Weekly News

2. Facebook's Libra Team Continues Project with Adjustments in Deployment

3. Bitcoin Halving Ranks On Google Trends

4. Malware Extensions Removed from Google Chrome

5. Americans Buying Crypto With Stimulus Check

China Initiate Pilot Scheme of its CBDC

Last year, the Chinese government mentioned that they would roll out their central bank digital currency, and it seems like they are not resting on their oars till this is achieved. This is because the Agricultural Bank of China(ABC) has started a pilot of China's central bank digital currency(CBDC).

Earlier in the week, some users on instant message platform- Wechat, saw a prototype of how potential users will be able to access the CBDC for transactions. The ABC, which among the four state-owned banks, developed this interface, along with partnership from Ant Financial. For now, the interface app can be downloaded on the bank's website. However, the registration feature is only for whitelisted users, who have been chosen for this pilot phase.

The government intends to start the pilot project in the cities of Shenzhen and Suzhou, where the data shows younger and more technologically savvy residents.

This latest development in starting off a pilot indicates that the Chinese government is serious about digitising its economy, and they are resilient in ensuring that this vision is realised.

Evaluation: Neutral

Source: Bitcoinist

Facebook's Libra Team Continues Project with Adjustments in Deployment

After a series of oppositions from the regulatory bodies, especially in the united states, the libra association has made significant changes to address some of the concerns of regulators in the earlier libra coin proposition. In the new model, instead of tying the coin to a multi-currency basket, the coin will be pegged against fiat currency and will function like a stablecoin. That means we will have LibraUsd, LibraEuro, LibraGbp.

The new model will also make the libra coin operate like other digital payment platforms like Payoneer, PayPal etc. According to the team, these adjustments became necessary because of the number of users that already exist on the Facebook network, and mass adoption, without any measure of control, may affect local fiat currency value in unstable economies.

Also, the CEO and Co-founder of eToro, Yoni Assia has said that the repurposed model appears to be lacking some vital elements that fundamental crypto enthusiasts would appreciate, e.g. decentralised database system, without direct control by governments. He also stated that the crypto community are less likely to receive centralised projects with enthusiasm.

Evaluation: Neutral

Source: Bitcoinist

Bitcoin Halving Ranks On Google Trends

We just entered the second quarter of the year not long ago, but a lot of things are happening fast in the global economy that makes it seem like a decade. The crypto-verse has its tale, as a sub-sector, with various news broadcasts, and market actions by participants.

The next big event in the cryptocurrency industry is the bitcoin halving, scheduled to occur sometime in May 2020. There have been various discussions by several groups about the possible effect that this event will have on bitcoin. Some have posited that there would be a bull-run before or after the event, while others do not believe it will have any significant effect on pricing.

Therefore, it comes as no surprise that Bitcoin halving is ranking high on google trends, as the event date draws nigh. A lot of observers, traders, institutional investors and monitoring the news trend, and looking for the latest update on this event. The search query peaked on April 11, bringing bitcoin to a new all-time high since its inception.

Also, the number of bitcoin addresses holding a minimum of 1btc has increased significantly since March 13 market slum. A lot of analysts believe that retail investors saw the crash as a window to shore up their bitcoin stash, in preparation for the halving, which many believe will lead to an increase in price, based on market reactions from previous halving events.

Evaluation: Good

Source: Coindesk

Malware Extensions Removed from Google Chrome

Over the past week, Google found some malware on its chrome browser, which they removed from the list of chrome extensions.This malware posed as extensions of existing and notable crypto wallets and stole the private keys of users, so they could access their wallets and steal funds.

According to a report by Phisfort, an anti-phishing and network security company, 49 of these extensions were disabled and removed from the chrome extension store. These extensions stole users details by creating an interface that is similar to the original wallet, which the user will attempt to log in. Immediately the user inputs sensitive information, the malicious code transmits it to the server of the hacker, who saves it for subsequent use.

After several failed attempts, and the user discontinues or uninstalls the extension, the hacker logs into the wallet, and moves funds as they wish, though this is not done immediately.

The report also states that these extensions appear to be created by the same person. This fact implies that, although the extensions may be disabled, as long as the creator is still at large, more of such extensions can even be created. Therefore, it is paramount for people to exercise due diligence before they add any extension from the chrome store, and report any extension that acts suspiciously.

Evaluation: Bad

Source: Cryptonews

Americans Buying Crypto With Stimulus Check

The US government started paying out stimulus packages to help citizens cope with the lockdown restrictions imposed as a result of the Covid-19 pandemic over the last week. This was in fulfilment of a promise made earlier by the government, to provide support to Americans who are facing economic hardship because of the closure of businesses, and reduced income levels.

While a lot of Americans have gone to the bank to cash out their cheques to the extent of almost causing the banks' payment platform to crash, another fraction of the recipients seem to be buying crypto with their stimulus cheques.

According to data from Coinbase, which was published in a tweet from the CEO, Brian Armstrong, there was a huge spike, about four times the average number of buy orders on the exchange after the release of the stimulus package to Americans. The interesting thing to note is that the buyers purchased $1200 worth of crypto, the equivalent of the stimulus payment.

Some market analysts have said earlier that the financial stimulus package introduced by most governments to curb the economic effects of the pandemic, could lead to a bull run in the prices of bitcoin.

Evaluation: Good

Source: Cointelegraph