Tether has Launched Stablecoin Pegged to Offshore Chinese Yuan
Tether has launched its offshore Chinese Yuan-pegged stablecoin CNHT the firm announced Monday.
Offshore Yuan refers to Yuan traded outside of Mainland China. Zhao Dong, a shareholder of Bitfinex, in August this year told a Chinese media outlet that the CNHT would be launched “in the near future.”
For now, CNHT is available on the Ethereum blockchain as an ERC-20 token and it is the fourth stablecoin that Tether supports. Alos, a Chinese market observer thinks that due to China’s strict capital controls, a product like CNHT will draw more attention from Chinese regulators, which may negatively impact the Chinese crypto community. (Neutral)
Bitcoin Is A Better Option For Turkish Citizens Than The Floundering Lira
Bitcoin is gaining massive popularity in Turkey, amid the continuous decline of the Turkish lira. According to a tweet on September 8, 2019, bitcoin is as popular as forex in the country.
Didi Taihuttu, a bitcoin advisor who became known after selling all his properties to venture fully into bitcoin, recently tweeted about the state of bitcoin in Turkey. Taihuttu’s tweet revealed a video showing a billboard with a list of foreign currency trading prices, including bitcoin.
Turkey’s economy is currently on the edge of the cliff, with the country’s currency, lira, plummeting. The devaluation of the lira is forcing citizens to safeguard their wealth in foreign currency, making forex a valuable commodity in the country.
The government is yet to establish strict capital controls, citizens still find it difficult to obtain forex. Consequently, bitcoin serves as unregulated forex for Turkish citizens.
Along with the pivot to bitcoin as a viable store of wealth, there is also a growing retail utility for bitcoin and cryptocurrency payment in the country. Back in March 2019, Turkish real estate company, Antalya Homes, announced it was accepting payment in bitcoin.
Even with bitcoin’s volatility, the number one cryptocurrency is a better option for citizens, compared to the floundering lira. According to a report in 2018, inflation in Turkey at the time pushed citizens to seek out bitcoin as a safe haven, despite the cryptocurrency bear market of 2018.
Currently, the Turkish government has not introduced any regulatory policies regarding cryptocurrency and blockchain technology. But in February 2018, economist and former Minister of Industry and Commerce, Ahmet Kenan Tanrikulu, proposed the creation of a national cryptocurrency called Turkcoin. (Neutral)
Nasdaq Added Crypto-Related Index For Decentralized Finance ‘Defix’
According to an announcement on Monday, stock exchange operator Nasdaq has added yet another crypto-related index – this time for decentralized finance (DeFi).
The operator has partnered with London-based brokerage firm EXANTE to offer the DeFix index, which includes “real-time” information for projects such as Augur and MakerDAO, among others.
“DeFiX is the first altcoin index that reflects the dynamics of the most promising blockchain projects working in decentralized finance: Augur, Gnosis, Amoveo, Numerai, Maker, 0x,” said Nasdaq.
The new index is available on the Nasdaq Global Index Data ServiceSM (GIDS), its consolidated data feed, and is refreshed every 60 seconds. In addition to Nasdaq, users can also view the DeFix index on Tradingview and Google, as well as Yahoo Finance in the future, per the announcement. (Positive)
Posjetite našu Mjenjačnicu kriptovaluta
- brza i izravna konverzija kriptovaluta za fiat valute i obrnuto
- jednostavna i kvalitetna usluga prema standardima FIMA brenda
- povjerenje temeljeno na dugogodišnjem iskustvu i rezultatima