Chinese traders are actively using the USDT to withdraw capital from Russia to their homeland; Bitfinex hearing was postponed for 90 days; Facebook admits the probability that the launch of Libra doesn`t take place at all because of regulatory pressure.

Chinese traders are actively using the USDT to withdraw capital from Russia to their homeland; Bitfinex hearing was postponed for 90 days; Facebook admits the probability that the launch of Libra doesn`t take place at all because of regulatory pressure.

1. Chinese traders are actively using Russian over-the-counter trading crypto-platforms, when they want to withdraw the proceeds to their homeland. This was announced by the head of one of these platforms. According to him, the Chinese are selling cryptocurrency on average for $ 3 million per day. 20% of this amount is Bitcoin, but 80% of received funds are transferred to the USDT.

Some Moscow traders note that the volume of transactions with USDT, initiated by Chinese importers, reach $ 10-30 million per day.

Thus, it may be concluded, that Chinese traders accumulate cash in Moscow and then use the USDT to bring it to their homeland.

 

2. In the meantime, Tether doesn`t stand still and launches USDT on the Liquid Network developed by Blockstream.

Liquid Network is an additional level in the Bitcoin blockchain, which allows for quick and cheap transactions. Due to the integration of USDT into the network, it will be possible to make atomic swaps between Liquid BTC and stablecoin.

 

3. On Monday, another Bitfinex hearing was held. As a result, the court decided to postpone the verdict for 90 days.

The trial was initiated in last April. At the last hearing, there were discussed the powers of the prosecutor’s office to conduct an investigation. In the end, Judge Joel Cohen said that he needed more time to make a final decision.

For companies, this means that they can continue operating, but Bitfinex still cannot borrow money from Tether.

Prosecutors continue to insist that Bitfinex used Tether’s reserves to conceal a loss of $ 850 million.

 

4. KuCoin initiated a program for stimulation the development of its own token KCS. It will start on August 1 and will provide an opportunity for asset holders to receive from 35% to 50% profit.

To do this, it is needed to block 200 -10 000 KCS for 90 days. The rate of return will depend on the date when the user decides to block tokens. If premature unblocking is performed, the exchange will take a commission of 10% of the deposited funds and all potential profits.

KuCoin will destroy the equivalent number of KCS in December 2019.

In addition, the exchange promises to buy tokens after unlocking 10% below market value at the time of blocking.

The KCS token grew by almost 15% immediately after the announcement.


5. The Eosfinex developers, Bitfinex sister-trading platform based on the EOS protocol, this Tuesday reported on the successful launch of the platform.

Eosfinex is a decentralized platform where applications are compared by using blockchain resources, but not by centralized company.


At the moment, there are 4 trading pairs available on the exchange: RAM / USDT, EOX / USDT, EMT / USDT and EOS / USDT.

 

6. The popular cryptocurrency wallet Blockchain (formerly Blockchain.info) launches its own trading platform PIT.

PIT will be able to connect to Blockchain wallets directly for instant transactions. On Tuesday, the company opened registration on a new platform, but within two weeks, the possibility of exchanging up to 26 assets will be added.

The number of wallets on Blockchain is about 40 million. Developers expect that this user base will provide the highest level of liquidity, which is inaccessible to competitors.

CoinDesk noted that Coinbase acted in a similar way, because previously it was a service for storing cryptocurrencies.

Blockchain is already in touch with regulators of various countries to register a business. In jurisdictions where a license is required for the provision of a cryptocurrency exchange service, the company will not yet provide services.

 

7. The report for the second quarter, which Facebook has prepared for the SEC, says: «There is no guarantee that Libra will launch in the time or at all».

Thus, company representatives admit the probability that the launch of a cryptocurrency initiative will not take place at all. The main reason is regulatory pressure.

 

8. In Fortaleza, the Brazilian city, with a population of about 2.7 million people, it will be possible to pay in BTC for public transport.

«This step will help to reduce the level of bureaucracy, but also motivates people to use public transport. We want to make the fare payment process as simple as possible to increase passenger traffic» Carlos Roberio Sampio, CFO of Cootraps (State Passenger Cooperative), said.

Tickets for travel can be purchased by scanning the QR code by using a mobile application.

 

9. According to a new study by Grayscale, the cryptocurrency fund operator, out of 1,100 Americans who participated in the survey, 36% are considering investing in Bitcoin.

If make the assumption, that there are about 63 million investors in America, then by means of easy mathematical calculations we come to the conclusion that the potential audience is 21 million people.

 

10. The Iranian government has recognized mining as a separate type of industrial activity. Thus, the extraction of cryptocurrency is fully legalized in the region, but mining companies should now receive a license to conduct their activities.

This decision was made on Sunday at a meeting of the Cabinet of Ministers chaired by Iran’s President Hassan Rouhani.

Meanwhile, the use of cryptocurrencies for internal operations remains outlawed.

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1. Chinese traders are actively using Russian over-the-counter trading crypto-platforms, when they want to withdraw the proceeds to their homeland. This was announced by the head of one of these platforms. According to him, the Chinese are selling cryptocurrency on average for $ 3 million per day. 20% of this amount is Bitcoin, but 80% of received funds are transferred to the USDT.

Some Moscow traders note that the volume of transactions with USDT, initiated by Chinese importers, reach $ 10-30 million per day.

Thus, it may be concluded, that Chinese traders accumulate cash in Moscow and then use the USDT to bring it to their homeland.

 

2. In the meantime, Tether doesn`t stand still and launches USDT on the Liquid Network developed by Blockstream.

Liquid Network is an additional level in the Bitcoin blockchain, which allows for quick and cheap transactions. Due to the integration of USDT into the network, it will be possible to make atomic swaps between Liquid BTC and stablecoin.

 

3. On Monday, another Bitfinex hearing was held. As a result, the court decided to postpone the verdict for 90 days.

The trial was initiated in last April. At the last hearing, there were discussed the powers of the prosecutor’s office to conduct an investigation. In the end, Judge Joel Cohen said that he needed more time to make a final decision.

For companies, this means that they can continue operating, but Bitfinex still cannot borrow money from Tether.

Prosecutors continue to insist that Bitfinex used Tether’s reserves to conceal a loss of $ 850 million.

 

4. KuCoin initiated a program for stimulation the development of its own token KCS. It will start on August 1 and will provide an opportunity for asset holders to receive from 35% to 50% profit.

To do this, it is needed to block 200 -10 000 KCS for 90 days. The rate of return will depend on the date when the user decides to block tokens. If premature unblocking is performed, the exchange will take a commission of 10% of the deposited funds and all potential profits.

KuCoin will destroy the equivalent number of KCS in December 2019.

In addition, the exchange promises to buy tokens after unlocking 10% below market value at the time of blocking.

The KCS token grew by almost 15% immediately after the announcement.


5. The Eosfinex developers, Bitfinex sister-trading platform based on the EOS protocol, this Tuesday reported on the successful launch of the platform.

Eosfinex is a decentralized platform where applications are compared by using blockchain resources, but not by centralized company.


At the moment, there are 4 trading pairs available on the exchange: RAM / USDT, EOX / USDT, EMT / USDT and EOS / USDT.

 

6. The popular cryptocurrency wallet Blockchain (formerly Blockchain.info) launches its own trading platform PIT.

PIT will be able to connect to Blockchain wallets directly for instant transactions. On Tuesday, the company opened registration on a new platform, but within two weeks, the possibility of exchanging up to 26 assets will be added.

The number of wallets on Blockchain is about 40 million. Developers expect that this user base will provide the highest level of liquidity, which is inaccessible to competitors.

CoinDesk noted that Coinbase acted in a similar way, because previously it was a service for storing cryptocurrencies.

Blockchain is already in touch with regulators of various countries to register a business. In jurisdictions where a license is required for the provision of a cryptocurrency exchange service, the company will not yet provide services.

 

7. The report for the second quarter, which Facebook has prepared for the SEC, says: «There is no guarantee that Libra will launch in the time or at all».

Thus, company representatives admit the probability that the launch of a cryptocurrency initiative will not take place at all. The main reason is regulatory pressure.

 

8. In Fortaleza, the Brazilian city, with a population of about 2.7 million people, it will be possible to pay in BTC for public transport.

«This step will help to reduce the level of bureaucracy, but also motivates people to use public transport. We want to make the fare payment process as simple as possible to increase passenger traffic» Carlos Roberio Sampio, CFO of Cootraps (State Passenger Cooperative), said.

Tickets for travel can be purchased by scanning the QR code by using a mobile application.

 

9. According to a new study by Grayscale, the cryptocurrency fund operator, out of 1,100 Americans who participated in the survey, 36% are considering investing in Bitcoin.

If make the assumption, that there are about 63 million investors in America, then by means of easy mathematical calculations we come to the conclusion that the potential audience is 21 million people.

 

10. The Iranian government has recognized mining as a separate type of industrial activity. Thus, the extraction of cryptocurrency is fully legalized in the region, but mining companies should now receive a license to conduct their activities.

This decision was made on Sunday at a meeting of the Cabinet of Ministers chaired by Iran’s President Hassan Rouhani.

Meanwhile, the use of cryptocurrencies for internal operations remains outlawed.

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