Block Weekly: Bitcoin is bottoming out; stablecoins may be securities

1. Russia will create a regulatory sandbox to legalize blockchain and cryptocurrencies

On March 24, according to Bitnovosti, Russia will create a "regulatory sandbox" within which blockchain and cryptocurrencies will be legalized. The "sandbox" will be supervised by the Bank of Russia, and a corresponding bill has been submitted to the country by the Ministry of Economic Development.

2. The U.S. District Court agrees with the SEC’s arguments and issues a preliminary injunction to Telegram

According to news on March 25, U.S. District Judge P. Kevin Castel of the Southern District of New York has approved the request of the U.S. Securities and Exchange Commission (SEC), ruling that Telegram cannot issue its cryptocurrency Gram next month as planned. In the preliminary injunction on March 24, the judge said the SEC had proven that Telegram had sold unregistered securities, and the agency's argument had merit. "Given the economic realities of the Howey Test, the Court finds that the resale of Grams to the secondary public market without the requisite registration statement would have been an integral part of the sale of the securities."

3. International Securities Commission says global stablecoin scheme may be regulated by securities laws

According to news on March 25, a new report shows that the International Securities Commission (IOSCO) believes that global stablecoin schemes may be regulated by securities laws. It is reported that IOSCO has studied a hypothetical stablecoin managed by a corporate governance committee, which is backed by a basket of global reserve currencies and based on its own private blockchain. It can only be issued to "authorized participants" who buy and sell stablecoins, and can be transferred between users' digital wallets. The report doesn't mention any specific stablecoin names (although the example looks a lot like the Facebook-led Libra project). From its what-if analysis, IOSCO found that the scheme likely fell within the purview of securities regulators.

4. The blockchain application platform in Xicheng District, Beijing has been officially launched

According to the Beijing Daily, on March 26, the blockchain application platform in Xicheng District was officially launched. Citizens do not need to submit the original or photocopy of their ID card when handling nearly a hundred items such as passenger car index configuration and lawyer's license. However, this is the first time in the city. The application of electronic ID card is one of the functions of the Xicheng District blockchain application platform. In order to give full play to the advantages of blockchain in promoting data sharing, optimizing business processes, and improving collaborative efficiency, Xicheng District spent nearly three months at the beginning of this year to build a blockchain application platform on a pilot basis to further optimize government services.

5. All 14 cities and prefectures in Gansu have completed the construction of blockchain service network

According to Gansu Daily, on March 26, as the Dingxi Blockchain Service Network (BSN) passed the BSN Development Alliance network access review and was allowed to enter the blockchain service network, the blockchain service network of 14 cities and prefectures in Gansu (BSN) all done. Up to now, China Mobile has built 69 blockchain city nodes across the country, and 14 in Gansu, ranking second in the country in terms of the number of city nodes.

6. Huobi, Binance and Kucoin expressed willingness to assist South Korea in the investigation of the "House N" case

On March 27, according to Decenter, the Korean media asked the three overseas cryptocurrency exchanges that are the most used by users who sent cryptocurrency to Zhao Zhubin (transliteration), the operator of "Nth Room", whether they would assist in the investigation of "Korean Room N" In this regard, Huobi, Binance and Kucoin all stated that if the South Korean prosecutors request assistance, they will actively assist in the investigation. Previously, four domestic exchanges in South Korea, including Bithumb and Upbit, also agreed to cooperate with the investigation.

7. Guangzhou released the country's first industrial policy targeting "new infrastructure" to create a new digital economy highland where key technologies such as blockchain and artificial intelligence are integrated and developed

On the morning of March 29, Huangpu District, Guangzhou Development Zone, and Guangzhou High-tech Zone held a press conference to officially release the "Ten Measures for Accelerating "New Infrastructure" to Boost the Development of the Digital Economy in Guangzhou Development Zone, Guangzhou Development Zone, Huangpu District, Guangzhou City" ("New Infrastructure" for short) 10"), which is the country's first industrial policy targeting "new infrastructure". Relying on its own industrial foundation, regional positioning and resource advantages, Guangzhou Development District and Guangzhou High-tech Zone plan to lay out the "four major areas of new infrastructure", that is, the Yuzhu District plans artificial intelligence and digital economy pilot areas; Science City creates a demonstration of industrial Internet integration development District; Knowledge City builds an international digital hub for communication networks; Biological Island builds a biosafety smart island.

Among them, the Yuzhu District focuses on the new infrastructure of "artificial intelligence" to create a Guangzhou artificial intelligence and digital economy pilot zone. Overall planning of 25 square kilometers, with China's software CBD as the regional core, focusing on creating "one district" (a famous software district featuring blockchain) and "one town" (an artificial intelligence small town centered on the Pan-Zhejiang University Industrial Innovation Park) Town (Hengsha)). Accelerate the construction of major strategic platforms such as the National Information Technology Application Innovation Base, China Internet of Vehicles Operation Center, General Software and Hardware (Guangzhou) Adaptation Test Center, and deploy Guangdong Machinery Research Institute Intelligent Equipment Industrial Park, Siasun International Robot Industrial Park, National A number of artificial intelligence industrial parks, such as machine intelligence parks, will create a new digital economy highland where key technologies such as blockchain and artificial intelligence are integrated and developed.

8. Jiangxi launched a key industry investment project with a total investment of more than 1.5 trillion yuan, and the blockchain was selected

According to the news on March 29, the Jiangxi Provincial Development and Reform Commission released the "Jiangxi Provincial Key Industry Investment Projects in 2020", and launched a total of 1,431 investment projects involving seven major areas including major infrastructure, strategic emerging industries, big health, and modern service industries. The investment is 1,509.9 billion yuan. There are 395 projects in strategic emerging industries with a total investment of 588.9 billion yuan. Among them, electronic information, mobile Internet of Things, virtual reality, blockchain, 5G and other new-generation information technologies are the focus of industrial layout; the aviation industry includes large passenger aircraft maintenance and passenger conversion projects, Ji'an County International Flight Academy, Airstar Light Business Aircraft cooperation projects and other key investment projects.

1. Understand the emerging popular category of Ethereum DeFi: automated market maker

We are witnessing the rise of automated market makers AMMs on Ethereum DeFi, becoming an important product category. Lianwen once specifically introduced Uniswap and Curve. And Richard Burton, an active evangelist in the DeFi community, recently wrote an article, starting from the principle and development of the automated market maker AMM, and introduced the current core AMM DeFi products one by one, which is comprehensive and clear.

2. Anonymous "Room N": Free borders and the evil of human nature

A "unrestricted" free space means that it is also exiled outside the law and morality. When the "evil of human nature" is not restrained and restrained, the so-called free space will become a jungle world. His body was bruised and bruised.

3. The Mentougou case triggered a BTC sell-off panic, is the market overreacting?

The latest Mt.Gox liquidation repayment draft document shows that the Mt.Gox exchange will pay the creditors in fiat currency, BTC, and BCH to repay their claims. Creditors in the Mentougou case can choose to accept fiat currency or cryptocurrency. As of March 19, 2019, Mt.Gox held 141686.35 BTC, 142846.35 BCH and a certain amount of BSV.

People are worried that this huge payment may bring huge selling pressure to the market and indirectly lead to a sharp drop in the market. Perhaps the most destabilizing factor in the short term is how Mentougou creditors handle their coins.

4. Wu Jihan: My view on Bitcoin is not so fanatical anymore

On March 25, Wu Jihan visited Zhikuang University to express his latest views on Bitcoin. As the earliest translator of the Chinese version of the Bitcoin white paper and one of the founders of Bitmain, Wu Jihan’s views on Bitcoin and the industry It has reference value.

1. Black swan events occur frequently in the financial market. How should cryptocurrencies be laid out?

Recently, U.S. stocks have experienced multiple circuit breakers, international oil prices have plummeted, cryptocurrency prices have been turbulent, and Bitcoin miners have shut down sadly... Black swans occur frequently in the market, and the shadow of the economic crisis is shrouded. What is the current macro situation of the global financial market? How has the cryptocurrency market been affected? How do investors plan to seek change amidst a crisis? Zhang Lijie, a senior analyst at OKEX, explained this in detail.

2. The search has plummeted by 90%, and the panic continues. Bitcoin has the same signal every time it bottoms out?

Every time Bitcoin has bottomed out, it will show similar characteristics: Bitcoin’s search interest hits a new low, the computing power of the entire network continues to decline, and a large number of miners shut down and go out of business; the panic index has been at a low level for a long time, and investors have chosen cash as king; USDT circulation continues to increase. New highs, USDT positive premium has become the norm, and data on the Bitcoin chain is extremely sluggish. Let's take a look at the current performance of the cryptocurrency market to see if something similar is going through.

3. Bitcoin market and network status research

After March 12, the bond between the currency market and the US stock market seemed to be untied, and a V-shaped reversal emerged. The V-shaped rally suggests that there may be a lot of people coming back after panic selling. When dealing with the future, we need insights from observations of the present. This article documents observations and reflections on Bitcoin's recent market and network state. Judging from the market and network status of Bitcoin, although there is still a great downside risk in the currency market, it may have reached the range of fixed investment layout.