan or DCEP (Digital Currency Electronic Payment). First, this bill prohibits the creation and issuance of digital currencies that seek to replace the DCEP, the CBDC digital currency that will be legal in circulation in the nation. According to the assessment of several analysts, the actions of the PboC may criminalize the stable coins backed by the yuan and not authorized by the entity and the Chinese government. The bill is open for public discussion until November 23.
📍‌ Meanwhile in Russia, Elvira as Nabiul, Governor of the Central Bank of Russia said during a Press conference The Central Bank is preparing to develop its CBDC digital currency focused on user privacy, but stressed that there is a fine line between this right and anonymity. The representative of the Central Bank indicated that anonymity should not be confused with the confidentiality of digital transactions in rubles, Russia's national currency. In fact, Nabiullina stated that the new digital currency will not have the same level of anonymity enjoyed by transactions made with cash, although it will guarantee the confidentiality of such transactions.
With these statements, Nabiullina confirms that the Central Bank will exercise control over transactions carried out with the CBDC for the digital ruble, in order to ensure the transparency of operations and prevent financial crimes and other illicit activities. The executive also noted that pilot tests of its digital ruble could begin at the end of 2021.
📍 ‌In Venezuela, Excelsior Range, one of the largest supermarket chains in the country, announced on your Instagram account that will begin accepting payments with cryptocurrencies, . The initiative, which is possible thanks to the integration of the Cryptobuyer platform, aims to add new payment methods to facilitate the purchase of products for its users and customers. According to the announcement, Excelsior Gama will accept 8 cryptocurrencies, including Bitcoin (BTC), Dash (DASH), Tether (USDT), Litecoin (LTC), Binance Coin (BNB), among others.
📍‌ Paul Tudor Jones, a renowned billionaire hedge fund manager and investment founder of Tudor Investment Corporation, said that Bitcoin is becoming the best hedge against inflation, also reporting that he maintains a small single-digit investment in the cryptocurrency. The businessman's attitude towards Bitcoin has become more optimistic, since it achieved an incredible recovery after suffering an abrupt fall in the month of March.
📍 ‌The new edition of the Blockchain Startup Europe Awards se will be held in Extremadura, Spain, a city that is becoming an important development center for blockchain technology. Extremadura has been the venue for several important events, including the International Forum on Blockchain and Technological Innovation, organized by the Iberian Blockchain Institute. Currently, the levels of acceptance of this technology in various sectors are increasing worldwide, so the adoption and implementation of blockchain represents an opportunity for innovation and momentum for the community.
📍‌ According to data displayed by the blockchain data and analytics provider, skew, the Chicago Mercantile Exchange (CME) is now the second largest Bitcoin futures exchange in terms of open interest after OKEx. The achievement of this US exchange, which surpassed Binance Futures, is estimated to be due to the increase in institutional demand for the cryptocurrency, which has increased the number of contracts and had a positive effect on the price of Bitcoin.
📍 ‌The United States Securities and Exchange Commission (SEC) announced that the digital asset company Vortex Blockchain Technologies, based in Ohio, United States, did not submit periodic reports on its activities to the Commission, since December 31, 2019, so the entity decided to publish a liquidation offer for the company. With this action, the SEC revoked the company's registration effective October 23 of this year, arguing that this measure is necessary and appropriate for the protection of the company's investors.
📍‌ In Cuba, Erich Garcia, a well-known Cuban programmer and youtuber, put in operation a digital platform that allows citizens to send remittances in bitcoins and convert them into Cuban pesos, with the option for beneficiaries to receive them at their doorstep if they do not have a bank account. The platform, called bitremesas.com, allows the person sending the cryptocurrencies to be linked to the person receiving them, using a QR code and a phone number when processing the transaction.
Likewise, although the sender and recipient do not pay commissions for the transfers, the platform does generate a profit of up to 25% when auctioning the bitcoins to exchange them for Cuban pesos. Although it is a fairly centralized option, the new platform is an option for citizens of the island who do not have bank accounts or access to debit or credit cards, evading the international blockade that the country is experiencing.
Continue reading: US DOJ prepares new attack against digital privacy
