The Zano blockchain’s recently completed Zarcanum hard fork (HF4) will enable users and organizations to create custom tokenized assets that meet their specific needs. These custom tokenized assets or confidential assets, will be untraceable on the Zano blockchain. The team believes that without privacy and security, cryptocurrencies cannot achieve the much-hyped widespread adoption. Hosting Multiple […]
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Edward Snowden Calls Bitcoin ‘Most Significant Monetary Advance Since the Creation of Coinage’
Edward Snowden, a privacy advocate and former National Security Agency (NSA) contractor and whistleblower, says bitcoin “is the most significant monetary advance since the creation of coinage.” He views his statement as “unpopular but true.” Edward Snowden’s ‘Unpopular but True’ Bitcoin Statement Edward Snowden, a privacy advocate, posted about bitcoin on social media platform X […]
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Donald Trump Promises to Block Digital Dollar Creation — Calls CBDC ‘Dangerous Threat to Freedom’
Former U.S. President Donald Trump has promised to stop the creation of a U.S. central bank digital currency (CBDC) if he is elected president of the United States. He explained that a digital dollar would give the federal government “absolute control over your money,” warning that the government could take your money and you wouldn’t even know that it’s gone. “This would be a dangerous threat to freedom, and I will stop it from coming to America,” Trump vowed.
Donald Trump Says He ‘Will Never Allow’ CBDC in the US
Former U.S. President Donald Trump held a rally in the state of New Hampshire on Wednesday. Among various promises Trump made was the creation of a U.S. central bank digital currency (CBDC). The former president said:
Tonight I’m also making another promise to protect Americans from government tyranny. As your president, I will never allow the creation of a central bank digital currency.
“You know what they’re doing. Such a currency would give a federal government — our federal government — absolute control over your money. They could take your money. You wouldn’t even know it’s gone. This would be a dangerous threat to freedom, and I will stop it from coming to America,” Trump exclaimed.
Many lawmakers share Trump’s skepticism of central bank digital currencies, including Rep. Tom Emmer (R-MN). The congressman has introduced the CBDC Anti-Surveillance State Act, which now boasts 75 co-sponsors. The bill prohibits the Federal Reserve from using CBDCs for monetary policy or offering services directly to individuals.
Several Fed officials and lawmakers question the need for a CBDC. Fed Governor Michelle Bowman, for example, said in October last year: “I have yet to see a compelling argument that a U.S. CBDC could solve any of these problems more effectively or efficiently than alternatives, or with fewer downside risks for consumers and for the economy.”
While the Federal Reserve has started exploring the implications of a digital dollar in the U.S., they haven’t committed to actually creating one. In September last year, Fed Chair Jerome Powell clarified: “We have not decided to proceed [with a digital dollar] and we don’t see ourselves making that decision for some time … We see this as a process of at least a couple of years where we are doing work and building public confidence in our analysis and in our ultimate conclusion.”
What do you think about former U.S. President Donald Trump vowing to stop the creation of the U.S. central bank digital currency if he is elected this year? Let us know in the comments section below.
Blackrock Pushes to Use In-Kind Creation Method for Spot Bitcoin ETF: Report
Blackrock, the world’s largest asset manager, has reportedly pushed for using the in-kind creation method for its bitcoin exchange-traded fund (ETF), diverging from the cash creation model favored by the U.S. Securities and Exchange Commission (SEC). According to reports, Blackrock and other spot bitcoin ETF applicants recently met to discuss their applications with the SEC.
Blackrock Prefers In-Kind Creation Model
The U.S. Securities and Exchange Commission (SEC) seemingly met with Blackrock, the world’s largest asset manager, to discuss the company’s application for a spot Bitcoin exchange-traded fund (ETF) this week, according to Bloomberg research analyst James Seyffart.
Noting that Grayscale Investments has engaged with the SEC regarding its bid to convert the firm’s bitcoin trust (GBTC) into a spot bitcoin ETF, the analyst shared insights on social media platform X on Wednesday, along with posting several slides from Blackrock. He wrote:
Looks like Blackrock also met with SEC! There’s a couple slides in relation to in-kind vs cash creation. Based on this it looks like Blackrock prefers in-kind for their bitcoin ETF (makes sense as its probably cleanest structure for them & end investors).
ETF units can be created in-kind or in cash. In cash creation, authorized participants provide cash to the ETF issuer in exchange for new ETF units.
Bloomberg senior ETF analyst Eric Balchunas also emphasized that Blackrock and Ark Invest are “standing firm on in-kind creates.” He explained that this method is better for investors in terms of spreads and tax, even though “word is that the SEC said you need to do cash creates (to avoid people using unregistered brokers) if you want to get out in the first batch.”
Last week, Balchunas shared on X that he has been “hearing chatter” that the SEC’s Division of Trading and Markets has engaged with exchanges, advising them to use the cash-create method for their spot bitcoin ETFs, instead of in-kind. The securities regulator also reportedly asked them to amend their spot bitcoin ETF filings in the next couple of weeks.
SEC Chair Gary Gensler recently revealed that the regulator is considering between eight and 10 spot bitcoin ETF applications. A number of people have predicted that the SEC will approve multiple spot bitcoin ETFs at once early next year, including the analysts at JPMorgan.
What do you think about Blackrock pushing to use the in-kind creation method for its spot bitcoin ETF instead of the cash creation method suggested by the SEC? Let us know in the comments section below.
BRICS Bank President Dilma Rousseff Calls for the Creation of a Global South Focused Financial System
Dilma Rousseff, president of the New Development Bank — also known as the BRICS bank — and former Brazilian president, has called for establishing a financial architecture designed for the so-called Global South. In a keynote speech at the 14th Lujiazui Forum, Rousseff remarked on the importance of this new structure for promoting sustainable growth.
BRICS Bank President Rousseff Calls for Direct Liquidity to Global South Countries
Dilma Rousseff, president of the New Development Bank (NDB), also called the BRICS bank, has outlined the role she believes the institution must follow. In an opening keynote speech at the 14th Lujiazui Forum held in Shanghai, titled “Global Financial Opening-up and Cooperation: New Drivers of Economic Recovery,” Rousseff talked about the importance of establishing alternative financial structures tailored for the Global South.
Rousseff stated:
It is urgent we create a new architecture to channel the available liquidity to make financing feasible on the scale and under the conditions required by the countries of the Global South.
The concept of the Global South, coined by American Writer Carl Oglesby in 1939, refers to underdeveloped countries outside of the traditional centers of power, including parts of Latam, Africa, Asia, and Oceania.
Furthermore, Rousseff detailed that creating these new financing tools, preferably in local currencies, was “essential” for promoting long-term investments.
This is not the first time Rousseff explained the importance of funding these initiatives with local currencies. During the keynote of the eighth annual meeting of the BRICS bank, Rousseff declared:
We will seek to fund a greater share of our projects in local currencies, with the dual objective of strengthening the member countries’ domestic markets and protecting our borrowers from the risks of currency fluctuations.
Supporting Multilateralism
Rousseff mentioned multilateralism has a “strategic significance,” explaining that projects like the Chinese “Belt and Road” initiative promote a balance in the new multipolar world order now being configured, outlining that the BRICS bank would work for building a more equitable and sustainable world.
In this regard, the bank has already included three countries more that are not part of the BRICS bloc: Bangladesh, Egypt, and UAE. Argentina, currently engaged in a loan agreement with the International Monetary Fund (IMF), has also applied to be part of the BRICS bank and receive financial support.
Honduras is the latest country that has formally applied to be admitted to the bank, presenting its formal application during a recent visit of Honduran President Xiomara Castro to Shanghai.
What do you think about the BRICS bank’s push to construct alternative financial structures directed to the Global South? Tell us in the comments section below.
China, Russia Urged to Speed Up Creation of ‘Cutting Edge’ Payment Infrastructure for BRICS and SCO Currencies
The chairman of Russia’s national economic development institution VEB.RF has urged China and Russia to speed up the establishment of a new, “cutting-edge” payment system for currencies of Shanghai Cooperation Organization (SCO) and BRICS nations. “Our relations with China keep getting stronger,” said Russia’s prime minister.
Shuvalov Discusses New Payment System for BRICS and SCO
The chairman of Russia’s national economic development institution VEB.RF, Igor Shuvalov, has urged China and Russia to accelerate the establishment of an efficient payment system for members of the Shanghai Cooperation Organization (SCO) and the BRICS economic group.
VEB.RF is a Russian state development corporation and investment company. It is a non-profit organization with no shareholders. Shuvalov previously served as First Deputy Prime Minister in Dmitry Medvedev’s Cabinet. He was appointed chairman of VEB.RF in May 2018 by Russian President Vladimir Putin.
Speaking at a Russian-Chinese Business Forum in Shanghai on Tuesday, Shuvalov stressed that Russia and China should speed up the creation of an efficient system for payments in the Russian ruble, the Chinese yuan, and the currencies of SCO and BRICS member nations, Tass reported. The BRICS comprises Brazil, Russia, India, China, and South Africa. The SCO was established in 2001 as a political, economic, and defense alliance; it is the world’s largest regional organization.
Shuvalov was quoted by the news outlet as saying:
Trade and economic cooperation overall between the Russian Federation and China will only rise and expand. And we, together with CDB (China Development Bank), will deepen our cooperation, the coordination of our actions on this path.
He added that his own organization, the CDB, and other financial institutions of the SCO and the BRICS could aid such efforts.
Shuvalov proceeded to emphasize the need for a new, “cutting-edge” payment infrastructure for the two nations to deepen their trade and economic cooperation. He stressed:
We urge the government of the Russian Federation and our Chinese partners to act as actively as possible. An independent and efficient infrastructure of payments is necessary not only for ensuring the ‘ruble/yuan’ pair, but also for carrying out the most serious transactions in SCO and BRICS currencies.
Russian Prime Minister Mikhail Mishustin said Tuesday that the relations between Russia and China are getting stronger.
Commenting on the Russian-Chinese Business Forum during a meeting with members of the Russian business community, he said: “Over 1,200 people are taking part in the forum, including representatives of numerous Russian public and private-sector companies, which is good news.”
Mishustin added: “Our relations with China keep getting stronger. This longstanding relationship is based on historical roots, mutual respect, and friendship.”
Do you think Russia and China should establish a new, cutting-edge payment system for the SCO and BRICS members? Let us know in the comments section below.
CATO Institute: CBDC the ‘Single Largest Assault to Financial Privacy Since Creation of Bank Secrecy Act’
A central bank digital currency (CBDC) may turn out to be the “single largest assault to financial privacy since the creation of the Bank Secrecy Act,” a policy analysis document released by CATO Institute has said. To stop the U.S. Federal Reserve and Treasury from threatening the financial system with the CBDC, the document said the U.S. Congress “should explicitly prohibit” its issuance.
CBDCs a Threat to Financial Privacy
A policy analysis document released on April 4 by the CATO Institute warns that a central bank digital currency could be detrimental to the American people. To support this assertion, the analysis document points to the two-thirds of the 2,052 comment letters sent to the U.S. Federal Reserve that oppose plans to launch a CBDC.
Authored by Nicholas Anthony and Norbert Michel, the policy analysis document also lists some of the concerns about CBDCs that have been raised and how the associated risks make the CBDC unsuitable for Americans. As seen in the document, one key concern raised by CBDC opponents is the threat this poses to Americans’ right to financial privacy.
“Laws designed to counter-terrorism, deter money laundering, and collect taxes largely provide the government with the ability to conduct unchecked surveillance over financial information. Nonetheless, a CBDC could spell doom for what little protection remains because it would give the federal government complete visibility into every financial transaction by establishing a direct link between the government and each citizen’s financial activity,” the analysis document stated.
While attaining this feat is something the U.S. government may want to do, the authors assert that the issuance of the CBDC would amount to what they call the “single largest assault to financial privacy since the creation of the Bank Secrecy Act and the establishment of the third-party doctrine.”
US Congressional Intervention Sought
Besides being a threat to citizens’ right to privacy as guaranteed by the U.S. constitution, Anthony and Michel claimed that a CBDC is likely to be a threat to financial freedom as well. They said:
A CBDC would provide countless opportunities for the government to control citizens’ financial transactions. Such control could be preemptive (prohibiting and limiting purchases), behavioural (spurring and curbing purchases), or punitive (freezing and seizing funds).
The policy document also suggested that a CBDC will pose a threat to free markets and will give cybercriminals “a prominent platform on which to focus their efforts.”
To prevent the U.S. Federal Reserve from creating these risks, the two authors recommend that the U.S. Congress “should explicitly prohibit” the U.S. Treasury and central bank from issuing digital currency in any form. This can be done by amending Section 13 of the Federal Reserve Act and by limiting the U.S. “Treasury’s authority to expand existing offerings.”
The authors also recommend that the U.S. Congress must “require that the Fed’s compliance with the Depository Institutions Deregulation and Monetary Control Act’s cost recovery provisions be subject to regular audits by third parties.”
What are your thoughts on this story? Let us know what you think in the comments section below.
Cherry Network – Empowering Creativity, Freedom, and Decentralization with Blockchain-Based Smart Contracts and User-Friendly Content Creation Tools
Only with the right tech, tools, and infrastructure can we usher in the Web3-based decentralized future the world needs. Cherry Network was built to do just that. Here’s how.
From Centralization to Decentralization via Blockchain
The concepts of distributed ledger technology (DLT) and transparent, auditable transactions secured in a blockchain have been revolutionary for multiple reasons. First, they raised the bar in terms of what was possible in the provision of massively scaled online apps and services. Why should end users be restricted by the rules and limits of centralized apps and platforms instead of everyone participating on equal terms? Blockchain-based decentralization offers a way around this, and helps give the power back to the user. Second, this “changing of the guard” and the removal of centralized gatekeepers has opened new frontiers of value for innovations and ideas targeted at the billions of global users who have grown weary of the restrictions, unfettered clout, and unilateral censorship power of centralized tech powerhouses.
Because of these developments, it is no wonder that blockchain-based apps and services have taken the world by storm. We now have successful crypto and blockchain projects operating in every field from healthcare, finance, and entertainment to governance, education, transportation, and more.
From Web2 to Web3
Blockchain’s early days took place in Web2, which was largely dominated by large, centralized apps and platforms. Think of Apple’s App Store, Google’s Play Store, YouTube, Facebook, and other centralized platforms that boast billions of users but are controlled by centralized entities. With the growth of the decentralized, user-focused Web3, however, things are changing rapidly. We now have decentralized apps and solutions that run on trustless, transparent, and censor-proof smart contracts connecting with decentralized file storage replacing centralized Web2 apps running on centralized servers.
This is a monumental paradigm shift that, although occurring slowly, is the inevitable endgame for Web2 apps and services. Once Web3 gains critical mass and all the world’s leading brands, apps, and services migrate to decentralized infrastructures, having the right network backbone and the right tools, incentives, and support services in place will be critical to value creation, profitability, and success Enter Cherry Network
Cherry Network is a layer-1 blockchain infrastructure that bridges smart contracts to decentralized file systems. Using the infallible if-else logic of smart contracts, integrating services built on that logic with decentralized data storage, and building an ecosystem of secure, transparent, low-cost, and high-performance products, services, and solutions, Cherry Network is revolutionizing the very concept of blockchain-based decentralized app development.
Some of the key features of the platform include complete user and developer privacy, decentralized storage of data, and seamless payments integrations, as well as on-chain staking, full EVM compatibility, and zero-knowledge rollups (off-chain processing of transactions that are “rolled up” and brought on-chain in a single transaction, reducing cost, congestion, and time). With on-chain throughput of around 20,000 TPS, multiple wallet integrations, high-level partnerships, and a bevy of development activity within the ecosystem, Cherry Network should quickly become a vital component in the landscape of Web3-native decentralized applications.
Development Team
Cherry boasts a core team with over a decade of experience in the cryptocurrency space. The team is led by Herman Jacobs, CEO of Cherry Labs, an incubator focused solely on the Cherry ecosystem, who is responsible for overseeing the technical and business side of the network.
Partners and Projects
Cherry Network has several partnerships in place with some of the most high-profile investment firms in the industry. These include Luben Capital and Shima Capital. There are also many exciting projects being built out on the platform, including Seedling.cm, which is a high-growth investment launchpad for retail investing at the VC level, Cherish.cx, a complete content platform for artists and creators that is fully decentralized and free of censorship, and Unigate.finance, which is a decentralized protocol for payments and crypto services.
Cherry and the Future
As the world converges on a decentralized Web3 future for the internet, we expect to see an influx of projects, talent, and capital entering this space. Cherry is positioned as an innovative and forward-thinking crypto project that espouses all of the key principles of blockchain and decentralization, like transparency, solving real-world problems, and creating value. In shunning meme-coin and moon-coin marketing, not focusing on price but on value, and building tools and solutions that work for everyone, Cherry will be at the forefront of the next tech revolution.
Over the next few days and weeks, Cherry will announce a new high-level partnership, and the network mainnet will be launched between June 12 and 14, 2022. Staking will go live one week later, and within the next few weeks dozens of projects will be using the Cherry Chain as a host of developer tools and resources are built out for the ecosystem..
Interested in learning more? Visit https://www.cherry.network/.
Creation in 2022 Isn’t Restricted to the Real World. Here’s Thomas Sevcik’s Astonishing Take On It
Four elements are essential for a metaverse world to take root and thrive, experts say: immersive realism, access and identity, interoperability and scalability. Achieving them without altering the laws of physics requires complex technology and financial tradeoffs. Take a quick spin through a few emerging metaverses and it will be easy to spot what their creators prioritized and what they had to sacrifice.
Such tradeoffs are virtually invisible at pax.world. Its creator, Frank Fitzgerald, has spent years working through the issues from every angle and optimizing pax.world for all four parameters. And he’s eager to show the world what his five-year head start and stubborn refusal to accept that anything is impossible has enabled.
Pax.world, which launches in the summer of 2022, is so highly evolved that some of the best, most imaginative minds on Earth are flocking for a sneak preview.
One of those great minds is Thomas Sevcik, the world-renowned architect and city planner.
Sevcik, the CEO of Arthesia, works with businesses and governments around the globe, usually on vast projects. With a passion for the metaverse, creation and architecture, he wanted to talk about pax.world. Here’s a recap of his comments.
When asked about his career in innovation, Sevcik said, “I created early versions of the metaverse – in my quite real sandbox and on paper doing my own maps of imaginary land and cities. From there on it was easy”
His modesty belies significant professional achievements.
“I’m lucky enough to be an entrepreneur as well as being involved in many outstanding international projects. Some are very large, like creating entire urban districts in many parts of the world, while others are exciting like branding worlds and experiences. Some are unique, private cities and contrarian investments come to mind.”
The conversation moved to crypto, metaverse and Sevcik’s involvement in the financial revolution.
“In the early days, I sort of watched from the sidelines. I’m keen on questions surrounding sovereignty, special zones and alternative governance ideas, so I looked at it from that angle.
“I personally got into crypto rather early on and I’m glad I did.”
On the metaverse. Sevcik noted, “It’s a logical development, right? Humans are naturally curious creatures who expand their horizons constantly and then want more.”
“A metaverse isn’t un-real or inhumane. In fact, it’s deeply human and totally real, creating worlds and experiences on a new level. Utopian and pragmatic at the same time.”
Sevcik’s view is a unique and humanistic outlook on the metaverse. He argues that the metaverse is an opportunity to celebrate the human experience, through pax.world, in ways not possible in the real world.
Pax.world isn’t just ready to be used, but it’s ready to innovate upon the physical world, he said. As Secvik puts it, learning in the metaverse holds the extraordinary potential to improve many of the societal challenges people are struggling against in the real world.
The metaverse asks compelling questions of our ‘real’ world, Sevcik claims.
“Narrative around spatial planning, the idea of ‘quality and uniqueness’, for instance, immediately gets explored when working in the metaverse.”
He’s convinced that pax.world is nothing less than the dawn of a new age of discovery for humanity.
“It’s so much more than just wanting to build land. It actually means repositioning cities, companies and organizations.”
“I’m already working on immense real-world projects explicitly linked or augmented with vectors, dimensions, extensions into or with the metaverse.”
Sevcik is certain the pax.world project is ready and exactly the right vehicle to transport his progressive ideas.
Pax.world, with a realistic style based on reality, low system requirements (it can be accessed with a 0 Chromebook), a complex ecosystem with unparalleled possibilities and a growing community-driven world, fulfills the areas of progress.
Pax.world’s team of creators are thrilled that Thomas Sevcik and his team are on board and will soon introduce other great minds and skilled creators who are slated to join the pax.world family. Look for pax.world this summer. It won’t be hard to miss.
OKEx Lists Chia Token (XCH), A Creation of BitTorrent’s Founder Bram Cohen
OKEx, a prominent crypto exchange and derivatives platform in the industry has announced the inclusion of Chia Network’s native crypto asset. The listing of XCH went live on May 3, enabling users to trade XCH/USDT and XCH/BTC trading pairs.
A creation of Bram Cohen, known for inventing the BitTorrent Network, Chia Network is a highly decentralized, efficient and secure blockchain and smart transaction platform. It uses an innovative Nakamoto-style consensus algorithm based on Proofs of Space and Time instead of conventional energy-intensive Proof of Work setup.
Built from scratch, the Chia Network also has its own Chialisp – a new on-chain programming language designed to be more powerful, easily auditable and highly secure than other available options. The Chia Network is capable of supporting atomic swaps, authorized payees, recoverable wallets, multisig wallets, rate-limited wallets and even colored coins.
Chia Network is backed by some of the big names in the cryptocurrency and venture capital space. The project is funded by Greylock Partners, Andreessen Horowitz, True Ventures, Slow Ventures, Galaxy Investment Group and others.
By listing XCH, OKEx is one of the few platforms to offers its users early access to an innovative network. Along with the listing, OKEx has also announced two promotional campaigns to mark the occasion, effectively giving away 0,000 worth of USDT and 5000 TiB.
As a part of the first promotion, first 50 participants depositing 50XCH or more from an external address to their OKEx account will become eligible to receive 500 USDT each. Those who deposit over 200 USDT worth XCH during the same period will become eligible to participate in a prize pool of 25000 USDT.
The second campaign is open for everyone depositing and trading XCH during the promotional period. They will become eligible to participate in a lucky draw for ,000 in USDT and 5000 TiB. Every time an individual’s deposit increases by 0 in value, they get additional rewards, and those with XCH/USDT trading volumes in multiples of 00 get additional chances at winning the lucky draw. Even inviting new friends to join OKEx makes traders eligible to participate in the lucky draw.
The campaign will end on May 11, 2021. More details about the promo event are available at – https://www.okex.com/promotion/QIJB/ACE503679