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Former People’s Bank of China Governor Says Libra Would Be Trusted If Run by IMF

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Former People's Bank of China Governor SaysLibra Would Be Trusted If Run by IMF
Former People's Bank of China Governor Says Libra Would Be Trusted If Run by IMF

The former head of People’s Bank of China (PBoC), Zhou Xiaochuan has argued that the Libra stable coin would be more readily trusted if it were in the hands of an organization like the International Monetary Fund (IMF). 

Zhou is the longest-serving governor of China’s central bank to date, having held the role between 2002 and 2018. During his tenure, China soared to become one of the world’s leading economies. Zhou made his comments during a speech delivered in Beijing as part of the 10th Caixin Summit on Nov. 8, according to a tweet from Dovey Wan, founding partner of blockchain investment firm Primitive Ventures.

A rough translation of Zhou Xiaochuan’s remarks reveals that his take on Libra is guided by concerns surrounding the implications of the asset being governed by a consortium of private-sector firms. The former governor stressed that the general public will inevitably question the motivations of the Libra Association and argued that more trust would be afforded to the initiative if it was in the hands of an international organization such as the IMF.

The Libra Association will undoubtedly make a profit from the project, he noted, and could then use the money for other things — such as potentially channeling it into the provision of other financial services. Notwithstanding these arguments, he suggested that broadly speaking, an initiative such as Libra was a positive development.

As reported, the People’s Bank of China — an institution is expected to become the first in the world to launch a central bank digital currency (CBDC). The project — which has been framed by some as having been accelerated by the direct competition posed by Libra — has generated considerable interest in the cryptocurrency industry. PBoC Deputy Director Mu Changchun revealed this August that the CBDC will be structured as a centralized, two-tier system, with the PBoC at the top tier and the second tier managed by domestic commercial banks. 

Recently, Ethereum (ETH)’s co-founder and ConsenSys CEO Joe Lubin expressed his belief that the People’s Bank of China is unlikely to implement the decentralized design of blockchain for its forthcoming CBDC. Lubin argued that the asset is likely to be used to maintain Chinese authorities’ existing oversight of capital flows and that, if anything, the PBoC will make use of “some of the cryptographic primitives of blockchain.”

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Binance CEO: Turkey Among Most Crypto Progressive Countries

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Binance CEO: Turkey Among Most Crypto Progressive Countries

Binance CEO Changpeng Zhao has lauded the role of the Turkish public and government in the development of the blockchain sector and has said that Turkey has one of the fastest crypto usage growth in the world. He made these remarks on the outlook of the industry in the country after the Turkish Capital Markets Summit held in Istanbul.

During the course of the interview, CZ touched on a variety of topics including the popularity of cryptocurrencies in the country and the recent increase in interest due to the inflation figures. He noted that Turkey Localbitcoins.com experienced record level trading in 2018 when the US placed sanctions on the country due to an ongoing diplomatic row.

CZ praised the general awareness and understanding of the industry in the Turkish populace as well as their openness to new ideas and innovations within the new industry itself. The move is expected to garner further interest in cryptocurrencies in the country which is the only country in the Middle East that has progressively allowed cryptocurrency trading and ownership along with the United Arab Emirates.

 

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Kakao’s Delayed Crypto Wallet Will Support Native Dapps, Collectibles

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Kakao’s Delayed Crypto Wallet Will Support Native Dapps, Collectibles

Kakao’s coming wallet for its “Klay” cryptocurrency will also support blockchain apps and tokens based on the firm’s Klaytn blockchain.

That’s the good news for fans. Less so is that the release of the wallet – called Klip and to be included in the firm’s messaging app, KakaoTalk – has been pushed back to sometime in the first half of 2020, CoinDesk Korea reports Monday. GroundX, Kakao’s blockchain subsidiary, announced Klip in August, with the plan then being to launch the product by the close of 2019.

With the launch of Klip, Kakao’s blockchain subsidiary GroundX will also launch a standalone version of the wallet, Kakao’s co-CEO Yeo Min-soo said at a meeting of the governance council for the Klaytn blockchain on Friday.

Coming up first, however, will be a limited-feature browser extension for the wallet which will offer basic crypto storing and trading features, the executive said. Called Kaikas, the extension will work with browsers such as Google Chrome, Firefox, and Opera, and will be aimed at more experienced crypto users.

Klip, on the other hand, will be aimed to introduce new users to blockchain-based services, Yeo Min-soo said. It will support not only Kakao’s Klay token but related KRC-20 tokens and blockchain apps, or dapps. Among those will be a method of logging into social media sites, the report indicates.

Initially restricted to the South Korean market, the Klip-native applications will be opened up to overseas users in the second half of 2020.

Kakao aims to make the wallet app “widely used in everyday life, with Klay tokens available directly in KakaoTalk via the Klip wallet,” said Yeo Min-soo.

Trading and storage of in-game items and non-fungible tokens (or crypto-collectibles) will also be added to Klip in stages.

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Squarelink introduces non-custodial private key recovery tool for DApps

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Squarelink introduces non-custodial private key recovery tool for DApps

Squarelink, a blockchain key management tool to bridge the gap between usability and decentralized security, recently added non-custodial private key recovery for several DApps using its wallet management tool. Squarelink is a pure non-custodial private key recovery platform for cryptocurrency and blockchain applications. Other solutions rely on OAuth providers such as Google or custodial key-management services like Amazon Cognito.

Currently, Squarelink supports non-custodial private key recovery for the following applications:

  • PoolTogether
  • 1inch.exchange
  • Fulcrum
  • Totle Swap
  • Deversifi
  • gDai
  • Hedgie

“Other technology providers have advertised private key recovery solutions, but there’s a catch. Most are not truly non-custodial and rely on companies like Google to create OAuth tokens. Since Google is a centralized authority, a malicious employee with access could arbitrarily create access tokens for every user leveraging that technology, and fetch all the shards on hosted decentralized nodes containing PK information. Squarelink facilitates account recovery through encrypted ‘Recovery Seeds’ that only the user can access, ensuring no third parties are granted access. Today, there are countless threats to a digital wallet, yet so few security solutions. We must equip users with easy-to-use tools to not only keep assets safe but to also recover them should they be mishandled.”
– Alex Patin, co-founder, and CTO of Squarelink

Recovery methods from Sqaurelink increase security and use familiar processes for users to retrieve and reset their private keys. The Squarelink setup process allows users to recover private keys through any combination of email with PGP encryption, challenge questions, and/or Universal Second Factor (U2F).

“Studies suggest nearly four million Bitcoin have been lost to date, but the reality is this number is likely much higher. Mishandling private keys is an issue that affects everyone in the crypto community, and has directly translated to the loss of tens of millions of dollars in digital assets. Squarelink is looking to stop those losses by providing a solution that gives users additional control over their private keys and bolsters recovery methods.”
– Myungin Solomon Lee, Head of Product and Growth at Squarelink

Through the combination of a traditional username/password interface with several novel encryption models, Sqaurelink provides a simple, highly secure, and globally-accessible toolset for self-sovereign private key management. With Squarelink, a user owns a 512-bit Master Key that cannot be accessed by Squarelink nor any other parties. This Master Key is derived from the user’s email address, a user-specified password, and randomly generated 256-bit cryptographic salt that resides securely on Squarelink servers. Squarelink allows users to protect, access, and use any of their private keys via their Master Key

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