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Launching stablecoins within lending protocols has become a popular trend
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> So... Two "articles" that link to the same Twitter post that shows two screen grabs that look like phishing scams...? > listings for Worldcoin access have appeared. **Some reviewed by CoinDesk offer different options, from a simple download of the app for RMB 9.9 ($1.41) to full KYC certification for RMB 499.** Thanks for the dwnvote by the way.
I don't get people in here. The BRICS leaders don't want to replace USD with BTC or crypto, but with other Fiat currency, like the Chinese RMB Yuan or with a new BRICS-fiat currency. Why is this good news for crypto?
> So you know that the dollar and the pound are the only two to last over 100 years, even that's debatable. Why is it debatable? There's clear history of the dollar being used after Independence and the pound having been used for over 1,000 years. Then the Indian rupee has been in use for at least 250 years. You can argue that the Yuan (Chinese currency and alternative name for the RMB) has been around for over a century as well. The Ruble has been in use in Russia for around 800 years. The Japanese Yen is 150 years old. I haven't predicted that any currency might gain dominance over the dollar. Or that wars would be fought over it. In fact I've argued that wars aren't fought over currencies, as you keep insisting, but instead fought over property and wealth without any care for which currency they are valued in. Along with beliefs, religion, and laws. My argument against Bitcoin is that it's very bad for the environment. Unnecessarily so. It's also not used by the vast majority of owners as a currency, just as an investment. > 4 billion unbanned people will be joining the Bitcoin network at some point as banks refuse to serve them. Who are these 4B people? Half the world are banned by banks? Where do you get that figure from? The not long after you say: > Banks will make Bitcoin work for the average citizen just like PayPal works for now. So, if all these people are banned by banks then how's that going to work? Also, what's the difference between a fiat currency that is managed by banks and Bitcoin being managed by banks? Once you get third parties involved then it stops being decentralised.
You may want to re-read your first paragraph, as it doesn't make sense. > Sure thing, I'll believe that governments will have less money if they can't print an infinite amount. You see how that makes absolutely no sense? Isn't that exactly what you are arguing? That printing money gives the government more money? Therefore, they will have less money if they can't print an infinite amount. And don't forget, it's not just the dollar. It's the Euro, RMB, Rupee, Pound Sterling, Rand, etc. The whole world have their own currencies that they would like to be dominant. 8 billion people Bitcoin would have to overcome the inertia of. It's not going to happen.
I think that analysis is a bit incomplete. SWIFT can complete transactions in any currency in virtually every country (except Russia these days) Where the hegemony comes in is the vast majority of international trade is conducted in USD, which ultimately means US banks. That's the lever the US holds. China has strict capital controls, so very little international trade is conduced in RMB. They would have to loosen those controls to make the RMB a viable international currency. To be clear, some trade is conducted in RMB, but only a tiny amount compared to USD. China has a terrible demographic problem. Officially, its population is now decreasing and unofficially has probably been decreasing for several years. The aging population means wages are increasing rapidly and manufacturers are already moving to lower wage countries. This will cause a real squeeze on China's economic growth in a few years.
Read the article instead of inventing stories. >Teams that left Hong Kong settled down in Malaysia last month. They can rent a large-floor work space at a monthly rent of 60,000 RMB ($8,296) in the local city center, and there are very cheap IT technicians in the local area. These emigrated teams believe that compared to Hong Kong, it is even more advantageous to do crypto projects in Southeast Asia.” The article is a bunch of stories. The Malaysia one has nothing to do with China.
tldr; China should consider allowing for Chinese Yuan (CNY)-backed stablecoins instead of central bank digital currencies (CBDCs) if it wants to internationalize its currency, according to Circle CEO Jeremy Allaire. He believes stablecoins are a superior option to CBDCs for increasing the use of the RMB in trade and commerce globally. Allaire also stated that stablecoins and CBDCs are complementary and that central banks upgrading their systems to distributed ledger technology is different from the private sector's innovation on the public internet. However, China's capital controls and ban on the free convertibility of the yuan may hinder the implementation of such a plan. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; The International Monetary Fund (IMF) has issued a statement on the use of cryptocurrency in Latin America and the Caribbean market, expressing that a ban on crypto may not be effective in the long run. This is surprising considering the IMF's previous stance on crypto in the region. Countries like Argentina, Chile, and Colombia have experienced currency devaluation, leading residents to explore converting their funds to stablecoins or U.S. dollars. Additionally, several central banks in the region are considering the implementation of central bank digital currencies (CBDCs). El Salvador, the first country to adopt Bitcoin as legal tender, has faced challenges with its digital wallet causing funds to disappear and enabling identity fraud. The IMF has expressed concerns about El Salvador's move and its potential fiscal risks and consumer protection issues. Despite this, the IMF's latest blog post on crypto and CBDC use in Latin America and the Caribbean calls for improved financial infrastructure, regulation, and transparency in the region. CBDCs, unlike cryptocurrencies, are controlled and tracked by a country's central bank and correspond to the country's fiat currency. China has actively promoted its digital renminbi (e-RMB) while banning crypto mining and unregulated virtual assets. The Bahamas was one of the first countries to introduce its CBDC, the Sand Dollar. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
They own the token that has the metadata that points to your specific uri. They could also store the image directly in the smart contract as Base64. They own their own token that stores data securely and non fungibly. Something you cant do with your image since you or anyone else could just go off and make more copies of it. But as I said above, there ARE ways you can own artwork using an NFT as the backend to store that data securely so it can't just be RMB Copy Pasta'd since each contract and toke have unique data such as contract addresses and token ids. It's up to you, the artist, to design a workflow that does that.
I work with local (underground) crypto farmers. We use multiple Alipay/WeChat accounts to transfer RMB and communicate with Signal. All the rest is done on the blockchain. Been doing it for years. Also, my days of doing that are over. I’ve left China for good. So, I’m not worried.
I think currencies are interchangeable, they are abstractions of value. So if you accept it as payment you are taking in something you consider as money and converting it to a personally more valuable/convenient form of money. But regardless of that, the comparison was BTC>USD to USD>RMB. Not BTC>USD to USD>BTC>RMB.
I can’t see China allowing crypto. They have lots of monetary controls so they can peg the RMB to the USD. If people could freely exchange and send their money abroad, China couldn’t manipulate their currency.
tldr; Hong Kong police have arrested staff working for Trust Reserves, the payments company behind the Hong Kong dollar and RMB stablecoins CNHC and HKDC. The reason for the arrests is unclear, but authorities could be clamping down on digital payments not using its RMB central bank digital currency. China has a strict ban on crypto trading and mining in force, but several countries, including Saudi Arabia, Bangladesh, and India, have expressed interest in trading using the digital yuan. Trust Reserve’s current domicile Hong Kong gazetted virtual asset platform registration requirements on May 25, but the new regulations do not accommodate stablecoins. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*