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China must play an active role in the international regulation of digital currencies

7 27 exc
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Written by   23
1 year ago

Xi Jinping: China must play an active role in the international regulation of digital currencies

China should take the lead in shaping the international regulatory framework for digital currencies, President Xi Jinping said. His speech, entitled “Problems of Medium and Long-Term Strategies in Society and Economy,” was quoted by the Xinhua News Agency.

Xi noted that China has successfully adapted to the new economic realities amid the coronavirus pandemic: “Our country's online economy has played an active role in containing this epidemic. Online offices, online shopping, online education and online medicine have flourished and have been deeply integrated with the offline economy. "

Recently, Vice Premier of the State Council of the People's Republic of China Liu He announced the need to accelerate the development of new technologies, including blockchain. He referred to an earlier statement by the head of state when he set the corresponding priorities.

Now, according to Xi, it is important not to stop development: "We need to take advantage of the momentum and accelerate the digitalization of various areas, including our economy, society and government, as well as take the initiative to create an international regulatory framework for digital currencies and digital taxation."

This week, Chinese tech company Huawei announced the launch of its new smartphone with a built-in hardware wallet to store the digital yuan.

Bank of Canada Governor Tiff Maclem also recently announced that the emergence of national digital currencies in individual countries will require a coordinated international approach to prevent their abuse.

BitMEX executives accused of illegally withdrawing $ 440 million from the exchange to hide assets

According to the court, the heads of HDR - the parent company of BitMEX - deliberately withdrew more than $ 440 million from the site after it became known about the investigation of the company's activities by the US Commodity Futures Trading Commission (CFTC).

Recall that in early October, the CFTC filed a lawsuit against the cryptocurrency derivatives exchange BitMEX, accusing it of illegally conducting business in the United States, as well as violating KYC and AML rules.

A separate lawsuit filed on behalf of BMA LLC representatives Yaroslav Kolchin and Vitaly Dubinin seeks to seize HDR assets during the trial. The lawsuit states:

“Being aware of the investigations of the Commodity Futures Trading Commission and the US Department of Justice, as well as forthcoming administrative and criminal charges, and in an effort to hide the proceeds from the US authorities, the accused Hayes, Case and Reed embezzled $ 440,308,400. This money was obtained as a result of illegal actions on the BitMEX platform, and withdrawn from HDR accounts by the defendants. "

According to the lawsuit, the alleged illegal withdrawal of funds was carried out in order to reduce the amount of assets that could be confiscated by the authorities upon indictment.

The appendix to the lawsuit does not indicate how the money was withdrawn, but it is alleged that the executives began withdrawing profits after learning of possible charges in 2019. An HDR spokesman denied these allegations and stated:

“Pavel Pogodin from Consensus Law has filed a series of fabricated lawsuits against us and other participants in the cryptocurrency sector. We will fight him in the ordinary course of the trial and are fully confident that the court will see the true nature of these claims. ”

Paxful Peer Exchange Launches Crypto Debit Card in Visa

"Access to reliable and democratic financial products is essential," said Ray Yousef, CEO and co-founder of Paxful. “Whether you need to invest in education, start a business, or just manage your day-to-day financial expenses, every inhabitant of the world should have a full opportunity to do so.”

Lightning Labs Launches P2P Liquidity Marketplace

The P2P trading platform is transforming liquid assets from the Lightning Network into new 'LiFi' financial products that are available for exchange in the Lightning Pool, Lightning Labs executives said.

In the pool, users can purchase access to liquidity, and sellers have the opportunity to receive income from bitcoin. At the same time, users can control their assets without resorting to the services of intermediaries. Revenue is generated through pooled buyers who are willing to pay to gain access to new capital in Lightning without being exposed to the risks that might arise when dealing with third parties.

The developers explained that the solution will solve the problem of lack of liquidity in the Lightning Network, holding back the spread of the network. Lightning Pool provides a base rate of return against which nodes can make economic calculations.

By default, nodes do not know how much funds are being funneled by peers, so they cannot determine how efficiently their capital is being allocated. The pool solves this problem by using “pricing signals” by showing you where and when liquidity is needed in the market. Previously, users have tried to fix this problem with group chats and over-the-counter services.


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Comments

Impressive

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1 year ago

It will be a nice idea if there will be international coordinate to take care of all activities of thr crypto much if it without keeping track will surely lead to abuse or problems

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1 year ago

It shows hoe strong a country is for it to be that strong when facing issues and problem concerning what is happening by the crisis all over

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1 year ago

Having no record on how the withdrawal began i think is not enough prove to start accusing one that such happened it could have being investigate thoroughly

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1 year ago

That should be well investigated as it is a very huge amount that one cannot let it slide so easily so they really need to go deeper in that statement and if found false take actions

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1 year ago

China is like the center for crypto surely they need to be making more progress as only that will make others follow their foot steps with more learning and keeping the crypto world great as always

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1 year ago

this indeed is a very good progress that the Chinese are really achieving last week i heard Japan also launched a new wallet which all are very good step and means for a better upgrade

$ 0.00
1 year ago