PBoC to Collaborate With Huawei For Fintech Research

Expersts says it's the first publicly announced deal by the central bank with a big-name company
06 November 2019   98

Chinese technology giant Huawei has announced a strategic partnership with a division of the People’s Bank of China (NBK). The latter is studying digital currencies. This is reported by The Block.

The collaboration is focused on fintech research. Other details have not yet been disclosed.

In the summer, Huawei CEO Ren Zhengfei supported the NBK's intention to issue its own digital currency. He said that China is able to create an analogue of the Libra coin.

According to the head of the research unit of the Chinese central bank, Wang Xin, Libra is a threat to the traditional financial system. In July, he announced that it was a coin from Facebook that could push the NBK to accelerate the release of its own digital currency.

In August, Mu Changchun, deputy head of the payment unit within the NBK, noted that the prototype of the digital currency was already ready, and the research group worked out the blockchain architecture for it.

Recently, Vice Chairman of the China Center for International Economic Exchanges, Huang Qifan, said the NBK will be the first central bank to issue a viable digital currency in the world, while the Libra project will fail.

Huawei has long been interested in blockchain solutions. In 2016, the company joined the Hyperledger blockchain consortium, and in 2018 announced the launch of a blockchain platform for creating smart contracts.

$400M Worth XRP Tied to Scam Schemes,- Elliptic

Researchers believe illegal transactions account for 0.2% of the total cryptocurrency trading volume
21 November 2019   71

Elliptic analysts monitored XRP cryptocurrency transactions and identified several hundred accounts related to illegal activities. It is reported by The Block.

A significant part of XRP transactions totaling over $ 400 million are connected with financial pyramids and other fraudulent schemes.

In general, illegal transactions account for 0.2% of the total cryptocurrency trading volume.

According to Elliptic co-founder Tom Robinson, XRP is more likely to appear in dubious schemes of fast enrichment, while Bitcoin is preferred to use on darknet marketplace.

I suspect there are a lot of retail holders of XRP, which may be an attractive target for scammers.

Tom Robinson
Co-founder, Elliptic

Robinson also added that it took longer to create an XRP transaction monitoring solution than a similar service for bitcoin or ether due to the nature of the asset structure.