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   1009

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.

 

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   143

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.