China’s Cryptocurrency | A Response to Facebook’s Libra Coin?

In response to Facebook’s new cryptocurrency, Libra, China’s central bank is reportedly developing its own cryptocurrency. According to the South China Morning Post, Libra poses a threat to the country’s financial system, and this has spurred on the development of the bank’s own digital coin. China’s Cryptocurrency At an event at Peking University’s Institute of Digital Finance yesterday, the director of the People’s Bank of China (PBoC) research bureau, Wang Xin, argued that if Libra effectively functions like money, then it will likely have a huge influence on “monetary policy, financial…

Binance Cuts Time Needed for BTC, ETH Deposits and Withdrawals

Binance has just cut the time needed to make withdrawals and deposits in two top cryptocurrencies. The crypto exchange announced Tuesday that it’s adjusted its systems so that the number of block confirmations – in effect, how long before a transaction is considered confirmed as complete and can be executed – has been halved for bitcoin (BTC) deposits to 1 block confirmation. Withdrawals will take two confirmations. For ethereum (ETH) and related ERC-20 tokens, Binance said 12 block confirmations are now required for deposits and withdrawals – that’s down from the previously…