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How Authentic Are The Latest Reports Of China Banning Cryptocurrency Trading?

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Bitcoin price, in the past couple of days, was following an uptrend and appeared to be well in place to reach the threshold at $47,000. It appeared that BTC price was taking a huge step ahead and consolidating for some time before the next leg up. And hence by following this pattern, the asset would have successfully smashed $47,000 by this weekend. But with the rounds of China imposing a ‘BAN’ on Cryptos, it appears to be very unlikely.

It was first reported by Bloomberg that China imposes a ‘BAN’ on cryptocurrency trading. But interestingly, they missed providing substantial evidence like the authentic notice from the government or any press release. The piece of writing just mentioned the news and as a piece of evidence linking the PBOC official website which has no information related to banning either. 

So there is a huge possibility of a FUD being planted to create chaos in the crypto space so that strong hands accumulate more. These reports of China restricting some activities is pretty old and hence the crypto space has already reacted with notable plunges. 

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Old FUD Planted Again & Again

The current trading month witnessed multiple bitcoin plunges with a pretty huge margin. The interesting thing is each time it dipped, the source code was from China. Many believe the previous plunges on Sept 3 and Sept 15 are co-related to the recent crash. Moreover, according to some reports, the news of the ban is an old one which gained mainstream attention today. 

According to Molly, the same news without much clarity was been circulated well before on Sept 15 on the social media platforms. Well, the analyst had mentioned it on Sept 12 too. But many believed it to be a rumour and the regulation FUD may not impact the crypto market. Yet the recovering crypto space was yet again pulled back but could not cement it to the bottoms.

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Cryptocurrency

Deadline for withdrawing from a Chinese cryptocurrency broker that will close in Brazil ends today

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Today, November 30th, is the last day that Coinbene’s clients can withdraw their funds from the platform that will permanently cease operating in Brazil as of December 1st.

The Chinese brokerage firm decided to close operations in the country in October this year, after attracting Brazilian clients to its trading platform for about four years.

The decision to close its doors in Brazil was justified by a series of operational restrictions that the company began to suffer from the increase in the Chinese government’s ban on the crypto market. As it is a Chinese exchange, operations on the global platform depended on the central in the Asian country.

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On that occasion, an employee of the brokerage provided the Bitcoin Portal that the operational problems at Coinbene were not limited to Brazil and that the company would soon close its operations in the rest of the world.

Later, the information was confirmed by Coinbene’s official channels when the brokerage firm announced the permanent closure of its services in all jurisdictions in which it operated until then.

Also in the October announcement focused on the Brazilian public, the company had set today, the last day of November, as the deadline for all customers to withdraw the balance that was still stored on the platform.

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Although November is a day off, at the time the Coinbene team warned users: “After November 31, there will be no customer service staff to accept the withdrawal request. Users need to bear the property losses caused by not withdrawing money in time”.

The process of withdrawing funds, however, may not be so simple as the broker’s website is having problems in the user login area.

complicated withdrawal

In Coinbene’s official Telegram group, focused on Latin American customers, company support confirmed that the problem at login time: “Due to the maintenance of CoinBene’s global server, the page www.coinbene.com/br/ is presenting a problem that is making login impossible. We are very sorry for that.”

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To be able to enter the platform, users are required to fill out a form with their personal information such as CPF, address and date of birth and send a photo of their identity card or CNH. In addition, users must also submit a selfie holding their official document along with a paper written “CoinBene” and the date of request.

Only after completing all these steps, the user can have access to a customer service service dedicated to granting withdrawals.

Since the exchange confirmed the departure from Brazil, at least 15 users have complained on Reclame Aqui about the difficulty of withdrawing funds from the platform in this final stage.

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A client from São Paulo, for example, wrote last Saturday (27) that he had been trying since the end of October to withdraw the balance in bitcoin he had left standing at Coinbebe for three years, but without success.

“I followed the guidelines, sending the necessary documents and selfie to be able to withdraw on 11/30, but as reported more than once to you (10/30, 11/06, 11/09), no matter how authenticator, pin and e-mail code are correct, I can’t transfer and my questions are not answered”.

He reports that he tried the broker’s international support, but he also had no return. “I’m going to claim my rights in other ways since I’m not getting the support I need from the company,” he concluded.

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Another user from Barueri (SP) claimed the same problem, saying that he has more than R$ 10 thousand in cryptocurrencies stuck on the platform and that even after sending more than 50 withdrawal requests, he has not been answered.

The report got in touch with Coinbene representatives in Brazil, but as of this writing, there has been no response.

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Cryptocurrency

CBDC: Japan urged to intensify its development

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  • Japan urged to intensify the development of its CBDC
  • Bank of Japan intensifies research
  • Government officials continue to mount pressure on BOJ

Countries across the world are presently ramping up preparations to create their respective central bank-backed digital currency. Although some countries have launched their CBDC, China still leads in top countries hoping to list the currency. With China and other countries still in the lead, Japan has been urged to intensify its approach towards making its CBDC. According to the report, politicians have urged the finance officers to make haste and debut its digital currency like most countries.

BOJ intensifies research into its CBDC

Japan has been integral in the adoption of digital assets over the years, and the politicians do not want to lose this status. According to many reports, China is still testing as its CBDC is continually being tested across the country. Recently, it inked several partnerships with brands to intensify the testing in major cities. In its race to outpace China, Japan has bolstered its financial officer, which is tasked with researching every aspect concerning digital currencies. Despite its lengthy move to develop its CBDC, the Bank of Japan has preferred to attack it with caution. But with the increased pressure from the top echelons in the country, the bank might be forced to consider a new and aggressive approach.

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Metaverse

WinNow’s cryptocurrency has completed its mainnet launch and looks at a utopian metaverse

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ENEVA, SWISS. It just seems 2021 is the year of the metaverse and more and more companies are positioning themselves to be present in what appears to be a trillion dollar business.

On November 16, a group of European developers and cryptocurrency experts launched WinNow ($WNNW) to act as a DAO token in the Wonniw metaverse, a P2E game with real-world dynamics able to generate yield through the choices of its citizens.

A DAO token is a modern form of democratic representation, the participants in the game will therefore be able, through the WinNow token, to take an active part in the decisions on the dynamics of functioning of the metaverse.

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According to reports from the team’s Medium, the metaverse Wonniw has all the credentials to be able to try to replicate a utopian reality, in which all citizens and mayors elected by the DAO are equally incentivized towards a common goal called “sustainability”.

The development of the metaverse is in the alpha phase, team has already signed an agreement with a European software house, Falcon Interactive, and the launch of a first playable version is currently scheduled for March 31, 2022.

Website: https://winnow.me

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Metaverse: https://wonniw.com

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