1. Xi Jinping, Chairman of the People’s Republic of China, speaking at a meeting of the Politburo of the CPC Central Committee on Thursday, said that blockchain can be used to solve a wide range of issues in China and this opportunity should not be missed.
«We should treat the emergence of blockchain as an important breakthrough for the independent development of key technologies» he said. «We need to identify key areas, increase investments and select a number of critical technologies, while accelerating the development of blockchain and industrial innovations».
According to Xi Jinping, China already has a fundamental basis for improving the blockchain, due to which the country will be able to consolidate its leading position in this developing field.
2. On Friday, it became known that China approved the Law on Cryptography, which governs the use of encryption.
Experts note that this step may signal about the preparation of the authorities for the launch of the national digital currency. The law comes into force next year.
«This is the first law that directly relates to cryptography and private/public key management» Davit Wang, partner at Primitive said.
3. Meanwhile, Bitcoin began its sharp rise on Friday, reaching $ 10,500 in the moment. In less than a day, quotes rose 40%. Now the price has rolled back to $ 9,200.
Altcoins, although growing, are not at such a fast pace. As a result, the dominance index of the first cryptocurrency grew by 2%.
4. Tim Beiko, product manager for PegaSys Ethereum startup, spoke about the details of the upcoming Istanbul hard fork.
«At the moment, conversations are still ongoing, but an approximate date has already been set – December 4. An alternative is also being considered – January 8» he wrote, adding that they are currently planning to activate Istanbul on block 9 056 000.
In addition to Beiko, Vitalik Buterin spoke about Ethereum updates, in particular, about Ethereum 2.0.
Ethereum 2.0 will initially exist as an independent network. It will make it possible for Ethereum to transition from the Proof-of-Work consensus mechanism to Proof-of-Stake. They used to say that users will not be able to return their Ethereums to the first network after they are transferred to the second. However, Buterin noted that the creation of a bidirectional bridge between blockchains is allowed.
He also said that the launch of the initial version of the network will happen very soon, but the completion of the Ethereum 2.0 infrastructure may last on for 3-4 years.
Buterin added that developers should prepare for increasing the cost of operations.
5. On Twitter, Buterin shared his thoughts on Google`s quantum computer. According to him, the threat to cryptocurrencies is greatly overestimated.
«In my opinion, the superiority of a quantum computer can be compared to a hydrogen fusion bomb. The ability to extract energy from it is still very vague» he wrote.
It should be reminded, that a well-known cryptocurrency enthusiast Andreas Antonopoulos expressed a similar opinion earlier.
6. Polish authorities arrested Ivan Manuel Molina Lee, CEO of Crypto Capital. He is accused of participating in the international drug cartel and money laundering through the Bitfinex exchange.
It should be reminded, that according to previously received information, it became known that it was Crypto Capital that appears in the case related to the loss of $ 850 million by the Bitfinex exchange. As a result, the company had to use Tether reserves to recover losses.
According to Decrypt, other well-known exchanges such as Binance, Kraken and BitMEX also used Crypto Capital payment services.
Bitfinex has denied rumors of involvement in money laundering and considers itself as «a victim of fraud».
«In the court documents it was already said that Crypto Capital processed certain money transfers for and on behalf of Bitfinex for a long period of time. At this time, our company relied on Crypto Capital’s systematic assurances, which turned out to be false» it is the said in an official statement of exchange. «We have no information about other Bitfinex customers, but for us, Crypto Capital was not specifically involved in money laundering».
7. According to Finder, in 2019, the number of Americans who own cryptocurrencies was doubled.
The company interviewed 2,068 American citizens and found out that 7.95% of respondents owned cryptocurrencies last year, but in 2019 the figure increased to 14.4%. The average amount of their savings is $ 5,447, but the median is only $ 360.
More than half of the respondents store not only one cryptocurrency, but several at once.
8. A record for daily trading volume was set again on Bakkt. On Friday, the figure reached 1,183 BTC or more than $ 10 million.
9. Justin Sun, CEO of the TRON blockchain project, said on Twitter that he would soon be announcing a partnership with the «billion-dollar megacorporation».
«This collaboration will positively affect on $TRX and, in general, all TRC10 and 20 tokens, including $ BTT, $WIN and others» he wrote.
10. Bloomberg analysts concluded that USDT is increasingly being used as a means of payment. According to CoinPayments, the volume of transactions increased 30 times compared to the previous year. USDT even pushed ether to third place in the ranking of the most used cryptocurrencies for payments.
«Previously, sellers accepted BTC, ETH and XRP, and then converted them to USDT to eliminate volatility risks. Now they accept USDT» Sean Mackay, CoinPayments employee, said.
11. Jack Dorsey, CEO of Twitter and a big supporter of Bitcoin, noted that he doesn`t like the idea of the Libra project and he will not become part of the Association, even if it would be offered to him.