Thursday, November 21, 2019

China Central Bank to Set Standards for 17 Fintech Categories, Including Blockchain

The People’s Bank of China (PBoC) has an agenda to set industry standards across the financial sector, including blockchain, a senior official from the bank said on Wednesday.
Speaking at a meeting of the National Technical Committee, PBoC vice president Yifei Fan said the bank aims to better regulate new technologies applied across the financial industry, according to a report from state media Xinhua News Agency.
Fan said blockchain is among 17 categories of financial technologies, including cloud services and artificial intelligence, to be regulated under the new standards. 
“The financial industry either lacks the standards or needs to update the existing standards,” he said. “The current regulations for financial services are not clear and strong enough to guide high-quality developments in the industry.” 
A prior round of standards were set for mobile financial payment platforms, voice and image recognition technologies, he said. 
The statement comes after two other “industry standards” regimes were created by the government; one for registering all new blockchain projects, with 500 included in the first two tranches, and, the second, for 11 fintech product categories for digital payments.

Thursday, November 7, 2019

Singapore Fintech Festival 19 Is Next Week!

Looking to catch up on the latest trends and/or updates in Bitcoin (BTC), blockchain or the wider Fintech landscape?

Don't miss out on these events from 11 - 15 November 2019, next week!

When: Mon, 11 - Web, 13 November 2019

The world's largest Financial Technology event is back! Gathering companies at the forefront of financial innovation, regulations, together with traditional companies as well as companies looking to break into the robust Singaporean Fintech scene, this is where you will want to be to learn more about the wider Fintech landscape in Singapore.

When: Tues, 12 - Web, 13 November 2019

The first-ever global conference by the world's #1 cryptocurrency information site - CoinMarketCap - brings together top players in the blockchain & cryptocurrency space from all across the world. Don't miss this opportunity to get the latest insights from these experts.

When: Thurs, 14 - Fri, 15 November 2019

The world's largest blockchain event, powered by Cointelegraph, is back in Singapore for Blockshow Asia 2019! The event gathers top players in the blockchain & cryptocurrency space from all around the world, to bring you the latest blockchain solutions. This is not an event to miss!

Tuesday, October 29, 2019

Will China Take Bitcoin To $20,000?

photo credit: Getty

The best way to lose money in the markets is to sell when you are scared and buy/hold when you are happy with your profits.
So it was for me a couple of days ago when bitcoin (BTC) was $9,500. I so wanted to close out 25% of my BTC and leave myself to run the rest, having taken out the cost of my position in cash and thereby run the rest as free carry. You can spin all sorts of narrative why that’s a smart idea or why that’s a dumb one, but the fall was the impetus and the desire to flee a normal human emotion. It is an instinct that traders and especially investors need to control.
Luckily, I’ve been playing the high risk game long enough to wait. When I want to sell an investment solely because it has dumped I wait at least two or three days before making such a move. If and when bitcoin hits $13,500, I will want to load up on more but I will likewise stop myself from buying into bullishness.
So I did nothing with my bitcoin and this happens:
Bitcoin jumped again on Monday


Once again doing nothing is the best move you can make with a good position.
So in my model, this is China and this is down to the trade war.
When bitcoin jumps, something bad has just happened in the U.S./China trade talks. We don’t know what it is, but soon enough we will find out.
Well today we get a Trump tweet and up BTC goes again. Yesterday, what happened? I guess whatever it was that made bitcoin pop, also left the U.S. president even more incandescent than normal.
This is still a theory, but it keeps on playing out. So what to do? In the short term the question is, is the China situation going to continue for long?
Continuation of the trade war means BTC up. The longer the war runs, the higher bitcoin will go.
For me it’s likely that the trade war is going to run and run. Both sides can’t buckle and like most wars, sides are prepared to take big losses, not to lose. This means holding through a rollercoaster ride of developments.
If we are in for a trade war of attrition, bitcoin will be above £20,000 by Christmas or sooner.
What we also have here if this theory is right is a gift to the extra greedy. When bitcoin flies, short the Dow, because when BTC flies, for no apparent reason, it is a high probability that something Dow slapping will come out of the trade war in a day or two’s time. While information may flow more slowly in the U.S., whatever goes wrong will nonetheless hit the U.S. equities market soon enough, but meanwhile the bad news will hit the Asia bitcoin market much sooner, about as long as it takes for the participants to get out of their meetings and past the revolving doors.
BTC down on Monday, should also give Dow up on a Tuesday and vice versa. Bitcoin is the gift that keeps on giving to traders.
Gold and the whole platinum group metals (PGM) will follow but at a much more refined and subdued pace; bitcoin delivering another leading signal to the stacker community or any trader that wants to play the dangerous game of levered commodities.
Signals like this don’t come by very often and can’t last for long, but while the stakes are in trillion dollar scale, quite a few million dollar crumbs are going to be left lying around the table.
Clem Chambers is the CEO of private investors website and author of Be RichThe Game in Wall Street and Trading Cryptocurrencies: A Beginner’s Guide.

In 2018, Chambers won Journalist of the Year in the Business Market Commentary category in the State Street U.K. Institutional Press Awards.

China Warns Against Cryptocurrency ‘Speculation’ Amid Blockchain Hype

China should embrace blockchain technology but not “speculate” about cryptocurrencies such as Bitcoin (BTC), state media claim.

State newspaper: “We must remain rational”

As Reuters reported on Oct. 29 quoting local news outlet the People’s Daily, Beijing’s previously-announced support for blockchain should not be read as support for crypto.
The People’s Daily is a publication under the direct control of the ruling political power, the Communist Party of China.
“Blockchain’s future is here but we must remain rational,” it wrote. The publication continued: 
“The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies.”

Bitcoin still higher after blockchain remarks

The veiled warning comes days after Chinese president, Xi Jinping, publicly pledged to make the country the world’s number one blockchain environment in a speech. 
His words came along with China signing a new so-called “crypto law” governing various aspects of blockchain technology, to enter into force in January. 
Many suggested the events triggered a major surge in the Bitcoin price, which on Friday expanded from $7,400 to local highs around $10,500. 
Cryptocurrency trading is wholly banned in China, however, with Xi not mentioning anything which could suggest a change in policy. 
Nonetheless, the mood around Bitcoin still remains buoyant, with the weekend’s gains enduring to see BTC/USD still up 28%.

Bitcoin & Blockchain Continue to Explode in China: Ripple Effect

The pro-blockchain comments from China’s president, Xi Jinping, continue to have a profound effect on the nation’s involvement with Bitcoin, cryptocurrencies, and blockchain technologies, despite the fact that Xi’s remarks are just four days old.

Chinese Bank Invests in Bitcoin Wallet

The rumors of Bitcoin’s death in China have seemingly been exaggerated. According to Primitive Ventures founding partner Dovey Wan, an investor known for her insights into the Chinese market, China Merchant Bank has just announced an investment in BitPie, “the Bitcoin wallet with the longest history and most users in China.”
China Merchant Bank, according to this outlet’s knowledge, is a mid-sized financial institution in the nation with hundreds of branches. It’s no small fish, that’s for sure.
China... China Merchant Bank just announced invested in BitPie, the Bitcoin wallet with longest history and most users back in China ...


Tho it's a non-custodial wallet there can be a non-zero chance ....[redacted] 🤐🤐🤐
247 people are talking about this
According to Wan’s analysis, this is the start of the Chinese nationalization of the cryptocurrency and Bitcoin industry, which comes in response to President Xi’s remarks and the massive public response thus far.

Central Bank Crypto On Its Way

After this, Huang Qifan, vice chairman of the China International Economic Exchange Center (CIEE), asserted that China will soon be launching its own digital asset. No solid timeline was revealed.
This seemingly lines up with President Xi Jinping’s recent comments about how blockchain and related technologies can benefit a swath of sectors, including “core technologies.”

Gone Mainstream

Xi’s statements have done wonders for mainstream blockchain awareness in China. According to WeChat’s statistics tracker, which offers insight into the internet trends that the Chinese population is following (kind of creepy, I know), the number of searches for the Chinese term for “blockchain” has literally gone to the moon, but has yet to come back. On the day prior to Xi’s remarks, there were around 800,000 searches a day; now, the number is closer to 10 million.

This surge in awareness seems to be for good reason. About every notable news outlet in China, especially those that are affiliated with the state, have taken it upon themselves to spread the ‘good word of blockchain’, as it were. In fact, China’s state-run television, which can be accessed by literal hundreds of millions, purportedly hosted a Bitcoin and blockchain segment over the weekend. And People’s Daily, the largest newspaper group in China, also mentioned blockchain in a recent iteration.