Crypto Flipsider News – September 27th – China Bans Cryptos, Huobi to Stop Servicing Chinese Users, Cardano Summit 2021, Kiyosaki Predicts Bitcoin Crash, and Slovenia to Be First Country to Launch NFTs
Read in the Digest
- China Drops the Bomb on Cryptos, Huobi to Stop Servicing Chinese Users, and Experts Worry About the U.S.
- Key Events from the Summit 2021
- Robert Kiyosaki Predicts , Gold Crash, Hints at a Safe-Haven
- Slovenia to Become First Country to Launch NFTs
China Drops the Bomb on Cryptos, Huobi to Stop Servicing Chinese Users, and Experts Worry About the U.S.
China’s bad touch on cryptocurrencies may have gotten worse. It was an all-encompassing ban on cryptocurrency. The People’s Bank of China declared crypto activities illegal, including those from crypto exchanges outside mainland china.
China has now declared illegal the trading in digital assets, order matching and token issuance as well as derivatives. Additionally, overseas crypto exchanges can also provide crypto services.
In compliance with China’s regulatory stance, leading crypto exchange Huobi on September 24, stopped allowing Chinese residents to register on its platform. Following this announcement, Huobi stated that the exchange would gradually end support for existing user accounts in Mainland China by December 31, 2021.
Binance, the world’s largest crypto exchange, has also placed restrictions on China. Binance has also made it impossible for Chinese users to download the app and can’t register on Chinese mobile numbers.
- With regulatory pressure in China at an all-time high, experts have expressed concerns about how the United States may react. The U.S. is a top crypto-adopter, so there are worries that it could follow a similar pattern.
Why You Should Care
While China’s bad touch has affected the crypto market, the dominance and effect China has on the crypto market continue to fall, opening room for other countries to play an important role in the growth of the industry.
Key Events from the Cardano Summit 2021
2021 has been an incredible year for Cardano, with the climax being the Cardano 2021 summit, its biggest event to date. It was held in Wyoming.
Cardano, a partner with Chainlink was announced at the summit. This partnership will enable Chainlink oracles integration on Cardano’s blockchain. After a successful integration developers will now be able build smart contracts using the Cardano blockchain.
Charles Hoskinson explained at the event that Cardano is trying to “position itself in the marketplace of ideas to be a legitimate option” for governmental institutions. Cardano is pursuing this initiative because “people are fundamentally unhappy with governance.”
Hoskinson also announced a partnership between Cardano and DISH Network (NASDAQ:), a fortune-500 American television satellite provider. It was also revealed that Djed would be issued by the COTI Development team, which is a stablecoin to support the Cardano Network.
- In addition, the commercial arm of Cardano, Emugro, has announced a $100 million investment in DeFi, NFTs, and blockchain education to commence in 2022.
Why You Should Care
Since Alonzo launched, Cardano has become one of the most promising projects. Cardano could be a great project if the Cardano Summit is any indication.
Robert Kiyosaki Predicts Bitcoin Crash, Hints at A Safe-Haven
Renowned author, investor and founder of Rich Global LLC and Rich Dad Company, Robert Kiyosaki, has predicted a “giant stock market crash” this October. Kiyosaki believes that Bitcoin may be one of the most vulnerable assets.
Kiyosaki is well-known for preferring stocks, real property, and metals over fiat currencies because of their high inflation. He has encouraged people to consider investing in cryptocurrency.
According to the multimillionaire businessman and author, following China’s crackdown on cryptocurrencies, governments like the United States could follow in launching a CBDC, or Fed coins.
Bitcoin might be banned if governments launch these assets. Bitcoin could crash due to this centralization. Kiyosaki wrote on Twitter (NYSE:);
Giant stock market crash coming October. What is the reason? Fed and Treasury are short on T-bills. Bitcoin, gold, and silver may also be affected by a crash. For bargains, cash is the best. You can’t sell gold or Bitcoin but you should have plenty of cash to live after the stock market crashes. Stocks dangerous. Careful
— therealkiyosaki (@theRealKiyosaki) September 26, 2021
- While the author has predicted a Bitcoin crash, he has turned his attention to its greatest rival, Etherium, considering it a safe-haven
Why You Should Care
Bitcoin has come out stronger after several tests, even the recent Evergrande crash. China is already testing the digital currency, so it will be interesting to see how Bitcoin reacts to this launch.
Slovenia to Become First Country to Launch NFTs
Slovenia is on course to become the first country to issue its own non-fungible tokens (NFT). It will use the opportunity to showcase the successes of its companies and promote its destinations as a tourist destination.
The NFTs will be gifted to visitors to Slovenia’s pavilion at the EXPO DUBAI 2020, which opens on October 1, 2021. The United Arab Emirates also took a friendlier stance toward crypto.
On September 22, the Dubai World Trade Centre Authority (DWTCA) announced that it had signed an agreement with the UAE’s Securities and Commodities Authority (SCA) to support the regulation and trading of crypto assets within the DWTCA free zone.
- While Dubai has taken a more friendly approach towards crypto regulation, China has banned crypto transactions within its borders
Why You Should Care
The use of non-fungible tokens is increasing by the day, and as Slovenian State Secretary, Simon Zajc, puts it, NFTs would provide an opportunity for the development of digital competencies of individuals and companies.
Join to get the flipside of crypto
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
With just one click, you can unsubscribe at any time.