Two-Tiered System of Cryptocurrency to be launched in ChinaAugust 30, 2019
China, accordingly to a recent Forbes report, will likely launch “a state-backed cryptocurrency” on November 11, 2019, the China Singles Day. The issuing process will be taken care of by the People’s Bank of China.
China had an unfriendly stance versus the cryptocurrency for quite a long time. The cryptocurrency operations in China has been taking through third-party companies. With China coming up with its own cryptocurrency, one of the issuers in the process would be Alibaba. The digital currency will be distributed to the Chinese population.
An anonymous source, according to China, revealed, “The technology behind the cryptocurrency has been ready since last year.”
With all this happening, the cryptocurrency space continues to be regarded as a “smugglers den.” Consumer protection, transactional risk, and regulatory compliance in the cryptocurrency market differ due to complex regional requirements. Simplification of the compliance process to ensure adherence is becoming increasingly crucial.
Colleges and universities are getting to the forefront of innovation. Stanford, Cornell, and MIT are teaching more classes on cryptocurrency than ever before. There is a rise in cryptocurrency-related education in the US and several universities across the world.
The core characteristic of cryptocurrencies is the anonymity and privacy in transactions while retaining every advantage of cryptocurrency like the Bitcoin, Ethereum, etc. The anonymity factor is the thing that annoys governments and regulators.
Cryptocurrency users were intended to be those who will use it for development and maintenance. However, the coin got to the hands of hot-money flippers than to the sides of real-time users. Unregulated ICOs led to delusional optimism in cryptocurrency prices and eventually led to the crash of the cryptocurrency prices.
The crash of the Bitcoin price wiped out $10 billion from the cryptocurrency market as the price went down by $600. The price of Bitcoin is far long away from where it started early this year; however, the values of the Bitcoin has been fluctuating between $9,000 and $13,000 in recent months. The token was experiencing a relative period of stability before its recent fall.
Nigel Green, CEO of financial advisory firm deVere Group, stated that it is only a matter of time until Bitcoin would return above this level saying, “Looking at its performance this year, I believe that the new normal bottom price for Bitcoin is $10,000.”
The price crash for the token came after the prediction of $10,000 as the new normal bottom.