Market Analysis Report (13 Oct 2017)

PBoC Digital Currency Director Calls for Centralized State Cryptocurrency

Yao Qian, the Director of the Digital Currency Research Institute for the People’s Bank of China, talked about the potential for an upcoming, state-owned digitalcurrency, while suggesting that there is an inherent lack of value anchoring public cryptocurrencies like Bitcoin. Yao Qian also framed a state-issued digital currency as a way to stabilize domestic fiat currency, while better securing country’s financial status. During a meeting hosted by the International Telecommunication Union this week, Yao told attendees:

“The value of cryptocurrencies such as bitcoin primarily comes from the market speculation. It will be a disaster to recognize it as a real currency. And the lack of a value anchoring inherently determines that bitcoin can never be a real one.”

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Grammatik: DJ Goes Blockchain With the GRMTK token

Gramatik is going to launch a new token (GRMTK) with the help of Singular DTV. He will be utilizing several Singular TV apps and tools like Tokit to generate the GRMTK token and LaunchPad to administrate his token launch. GRMTK tokens will represent a share in property ownership of the artist content, and their purpose is to monetize the artist future royalties and sharing them with the token holders, a concept that aims to disrupt the music industry.

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Coinbase Enables ‘Instant’ Bitcoin, Ether and Litecoin Purchases for US Buyers

Cryptocurrency exchange startup Coinbase has announced that some users will now be able to access “instant” purchases of Bitcoin, Ethereum, and Litecoin. Whereas previously such transactions would have taken several days, the firm said, customers, will now have immediate access to their cryptocurrency holdings after the payment is made. The new service is currently only available for users making payments from a U.S. bank account and in amounts of under $25,000. However, Coinbase said it plans to expand the instant purchasing service, a “highly requested” feature, to other countries “over the coming months.”

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