People's Bank of China to develop own cryptocurrency

Yao Qian, head of the Digital Currency Research Department at the People's Bank of China says that PBOC needs to issue own cryptocurrency
07 November 2017   1464

The head of the Digital Currency Research Department at the People's Bank of China, Yao Qian, said that the financial regulator should issue its own cryptocurrency as soon as possible, which would serve as legal tender. It is reported by the South China Morning Post.

According to the expert, such a step will reduce transaction costs and develop the sphere of financial services in remote areas of the country. In addition, the national cryptocurrency will increase the effectiveness of the monetary policy of the People's Bank.

The development of digital economy needs central bank-issued electronic currency more than ever. It’s crucial to speed up the research and issuance.

Yao Qian

Head, Digital Currency Research Department at the People's Bank of China

This news looks interesting on the background of China's ICO and cryptoexchanges ban.


Australian Company to Issues Crypto Backed Loans

In case of default, financial company named Helio may sell cryptocurrency to cover losses
10 December 2018   89

Helio from Melbourne began issuing loans secured by cryptocurrencies, reports.

The service allows Helio clients to borrow from 1000 Australian dollars ($ 720) on the security of cryptocurrency assets. At the moment, the company accepts Bitcoin, Ether, Litecoin and Ripple.

Helio client crypto assets are stored in a secure wallet, company representatives say. In case of default, the company may sell cryptocurrency to cover losses.

Helio has a credit license (ACL) issued by the Australian Securities and Investments Commission (ASIC). As stated by the company's founder, John O’Shy, Helio was the first licensed organization in Australia to launch this service. According to him, the country has a developed cryptocurrency market, however, suppliers who want to provide loans secured by digital assets are not enough.

In June, the Japanese corporation Abic Corporation began to issue loans secured with Bitcoin