Cryptocurrency Weekly News – Week 52

There are tons of news that surround cryptocurrency every day. Most of the information is about Bitcoin; however, other crypto assets are mentioned as well. Here, we will present to you, the most important crypto news that occurred this week. Keep reading to find out more information on the subject.

Welcome to Cryptocurrency Weekly News
Welcome to Cryptocurrency Weekly News

In this article, we will talk about several events that occurred this week in the crypto world. First,we will talk about how Youtube returned some of the crypto content. Additionally, we will mention the news about how Uzbekistan banned it’s citizens from purchasing cryptocurrencies. Last but not least, we will talk about China and their new digital asset. As always, more information about crypto can always be found on this website.

Youtube Reinstates Crypto Content

Several days ago, Youtube started removing and banning crypto content from their website. Additionally, the video giant was not communication with anyone about it. However, on Friday they did respond through twitter. They actually responded to a comment made by Youtuber Carl the Moon. This is what Youtube responded:

“Hey there, this was an error on our side during the review process – your video should be reinstated and strikes resolved. Let us know if you’re seeing otherwise!”

However, while content was reinstated, trust has been lost. A lot of youtubers now believe that this could happen again. Nevertheless, Youtube is trying to fix their alleged mistake. Since the incident occurred, they have been allowing a lot more crypto content. Still, many YouTubers have expressed interest in moving to blockchain-based social media. Decentralized content platforms could be the future. Crypto enthusiasts need places where they can express their ideas.

Uzbekistan Bans Citizens From Buying Crypto

We are getting reports that the government in Uzbekistan is against crypto. Apparently, they have banned their citizens from making crypto purchases. Established exchanges are part of the ban as well. This government decision has been a surprise to many. Uzbekistan was very lenient towards digital assets in the past. Back in 2018 the country signed a memorandum of regulations. They wanted to regulate all crypto exchanges and mining operations. On top of that, the ban will affect current crypto owners as well.

Holders that are citizens of Uzbekistan can sell their current investments on two licensed exchanges after undergoing Know Your Customer procedures, ostensibly to avoid the possibility of money laundering. Any assets whose origin can’t be proven are illegal to transfer. However, many believe that this ban will be ignored. People can just use VPN’s to bypass the rules and access foreign exchanges. Countries around the world have taken a hard line on various aspects of the crypto-industry. Some officials in India have sought an outright ban on all digital assets. 

Russian financial regulators are allegedly preparing a ban on the use of cryptocurrencies for goods and services. However, most reports are worried that people will break the law to avoid these rules.

China’s Central Bank Claims Yuan Will be Different to Bitcoin

Deputy director, Mu Changchun says that the digital form of the Yuan will be different to the Bitcoin. Additionally, it’s going to be different to any other stable coin as well. However, other reports from the People’s Bank of China (PBOC) claim that they will not speculate about their digital currency. Mr. Changchun shared some words about that as well:

“The currency is not for speculation. It is different to bitcoin or stable tokens, which can be used for speculation or require the support of a basket of currencies.”

Additionally, Mu mentioned that China’s new national digital currency would operate in a two-tier system, with the PBoC on top, and commercial banks allowed in the second tier of the centralized system. In November, the People’s Bank announced that it intends to carry out a pilot with restrictions on large-scale cash transactions that will last for 2 years and will be implemented in phases in Hebei Province, Zhejiang Province and Shenzhen City. 

It’s important to note that China is ready to pilot test their digital asset. The idea is to launch a digital token which will rival USA’s dollar. The first real-world test of its central bank digital currency is planned for the start of 2020. Under the watchful eye of the PBoC, four major banks and major economic participants like China Telecom will reportedly test digital currency payments.