Weekly Update #21: Unplugged Internet In Russia

Dominik Olech
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Christmas time is already behind us, and we are near the end of the year. Before we start 2020, it’s good to take a look at the Holiday week in the crypto world.

Previously, we were talking about Hex, McAfee, and blockchain in courts. We also gave you our thoughts on Bitcoin’s price for incoming days. Let’s check the most interesting news of the week in the crypto world – for the last time in 2019.

Wright about the Nakamoto name

Craig Wright struggles once again to prove that he is the real Satoshi Nakamoto. This time, he tries to convince us with some facts about the name of Bitcoin’s creator. Modern Consensus, a news website focused on the blockchain technology, has recently published an interview with Wright. During the meeting, the crypto entrepreneur stated that name is a reference to Tominaga Nakamoto – a Japanese philosopher, who is, according to him, the Japanese Adam Smith.

Later on, Wright explained that the inspiration was related to Nakamoto’s view on honest money concept and the rational nature of things. As for the meaning of “Satoshi” part of the most nickname in the cryptocurrency industry, he states that it came from “intelligent learning.” Is this explanation convincing – it is up to you.

Successful hackers’ attack on Nuls

Another week, another security breach. This time, the target was Nuls – blockchain platform focused on business solutions for developers. As the company announced via Twitter, two millions of NULS token has been lost in hackers attack. About one-quarter of this amount is already untraceable since it has entered the trading market.

In response, Nuls is going to hard fork its blockchain at block height 87,800, to ensure that the community won’t lose on the security breach. However, the price of the NULS remains mostly intact after the recent events – so at least traders they didn’t feel the effects of the attack.

Digital yuan and its stable value

Week in the cryptocurrency industry can’t do without any news about stablecoins. This time, we got some news from People’s Bank of China, which is responsible for the development of the incoming Chinese digital currency. The head of research in the bank, Changchun Mu, claimed that the “digital yuan” won’t need to be pegged by fiat currencies to maintain a stable value on the market.

He also separated cryptocurrency-in-development from Bitcoin and other digital assets, saying that it will be meant to be used to spend, not for speculations. Thus, he believes that digital yuan (officially named as Digital Currency Electronic Payment) won’t require a currency basket. How the stable price will be maintained – Changchun Mu didn’t reveal.

WeChat owner interested in cryptocurrencies

We are staying in China. Tencent, the owner of the Chinese social media platform and messaging app, WeChat. The company has recently informed its employees that it is looking for cryptocurrency specialists, which will research possible applications of the blockchain technology for payments – which are also already available on the platform. WeChat Pay processed about 40% of the Chinese mobile payment industry, which makes the app one of the most significant players in that matter. The incoming researches in the field of cryptocurrencies are allegedly connected with digital yuan, remaining under the development of the Chinese government.

Toss a coin for the American Cancer Society

Nothing makes a blockchain fan happier than another successful implementation of cryptocurrencies. The American Cancer Society, a non-profit organization dedicated to eliminating cancer, decided to allow bitcoin donations. Transactions are processed via crypto payment conductor BitPay. 

It is just another example of crypto usage in the charity sector. Such a solution is beneficial to both sides. Organizations like the American Cancer Society will gain another source of donations, essential for their work. For the cryptocurrency industry, it is a step closer to widespread acceptance of the blockchain technology and digital currencies.

New regulations in France

Apparently, France is becoming more open to cryptocurrencies and blockchain solutions. Recently we told you about plans of Banque de France about payments basing on the distributed ledger technology. This time, the matter is related to the regulatory aspect. Financial Markets Authority has introduced new rules for digital asset service providers. 

From now on, crypto firms in France are able to apply for a license allowing them to conduct business in the country legally. If such an entity is willing to apply for it, it needs to provide a two-year plan for the company. Although the license isn’t mandatory for all crypto firms and organizations, it is needed for firms offering fiat-to-crypto or crypto-to-fiat services.

Unplugged Internet in Russia

Last but not least, we have news incoming from Russia. The country has started testing a national internet system that is “unplugged” from the world wide web. Such a solution, similar to the Chinese “Great Firewall,” is potentially allowing for many cases of abuse, like limiting access for some websites for Russian citizens. However, Russian President Vladimir Putin claimed that the system is a defensive response to the danger of eventual global Internet malfunction. Although the case is not directly related to the cryptocurrency world, possible outcomes may influence our industry as well.

That would be all for this week – and the year 2019 as well. But it’s not the end of updates and summaries on our websites. Soon we will publish our thoughts about passing year. And of course, be sure to check our next Weekly Update next Monday!

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