Category Archives: Cryptocurrency News

Former PBOC CEO: “digital yuan will prevent dollarization of the economy”

Former head of the People’s Bank of China (PBOC), Zhou Xiaochuan, said the digital yuan will develop retail payments in China and prevent dollarization of the economy. The President of the Chinese Finance Association said this at the Eurasian Forum. Zhou Xiaochuan said China’s central bank views government cryptocurrencies differently from the G7 countries, which include Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. Regulators in these countries are focused on…

Aave Developers Transfer Protocol Control to LEND Token Holders

The developers of the DeFi Aave project announced the transfer of rights to manage the protocol to the LEND token holders. Aave has become the largest self-governing decentralized finance protocol. The administrative keys to the protocol were originally in the hands of the Aave team. However, the project has now reached the stage where the management of the protocol can be transferred to the shoulders of the community and Aave can be truly decentralized. For…

TelosTask Decentralized Job Search Platform Beta Launched

Telos startup has introduced TelosTask peer-to-peer platform on its blockchain. The platform was created to find work as freelancers during a pandemic. TelosTask development team leader Destiny Marshall announced that the platform will operate on the Telos blockchain. Telos is a fork of the EOS project and runs on the EOSIO software. According to the principles of work, the TelosTask service will not differ from ordinary exchanges for finding remote work. Customers will be able…

OKEx Denies Rumors Of Keeping Users’ Assets In A Cold One-Signed Wallet

After the arrest of one of the founders of OKEx and the suspension of withdrawals, rumors emerged that the exchange was storing users’ assets in a cold, one-signature wallet. However, the company denies this. The press service of the OKEx exchange told the industrial media that the information published on the Jinse Caijing website regarding the storage of cryptoassets of exchange users in a cold wallet with one signature is incorrect. Recall that the founder…

Huobi Exchange Adds Direct Purchase of Cryptocurrencies Using Bank Cards

Cryptocurrency exchange Huobi has added the ability to directly purchase major cryptocurrencies using Visa and Mastercard without intermediaries. Ciara Sun, Vice President of International Business Development at Huobi Group, announced that the service is being provided by Huobi Technology, the Gibraltar-based regulated arm of Huobi Global. Previously, users of the site already had the opportunity to purchase cryptocurrencies using these credit and debit cards, but when making such transactions, Huobi customers were redirected to third-party…

OpenZeppelin Introduces DeFi Automated Application Build Platform

Audit firm OpenZeppelin has unveiled the Defender open source platform for the automated creation of Decentralized Finance (DeFi) applications. OpenZeppelin CEO Demian Brener said the Defender framework allows for the secure automation of smart contracts. This significantly speeds up the creation of applications, which usually takes several months for developers. Defender supports level 1 and 2 smart contracts, as well as sidechains. The platform is already being tested by decentralized finance projects Aave, Compound Labs,…

Jack Ma: “Digital currencies are the future of the financial system”

According to the founder of Alibaba, digital currencies will help create a new global financial system. Jack Ma also criticized global banking regulation. Chinese billionaire Jack Ma said digital currencies could play an important role in the new global financial system. The founder of China’s largest tech company, Alibaba, expressed his stance at the Bund Summit in Shanghai. “Digital currency can create value and we need to think about how to create a new type…

Central Bank of Switzerland and BIS will start testing the state cryptocurrency by the end of the year

The Swiss National Bank (SNB) and the Bank for International Settlements (BIS) plan to start testing the state digital currency by the end of this year. This was announced by Benoît Cœuré, Chairman of the BIS Innovation Center, at a conference in Shanghai. He said the Proof-of-Concept (PoC) will allow researchers to experiment with government digital currency, use it for retail payments, as well as study interactions with existing payment systems and monitor compliance with…

US Federal Reserve and FinCEN proposed to tighten tracking of cryptocurrency transactions

The Federal Reserve and the Financial Crimes Enforcement Network (FinCEN) have proposed lowering the threshold for registering remittances outside the United States, including for cryptocurrency transactions. According to the document, the US Federal Reserve and FinCEN are proposing to change the thresholds at which banks must collect and store information about remittances. Regulators are proposing to decrease this value from $ 3,000 to $ 250 for any transfers outside the United States. The proposal will…

US IRS Updated Recommendations for Reporting Cryptocurrency Transactions

The Internal Revenue Service (IRS) has made changes to the taxpayer reporting form. Coins received during hard forks are taxed, and transfers between wallets do not need to be disclosed. In the latest version of the Personal Income Tax Form 1040, the IRS has clarified which cryptoassets and transactions need to be disclosed. According to the new principles, if a user only owned a cryptocurrency, but did not trade it during 2020, then he can…