A 200-page manual titled “Digital Currency: A Reader for Cadres” entered its second print in January. There are signs of high demand from the Chinese government amid misleading regulations on cryptocurrencies.
The handbook was first released in November, and contains a comprehensive set of 23 articles, starting with the basics of digital currencies to their impact on global finance. Bloomberg reporter Yinan Zhao covering China’s economy explained to Cointegraph:
“It is actually a collection of articles published by officials and researchers on digital currencies. The views expressed in the book are not new. I think it was meant to be a store-like way for the authorities to turn their head on the concept. “
Officials of the Chinese Communist Party appear to be showing interest in digital currencies, with the second printing commencing just three months after its initial release. The book’s cover described digital currencies as “indispensable in the course of history”, stating that the article was presented in the technology’s “hope to help party cadres deepen their understanding” is.
The complex interaction of crypto and politics in China
Since their popularization in the Chinese state, there has been a misleading stance on cryptocurrencies and blockchains. As the market grew, restrictions on crypto exchanges
Laga and its initial coin offerings operating in China were implemented early in 2017.
The government changed its attitude the following year in August 2018, releasing a primer on blockchain technology. The manual was the first attempt to educate Chinese authorities on the merits and disadvantages of distributed bookkeeping technology with the aim of promoting healthy technology. In fact, the country was reported to be a worldwide leader in terms of the number of blockchain projects in early 2019.
Nevertheless, China remained largely hostile to bitcoin and cryptocurrency, albeit slowly melting. Beginning in 2018, representatives of the People’s Bank of China (PBoC) saw digital currencies as inevitable but as destabilizing the potential proliferation of decentralized options.
This is surprising, given that China pushed for creating a central bank controlled digital currency in 2019. Zhou Xiaochuan, former governor of the PBOC, has initiated the project to ensure that China maintains its monetary policy. – “externally controlled” bitcoins instead.
Maintaining control of the blockchain ecosystem appears to be a recurring theme for Chinese authorities. As Contegraf reported in late 2018, the Huobi Exchange reopened a China subsidiary – which included a branch of a Chinese Communist Party committee. Finally, in October 2019, Chairman Xi Jinping specifically called for increasing the adoption of blockchain technology, bypassing the permissible cryptocurrency.
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Bitcoin (BTC) futures traders generated at least $ 20 billion in daily volume last week, as two new option products were set to hit the market.
According to data released on January 9 by the futures provider CME Group, open interest in its futures contracts was almost 70% higher by the end of 2019.
“Serious” is before the introduction of volume options
Open interest was the highest last week, seen in late June.
At the time, BTC / USD was running at its local high of $ 13,800, while the price had risen to $ 8,400 in the last seven days.
As reported by Cointelegraph, the interest rate has increased the CME’s race to release its bitcoin futures options. A launch could take place on Monday under “regulatory approval”, with figures already set for release on the company’s website, officials have claimed.
On Saturday, meanwhile, BitX derivatives exchange FTX quietly launched its own Bitcoin option product.
According to the total volume data for bitcoin futures products by analyst Skew Markets, global futures trading volume crossed the $ 8 billion mark only on 20 January.
Options traders wager on $ 12K BTC
Skew said its figures were not exhaustive, suggesting that the actual total may be slightly higher. Currently, with the market stalwart BitMEX dominated by HOBI and OKX in terms of volume.
FTX meanwhile is looking at a call for bitcoin trading at $ 12,000 a month after its block reward halting in May. The call costs $ 430. In other words, for $ 430 above the $ 12,000 limit, the investor returns double.
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An Ethereum Classic (ETC) Development Organization Potential to the PublicWarns against the scam, which is attempting to exploit users, when altcoin completed its hard fork.
In a tweet posted by the ETC Cooperative on 13 January, he pulled out an alleged scandal calling EvaGrate in resonance with the “Agarhar” hard fork for ETT.
“Needless to say, ‘egata’ is a complete scam, probably from the same people who did something similar at Atlantis. Stay away. ETC Agharta did not result in new ta Agharta coins.”
The fraudsters say “Make Ethereum great again!”
On January 12, the Ethereum Classic activated the Egraat Hard Fork, which aims to improve the gap with changes to the protocol introduced to its blockchain through its Constantinople and St. Petersburg upgrades last year.
It appears that the Hard Fork opportunity prompts the malicious actors behind Eaghagra to exploit the incident and use fraudulent proprietary “grace” coins. The new tokens, as emphasized by ETC Cooperative, are not actually created as part of the network’s hard fork.
In order to warn users, ETC Cooperative asked users to claim a “secure classic #Agharta (ETC hard fork)”
Posted a screenshot of his Twitter handle and its requests.
Twitter re-created the link to the plan’s site and its Trumpian link to “Gravity Hardfork – Ethere Classic!”
Once users enter the site, it prompts them to enter and save a password to create a new, dedicated wallet. Etcagharta.org states that it does not hold users’ keys on their behalf:
“We cannot use accounts, fix keys, reset passwords, nor reverse transactions. Keep your keys safe and always check that you are at the correct URL [sic.].
ETC Cooperative is an organization that oversees and deploys funds from Grayscale Investment for the development of the ETC network. The cooperative spending policy supports the development of the Ethereum Classic network, infrastructure and related applications.
The name Ethereum Classic derives from the highly controversial episode of the Ethereum network in 2016 in the wake of the DAO scandal.
The “classic” signifies the fact that altcoin runs on the original version of the blockchain – before the time of the fork – and adds it to the cryptocurrency’s name to distinguish it from its last more well-known successor, Ether (ETH). .
With Ether currently ranked the largest altcoin by market cap, the Ethereum Classic is somehow behind in 19th place. It is trading at $ 5.42, seeing no change in the 24 hours before press time.
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