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Tencent and Ant Group Join Digital Yuan Test as Central Bank Seeks to Expand Its Influence

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Participation in the digital yuan test will provide MyBank and WeBank with new opportunities.

Tencent’s WeBank and Ant Group’s MyBank have reached a deal with Chinese regulators to pilot test the China digital yuan. The two join a list of six state-owned banks already enrolled to test the CBDC.

China keeps pushing to launch its CBDC “central bank digital currency.” In the latest development, the government has reportedly partnered with two private banks to pilot test the digital Yuan. China wants to spearhead the shift from fiat to digital currency. As some analysts have pointed out, traditional money has been long overdue for an upgrade. In this race, China has taken 6 years but looks set to finalize it in the next two years.

Ant Group’s MyBank and Tencent’s WeBank are the latest banks to join the project. According to Bloomberg, MYbank’s service is ahead as it will soon be introduced to the People’s Bank of China’s digital yuan app but WeBank will also be introduced soon. This will allow the banks to connect different bank accounts to the central bank’s e-wallets.

In anticipation of the launch, through this deal, the central bank is expanding its coverage and influence. During the launch of the CBDC, the government met some resistance. Some suspect it is after Alipay and WeChat Pay which make up to $45T in the payment industry. The two companies account for 94% of electronic payments in the country. With the government further stepping up regulations on fintech companies, it looks like it cleaning out its competition.

Digital Yuan Scrutiny

The bank has disputed this, explaining it is not in competition with the payment platforms. Additionally, there was concern that the government, notorious for censorship and monitoring citizens, would use the digital Yuan as a surveillance and tracking system. Again, the government has dismissed these claims. According to the government, the primary purposes of the digital yuan is to cut the paper money supply. Another is to get a better handle on the money supply.

For MyBank and WeBank, this will give them an edge. First, it will be ahead in attracting customers to use digital yuan. Additionally, the company will be enveloped in the right regulatory framework.

Upgrading Money through CBDCs

Since the emergence of the digital yuan, the US has been rattled and there have been talks of a digital dollar. in 2020, this was a massive trend with the Senate holding meetings to discuss the possibilities of the digital dollar. These have however been just that and nothing is yet to materialize. The same has been true of ‘a digital euro.’ Though there was much talk about upgrading the euro to a digital form, these talks have since phased out.

With China on the verge of a full release, this could be the wake-up call for western countries to step up their development of CBDCs.

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Kiguru is a fine writer with a preference for innovation, finance, and the convergence of the two. A firm adherent to the groundbreaking capability of cryptographic forms of money and the blockchain. When not in his office, he is tuned in to Nas, Eminem, and The Beatles.



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Galaxy Digital Leverages Blockstream Facilities for Bitcoin Mining Operations

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Despite the partnership announcement, Galaxy Digital Mining did not provide specific details on the number of machines deployed for the first installation.

Diversified financial services and investment management company in the digital asset sector Galaxy Digital (TSX: GLXY) said it is now hosting its newly-launched Bitcoin mining operations at Blockstream facilities. The diversified financial services firm noted that its Bitcoin-mining operations would use Blockstream facilities to initially deploy machines in Canada and the US.

CoinDesk said in a report that the partnership between Galaxy Digital and Bitcoin technology company Blockstream occurred less than two months after Galaxy Digital officially launched its mining operations.

In January, Galaxy Digital announced the launch of its miner financial services. At the time, the firm also added that it would begin its own Bitcoin mining business. Notably, providing financial services to Bitcoin miners has been a work-in-progress for Galaxy Digital since October 2020.

In addition, Galaxy Digital selected the former director of Mining at Fidelity, Amanda Fabiano, to head the new mining operations. Along with Fabiano, Galaxy Digital stated that there is a team of vast professionals working to advance the new unit. According to the press release, the new unit will be called Galaxy Digital Mining. The press release examined the functions of the new mining unit:

“…a new business unit committed to providing bitcoin miners with a comprehensive suite of financial services and products. Galaxy Digital Mining will serve as a one-stop financial services platform for miners-drawing the firm’s expertise in trading and risk management, investing and lending, and corporate advisory under one umbrella, tailored to the needs of the mining sector.”

Galaxy Digital Now Hosting Mining Operations Facilities

Now, Fabiano said that the company hopes to continually expand its mining operations. Despite the partnership announcement, Galaxy Digital Mining did not provide specific details on the number of machines deployed for the first installation. According to Fabiano, the financial services firm selected to use Blockchain’s facilities for “operational excellence.”

Blockstream CEO Adam Back also commented on the new partnership with Galaxy Digital. He said that Galaxy Digital has the opportunity to further growth with the Bitcoin technology company.

Earlier this year, Blockstream announced that it had purchased $25 million worth of Bitcoin mining machines from a Chinese manufacturer of crypto mining equipment MicroBT. Blockstream hopes to expand its mining operations with its new acquisition.

Data by MarketWatch revealed that Galaxy Digital stock had grown nearly 60% since the year began. The company’s stock has also spiked 189.68% in the last three months and almost 30% over the past month. With a market capitalization of $1.69 billion, Galaxy Digital stock has jumped 4.56% in the last five days. At press time, GLXY is closed at $17.41, a 5.74% loss over its previous close of $18.47.

Galaxy Digital has also partnered with CI Global Asset Management to launch a Bitcoin Fund in Canada. 

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.



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TimeCoinProtocol Brings Its Native Token TMCN to Mainstream Investors

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The TimeCoinProtocol’s TMCN token sale is a well-structured one with an accompanying lock-up period.

The TimeCoinProtocol, a blockchain-based decentralized sharing economy platform built atop the Ethereum blockchain is set to expand the reach of its native token with the ticker symbol, “TMCN,” by bringing it to the mainstream market. Per a press release shared with Coinspeaker, the project which brings to the crypto ecosystem unique functionalities and offerings particularly in the growing eSports niche has been backed thus far by its equity investors.

The essence of a crypto or blockchain-based project is to be able to reach a wide range of users across the globe. The team behind the TimeCoinProtocol has realized the limitations of being constrained to its private investors and is offering anyone around the world the chance to be a part of its innovations including the internet gaming revolution they are championing.

TMCN is an asset that promises a good return on investment (ROI). The token was first listed on the Bitforex exchange back on November 11th, 2020, at a price of $0.7. The token received a boost and began trading at a price of $11 shortly after the launch. The coins rose to an all-time high of $8,500 on February 18th, 2021, a valuation that is more than 12,142 times the initial amount it was listed for.

The company has released details of the sale of the TMCN which commenced on February 18th to both retail and institutional investors. The sales are in two stages, with the second ending on the 31st of May, 2021.

The TimeCoinProtocol Native Token Sale Origin and Dynamics

Shenzhen Heleyi Internet Information Consultant Co., Ltd. is one of the early TMCN investors who purchased 10 million tokens out of the possible 100 million. The company has agreed to sell its TMCN holdings to members of the public, drafting TimeCoinProtocol to coordinate the offering.

The TimeCoinProtocol’s TMCN token sale is a well-structured one with an accompanying lock-up period. Interested investors are enjoined to apply for the purchase by filling in a simple form, followed by an email confirmation of the application from the admin of Shenzhen Heleyi,

Upon application for the purchase, the minimum investment amount, quoted as 0.015 BTC, 500 USDT, or 0.3 ETH on the token sale page is expected to be sent, 10 days from the application confirmation date. If no payment is received by Shenzhen Heleyi within 10 days of the purchase application, the order will be automatically canceled.

Based on the applied lock-up period, the tokens will be released in 30 days installments from the ending of the second batch which coincides with May 31st. The company noted it is only 25% of the total holdings that will be released at the end of each thirty-day period. Additional details about the TMCN sales can be found on the TimeCoinProtocol’s sales page.

Proposed Usefulness of the Acquired TMCN Tokens

Acquiring the TMCN tokens is value-packed as the demand around the coin has stirred its growth since inception, a trend that is set to continue into the foreseeable future.

However, the TMCN tokens will be valuable for use when the TimeCoinProtocol finally unveils its proposed dApps including “eSportStars” and “TimeTicket”. While the former is built for eSports enthusiasts and professionals, the latter will help connect people who wish to buy and sell skills and exchange knowledge.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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Gary Black Thinks Tesla Stock Could Rally Further by Selling BTC Holding and Initiating Buybacks

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Gary Black further noted that institutional investors currently would prefer Tesla to buy back its stock to holding Bitcoin. 

Former CEO Aegon Asset Management US Gary Black thinks Tesla Inc (NASDAQ: TSLA) stock could stop bleeding out if the company sold off its Bitcoin position and initiated stock buybacks. Tesla stocks dropped approximately 27% in the past month to trade around $612.51 at the time of writing according to MarketWatch.

Notably, Tesla reported that it purchased Bitcoins worth $1.5 billion and plans to add the asset in its form of payment. Although the company is still in profit from the Bitcoin position, a respected analyst thinks the company should sell off the Bitcoin position. With the proceeds from the Bitcoin position, Tesla could then initiate its stock buyback to prevent further sell-off.

Gary Black and Tesla Stock

Gary Black further noted that institutional investors currently would prefer Tesla to buyback its stock to holding Bitcoin. “If you asked 100 institutional $tsla, shareholders, would they prefer $tsla to invest $1.5B excess cash in #btc, or $1.5B excess cash in $tsla stock, 95/100 would choose $tsla stock,” Gary noted.

One of his followers challenged him by suggesting that the company should hold on to the Bitcoin position as it finds other avenues to be productive despite the market competition. According to him, in retrospect after a decade Tesla will appreciate its Bitcoin holding greatly.

Tesla stock is up approximately 342% in the past year thanks to the increased demand globally.

Notably, Tesla stocks are down approximately 8% in the past five days. Besides, they were trading around 611.74, down 1.59% during the premarket. Consequently, a survey conducted by media outlet MarketWatch indicates 34 different ratings gave Tesla stock an average of a Hold rating.

At the time of writing, Tesla had a reported market valuation of approximately $626.98 billion with 959.85 million outstanding shares. Tesla stock, however, has been on the uptrend for the past few months.

Tesla stocks have in the past endured bear markets. Tesla CEO Elon Musk unveiled a pair of short shorts to tease investors who were short of Tesla stock.

According to Musk’s past tweets, it is unlikely that the company will sell the Bitcoin position soon. However, according to the SEC filing by the company, the company could change its Bitcoin position if the price drops below the purchase level or the crypto ecosystem is compromised by attackers.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”





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