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China to Release Its Own Cryptocurrency Soon

Cryptocurrency may have been completely unknown for most people around half a decade ago, and most of the banks in the world did not even take it seriously. However, things have changed dramatically over the past few years, and many banks are now considering the possibility of launching their own digital currencies.

Facebook (NASDAQ:FB) announced its own cryptocurrency last month, while American banking giant J. P. Morgan (NYSE:JPM) has come up with its own as well, and in a new development, it has emerged that the Chinese central bank is close to releasing its own. According to the report, a senior representative of the People’s Bank of China (PBOC) has stated that the bank is now close to launching its own digital currency.

Key Details

The deputy director of the payments department at the PBOC, Mu Changchun, stated that the cryptocurrency that the department has been working on is now almost ready. It is a significant development and one that could have far-reaching consequences for the crypto sphere at large. It is believed that the PBOC’s researchers have been hard at work with regards to the digital currency for around half a decade. The central theme of the research was to come up with a currency that could be used as a substitute for cash. In this regard, it is interesting to note that there are other central banks that are exploring similar possibilities.

>> Ethereum Underperforms Against Bitcoin: What Next for Altcoins?

Reports suggest that the issuing authority in the case of these digital tokens is going to lie with both the PBOC as well as the various commercial banks in the country. That being said, the PBOC has been a bit vague regarding the technology that is being used to produce the cryptocurrency. The central bank stated that it is not going to be solely dependent on blockchain technology in order to produce the coin. In fact, it is open to the idea of exploring the usage of other technologies.

Featured image: DepositPhotos © iqoncept

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Ethereum

Ethereum (ETH) Surges As 20,000 ETH Order Triggers Buying Spree

Ethereum (ETH) has recovered after plunging below the $200 level on surging bearish pressure early in the week. A rebound past the $220 mark comes amidst reports of a buy order for 20,000 ETH on Binance exchange.

Ethereum Whale Order

Ethereum had initially slumped to the $190 level after a big trading group reportedly placed a sell order for 15,000 ETH. The sell order went on to rattle traders, triggering a massive sell-off in the broader cryptocurrency sector. Just like Ethereum, Bitcoin also attracted some selling pressure, consequently plunging below the $10,000 level.

But now a buy order is reversing that, coming in at 20,000 ETH, and reinvigorating investor confidence about crypto’s long-term prospects. The 20,000 ETH buy order, however, also arouses concerns of possible prop bids often used by whale traders to inflate trades. Such bids are often used to entice retail traders to buy into a given trend. A loading wall is the opposite of prop bid, used to scare retail investors into entering sell positions on a given trade.

Regulatory Pressures

Ethereum’s spike comes amidst soaring pressure from high-ranking policymakers pushing for increased regulation of cryptocurrency. France indicated that Facebook (NASDAQ:FB) will have to adhere to strict rules to operate its Libra crypto in the country, which affirms the emergence of stringent regulations that could affect the overall sector.

>> Bitcoin Recovers Quickly on Technical Bounce: What Comes Next

Stringent regulations by authorities around the world are one of the biggest headwinds standing in the way of cryptocurrencies going mainstream. While the likes of Facebook and JPMorgan (NYSE:JPM) have launched cryptocurrencies, regulators are remaining tough on fears that multinationals are encroaching on areas that are a preserve of governments.

France has already asked the European Central Bank to set up a task force, tasked with the responsibility of looking into cryptocurrencies and digital currencies. The sentiments come hot on the heels of China and India banning crypto altogether.

On the chart, Ethereum is looking neutral. Any further surge above the $228 mark could allow for more upside towards the $250 zone. On the downside, $195 holds key support. The potential for growth is still high, as cryptocurrencies have bounced back after a roller coaster 2018. A rally past the $300 mark should reaffirm the ETH bullish trend that began early in the year.

Featured image: DepositPhotos © sadsadang

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IBM

IBM Hints at Entering the Stablecoin Arena

Jesse Lund, head of blockchain solutions at IBM, has just hinted that the tech company has plans to explore stablecoins in an interview with Cheddar yesterday. Lund did not disclose when this venture may debut but said it would be on its World-Wire platform.

IBM and Stablecoins

IBM began its venture with Stellar in late-2017 and finalized most of its plans in mid-2018. Stellar is an open-sourced, decentralized protocol that focuses on transfers between fiat currency and digital currency.

Lund told Cheddar that US banks are “very interested” in using stablecoins to send cross-border to replace the current SWIFT system. The reason banks are interested in stablecoins over other forms of digital currency is that stablecoins are linked 1:1 to fiat currencies making them more ‘stable’.

“We’re really feeling excited that we’re on a roll to build something new and revolutionary that’s really going to change the landscape of cross-border payments,” Lund explained.

IBM feels the market demand for stablecoins has risen, despite the copious amount of similar coins that have flooded the market as of late. Lund hinted that IBM hopes to create an ecosystem of various digital assets, with many different types of digital assets—including stablecoins.

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Cheddar asked Lund how the company’s alleged stablecoin compared to the one that JPMorgan just released. The IBM exec said that the company’s solution to cross-border transactions would be “somewhere in between.” Lund claims that this new venture would not be a proprietary coin like JPM coin but feels the major US bank is doing what’s best for them. The bank’s stablecoin will only be used with clients of JPMorgan.

IBM feels its stablecoin should be more broadly accessible and World-Wire seeks to do just that. When this project will be released is still up in the air, but the recent interview proves it is just around the corner.

Featured Image: Pixabay

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