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Trials of the digital yuan have produced disappointing results, according to a report quoting the former head of research at the Chinese central bank. The new form of national fiat has brought no benefits to the banks and should expand beyond being employed only as a substitute for cash, the banker believes. Common People Used to Cash and Cards, Ex-PBOC Executive Notes Usage of China’s central bank digital currency (CBDC) has been “low, highly inactive,” according to Xie Ping, former director-general of research at the People’s Bank of China (PBOC). Ping made this observation at a conference devoted to digital finance. “The cumulative circulation of the digital yuan in the two years of the trial has been only 100 billion yuan” ($14 billion), he detailed, quoted by the financial news outlet Caixin and Reuters. In his view, the application of the digital yuan needed to be widened. “The results are not ideal,” Xie concluded during the forum which was organized by the Tsinghua Universi...

2022 is at an end. Many are looking forward to bidding goodbye to one of the worst years for the crypto industry. One of the highlights of this year is the growing distrust of centralized exchanges (CEX) following the collapse of FTX. Since the incident, major platforms have come forward with their Proof-of-Reserves (PoR) to regain public trust. However, not all have lived up to their word. Known crypto proponent Nic Carter recently published a Medium blog outlining the current state of several crypto exchange’s PoR. Carter points out that several platforms, including Kraken, BitMEX, OKX, and Binance, have published what they refer to as Proof of Reserves. However, these attestations do not all offer the same guarantees. Carter points out that the exchanges together conducted Proofs of Reserve covering $33 billion of assets (about 4% of the overall market value for crypto currencies). The only crypto companies undergoing PoR often are BitMEX and Deribit. They can do so...

Xiao Yi, Communist Party Secretary of the City of Fuzhou, financially aided Bitcoin miners between 2017 and 2021. According to a report published by state-owned daily news program Xinwen Lianbo on Dec. 29, Xiao Yi, former Communist Party Secretary of the City of Fuzhou, pleaded guilty to corruption charges in the Zhejiang Hangzhou Intermediate People's Court. During his tenure as director from 2008 to 2021, Yi was accused of accepting over 125 million CNY ($18 million) in bribes related to construction programs and illicit promotions. In addition to the aforementioned counts, Yi also pleaded guilty to charges related to Business transactions between himself and Bitcoin (BTC) miners from 2017 to 2021. It is unclear if the series of charges were related. As reported by Xinwen Lianbo: "During his 2017 to 2021 tenure as the Communist Party Secretary of the City of Fuzhou, Xiao Yi provided support to cryptocurrency mining companies in the form of subsidies, capital aid, and ele...

According to court documents, Sam Bankman-Fried (SBF) is set to be arraigned by the federal court in the Southern District of New York (SDNY) on Jan. 3, 2023. The disgraced FTX co-founder plans to enter a plea in his fraud case in front of U.S. judge Lewis Kaplan in Manhattan, according to a report published by Reuters. Report Claims FTX Co-Founder Sam Bankman-Fried ‘Expected to Enter a Plea Next Week,’ Criminal Defense Attorney Says Feds Have a Case With ‘Very Few Holes’ Just recently, the judge that was presiding over Sam Bankman-Fried’s (SBF) fraud case, judge Ronnie Abrams, withdrew from the case citing a conflict of interest. It seems Abrams husband, Greg Andres, was reportedly an FTX adviser last year. Andres is a partner at the white-shoe, international law firm headquartered in New York City, Davis Polk & Wardwell. Following Abrams’s withdrawal from SBF’s case, the judge has been replaced by judge Lewis Kaplan. The 78-year-old Kaplan ha...

A major cryptocurrency mining pool has been hit by hackers earlier this month, the company who owns the pool revealed in an announcement. The incident resulted in the theft of digital assets belonging to the pool and its clients worth a combined total of $3 million. Chinese Authorities Launch Investigation Into Crypto Mining Pool Hack A subsidiary of the coin minting company Bit Mining has been targeted in a hacking attack , the company said in a press release. The affected entity is a leading bitcoin mining pool, Btc.com, which in the past week accounted for over 2.5% of the pool distribution and has a share exceeding 4% on annual basis. According to the announcement published Monday, Dec. 26, the platform was hit on Dec. 3, 2022. As a result, $2.3 million worth of digital assets owned by the company and another $700,000 in asset value belonging to its clients were stolen. The cyber attack has been reported to law enforcement in Shenzhen, China on Dec. 23. The Chinese aut...

109 years ago, the U.S. Federal Reserve was created and ever since that day, the purchasing power of the U.S. dollar has dropped a great deal. Since the Fed started, more than 96% of the greenback’s purchasing power has been erased via inflation. The Purchasing Power of the U.S. Dollar After the Creation of the Federal Reserve on Dec. 24, 1913 Dwindles Lower During the last hundred years, economists have blamed the U.S. Federal Reserve for a great deal of America’s rising inflation. American economist and social theorist Thomas Sowell referred to the Fed as a “cancer,” and former politcians like Ron Paul have called on the masses to abolish the Fed. Prior to the creation of the Fed on Dec. 23, 1913, America had two central banks the preceded the current U.S. central bank. The first U.S. central bank started in 1791 which was the First Bank of the United States, a financial institution charted by Congress at the time. The second attempt to create a central ...