Cryptocurrency latest: Chinese trading rages on and crypto doesn't breed terrorism
Cryptocurrency continues to defy the odds and rages on, as does interest in the volatile market. The Tradefair team brings you the latest cryptocurrency roundup...
Every open source project, every charity, potentially every fund or these new types of decentralised organisations [and] apps, they’re all going to have their tokens.”
- Brian Armstrong, CEO of Coinbase.
Catch up with the very latest in the exciting and often unpredictable world of cryptocurrency trading:
Chinese ban does nothing to deter trade
The decision by the Chinese government to crackdown on cryptocurrency trading has done nothing to deter investors, with many turning to virtual private networks (VPNs), Coin Telegraph reports.
Citing coverage from local media outlet South China Morning Post (SCMP), the article states that Tether has become the digital currency of choice instead of its more well-known counterpart Bitcoin.
Traders can use a VPN to access a platform outside of China and continue to sell or buy assets as they would normally. It comes as Beijing increases its efforts to ban cryptocurrency exchanges, with one district outlawing more than 120 websites.
The SCMP notes that there is currently nothing in place to prohibit the use of VPNs in China, allowing savvy traders to maintain access to forbidden websites.
Coinbase Chief believes crypto en route for surge
CCN highlights how the popularity of cryptocurrencies is still growing, despite volatility still being present in the market. As governments like China choose to crackdown on trading, other nations are embracing it, and this has led to the lines between traditional finance and digital currencies becoming more blurred than ever.
Brian Armstrong, Chief Executive of Coinbase, said that he expects one billion people to be using cryptocurrency before 2023. He was answering a question posed at TechCrunch Disrupt in San Francisco and added that cryptocurrency companies will be a key element in this widespread adoption.
These regulated firms will issue tokens in line with market restrictions, as with any other financial transaction, and will offer another line of investment for traders, Armstrong believes.
"It makes sense that any company out there who has a cap table should have their token," he said. "Every open source project, every charity, potentially every fund or these new types of decentralised organisations [and] apps, they're all going to have their tokens."
Cash not crypto first choice for terrorists
Despite fear mongering around the opposite, terrorists are not overwhelming using cryptocurrencies to support their ventures, a US defense expert has said.
Yaya Fanusie, a senior member of the Foundation for Defense of Democracies Center on Sanctions and Illicit Finance, said cash is still the number one choice for terrorist organisations.
Bitcoinist reports that he believes - so far - these groups have been unable to harness the power of digital currencies to fund their activities.