PBoC to create state-sponsored cryptocurrency

Director of the Digital Currency Research Institute at PBoC makes some remarks regarding a centralized  state-sponsored cryptocurrency
14 October 2017   1453

PBoC's relatioships with cryptocurrencies have been quite tough lately. Thus, due to the whole China-against-Bitcoin thing, the top cryptocurrency price has fallen. On top of that, according to undisclosed sources, the Chinese government has officially decided to crack down on all Bitcoin and cryptocurrency trading, not just commercial exchanges.

For now, it seems like China is going to go in another direction. On October 12th, Director of the Digital Currency Research Institute at the People's Bank of China (PBoC), Yao Qian, made remarks regarding a centralized  state-sponsored cryptocurrency. Please, note, that  this is Yao's personal opinion and should not be interpreted as an official stance of the PBoC.

Based on a translation of the report provided by ethnews.com, the man claims that a legal digital currency has a stable monetary value function, and a state-backed currency would provide advantages over Bitcoin, which he referres to as a "private currency." He speculates that a state-sponsored cryptocurrency would create tangible economic values, helping to stabilize the relative position of fiat currencies in the marketplace.

The value of cryptocurrencies such as bitcoin primarily comes from market speculation. It would be a disaster to recognize it as a real currency. And the lack of an anchoring value inherently determines that bitcoin can never be a real one.
 

Yao Qian
Director of the Digital Currency Research Institute at PBoC

Yao also argues that the inherent volatility of Bitcoin "diminishes its capacity to serve as feasible currency".

According to Yao, by creating what would effectively be negative interest rates, it may be possible for the PBoC to reduce its target inflation rate to zero, rather than using an inflation buffer (typically 2 percent).

The whole crytpocurrency society continues to wait and see whether the opinions of Yao will result in policies to be handed down by regulators and the PBoC.

Raven Protocol to be the First IDO at Binance DEX

Team cannot say exactly how IEO will pass, since similar campaigns hadn't been concluded at Binance DEX before, but they are going to sell $500k worth tokens
14 June 2019   332

The Raven Protocol cryptocurrency project announced about the planned initial exchange offering (IEO), which will be based on the infrastructure of the Binance DEX exchange - in this case the campaign will be called IDO or Initial Dex Offering.

Raven Protocol confirmed the right to list its token on Binance DEX paired with BNB on June 17 at 9:00 UTC. At the same time, the IDO of RAVEN tokens will start. The project draws attention to the fact that neither Binance, nor Binance Chain, nor Binance DEX stand behind this initiative.

At the same time, Raven Protocol notes that it cannot say how exactly IEO will pass, since with Binance DEX, similar campaigns have not been conducted before.

Potential participants need to pass a preliminary identification by sending to the address of founders@ravenprotocol.com their address in the Binance Chain, an identity document, a selfie and proof of residence.

In total, Raven Protocol expects to raise $ 500,000 by selling 3% of its own token emission (300,000,000 RAVEN). Accommodation will be on a first come, first served basis. The limit on the amount of investment for one user is declared at the level of 100 BNB.