“Life is 10% what happens to you and 90% how you react to it.”
– Charles R. Swindoll
Happy midweek! Grab your cuppa tea and dive right into today's very China-focused newsletter. 🇨🇳
Today in history (1947), the World Trade Organization (WTO)'s foundation, the General Agreement on Tariffs and Trade (GATT), was formed. 🤝
In today's newsletter, we will be covering China announcing a new regulatory authority to certify digital payments and blockchain Products, China warning against cryptocurrency ‘speculation’ amid blockchain hype and Tencent to draft international blockchain-based invoice standards.
Please do not forget to answer the polls down below too! It's a great way to interact with you and hear what you have to say. 💭 Happy reading! 📚
Push through 🙏🏻
Over the past 24 hours, markets bounced between a tight range of ~$247.7 billion and ~$252.8 billion, with most coins either seeing gains or losses in the ~1-3% range. Total market capitalization currently stands at ~$248.3 billion.
BTC is currently trading at ~$9,260, down ~0.7% over yesterday. On the daily chart, BTC is still holding its 21-day EMA support line, and RSI is at ~53, indicative of moderate bullish momentum. BTC is still looking to break to the upside of its lower highs and lower lows trading pattern it has been trading within since late June this year. 👀
China's central bank, the People's Bank of China, will authenticate 11 types of financial technology hardware and software often used for digital payment and blockchain offerings using its new verification system known as the Certification of Fintech Products. 🖋️
The new regulatory system accommodates all products that can be involved in digital payment technologies like "point-of-sale mobile terminals, embedded application software, user front-end software, and security carriers and chips".
Applicants whose products pass the prototype examination and on-site assessments will receive a Certification of Fintech Product (CFP), which will be reviewed and renewed every 3 years.
Let's be clear 😄
Chinese news outlet the People's Daily recently came out to to clarify that Beijing's previously-announced support for blockchain should not be read as support for crypto.
The outlet cautioned about the "speculation" of cryptocurrencies like Bitcoin (BTC), and highlighted that "we [they] must remain rational". 🤪
The publication also wrote that “the rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies.”
Global Times recently reported that internet giant and parent company to WeChat, Tencent, has gotten approval from China's tax officials to draft blockchain-based invoice standards. 👏
Tencent’s blockchain invoice project was also backed by multiple countries including the U.K., Switzerland, Sweden and Brazil, as well as China’s State Administration of Taxation, at the recent ITU-T international meeting on e-voice standards.
Blockchain-based invoices aggregate and distribute information for commercial transactions usually among permissioned parties. Tencent will work with The China Academy of Information and Communications Technology and the Shenzhen Taxation Bureau on the initial standards drafts.
According to the director of blockchain research at the China Electronics Standardisation Institute, Li Ming, the move to create standards shows how important business applications are for blockchain technology, as it could "promote tech development".
A technical design document providing information to the Bitcoin community, describing new proposed features, processes or environments affecting the Bitcoin protocol. Suggested changes to the protocol are submitted as a BIP. The BIP author is responsible for soliciting feedback and consensus for his or her suggested improvements within the community, and documenting dissenting opinions.
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"How much do you agree with this statement: "The crypto space is finally starting to get interesting again.""
The average vote was 7.9. 45.7% of y'all voted a '10'.
"Why or why not?"
Yes. More people are getting to know more about cryptocurrencies leading to trust and confidence in their usage accross borders as a faster, easier and cheaper means of transactions. There is no doubt that the fire is kindling fast which would sideline fiat currencies not too long from now. – I doubt it’s ever gonna sideline fiat, but I do think it’s gonna have a growing place in economies. 😄
Cryptocurrencies market are moving up. – The past week has been great, but we ain’t outta the waters yet (from a TA perspective). 👀
Did it ever get not interesting!!! – Never! But it did get MORE exciting as of late. 🤪
It really is, so much news and things to keep eyes on. new energy in the sphere. Also some things moving forward at rapid rate. – Hope new blood will enter the space. It’s been awhile. 🤑
alot of people were losing interest especially with the alt coins. this did prove that they are not dead in the water. these upticks are essential to show that crypto is alive and well!!!! – Hell yeah! Most of the altcoins are still poop tho… 🙄
crypto space is always interesting. What is interesting is the volatility of the cryptos. There will always be up and down – Bring back end 2017 volatility muahaha. 🤪
After such a long time of downward momentum or exhaustive sideways lulls, we are seeing pops of exciting activity in June, September, and October. Although, price volatility isn't very dramatic it's still fun to enjoy these fleeting moments in anticipation of the next cryptospace parabolic move to the moon! I'm looking forward to it once again. – All in due time, pal… all in due time. 😎
After 4 months of gloom and doom, including Libra, Bakt etc, no doubt the Chinese president's block chain speech was a welcome shot in the arm, as they used to say. I think it served to remind us that there is a whole world out there. However, as has been said, a mature and dynamic leadership would benefit the crypto industry greatly, stoking and maintaining international progress and producing steady growth. – Hmm, China is for permissioned blockchain though, not so much permissionless crypto. But yeah, I believe having China’s support in blockchain is an overall net good for the crypto market.👍
Crypto prices still remain unbelievably cheap! To see Litecoin at 59 bucks is crazy. It will get very interesting as we see it get into the 2000 dollar range this winter! – That’s quite a jump lol. 😂
The bulls are back – Hopefully!
The Chinese authorities (China being the most populous country and one of the world's superpowers) are beginning to show serious interests in Crypto... – It certainly is cool, huh! 👍
yea, and it will get more interesting once bitcoin surpasses $10.7k cause then it will seem like december 2017 all over again... – wait till u see when it surpasses $20k. 😉
The fundamentals are starting to move the price again. - It's looking bright.
No just China getting interested in stable coin to move away from the US$. The public is still banned. – True. There is an overdependence on US’s SWIFT to exchange the renminbi
Inroads to the mainstream business arena are shaping up – Hell yea!
it is.. good projects are showing some traction.. i think over all 2020 will see a lot of action. – I believe so too. So many things to look forward to. 🤗
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙