The government newspaper of China, , has today printed a feature that recognizes the profound impact cryptocurrencies could have, and concedes that they are challenging to ban entirely.
The feature, titled ‘The Ideal and Reality of Digital Currency,’ is written by a representative from the Chinese Academy of Social Sciences (CASS), and is educational in bent, exploring the potential uses of cryptocurrencies and the implications they have on existing monetary and financial systems.
Yang remarked:
“Both the traditional “private currency” and the new “private currency” similar to have affected the “monetary power” of the monetary authorities of various countries. However, from a technical point of view, it is difficult to achieve a complete ban on digital currency.”
Volatility Limits Realistic Applications of bitcoin
Yang also explored the impact that could have on the way money can be sent, and questioned their definition as either commodities or currencies, “From a narrow perspective, digital currency represented by has its own ‘monetary attributes’ that are more often regarded as special assets or commodities. Therefore, its actual impact is often not on the monetary level, but on financial markets.”
The idea of cryptocurrency functioning as an international reserve currency was also explored – with Yang expressing concern about their volatility limiting realistic application as currency:
“Of course, if there are too many price fluctuations, speculation, and deflation restrictions, digital currencies cannot be used for payments, as you will only get farther away from the ‘money experiment.’”
China’s Increasing Role in the Global Economy
The news comes nearly a decade after China called for an “” before the G20 world summit.
The Chinese yuan is currently the third reserve currency, after the US dollar and euro, but China’s Xi Jinping has said that it is time for the nation to One critical step to do this is by internationalizing its currency, which is something the country has been experimenting with for years.
Two months ago the Chinese central bank announced a ban on trading cryptocurrencies on exchanges in the country and abroad. This was the final move in a continued “crypto crackdown,” but not one that has managed to dissuade traders, who have increasingly turned to the darknet and peer-to-peer exchanges on the over-the-counter market.
Just like in , the crackdown was accompanied by news that the central bank would be moving forward with research and development of its .
The post appeared first on .
, a bitcoin teller machine (BTM) network, announced on April 12, 2018, a deployment of 20 BTMs in the Washington, D.C. metropolitan area. The ATM network will have a total of 182 Coinsource machines in 18 states. Zimbabwean cryptocurrency exchange Golix will also be installing a BTM. Unlike Coinsource, Golix’s BTM will be the first in Zimbabwe.
“We are meeting Washington D.C. at an inflection point, where regulators are looking at the value and potential of decentralized currencies and blockchain technology,” said Sheffield Clark, CEO of Coinsource. “We are happy to be now servicing Washington D.C. and the surrounding communities so that they can have easy access to buying and selling .”
According to , Coinsource received significant demand from cryptocurrency users to expand into Washington D.C. Their demand continues to grow after launching ten machines in Rhode Island, New Hampshire, and Massachusetts in February. Coinsource also introduced eight new BTMs in Denver and Colorado in early April 2018.
While Zimbabwe has problems with financial inclusion, Golix sees great potential for the use of cryptocurrencies in the country. Golix activated the first in early April 2018 at its offices along First Street, Harare.
Coinsource Expands Operation in the US
According to the latest record from , there are approximately 2,753 bitcoin ATMs in the US. The US currently has the highest number of bitcoin ATMs which account of 75.75 percent of the global total.
Washington D.C. currently has five machines installed by five different companies. With the bitcoin ATM deployment in Washington D.C., Coinsource will become the largest bitcoin ATM network in the area. “We are expanding the bitcoin ATM market further than it’s ever been in D.C., offering the lowest rates, exclusive remote enrollment and allowing for at-home account registration,” said Bobby Sharp, Chief Marketing Officer of Coinsource.
Coinsource CEO Sheffield Clark also stated that “our goal is to give everyone the equal ability to access , particularly in times of record demand, and participate in this soaring new economy. Part of making this marketplace accessible is making sure our fees are less than half that of any other operator, and customers will be given fee-free transactions for first-time use of any new machine.”
Coinsource will build the ATMs in convenient locations across the area. These areas include a dozen in Washington DC, one in Takoma Park, one in Oxon Hill, one in Towson, and five in Baltimore.
Due to the increasing cryptocurrency demand, there is an emerging trend of ATMs across the world. While the US is expanding its network, Zimbabwe has quickly joined in by installing its first bitcoin ATM.
Golix Deploys its bitcoin ATM in Zimbabwe
“We felt that the bitcoin ATM would be a huge and necessary step towards engaging people on how they can use cryptocurrencies for their daily business,” said Yeukai Kusangaya, product manager of Golix. “For anyone who has used a traditional ATM, they won’t struggle to find their steps when they are using the bitcoin ATM.”
According to , Golix spokesperson Nhalwenhle Ngwenya also mentioned that the BTM allows anyone to buy and sell bitcoin using the greenback. It is also Zimbabwe’s only bitcoin ATM that dispenses US dollars to its customers.
Furthermore, the machine will automatically generate a for users who do not already have one. The “machine provides convenience to customers, especially first time users of cryptocurrencies, and the unbanked without access to digital funds,” said Ngwenya.
Golix may be experimenting with this first BTM to determine whether a large-scale national operation is possible. If there is strong demand for this service, the firm may expand its services across the nation. In December 2016, BTCManager on how the bitcoin ecosystem is benefiting those in Zimbabwe, and more recently, DASH in the country with Kuvacash, a mobile wallet aiming to protect Zimbabweans from hyperinflation.
The post appeared first on .
