China’s pandemic economy needs all the help it can get after an increase in COVID-19 infections caused mass closures across the country. In an effort to revive consumption, the city of Shenzhen in southern Beijing used the Beijing Central Bank’s digital currency, or CBDC, to send free money to locals. A similar policy was used in the northern part of Hebei Province, where even more digital yuan was used. Think of all the things the government can do when they have full control of fiat money.
This week’s Crypto Biz newsletter examines China’s CBDC helicopter policy, the latest blockchain funding news and whether Apple is nearing the integration of rigid token (NFT) technology.
$ 500M Fund Binance Labs to Encrypt Encryption, Web3, Blockchain Recording
This week’s biggest funding news comes with the permission of Binance Labs, which announced plans to allocate a full $ 500 million to Web3 and blockchain startups. The new financing initiative, launched in collaboration with DST Global Partners and Breyer Capital, will focus on cultivation work as well as growth companies in the early and late stages. Such large funds are not used for cryptocurrencies. But it is interesting to note that venture capital is pouring even more money into the industry at a time when cryptocurrencies are plummeting. Things are not always as they seem on the surface.
What is #Binance Laboratories?
It is venture capital and a breeding ground #Binance which identifies, invests and supports viable blockchain entrepreneurs, start-ups and communities.
Learn more ⤵️https: //t.co/4xl7jm7hRQ
– Binance (@binance) May 30, 2022
Goldman Sachs is said to be looking at the cryptocurrency derivatives market with FTX integration
Goldman Sachs’ entry into the cryptocurrency market seems to be deepening every week. The latest news is that the US banker wants to put some of its derivatives into FTX.US, one of the leading cryptocurrency derivatives trades. The reason for this integration, according to financial news agency Barron’s, is that Goldman wants to offer cryptocurrency derivatives with its own tools. It looks like Goldman’s derivatives customers will join retailers in the wake of the next big downturn in the market. Or maybe I’m too negative? Read about bankruptcy before you decide.
Shenzhen City releases $ 30 million in free digital yuan to stimulate consumer spending
You’ve heard of helicopter money before. Well, the city of Shenzhen makes that a reality by releasing 30 million Chinese Chinese yuan (e-CNY) to locals in an effort to increase consumer spending. To be eligible for a missile, locals must register with the Mietuan Dianping food delivery app. If chosen, they will be able to spend their digital yuan on more than 15,000 outlets. For better or worse, you get an insight into how the government will use the central bank’s digital currencies to achieve macroeconomic goals. But yes, there are a lot of disadvantages to CBDC too.
Apple’s upcoming development conference ignites rumors about NFT business cards
Apple’s upcoming international development conference, also known as WWDC, has sparked interest from the cryptocurrency community amid rumors that the iPhone maker has been looking to integrate NFT business cards – the rumors are not unfounded either. The fanatics at MacRumors apparently clicked on the Memoji characters displayed on new Apple devices and software models and found three interchangeable replacement card characters. The good news is that we do not have to wait long for the rumors to be either confirmed or stopped as the WDCC takes place next week.
Do not miss it! How does the Central Bank affect your cryptocurrency?
There has been a lot of talk about the Central Bank and interest rates in recent months. After lying to us about inflation, the central bank has been forced to make a complete U-turn on monetary policy in order to reduce cost pressures. So, whether you like it or not, a group of central bankers who meet eight times a year have a huge impact on your portfolio – and that includes cryptocurrency. In this week’s Market Report, we explain how the Fed is pulling the strings. Click below to watch a rerun of the episode in its entirety.
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