China’s central bank may be planning to use its digital currency to curb the dominance of Alibaba and Tencent in the digital payments sector.
Bitcoin, as any other type of money, is able to act as a means of payment. Bitcoin payments are supposed to be fast, secure and private, but there are some complications. Since every Bitcoin transaction must be recorded in the blockchain, the growing amount of strain on the network has resulted in transactions taking nearly four days to complete. As miners are paid with the fees from recording transactions, larger fees could help speed up your transaction, but this makes it unreasonable to pay with Bitcoin for small purchases, which are always the majority of transactions. These problems resulted in a hard fork and the establishment of Bitcoin cash, which is much faster and cheaper for payments. Other cryptocurrencies were made as an alternative for Bitcoin payments, by storing them in public blockchains or by getting rid of established mining pools, possibly resulting in the ability to double-spend a Bitcoin, if a successful 51% attack is performed.
Lawmakers contend that the Russian government’s intent is to curb illicit financial activity.9421
Travala is expanding its crypto-powered offerings thanks to a new partnership.3460
A number of crypto businesses and non-profits have written to the main banking regulator in the U.S. asking for banks to have more authorization to deal with crypto.4057
Global payment processors Mastercard and Visa are laying the foundations for crypto support that may drive adoption on a global scale.19590
At the request of the People’s Bank of China, Beijing could soon probe its digital payments monopolies, sources claim.4895
Sports token-focused platform Socios prepares to issue a payments and loyalty card with a new license from Estonian Financial Intelligence Unit.4128
Acting Comptroller of the Currency Brian Brooks points to existing stablecoin projects as an example for U.S. payments infrastructure.4684
Suzhou City, one of major cities that successfully piloted China’s central bank digital currency, signed a MoU with the Cypherium blockchain platform.3583
What are the main reasons why mainstream cryptocurrency adoption has not yet begun? And why does it remain so complicated?6827
Twitch ramps up its crypto strategy with a digital currency promotion. Will more merchants follow suit?12221
Travala.com’s native token AVA will now be added to the Swipe wallet service and Visa card platform — making it spendable at 60 million merchants worldwide.5661
Australia’s leading point-of-sale technology provider, Eftpos, is launching a proof-of-concept exploring DLT-powered micropayments in partnership with Hedera.3657
Russia’s newly passed crypto bill finally provides a legal status to crypto, but does not allow it to be used as a payment method.8608
Mastercard is reaching out to cryptocurrency firms and encouraging them to apply to become partners as part of its newly-expanded cryptocurrency card program.20010