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Category: #Cryptocurrency (Page 1 of 2)

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New Bill Would Ban Bitcoin Mining Across New York State for Three Years

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A new bill that hit the New York state senate on Monday is aiming to put a multi-year pause on crypto mining operations across the state until authorities can fully suss out what that mining is doing to the climate and local environment. Bill 6486 is being spearheaded by state Sen. Kevin Parker, who had previously…

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Source: https://earther.gizmodo.com/new-bill-would-ban-bitcoin-mining-across-new-york-state-1846828277
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The Article Was Written/Published By: Shoshana Wodinsky

China leads the world with new state-backed digital currency

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In a push to dominate global financial technology, the Chinese government is aiming to roll out the world’s first state-backed digital currency.

Why it matters: China’s new currency could set global standards for the use of national digital currencies — and give Beijing unprecedented visibility and control over domestic financial transactions.


  • At least 60 countries are exploring the use of an official digital currency, but China is furthest along in making those plans a reality, while the U.S. has largely sat on the sidelines.

What’s happening: The Chinese government has started pilot programs in Beijing, Shanghai, and other cities that give small amounts of the currency, known as the Digital Currency Electronic Payment (DCEP), to residents on a lottery system, with a limited number of retailers participating.

  • Chinese officials have stated they hope DCEP is ready for wider use in time for the Beijing Olympics in February 2022.
  • Some officials also hope DCEP could help internationalize China’s currency, though China’s tight capital controls have made the renminbi less attractive for international transactions.

The big picture: Rolling out a national digital currency offers several advantages.

  • Improving efficiency in the financial system. Cash and coins are inefficient and expensive to store.
  • Reducing systemic risk. “The existing system is owned by private companies. Should Alipay or WeChat pay [go] bankrupt, which is extremely unlikely, it creates systematic risk,” Trivium China analyst Linghao Bao told CNBC. A government alternative would provide a layer of security.
  • Spurring innovation. A state-backed digital currency could potentially provide a host of new opportunities for businesses, tech companies, and trade.

But it isn’t just about efficiency and innovation. Chinese officials have made it clear that they view the digital currency as a key staging ground for global geopolitical competition, according to a January report by Yaya Fanusie and Emily Jin of the Center for a New American Security.

  • “Fintech is the commanding heights of future global financial competition,” Chinese central bank vice-governor Fan Yifei said in November 2019. “Whoever grasps this advanced productive capability will possess the strongest core competitiveness in finance.”

Background: Cryptocurrencies like Bitcoin and Ethereum exist on a decentralized ledger and are intended to skirt controls by governments or companies. But DCEP would be managed directly by China’s central bank, the People’s Bank of China (PBOC).

  • Chinese officials have said DCEP offers “controllable anonymity” — meaning payments could be anonymous to companies and other users but not to the government.

In the hands of an authoritarian government, a digital currency also offers unprecedented surveillance and control. “Never before has a government ever had access to individual user transactions directly. Technology hasn’t allowed that,” Fanusie told Axios.

  • “DCEP offers a direct route for the government to cut a person off from payments, from their funds, from their accounts. Right now, the government has to go through a private company or a bank to do that.”
  • This capability could be used to reduce criminal abuse of the financial system, but also in theory to monitor and shut down the accounts of dissidents, human rights activists, persecuted groups such as Uyghurs, and others engaging in non-criminal behavior that the Chinese Communist Party may want to suppress.

What to watch: Though DCEP could help internationalize the renminbi to a moderate degree, it’s unlikely to challenge the U.S. dollar any time soon.

  • But international DCEP transactions could bypass SWIFT, the most widely used international payments system, making it easier for people and governments to evade U.S. financial sanctions.

Go deeper: What central bank digital currencies mean for crypto

Source: https://www.axios.com/china-digital-currency-dd20ff05-7562-4e10-966e-43caf00e629e.html
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The Article Was Written/Published By: Bethany Allen-Ebrahimian

Facebook’s Long-Stalled Digital Currency Could be Tested This Year: Report

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Facebook hopes to launch a trial of its long-stalled digital currency project by the end of this year, according to a new report from CNBC. The currency, first announced in 2019 as Libra and then renamed Diem after some bad publicity, will now be pegged to the U.S. dollar, provided the tech giant can actually get it…

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Source: https://gizmodo.com/facebooks-long-stalled-digital-currency-could-be-tested-1846719510
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The Article Was Written/Published By: Matt Novak

Venmo Launches Ability to Buy, Sell, and Hold Cryptocurrencies Like Bitcoin

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Payment app Venmo will now let users buy, sell, and hold four cryptocurrencies, including bitcoin, ethereum, litecoin and bitcoin cash, according to a press release from the company Tuesday morning. But users won’t be able to send cryptocurrencies like bitcoin to their Venmo friends just yet.

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Source: https://gizmodo.com/venmo-launches-ability-to-buy-sell-and-hold-cryptocur-1846719679
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The Article Was Written/Published By: Matt Novak

Dogecoin has risen 400 percent in the last week because why not

Dogecoin has risen 400 percent in the last week because why not

Enlarge (credit: peng song / Getty)

Dogecoin, a blockchain-based digital currency named for a meme about an excitable canine, has seen its price rise by a factor of five over the last week. The price spike has made it one of the world’s 10 most valuable cryptocurrencies, with a market capitalization of $45 billion.

Understanding the value of cryptocurrencies is never easy, and it’s especially hard for Dogecoin, which was created as a joke. Dogecoin isn’t known for any particular technology innovations and doesn’t seem to have many practical applications.

What Dogecoin does have going for it, however, is memorable branding and an enthusiastic community of fans. And in 2021, that counts for a lot. In recent months, we’ve seen shares of GameStop soar to levels that are hard to justify based on the performance of GameStop’s actual business. People bought GameStop because it was fun and they thought the price might go up. So too for Dogecoin.

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Source: https://arstechnica.com/tech-policy/2021/04/dogecoin-has-risen-400-percent-in-the-last-week-because-why-not/
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The Article Was Written/Published By: Timothy B. Lee

What Is a Non-Fungible Token?

nft-feature.jpg Remember Nyan Cat? The pixelated cat with a Pop-Tart for a body that grooved through space while shooting a rainbow out its backside? Of course you do. The artist who originally made the Nyan Cat GIF recently sold it for $600,000. Additionally, American artist Beeple just sold an NFT called “The First 5000 Days” via the prestigious British auction house Christie’s for an unbelievable $69.4 million. The staggering sums that some Non-fungible tokens or NFTs have sold for has led to a frenzy amongst those on the bleeding edge of technology as well as traditional investors. But what is an… Read more14387799.gif

Source: https://tracking.feedpress.com/link/12555/14387799/what-is-a-non-fungible-token
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The Article Was Written/Published By: Ryan Lynch

Mastercard will support cryptocurrency payments later this year

7f983920-6c53-11eb-bfe3-0f4a19bb87c0Mastercard has become the latest payment company to give cryptocurrencies its blessing. The financial services firm has begun preparations to support select cryptocurrencies later this year, Mastercard’s digital asset and blockchain VP Raj Dhamodhara…

Source: https://www.engadget.com/mastercard-cryptocurrency-support-113518862.html
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What is Dogecoin, and Why Are People Buying It?

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Now that you’ve gotten a handle on the GameStop stock madness, it’s time to learn about Dogecoin. Why is the retail investor hivemind pumping up the obscure cryptocurrency with a Shiba Inu dog for a mascot? Why, for the Lolz. With the help of Reddit and Elon Musk, Dogecoin has increased in value by 600% in the last 24…

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Source: https://twocents.lifehacker.com/what-is-dogecoin-and-why-are-people-buying-it-1846161671
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The Article Was Written/Published By: Mike Winters on Two Cents, shared by Andrew Couts to Gizmodo

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