Trader’s Journal #24

Trader’s Journal
Trader’s Journal #24

1. People’s Bank of China: we are close to issuing a national cryptocurrency

The financial regulator began developing its own altcoin last year. Although digital money transactions and ICOs are still banned in the country

The People’s Bank of China (PBoC) is close to issuing its cryptocurrency, said Bloomberg, deputy head of payments department of financial regulator Mu Changchun. He did not give specific deadlines but noted that the government had been working to create a national digital asset since last year.

Mu Changchun participated in a profile forum that took place over the weekend in Yichun City in Jiangxi Province in eastern China. The expert claims that the Central Bank’s cryptocurrency is “close to release.”

Since the fall of 2017, the country has been prohibited from conducting ICOs, as well as trading in cryptocurrencies. Over the past two years, 88 Chinese crypto exchanges have been closed, and 85 projects on the initial placement of tokens have been discontinued.

Despite the Central Bank’s tough stance on cryptocurrencies, in July 2019, one of the largest local financial news providers, SINA Finance, added a new section with digital assets. Now, over 10 million users from China will be able to track 36 cryptocurrency rates, as well as gain access to news from the world of the blockchain industry.

2. Wixlar cryptocurrency went up by 533% per week

Today, the cost of altcoin reached a record high of $ 0.036, and its capitalization is $ 60 million. Moreover, coin trading volumes do not exceed $ 3 thousand.

On Friday, August 9, the value of Wixlar cryptocurrency increased by 56% and set a historic high of $ 0.038. Since August 3, the coin has risen in price by 533%; it fell to the 87th place in the list of the largest digital money by capitalization with an indicator of $ 60 million.

According to the Coinmarketcap information website, the altcoin is represented on several small exchanges, but 97% of transactions with it are conducted on one platform — VinDAX.

Often, sharp fluctuations in the value of low liquid assets are artificially caused using the Pump & Dump scheme. It is widespread in the blockchain industry due to the lack of legal control. According to the results of the Social Science Research Network (SSRN) study, in six months in 2018, there were at least 4818 attempts to engage users in such schemes.

3. Does cryptocurrency cease to be anonymous? FATF will start tracking transactions

The group for the development of financial measures to combat money laundering will create a system for collecting personal data of users of digital money

Some countries that are members of the FATF Anti-Money Laundering Development Group will be involved in the creation of a cryptocurrency transaction tracking system, Nikkei Asian Review reports. The organization will begin to collect a user’s personal data to combat illegal activities.

Metrics for accounting will be determined by 2020; the launch of the system should take place several years later. After that, it will be transferred to the private sector of the economy.

According to the publication, 15 countries agreed to take part in the initiative, including Australia, Singapore, Great Britain, Germany, Italy, Canada, the USA, France, and Japan. Due to international cooperation, it is also planned to accelerate the development of cryptocurrency legislation.


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