Crypto California Club

2023-08-22 10:01:34 Jinan, China: All Our Buses Accept Digital Yuan – And CBDC Customers Get Discounts

Jinan, China, says all of its bus routes now accept digital yuan pay, and will incentivize adoption by granting discounts to central bank digital currency (CBDC)-paying passengers.

Per the news outlet Shunwang-Jinan Daily (via e23), the city said that all of its bus routes’ software and card readers had been updated to allow all buses to accept payments in the Chinese CBDC.

Jinan is the capital of Shandong, a province in Eastern China, and has a population of over 9.2 million. The city had initially piloted digital yuan payments on two of its busiest bus lines, B52 and BRT5.

But after the success of these pilots, the city has decided to deploy digital yuan pay options across its entire bus network. And in a bid to boost adoption, Jinan has announced that passengers can receive discounts if they pay on buses using the CBDC.

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2023-08-21 09:36:03 Prime Trust Faces Closure as Nevada Regulators Take Action – Another Bear Market Victim?

Crypto custodian Prime Trust is facing imminent closure as Nevada regulators move to shut down the troubled company, potentially making it the latest victim of the crypto bear market.

The regulatory action comes after it was discovered that Prime Trust owed millions of dollars to its customers, placing it in an "unsafe financial condition and/or insolvent," according to the Nevada Financial Institutions Division (FID).

The FID has submitted a filing to the court, seeking to freeze all of Prime Trust's business activities and appoint a receiver – an external entity tasked with handling an insolvency – to manage the company's operations.

The problems for Prime Trust began when it reintroduced "legacy wallets" to customers, only to find out that it couldn't access them, along with the cryptocurrencies they held.

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2023-08-20 16:46:07 Bank of France Governor Calls for Mandatory Licensing for Crypto Companies

France has to adopt a licensing regime for crypto service providers, the head of the country’s central bank has suggested. According to the executive, the need to tighten regulatory oversight stems from the “disorder” in the industry throughout the past year.

Banque de France Governor Francois Villeroy de Galhau has urged for subjecting crypto businesses to stricter regulatory requirements. Licensing must be introduced instead of the current registration in response to the recent volatility in the sector, he insisted.

De Galhau also thinks that Paris should not hesitate but act even before the upcoming EU regulations take effect and make it obligatory for Digital Asset Service Providers (DASPs) to obtain licenses from the French government, Bloomberg reported.

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2023-08-20 12:19:05 Nimbus is the most attractive Staking opportunity in DeFi!

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2023-08-19 10:26:32 US Federal Agencies Unite to Form 'Mini-FBI' for Dark Web Crypto Crime

The U.S. government has established a new task force for targeting crypto crime consisting of five investigators from different federal agencies.

Established on June 15, the “Darknet Marketplace and Digital Currency Crimes Task Force,” aims to “disrupt and dismantle criminal organizations” that use the “appearance of anonymity” provided by digital currencies to enable drug trafficking, money laundering, and other crimes.

Its activities will be contained to Arizona for the time being.

“As these criminal activities and enterprises have become more sophisticated, law enforcement tools, resources, and intelligence have had to adapt,” stated a press release shared from the U.S. Immigration and Customs Enforcement website on Tuesday.

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2023-08-18 10:59:44 Stablecoin Bill's Failure Reflects Deepening Political Divide in Crypto

The passing of a much-discussed stablecoin bill last week in the House Financial Services Committee revealed just how deep the political divide in Washington has become, a recent Fortune Crypto newsletter said.

The bill, which was close to getting bipartisan support after negotiations between Republicans and Democrats earlier this year, was eventually passed in the committee with the votes of Republican representatives plus five Democrats.

Reporting on the passing of the bill, Fortune Crypto’s Leo Schwatz wrote in his latest newsletter that the bill, despite being passed by the Committee, is still seen as “a failure” due to the breakdown in cooperation between Republicans and Democrats.

“It’s hard to see the stablecoin bill as anything but a failure,” Schwatz wrote, while pointing out that the Democratic representative Maxine Waters and Republican representative Patrick McHenry were close to reaching a deal on the bill last year.

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2023-08-17 14:08:59 Ethereum's Vitalik Buterin Raises Concerns Over Worldcoin's Launch and Design Flaws

Ethereum co-founder Vitalik Butrein published a blog raising concerns on the recently launched Worldcoin human identity verification system. Exploring Sam Altman’s project Worldcoin and its operational mechanics, Buterin delved into the broader concepts, including the proof-of-humanity approach.

Worldcoin, alongside other identity solutions like Proof of Humanity, BrightID, Idenam, and Circles, holds the belief that the progress of artificial intelligence (AI) will progressively blur the lines between human and machine, posing significant challenges in differentiation.

Worldcoin offers a unique "digital passport" to its users that allows them to prove they're human, and not a bot.

This massive catalog is achieved through the use of Orbs, machines that scan a person's eyeball to create a World ID.

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2023-08-16 16:01:19 Crypto-Based Bank Receives Support from Myanmar's Shadow Government

Myanmar is all set to launch its first fully crypto-based banking institution, the Spring Development Bank, on July 22.

The Spring Development Bank, named after the Spring Revolution, aims to grant the country’s shadow government National Unity Government (NUG) access to financial services and funding from within and outside the country for their fight against the ruling State Administration Council (SAC), which took over Myanmar in February 2021.

The crypto bank will not only cater to the 55 million Myanmar's residents within the country but is aiming to expand its services to over two million Burmese diaspora living and working abroad, who frequently send money back home.

The Spring Development Bank, built on Polygon Network, aims to offer a wide range of financial products for international access and simultaneously make cross border payments more efficient.

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2023-08-15 10:23:52 Venture Capital Firm CoinFund Raises $158 Million to Drive Innovation in Early-Stage Crypto and AI Companies

The crypto-focused venture capital firm CoinFund has closed a fundraising round for its latest VC fund, the CoinFund Seed IV Fund, after raising $158 million from investors. The investors in the new fund are a combination of family offices, institutional investors and high-net worth individuals, an announcement from CoinFund said.

The announcement added that the amount raised far exceeded its initial fundraising goal of $125 million, despite a general slump in the market for VC investing. “The Fund will support pre-seed and seed stage investments in new and ambitious founding teams across the web3 ecosystem,” the announcement said.

Investments made by the new fund will focus on “thoughtful, long-term” projects that have a “clear, yet non-consensus view of how next generation applications will be built on web3 rails.”

In a Twitter thread, the New York-based VC firm admitted that current environment for crypto projects is “tough,” with both foundational technical challenges to solve and an “evolving regulatory” landscape to operate in.

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2023-08-14 10:41:56 DISCIPLINA is a project from the golden age of crypto, made by a relatively anonymous team

It stores verified personal profiles based on academic and professional achievements. It is backed by Cardano founders, who invested in the project.

DISCIPLINA's blockchain is quite compact, just like Mina's. It also has a testnet and a Mac wallet.

NFT's implementation is planned to validate the authenticity of platform's content and courses.

Pros:

Great technology with its own blockchain, not another Ethereum-based token
Strong team
Backed and supported by Cardano founder
Traction in China
Launchpad IDO, sweet profit and BSC is expected - just the way we like it

It’s gonna be a GEM! Open / Comment