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Didi Chuxing ,Conducting The First Real World Trial of Digital Yuan

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Didi Chuxing-what many consider China’s  Uber to be conducting a test on the digital Yuan. As per Wednesday’s announcement, Didi joined the list of companies and banks to test China’s digital yuan developed by the People’s Bank of China (PBOC). The new electronic exchange medium will be known as the Digital Currency Electronic Payment (DCEP).
The ride-sharing giant features at least 550 million users and appears to be an appropriate platform to test the China’s digital yuan as a form of digital cash payment. This comes just a few days ahead of an expert analysis citing that the China’s Digital Yuan was only here to compete with the US dollar, not Bitcoin.

China Digital Renminbi, The First Mover of Stablecoin Space

Apparently, the cryptocurrency community has been monitoring the central bank’s digital payment system since China announced the development of a stablecoin.

Researchers at the Bank of America,  have stated that China is the first mover in the CBDC area; and have recognized the digital renminbi as a welcome asset for regional trading partners. This, the analysts claim, is on the belief that payments are becoming more electronic and cashless. Thus, making the China’s  a candidate that would most likely disrupt the US dollar.

Nevertheless, ahead of the first real-world trial of the China’s digital yuan, the Chinese Central Bank had initially launched mini-trials across four Chinese cities. The tests were carried out through various partnerships between the Central Bank, Starbucks, McDonald’s and Subway. These tests were the first phase of the trial, and the nation is now preparing to enter the next phase.

According to the People’s Bank of China Strategy and the timeline for the DCEP (Digital Currency Electronic Payment), Didi Chuxing and the Central Bank Task Force will be strategizing, designing and piloting the payment system with strict safety, governance, regulation and security precautions.

However, PBoC focuses on testing the digital stable coin as a native token on the Ride-Sharing application. It seems that the successful DiDi real-world test will lead to the final launch of the DCEP system. In fact, an official at the People’s Bank of China suggested plans to have a China’s digital yuan in use during the Beijing Olympics in 2022.

XRP Price Prediction: XRP Eyes Breach of $0.211 But Remains Dependent on Bitcoin

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After dropping below $0.190 on June 18, XRP faced tremendous bearish pressure over the past 3 weeks. The fourth-largest digital asset was down to $0.170 at one time on 28 June, as the token was breached below multiple supports. However, over the last 30 hours, XRP has endured a significant 10.56 percent rally in the charts and was priced at $0.2044 at press time.

At the time of writing, XRP had a market cap of $9.02 billion with a trading volume of $1.72 billion over the past 24 hours.

XRP 1-day chart  

XRPEES

According to the above chart, after registering a high of $0.23 on 29 April, after the May crash, XRP was on a consistent downtrend. With other major assets peaking in May and June, XRP continued to dwell on depreciation, but its price oscillated within the trendlines of a descending channel. Asset recorded strong lows at $0.23 and $0.21, with lower lows at $0.197, $0.185 and $0.175.

As a result, the asset has been inclining to a bullish breakout over the past few months, which occurred recently on 8 July. f The asset breached the descending channel pattern and the resistance formed at $0.185, $0.192, and $0.195 were all surpassed in the proceeding.

At the time of writing, XRP remained close to the $0.211 resistance, but the asset was faced with the long-term overhead resistance of the 200-moving average. The key bullish indicator shown by the token is the fact that the asset has risen to $0.204 above the Control Line (Red Line). If the asset is able to hold a positive above the red line for the next 24-48 hours, the potential for the asset to break the resistance is higher at $0.211.

XRP w

Market Indicators remain fairly bullish as well, as the MACD line surpassed the signal line in the charts. After giving away momentum to the sellers, RSI sustained a higher buying pressure as well, which may have prompted the recent rise in valuation.

XRP 12

However, despite XRP’s rise, it can be speculated that XRP’s ascend may have been due to Bitcoin’s rise in the charts on 7th July. Bitcoin climbed up to to $9450 for a brief period which evidently revitalized the rest of the digital assets. As exhibited in the above correlation charts, the XRP-BTC index indicated a sharp rise during the same time XRP pumped.

Hence, a period of correction could be bestowed upon XRP if Bitcoin fails to hold its higher valuation range in the industry.

Dogecoin 683 Percent Daily Volume Pump Amidst Viral TikTok Challenge

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Six months ago, Cash payment application Square Cash Launched a marketing campaign on TikTok, using the platform’s top performing influencers. Through the short-video sharing application, Square Cash raked in at least $150 million in revenue. Managing to introduce crypto to millions of TikTok users.  Thanks to TikTok, the less popular crypto Dogecoin took 140 percent and more of a leap by simply asking people to follow the app challenge that encouraged users to invest in the digital asset.

While Square Cash may have made millions of profits in bitcoin during the fall of last year; the Dogecoin challenge promised users that they could make a lot of profits when the coin hits $1 market price.

Crypto’s performance over the last few weeks could be attributed to a study conducted by Grayscale on Bitcoin investors. The study has shown that at least a third of individuals who haven’t heard of Bitcoin would invest in the coin once they’ve heard about it.

For instance, no sooner had the TikTok Dogecoin challenge taken root on the platform than the keyword,-“How to buy Dogecoin? ‘Twitter and Google have begun to trend. In fact , by the end of yesterday, the coin had risen to more than $878 million , representing a 683 per cent pump in its average daily volume. Take a look at cryptocurrency 7 and 30-day cryptowatch charts. The patterns all indicate a bullish curve.

Crypto Watch

[Source: CryptoWatch] 

Cryptowatch’s social activity trends is currently witnessing massive dogecoin updates on Reddit, Twitter and Dogecoin community; ranging from phrases such as:

“Petition to make Dogecoin the official in-app currency of TikTok and Reddit. The Money of Memes!

“If we get this to .0006 tonight I’ll get a doge tattooed to my chest”

However, despite millions of trending TikTok Videos about Dogecoin, the owner of an official dogecoin account on twitter asked investors to take more caution while investing in the meme coin.

Be mindful of the intentions people have when they direct you to buy things. None of them are in the spot to be financially advising.

Make choices right for you, do not ride other peoples FOMO or manipulation.

Stay safe. Be smart.

❤️ #dogecoin

— Dogecoin (@dogecoin) July 8, 2020

Nevertheless, Dogecoin is here to stay thanks to the meme culture rooted in the Z generation and the Millennials. The prevailing market stimulus is not only eager to speculate on the direction the coin will take, but also willing to invest and reap profits if the coin hits $1.

Discovery Science Rolls Out New Crypto and Blockchain Documentary

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A new cryptocurrency documentary named  “Open Source Money” was recently premiered on the Discovery Science channel and continues to broadcast weekly episodes. The new cryptocurrency documentary series provides an in-depth analysis of what the cryptocurrency ecosystem is and tells the story of Dragonchain, a US-based blockchain technology firm.

Crypto and Blockchain documentary shares rich insights

The docuseries are based around an initial coin offering ( ICO) called Dragonchain. Dragonchain Network was created by the branch of the Walt Disney Company in Seattle back in 2014. Yet in 2016, the blockchain project and Walt Disney opted for cut-off ties. The episode follows Joe Roets, the founder of Dragonchain and entrepreneurs across the U.S. who face tremendous opposition from the U.S. government and SEC as they seek to progress in the cryptocurrency industry.

YouTube video

 

The episodes will also highlight major contributors to the cryptocurrency revolution when telling the Dragonchain ‘s journey. Perianne Boring, the founder of the Chamber of Digital Commerce, Alex Mashinsky of the Celsius Network, the infamous John McAfee; also feature special appearances in the documentary

Open Source Money is directed by J.D. Seraphine and Executive produced by   Vision Tree Media. This is the first series to be entirely financed with a budget of $1 million by cryptocurrencies. Open Source Money is directed by J.D. Seraphine and Executive produced by   Vision Tree Media. This is the first series to be entirely financed with a budget of $1 million by cryptocurrency. Notably, the company managed to raise $1 million in funding to drive the filming process through a variety of cryptocurrencies.

“Each episode highlights major contributors in the cryptocurrency revolution, including notable figures Patrick Byrne, Brock Pierce, Joe Roets, and companies the likes of Disney, Facebook, and more,”  said the Open Source Money website.

In conclusion, the 5-part documentary series focuses on the current regulatory stance on cryptocurrencies in the United States. “Open Source Money” will be broadcast on the Discovery Science channel and Philo at 10 a.m. ET every Saturday until the final episode.

Tech Mahindra launches the ‘Blockchain Based Contracts and Rights Management System’ on IBM Blockchain

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Indian Tech and IT services multinational company Tech Mahindra has launched a new digital platform dubbed the ‘Blockchain-based Contracts and Rights Management System’ (bCRMS) for the entertainment industry. BCRMS was created using the IBM blockchain infrastructure that uses the enterprise-grade open-source Hyperledger Fabric blockchain. The digital platform enables content creators and production companies to track revenue, pay royalties, manage rights and tackle content piracy, with the platform currently focused on video content. The system will also streamline the procedures involved in contracts and remunerations plus helps combat piracy

Is blockchain the ultimate solution to piracy?

In particular, the Indian tech firm is launching bCRMS solutions for both linear broadcast and over-the-top ( OTT) providers, such as video streaming networks. The emergence of online streaming services was welcomed with open arms to the digital content sector. However, its rise to prominence has led to other challenges such as content piracy.

The menace of digital content piracy is the main problem that Tech Mahindra is trying to solve by launching bCRMS. The issue of content piracy is echoed in a recent statement by Tech Mahindra’s Blockchain and Cybersecurity Practice Leader, Rajesh Dhuddu. He cited an estimate by Intertrust software company that online piracy will result in a $50 billion loss of revenue by 2022.

Tech Mahindra’s platform to provide online streaming services as well

The firm will achieve this by providing online content with an identifiable digital fingerprint that can help track it. The bCRMS platform uses tactics such as hashing and forensic watermarking to allow media and entertainment (M&E) companies to monitor and track where the content has been distributed. Tech Mahindra hopes that the new system will allow related companies to curb illegal access to and distribution of licensed material.

In addition, Tech Mahindra ‘s latest innovation provides an unalterable audit path and provides service providers with precise data on download and streaming data. bCRMS also provides streaming services and automates royalty payments. According to Dhuddu, the platform can “orchestrate the entire media content life-cycle workflow across pre-production, post-production and distribution phases to enhance revenues”.

Brazil’s Regulator Orders Binance to Stop Providing Crypto Derivatives

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Brazil ‘s financial regulator, the Securities and Exchange Commission, which is commonly known as CVM, has prohibited Binance ‘s giant trading platform from offering cryptocurrency derivatives in the country. According to the authority, derivatives are cryptos or underlying assets, which are considered to be securities.

As such, Binance is required to register with CVM in order to secure an operating license to offer crypto derivatives. The Binance Exchange Platform does not, however, hold such a license to operate as a securities intermediary in Brazil. Indeed, the regulator’s notice points to the growing interest of the investor in cryptocurrency derivatives.

Growing investor interest in the crypto derivatives market

Crypto derivatives allow investors to bet on the market value of cryptos without the need for an actual token. Caution also follows a period when the majority of vital cryptocurrency spots begin to focus on public crypto derivatives offerings on the market, such as BitMEX. For instance, Binance launched a trading margin functionality.

Crypto derivatives offered by Binance aim to form a market that imitates the traditional markets sub-structure. Binance primarily focuses on integrated investment products to drive cryptocurrency adoption in the form of crypto derivatives. As of now, Binance is yet to respond to the ban. Furthermore, the ban will directly impact traders who deal with crypto derivatives in Brazil. The order by CVM reads: 

“It remains evident that the company Binance Futures, through the webpage ‘www.binance.com,’ captures customers residing in Brazil with a public offering of derivative intermediation services…; the aforementioned company does not hold authorization from this Securities and Exchange Commission to act as a securities intermediary.” 

Brazilians not missing cryptocurrency trend

Brazil has off late been a hive of crypto activities in recent years. Brazilians are yet to miss crypto-related trends in the nation. Indeed, in the LATAM region Brazil was the top country in terms of both policing and innovation. In conclusion, Brazil’s journey towards crypto oversight took an additional step in 2019 after the lawmakers formed a commission to contemplate the subject. 

Dogecoin [DOGE] Pulls Away From the Rest of the Pack While others like Dash [DASH] Face an Uphill Bull Battle

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Several cryptocurrencies have seen a massive turnaround in fortunes over the last couple of weeks with holders expecting a silver lining at the end of the dark tunnel caused by the coronavirus. While major cryptocurrencies at the top like Bitcoin and Ethereum were still trying to get a foot in, it was the minor altcoins making bigger strides in the industry.

At the turn of the second week of July, Dogecoin, the Jackson Palmer founded cryptocurrency witnessed an unprecedented rise in value. This rise was part of an entire set of altcoins enjoying the bull ride at a time when the limelight was fully on Bitcoin.

Dogecoin

doge

Dogecoin was first created as a joke by Palmer which later took off because of the likeability of the ‘doge’ meme. Currently, Dogecoin ranks at number 33 on the cryptocurrency charts with a total available supply of 125.14 billion. This circulating supply makes it one of the largest circulating collections in the cryptoverse. At press time, Dogecoin was trading for $0.00276 with a total market cap of $346.512 million. A massive 18 percent increase in the past 24-hours was also the reason for the daily trade volume to spike to $201.95 million.

The Relative Strength Index for DOGE had spiked massively after the recent hike. Sticking close to the overbought zone is expected to do good for the cryptocurrency as it meant more people were buying into the Dogecoin ecosystem. The Chaikin Money Flow indicator followed a similar pattern to that of the RSI as the graph stayed well above the zero line.

Dash

dash

While Dogecoin may be enjoying green pastures, Dash was still struggling to get back on the horse. The 24th placed cryptocurrency was trading for $69.6 at the time of writing, a value that has remained almost constant throughout the year. Dash’s market cap clocked in at $667.24 million while the daily trading volume was at $257.193 million.

Dash had recently received some good news when the cryptocurrency became a part of the trade roster in Austria along with bigwigs like Bitcoin and Ethereum. This was probably the reason why the CMF had climbed to its highest in over a month. Dash’s relative strength index also climbed to positive territory as the cryptocurrency made waves in mainstream departments.

Fantom, a South Korean blockchain firm’s smart medicine project in partnership with Afghan government.

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Fantom, a South Korean blockchain firm, has officially launched a smart medicine project in partnership with the Afghan government. It is an initiative that focuses on exploring the potential of distributed ledger technology to remove counterfeit drugs from the supply chain. According to reports, the counterfeit drug industry is booming with a high inflow of counterfeit drugs on the market and nearly one billion people are dying from counterfeit drugs.

The Afghan government initiated an investigation in the drug import industry in 2017 after discovering more than 100 tons of counterfeit that contributed to the suspension of licenses for most concerned traders.

Smart medicine the ultimate solution to counterfeit drug

The project is based on blockchain, which helps the authorities to find out where the drugs are and who has handled them at any time. It will also help reduce the incidence of counterfeit drugs and improve the safety of patient medical records. Under the terms of the program, Fantom will initially track 80,000 products across four different pharmaceutical companies.
In addition Factors such as lack of consumer awareness and ineffective checkpoints have hindered efforts to combat fake drugs. They are commonly mixed with legal drugs in the chain. The Korean firm has also now established a set of major players in the pharmaceutical world, along with Nabros Pharma and Royal Star.

The project aims to monitor and deliver drugs on the market, including creams, sanitizers and chewable pills. The Smart Medicine project will boost efforts to rid the market of illegitimate drugs. Under the blockchain system, each commodity will be subject to mandatory conditions like bar code number, batch number production, expiry date, and Fda approval number, etc. Indeed, companies like Pharma will now scan labels and produce time-stamped data to form a tamper-proof audit trail. In addition, firms can now confirm the data before it is released on the market.

Cuban Crypto Sector Steps Up Amid a Collapsing Economy

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The Cuban cryptocurrency sector has been on the rise late as Cuba faces tough economic times. The unfortunate effects of a sliding economy have led people to embrace cryptocurrency to protect their wealth. Factors like unemployment, constant food shortages and coronavirus have all contributed to the thriving Cuban crypto industry.

Venezuela has stopped any aid to Cuba. Cash carriers face constant movement restrictions that lead to the scarcity of day-to-day needs. More people are turning to the crypto sector to curb inflation.

Cuban Crypto Sector to Revive the Economy

The success of Qbita, the first crypto program, proves that more Cubans are more responsive to bitcoin, mainly due to financial hardships.

Cuba’s socialist regime has also made matters worse by centralizing its financial platforms. The coronavirus pandemic has also further affected the economy, while little has been done by the Communist Party of Cuba to help combat the epidemic.

Venezuela, which has been Cuba ‘s backbone for some time, has recently stopped any form of aid to Cuba. The Communist Party of Cuba has stepped up its efforts to promote agriculture in order to boost food production in a bid to be more self-sustaining as the crisis threatens to continue.

Crypto saves the day

Crypto is more than just trading; it is a means of survival for most people. Since the opening of the first bitcoin exchange program of Qbita Cuba by Mario Mazzola, more Cubans have ventured into it to enrich themselves while having complete control of their funds.

Cubans welcomed the move to platforms such as Paxful, which is restricted to Cuba, while the requirements of the KYC are complicated. Cuba’s crypto sector is at its peak as more Cubans continue to embrace it for their survival and empowerment.

South African Crypto Investors Lose Millions as Former CEO Declared Bankrupt

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Willie Breedt, CEO of Vaultage Solutions, has been declared bankrupt while 2000 investors are expected to lose around R227 million, according to a News 24 report.

Vaultage solutions founded in 2018 welcomed the investment with the promise of weekly investment returns via cryptocurrency mining and trading. Breedt allegedly missed repaying investments, however, and never eventuated the development he had guaranteed to investors.

One of the biggest investors, Simon Dix of Hilton, who handed over R7.5 million to Breedt, successfully applied for a sequestration order against Breedt on Friday. The Gauteng High Court in Pretoria released a sequestration order on Friday. The sequestration order is issued by the Federal Court or the Federal Circuit Court, which decides that an individual is bankrupt. Once a sequestration order is received, the bankrupt ‘s assets are handed over to be managed by a bankruptcy trustee appointee.

Willie Breedt is also accused of going on the run after a few angry investors went on a manhunt, allegedly led by a colonel in the South African National Defense Force. The aim of the manhunt was to find Breedt and possibly recover some of the funds from him for ‘debt collectors.’ But Breedit had opened a case of intimidation with police in Jeffreys Bay before going on the run.

Investigators managed to find Breedt at a guesthouse in Pretoria and soon after the court issued Dix the sequestration order, the court sheriff accompanied by officers, raided the house where Breedt had been hiding, according to News 24’s report.

Numerous electronic devices have been seized on the raid, including a laptop and Ledger Nano hardware wallet, with police hoping to find details on where the bitcoin, as well as other currencies, could be hidden.