Digital Renminbi: A Fiat Coin to Make M0 Great Again

Digital Renminbi: A Fiat Coin to Make M0 Great Again

Contrary to what many think, China does not oppose blockchain technology. Rather, it takes issue with bitcoin and other privately issued cryptocurrencies, which it fears may facilitate financial fraud and capital flight. The People’s Bank of China (PBOC) has, in fact, had an initiative for issuing a blockchain-based digital renminbi (RMB) since 2014. The project has already generated 71 patents and has initiated a trial operation for an interbank digital check and billing platform. If successful, this digital RMB project could expand the central bank’s influence over both the domestic and international economy. It has broad implications for the geopolitics...

Fundamental Labs Fund to Invest $44 Million in Brand-New Bitcoin Miners

Fundamental Labs Fund to Invest $44 Million in Brand-New Bitcoin Miners

Fundamental Labs, a blockchain fund manager that’s backed Binance, Coinbase and Canaan Creative, is investing $44 million in top-of-the-line bitcoin miners, a longer-term bet than most are making in the sector. Revealed exclusively to CoinDesk, the Shanghai-based firm plans to run 20,000 to 30,000 units of brand-new mining equipment starting in June to capture on the cheap hydropower electricity during the rainy summer in China’s southwestern region. “Mining is the fundamental block to support the whole crypto ecosystem. That’s why we invest in mining farms, equipment and pools and participate in mining ourselves,” Howard Yuan, managing partner of Fundamental Labs, told CoinDesk....

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