Trillion Dollar Mistake: Is China Planning To Reverse Crypto Ban?
Earlier in the year, China had embarked on what is considered the biggest crypto crackdown to date. The country has had a tumultuous relationship with the crypto space in the past, announcing various bans. But the severity of its last crackdown had led to the exit of miners out of what was said to be […]
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Gou Wenjun, director of the Anti-Money Laundering (AML) unit at the People’s Bank of China(PBoC), recently suggested that the already harsh Chinese crackdown on crypto could expand to the metaverse and NFTs, as he claims they represent various risks and more regulations should be considered. Related Reading | Trillion Dollar Mistake: Is China Planning To Reverse […]
In an unexpected and almost surreal incident, Paxos, the issuer behind PayPal’s PYUSD stablecoin, mistakenly minted 300 trillion PYUSD — yes, with a “T” — earlier today after adding six extra zeros to the intended transaction. The blunder was swiftly corrected as Paxos burned the excess tokens and reissued the correct amount of 300 million PYUSD, but not before the crypto community noticed the jaw-dropping figure. Related Reading: Bitcoin Whale Closes $197M Short, But The Game Might Not Be Over To put the scale of the mistake into perspective, 300 trillion PYUSD would have exceeded the....
Nasdaq-listed company Microstrategy has avoided a “multi-billion dollar mistake” by choosing to invest in bitcoin instead of gold. The company now holds about 108,992 bitcoins. ‘Multi-Billion Dollar Mistake’ Avoided The Nasdaq-listed software company Microstrategy has avoided making a mistake that could have cost the company multi-billion dollars. CEO Michael Saylor tweeted Sunday: If I had chosen gold instead of bitcoin last year, it would have been a multi-billion dollar mistake. It doesn’t help to diagnose the problem if you don’t choose the....
New data coming from eMarketer’s latest worldwide retail forecast shows that this year, China will manage to surpass the US and become the world’s largest retail market, with sales of over $4.886 trillion, compared to the average sum of $4.823 trillion in the US. Due to Asia’s growing number of online shoppers, reports indicate that this year alone, the entire continent will spend a record $1 trillion, most of the sum coming from China. While the increasing popularity of ecommerce in other regions such as Southeast Asia and India have helped pushed the number upwards, China owns the....
China has a very long history; it has seen times of economic boom and economic recession come and go, it is a nation that has learned the importance of thinking in the long term. Where America and Europe are like blue-collar workers planning on blowing their wages on a Friday night whereas China is more like their wealthy uncle planning on investing his pension surplus for the benefit of his children and grandchildren. Maybe we should pay more attention to what China is doing. In April 2009 the Peoples Bank of China (PBOC) surprised the world by announcing that it was holding 1,054 tons of....