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The Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC) and Construction Bank of China (CCB) have participated in the internal testing of a digital currency APP which released by People’s Bank of China (PBOC). At present, some internal employees of these Banks have started to use APPS for transfer and payment, etc.
To register the App, users need to open a digital wallet at one of the four Banks. The digital wallet is attached to each bank’s account, and users can recharge their funds into the wallet, which can be either online banking or card binding. This “digital currency” can realize recharge, withdrawal, transfer, scan code consumption and other functions. The transfer can be carried out by the other party’s mobile phone number, and the transfer function is being tested without network. The payment logic is similar to third-party payment such as WeChat and Alipay, where users can scan QR code to pay each other.
The digital currency DCEP of the PBOC has been developed since 2014, and its main purpose is to replace M0 and the function of cash. It borrows from the UTXO model of Bitcoin, and adopts the dual offline technology in payment. In other words, both parties can complete the transfer and payment through touch or scan even without the network.
China’s Top four Banks testing PBOC digital currency APP reflects China’s expectation of encryption’s value.
Lucian, the chief analyst at BitOffer exchange thought, the action that top four banks of China testing the PBOC digital currency could drive the BTC prices go rising. As this year is the third time of BTC halving, the Bitcoin block rewards have been cut from 12.5 to 6.25 BTC, which will accelerate the scarcity of BTC. As mining becomes more difficult and demand for Bitcoins outstrips supply, the value of bitcoins rises.
As the top four banks led by testing the PBOC token, people’s perception of encryption currencies will continue to improve, and Bitcoin as the top cryptocurrency, will naturally get more attention. The increased consensus will fuel a surge in the price of bitcoin, the Bitcoin bull market could drive the price of bitcoin up tenfold, at current bitcoin prices, that would be more than $100,000. So now is the perfect time to buy bitcoin.
However, buying BitOffer’s Bitcoin ETF is better than buying a future, in which profits start at a minimum of three times. Besides, it also includes an intelligent dynamic position reallocation mechanism and the calculation of fund compound interest with the returns of up to 17 times.
If you buy BTC for $10,000, and ETH goes up tenfold, you can maximum make a fivefold profit, Which from $10,000 to $100,000. But buying BTC3X is a different story. Once BTC increases tenfold, you can make up to 170 times, which would be from $10,000 to $1,700,000. Buying the Bitcoin ETF would be a better deal.
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Matthew Graham — the chief executive of Sino Global Capital, a China-focused fund centered around crypto and blockchain, recently published an extensive Twitter thread outlining more details of the digital yuan project by the PBOC. 1) A DCEP wallet application from a test that included the Agricultural Bank of China was inadvertently published. People’s Bank of China (PBoC) Launches Digital Payment Certification of Fintech Products System. PBoC, China's central bank, releases details about the new Certification of Fintech Products verification system to be used for 11 types of digital payments and blockchain services. ... Bitcoin Exchange Guide is a hyperactive hybrid of heavy ... The People's Bank of China (PBOC) has reportedly filed 84 patents relating to its plans to launch a digital currency. The patents reveal the central bank's plans which include integrating digital ... Bitcoin tumbled the most since July after China’s central bank said initial coin offerings are illegal and asked all related fundraising activity to be halted immediately, issuing the strongest ... So far, the PBOC is the first central bank to run detailed tests of it’s digital currency using the technology similar to Bitcoin, but also being backed by the State. The European Central Bank, under its new President Christine Lagarde , has admitted the possibility for creating a digital euro, but without advanced technical tests.
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Yesterday, the People's Bank of China (PBOC), China's central bank, announced that it was going to inject another 1.2 trillion Chinese Yuan (roughly $171 billion dollars) in emergency liquidity ... Bitcoin: BTC Operating Near Full Capacity Last 2 Yrs Former PBOC Reveals Facts About Digital Yuan Bitcoin ATM Firm Partners w/ Largest Shopping Mall Operator in US In today's crypto news, I ... The Peoples Bank of China (PBOC) believes China needs to win the race for national digital currencies. In the article PBOCs China Finance says China needs to... China bans bitcoin, but this time it's different. First, the PBOC bans ICOs. Unexpectedly, exchanges close their doors. In reaction to this news, the price of bitcoin falls down like a grandma ... The head of the People’s Bank of China’s (PBOC) digital currency research subsidiary, Changchun Mu, said China’s cryptocurrency will not need a currency basket to maintain a stable value.