Ravi Menon, who is the chief of the Singapore’s de facto central bank, expressed hope on Monday that technologies underpinning cryptocurrencies and the blockchain would survive a crash in the former, news agency Reuters reported.
The Managing Director of the Monetary Authority of Singapore (MAS) said at a UBS Wealth Insights event that he hoped an eventual crash in cryptocurrencies will not undermine the much deeper, and more meaningful technology associated with them.
The US Treasury Secretary, Steven Mnuchin, stated that he’s “concerned consumers could get hurt” by using cryptocurrencies. To this he further declared that he would be working with the Group of 20 nations to prevent cryptocurrencies such as bitcoin from becoming the digital equivalent of an anonymous Swiss bank account.
Mnuchin, during an interview at the Economic Club of Washington, said that the Financial Stability Oversight Council (FSOC) created a working group to examine digital currencies like bitcoin.
Ripple, a blockchain company and rival to bitcoin, on Thursday announced a tie-up with Dallas-based money transfer giant MoneyGram.
The move is significant because the arrangement involves the use of XRP, Ripple’s digital currency, which has recently soared in value but also faced questions about its practical uses.
Blockchain is the new trend. Moneygram recently launched a deal with Ripple, one of the various cryptocurrencies that are today used. Bitcoin was namely the first one, founded in 2009 […]
Chinese bitcoin mining giant Bitmain Technologies is expanding to Switzerland in a move that will be key to widening its reach, the group told a Swiss newspaper.
Local Swiss publication Handelszeitung reported that the subsidiary, Bitmain Switzerland, was registered in Zug last month, to Bitmain co-founder Jihan Wu, Ti Liu (a Chinese national residing in Birrwil), and Christian Johannes Meisser (a Swiss national residing in Klosters-Serneus), according to commercial registry filings.
Venezuela is moving ahead with plans to “overcome the financial blockade” by launching an oil-backed cryptocurrency known as Petro, and is now recruiting miners nationwide.
The Unique Registry of Digital Mining that Venezuela has created will be open until January 21, according to local newspaper El Impulso. Registration to the registry is a requirement for natural and legal persons to have access to Venezuela’s Petro cryptocurrency.
As an epicentre of blockchain, the revolutionary technology behind Bitcoin and other cryptocurrencies, Zug is cutting edge. The town is home to early innovators like the cryptocurrency exchange Bitcoin Suisse, which among other things runs Bitcoin ATMs in most Swiss cities and the Zug government itself, which caused a media stir when it became the first in the world to accept Bitcoin as payment for government services.
A cryptocurrency mogul is now one of the richest people in the world – at least on paper. Chris Larsen, the cofounder, executive chairman, and former CEO of the cryptocurrency company Ripple, became the world’s fifth wealthiest person as the price of Ripple’s XRP cryptocurrency soared past the $3 mark this week.
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