China Creates its Own Digital Currency, a First for Major Economy

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A thousand years ago, when money meant coins, China invented paper currency. Now the Chinese government is minting cash digitally, in a re-imagination of money that could shake a pillar of American power.

It might seem money is already virtual, as credit cards and payment apps such as Apple Pay in the U.S. and WeChat in China eliminate the need for bills or coins. But those are just ways to move money electronically. China is turning legal tender itself into computer code.

Cryptocurrencies such as bitcoin have foreshadowed a potential digital future for money, though they exist outside the traditional global financial system and aren’t legal tender like cash issued by governments.

China’s version of a digital currency is controlled by its central bank, which will issue the new electronic money. It is expected to give China’s government vast new tools to monitor both its economy and its people. By design, the digital yuan will negate one of bitcoin’s major draws: anonymity for the user.

Continue reading at wsj.com

Cristiano Ronaldo becomes the first player rewarded with cryptocurrency tokens

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Cristiano Ronaldo received 770 Fan Tokens $JUV ahead of Juventus' match against Benevento on Sunday as a way of marking his record-breaking goal milestone.

It's the first time a footballer has been rewarded with cryptocurrency, which is becoming prominent in terms of fan interaction in the game.

Fan Tokens $JUV allows Juventus fans to interact with their club and participate in various decisions through the Socios app.

Continue reading at marca.com

The Gaming Industry – the helping hand in Bitcoin trading

bitcoin-casino

Gaming is one of the most popular hobbies of the 21st century. The gaming industry has seen to it that lots of games are produced that just add up on the pile of already existing games. In other words, gamers all over the world have plenty of games to choose from.

The industry keeps track of trends and makes sure to use technological advancements to advance itself. That’s how PCs and other gaming devices have become better. Even mobile phones evolved into smartphones and eventually into gaming phones which prompted the rise of the mobile gaming industry. Better systems means developers can take games to the next level as these systems can take them.

When it comes to trends, Bitcoin is the current trend that has already made a place for itself in the industry. The many benefits of its use have prompted several companies to accept it as a payment method. But Bitcoin has inspired developers to develop several kinds of games as well.

Continue reading at nairametrics.com

Point Bitcoin by Rakuten Point Club launched

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Rakuten Inc Thursday announced the launch of Point Bitcoin by Rakuten Point Club, a service that enables users to experience trading Bitcoin, a type of crypto asset (virtual currency), using Rakuten Points, Rakuten’s loyalty program. The new service is easily accessible to all Rakuten members in Japan with a Rakuten ID and Rakuten Points.

Point Bitcoin by Rakuten Point Club provides two points of entry to users: Through the Rakuten Point Club app or through the dedicated Point Bitcoin by Rakuten Point Club webpage on the Rakuten Point Club official site. Users simply access the service through the app or webpage, set the number of points they wish to invest, and start using the service. The selected number of Rakuten Points automatically fluctuates in tandem with the trading price of Bitcoin, which is regularly updated on a chart on the service webpage.

Trading is possible with a quantity of 100 or more Rakuten Points and withdrawals can be made in amounts as small as one point. In addition to the online shopping mall Rakuten Ichiba and other online services provided by the Rakuten Group, Rakuten Points can also be used at brick-and-mortar Rakuten Point Card-affiliated businesses across Japan, including convenience stores, pharmacies, and restaurants.

Continue reading at japantoday.com

Spanish Ministry of Economy Proposes to Create a Financial Customer Ombudsman for Crypto-Related Matters

Crypto regulation in Spain remains on the political talks amid the current bull-run seen in the bitcoin prices. Now, the country’s Ministry of the Economy is about to create a new Financial Customer Ombudsman for crypto-related matters.

Independent Financial Customer Body Will Abide by the MiCA Ruling

Per La Información, Minister Nadia Calviño seeks to extend its guardianship to the financial body to cover topics such as protecting consumers in cryptocurrency services. To make it a reality, the minister will submit the initial proposal to a public consultancy “as soon as possible.”

Overall, Calviño also wants to canalize all conflicts between banks and their customers through the Financial Customer Ombudsman, including all businesses in the fintech sector.

Continue reading at news.bitcoin.com

Goldman Sachs – Crypto Adoption is Going to Boom

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With the cryptocurrency market capitalization hitting $1.75 trillion, Wall Street investment banking giant Goldman Sachs states that the cryptocurrency adoption has just begun.

“The pandemic has been a significant accelerant. There is no question in our mind there will be more digital commerce … and (use of) digital money.”

John Waldron, President and COO of Goldman Sachs, in a Reuter’s report on Bitcoin and cryptocurrencies, has stated that the growth of e-commerce against the backdrop of Covid-19 pandemic will pave way for an “explosion” in the use of cryptocurrencies.

Continue reading at cointrust.com

Central Banks are Running Scared of Cryptocurrencies

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It’s one thing when your worst fears remain in your mind, but when they manifest in your markets, then it’s time to gear up for action.

A growing number of high profile investors and institutions are cottoning on to cryptocurrencies and central bankers are running concerned.

Itwas easy for Samantha Reid to ignore the signs at first — a tracking cookie on her computer (who didn’t have those?) and the sense that someone was following her after she knocked off work.

But she dismissed those fears, convinced that they were always bigger in her mind than they were in her reality.

Continue reading at bbntimes.com

Bank of England should lead the world by developing its own cryptocurrency, urges former WorldPay boss

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The Bank of England should steal a march on the rest of the world and develop a crypto-currency, a fintech entrepreneur has urged.

Ron Kalifa, former boss of payment processing company Worldpay, urged governors at the Bank to embrace the currencies rather than dismiss them as a dangerous fad. He said: 'Britain should get ahead on this. Why leave it to China?'

In a report on how to improve the UK's burgeoning fintech sector, he added: 'Individuals would be able to access central bank money.

Continue reading at thisismoney.co.uk

Nvidia to release software to block cryptocurrency mining on its GeForce GPUs

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American technology major Nvidia is all set to roll-out GeForce RTX 3060, the company's latest and most powerful Graphics Processing Unit later this month.

This is designed primarily for delivering the best user experience for gaming and professional work, but the GPU can also be used for other power-intense tasks including gene sequencing, weather simulations, and cryptocurrency mining. 

With Bitcoin, Etherium, and other digital currency gaining a lot of value, there is an increased interest among tech enthusiasts to mine cryptocurrency and this has led to a lot of demand for powerful graphics cards.

Apparently, Nvidia is struggling to meet the demand for its GPUs in the market and expects the new GeForce RTX 3060 series may not reach the pro-gamers. It is worrying that cryptocurrency miners may create a shortage of computer peripherals.

Continue reading at deccanherald.com

Growing Support for Cryptocurrencies Extends to Major Corporations

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The proliferation of cryptocurrencies in the more mainstream business infrastructure is often misunderstood by the public yet is also larger than most perceive. According to a report by Allied Market Research, in a filing published by the U.S. Patent and Trademark Office, the retailing giant Walmart applied for a patent to use a digital coin tied to a traditional fiat currency, which could allow for cheaper and faster transactions as well as loyalty features. In 2018, Intel won a patent for "Bitcoin Mining Hardware Accelerator with Optimized Message Digest and Message Scheduler Datapath". In the filing, Intel outlined a method by which it could augment the existing bitcoin mining process, consuming less electricity, thereby, spending less money in the process. 

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Continue reading at prnewswire.com