If you are looking to quickly catch up with top-priority crypto happenings for the week, 🧐 then this is just it. We picked some of the inescapable news that you can’t afford to miss. 😎
Have a great time reading them! ✌🏼
- Binance’s current mission is to meet ‘Growing Demand’
- Binance now adds Vietnamese Dong in P2P Trading
- A cryptocurrency backed by Central Banks will be here soon
1. Binance is now the Star of P2P Crypto Trading Market
Binance, a major cryptocurrency exchange, is focusing on more number of merchants for its P2P crypto trading platform to compete with the growing demand.
Recently, Binance launched a global P2P (peer-to-peer) merchant program in an attempt to boost merchants to utilize the exchange as a payment medium through fiat currencies and earn income.
Binance CEO Zhao said, “When we first launched our P2P trading services last October, we carefully selected merchants to protect users’ interest”. He also added that “In the past quarter, there has been increasing growth in trading volumes on Binance P2P platform, and we have constantly received requests for more fiat-to-crypto access from our global community.” Binance has also announced its inclusion of Vietnamese Dong (VND) on its P2P trading platform this week.
Although, Mr.Zhao did not provide any information about the P2P trading on their platform.
The greatest threat facing P2P trading platforms is ‘iniquitous users.’ Since there is no centralized governing body, criminal-minded merchants and traders often end up misusing the naive.
To provide a safer environment, the company has created an undisclosed waiving off mechanism for poor merchants. It appears that once the participants are eliminated, they then cannot participate in future P2P solutions offered by the company.
Source ➡️ http://bit.ly/2TYoNYR
2. Binance P2P Crypto Trading Platform to support Vietnamese Dong
One of the top cryptocurrency exchanges in the world, Binance, has launched P2P trading for the Vietnam fiat currency, the Vietnamese Dong (VND).
Binance account holders from Vietnam can buy and sell the most popular cryptocurrencies directly using Vietnamese Dong through the updated versions of the Binance P2P mobile application, which is available on iOS and Android devices. In a recent press release, Binance has announced that its newer version will support four significant cryptos: Bitcoin, Ether, Tether, and Binance Coin as well.
VND is the 2nd fiat currency on Binance’s P2P next to CNY
Despite Binance’s effort to include multiple fiat currencies was a failure, the Vietnamese Dong is the second fiat currency added on Binance’s P2P trading platform following the Chinese Yuan (CNY) that debuted its P2P in October 2019. This made China the world’s first country to benefit from Binance’s P2P trading for cryptocurrencies against its fiat currency.
Binance CEO Changpeng Zhao stated in a press release that in the forthcoming years, Binance would gradually work on adding multiple fiat currencies. Along with that, Mr.Zhao recapitulated Binance’s plans to enlarge fiat-crypto access for traders in more than 180 countries to make their mission ‘freedom of money,’ a huge success.
P2P Trading, A crucial service
As stated by Cointelegraph, the idea behind P2P crypto exchanges is to provide direct trading between participants without the involvement of a third party to process the trades. Moreover, P2P crypto trading is a crucial factor in decentralization. Generally, it is operated and maintained by employing software.
Peer-to-Peer trading is especially significant in China due to its interest and constant support towards cryptocurrencies. One thing to remind here is, back in 2017, the country strongly imposed a ban on crypto-fiat trading and ICOs.
At the same time, the newcomer to Binance (Vietnam), is still working on regulating the cryptocurrencies. Until the end of March 2019, there was no legal framework in Vietnam for cryptos. Despite regulatory uncertainty, in July 2018, Vietnam showed a negative face to the crypto market by shutting out the import of crypto mining hardware and restricting local companies from crypto-based operations.
Source ➡️ http://bit.ly/2U0ZaH8
3. Countries join hands to create a cryptocurrency backed by Central Banks
The Bank of England has developed an International Group in collaboration with central banks of Japan, Sweden, Switzerland, the Eurozone, and the Bank of International Settlements. Together, the initiative aims to explore the possibilities involved in developing a cryptocurrency supported by Central Banks.
The group will purposefully look into the economic cum technical benefits that a digital currency could offer.
Global focus on Central Bank Digital Currencies (CBDC) lightened up last year after Facebook announced the launch of its cryptocurrency, Libra.
Simultaneously, the European Central Bank conveyed that it plans on creating its digital currency. China has also put forth its idea of launching a state-backed cryptocurrency.
In a joint statement on Tuesday, the banks stated that “The group will assess CBDC use cases; economic, functional & technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies.”
Andy Bryant, co-head of BitFlyer, told The Independent, “When the first national central bank issues a CBDC, this will be a major milestone in monetary history and a turning point for the global financial system.”
Marcus Swanepoel, CEO of Luno, stated, “They understand a shift to digital currencies won’t happen overnight. However, it is a part of a generational change being driven by people who have grown up with technology and see the world in a different perception.”
Source ➡️ http://bit.ly/37vGuDc
What was once overly volatile and unstable, has now started gaining momentum. How about investing in some cryptos to give the same stability to your finances?