2020: the year of — and the war for — the anti-Bitcoin
Amid increasing regulation, we will likely see more players enter the race to create a digital currency with a stable price and controllable by a central authority.
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The past week, the European Central Bank — which, like, China has been being harsher on cryptocurrency even as it eyes its own digital asset — said it has developed a proof-of-concept that allows users to make low-value payments without revealing their identities.
As well, Circle, backed by the big bank Goldman Sachs, is now completely out of the cryptocurrency trading game. Circle’s unit Poloniex, one of the world’s largest exchange platforms, has been made independent. Circle has also sold its OTC (over the counter) trading division, which does big transactions. Circle is now focusing on its own stablecoin, whose value does not fluctuate.
All that follows Faceook’s proposed Libra cryptocurrency and China’s ambition to create its own.
And speaking of China, the crackdown continues as the regulator in Shenzhen, a cryptocurrency hub, grills local companies. Some exchanges are now trying to align themselves with the government.
2020 will be the year of the anti-Bitcoin. Amid increasing regulation, we will likely see more players enter the race to create a digital currency by a country or big company, with a stable price and controllable by a central authority.
On the other hand, even in the far future, that may not mean a complete dominance of digital currencies, Bank of Canada Governor Stephen Poloz said the past week, because cash occupies a unique place in society, “if only as a contingency for unusual events.”
Price: shallow price bounce ahead; future beyond that uncertain
Bitcoin could be in for a move to $7,800-levels, but it’s anyone’s guess if it can go above that level to confirm an ascending trend, technical analysis suggests. Bitcoin is at $7,150 (C$9,405) as of noon Sunday, Eastern Time, up about 5 per cent for the week. Bitcoin dropped to seven-month lows to below $6,500 before snapping back.
Canada: the anonymous buddy-cop heroes we need
In a twist on the phone scams that demand payment in Bitcoin, one target, a private investigator, somehow befriended a scammer in India. That man now gives a tip off whenever a victim is about to transfer money. The investigator tries to intercept.
News: TikTok enters the game; AMD pivots to software
ByteDance Inc., the owner of the social media application TikTok, has started a joint venture with a state-owned Chinese media group to develop projects including in artificial intelligence and blockchain.
The U.S. chipmaker AMD has joined the Blockchain Game Alliance and has also partnered with two blockchain gaming platforms. AMD’s graphics cards have been popular in cryptocurrency mining, and the company once bet big on that activity, unsuccessfully.