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China is mulling the release of yuan-backed stablecoins to boost the global use of its currency, according to a report from Reuters. Citing unnamed sources “familiar with the matter,” Reuters says China is in the middle of a major pivot in its stance on digital assets. The sources – who asked not to be named because they’re not supposed to be talking to the media – say that China’s State Council will review and then potentially approve a roadmap later this month for launching the new product and working to catch up with the US on stablecoins. Details of the plan are expected to be publicly revealed in the coming weeks. The country’s regulators and its central bank, the People’s Bank of China (PBOC), are being assigned implementation duties, according to the sources. The global stablecoin market, which is almost entirely dominated by US dollar-pegged products, is at $281 billion. Some industry insiders have speculated that in th...

An “X Payments” account was seen on the social media platform on Jan. 19 as Elon Musk’s company continues to bag money transmitter licenses across the United States. While unconfirmed, the development would likely align with Musk’s vision for X, which he has repeatedly touted as a nexus for global financial activities since his $44 billion takeover in 2022.  Crypto analysts and speculators have pointed to digital assets being part of these plans, although Musk has noted that fiat transactions will primarily command engineering resources. X payments page | Source: X You might also like: Elon Musk and cryptocurrencies: a potential acquisition on the horizon? The platform has already filed for several money-transmitter licenses and received approval in some states, such as Utah. Musk’s social giant also teamed up with the exchange eToro to enable crypto and stock trading from the app.  Meanwhile, X is rolling back some web3 Features as crypto.news previously reported....

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Bitcoin was launched about fifteen years ago, aiming to revolutionize finance. However, most businesses are still yet to fully embrace crypto payments. Admittedly, there are billion-dollar crypto service platforms which are remarkable stories in their own right. However, integration of regular businesses and blockchain services is still a work in progress. This gap is what Banxe seeks to fill. Exploring Banxe Banxe re-imagines banking in the crypto era.  From the perspective of a typical business operator, crypto is too inconvenient a payment option to utilize. The logistics of crypto to fiat conversion and related security concerns with handling crypto make for a tough sell. For individual accounts, Banxe allows clients to manage their digital assets and fiat from one location. More importantly, the Mastercard debit card is ...

Over the last decade, Mt. Gox has repeatedly backtracked on plans to reimburse the funds that the crypto exchange had barred its users from withdrawing — effective from Feb 25, 2014. Mt. Gox’s infamous 2014 security breach — that lost 850,000 Bitcoin (BTC) of investors’ funds — resulted in its users embarking on a seemingly never-ending, decade-long pursuit of closure via funds reimbursement. Over the years, Mt. Gox has backtracked on its numerous plans to reimburse the funds that the crypto exchange had barred its users from withdrawing — effective from Feb 25, 2014. Latest notice concerning the change of repayment deadlines. Source: Mtgox.com However, with Mt. Gox postponing its repayment deadlines by one more year, from Oct. 31, 2023, to Oct. 31, 2024, the wait for redressal extends into the 11th year for Mt. Gox investors. Mt. Gox 2014: The year of the largest Bitcoin hack - (Avg. BTC price $420) Days after Mt. Gox lost 850,000 BTC in the February 2014 breach, leaked documents r...