Tether did something STUPID...

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Tether issues a new stable coin pegged to the Chinese Yuan called the $CNHT. 20,000,000 CNHT has already been used, due to hit exchanges and potentially ire the Chinese Government. BAKKT warehouse lau...

Tether issues a new stable coin pegged to the Chinese Yuan called the $CNHT. 20,000,000 CNHT has already been used, due to hit exchanges and potentially ire the Chinese Government. BAKKT warehouse launches and gets ready for futures trading. https://www.chainnews.com/news/240661918085.htm https://twitter.com/whale_alert/status/1171357139392245760?s=20 https://cointelegraph.com/news/bitcoin-deposited-in-bakkt-warehouse-protected-by-125m-insurance https://www.asiacryptotoday.com/bitmexs-pr-agency-pounce-on-angelina-kwan-speculation https://www.coindesk.com/sec-chair-clayton-would-be-bitcoin-etfs-have-work-left-to-be-done 👍🏻Subscribe to Boxmining for Cryptocurrency Insight and News: https://www.youtube.com/c/boxmining 🔒Hardware Wallet: http://boxmining.co/ledger 👍🏻Brave Browser: http://boxmining.co/brave 📲Enjin Wallet: http://boxmining.co/enjin 👍🏻Unstoppable Domain: http://boxmining.co/unstoppable 📲Binance Exchange : http://boxmining.co/binance #Bitcoin #Ethereum #Cryptocurrency ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● Telegram groups (Discuss Crypto with us!) Telegram Discussion Group: https://t.me/boxminingChannel Telegram Announcements: https://t.me/boxminingChannel ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● ♨️Social (Add me on Social Media!) Instagram: https://www.instagram.com/boxmining/ Twitter: https://twitter.com/boxmining Facebook: https://www.facebook.com/boxmining Steemit: https://steemit.com/@boxmining ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● I'm not a professional financial adviser and you should always do your own research. I may hold the cryptocurrencies talked about in the video. ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬●

AI Analysis

A major shake-up is brewing in the crypto world as Tether has launched a new stablecoin pegged to the Chinese Renminbi, the CNHT, a move with significant implications for both the Chinese crypto community and potential regulatory backlash. This development comes amidst other crucial updates, including Bakkt's long-anticipated warehouse launch for institutional investors, the ongoing saga of a Bitcoin ETF, and significant personnel changes at BitMEX.

Here's a breakdown of the key happenings and what they mean:

* Tether's Risky Renminbi Stablecoin (CNHT):
* Tether, known for its USD-pegged stablecoin USDT, has now issued a new stablecoin, CNHT, directly tied to the Chinese national currency, the Renminbi. This is seen as a "crazy" move with "very, very long-term implications."
* Already, 20 million CNHT has been minted, signaling its readiness for market entry.
* The Upside for Users: Issuing CNHT could make it significantly easier for Chinese individuals to engage with cryptocurrencies. Currently, the Chinese government heavily monitors offshore Renminbi accounts, but CNHT, as an ERC20 token on the blockchain, allows for free transfer, bypassing these restrictions. It also simplifies the process of buying crypto, which often involves complex negotiations on platforms like WeChat due to closed fiat on-ramps and fluctuating exchange rates. With CNHT, a 1:1 peg could eliminate the need for bargaining.
* The Major Downside – Government Wrath: The primary concern is the reaction from the Chinese government, which maintains extremely tight control over its currency and foreign exchange. Making the Renminbi freely transferable on a blockchain is likely to "really piss off" them.
* Risk for Exchanges: If any exchange decides to facilitate CNHT trading, it removes their current loophole of claiming to only cater to foreign customers. This could lead to them being "caught red handed" and facing a "further extended crackdown" on cryptocurrencies in China.
* Community Reaction: The Chinese crypto community is "panicking" and anxiously waiting to see if the government will respond with a severe crackdown or if it will simply focus on the ongoing trade war.

* Bakkt's Institutional Push:
* Bakkt, a regulated exchange backed by ICE (Intercontinental Exchange), is on track to launch its Bitcoin futures product on September 23rd. It has already opened its warehouses for Bitcoin deposits.
* Unlike many crypto products, Bakkt offers physically delivered Bitcoin, meaning institutional investors will deal with actual BTC rather than just contracts, which is perceived as much safer.
* Bakkt is boasting a substantial $125 million insurance policy for the Bitcoin stored in its warehouses, aiming to provide further assurance to institutions.
* Institutional Adoption: The launch of Bakkt is a crucial "first step" and builds a "foundation" for institutional investors to enter the crypto space. While it's great it received regulatory approval, immediate mass adoption isn't expected; it's a process that will "build up over time." The reason institutions need such services is that they cannot simply have an employee store large amounts of Bitcoin, as the risk of internal theft ("grab Bitcoin and run") is too high.

* Bitcoin ETF Status:
* SEC Chairman Jay Clayton's recent comments on a Bitcoin ETF were non-committal, stating "progress is being made, but work left to be done."
* Expectations are that a Bitcoin ETF will "take a long time" to be approved, and similar vague statements are likely to continue for a while.

* Brave Browser's Growing Popularity:
* The Brave browser is gaining significant traction, particularly in Japan, where it has surpassed Chrome and Opera in Google Play rankings.
* Brave recorded 2 million downloads last month, indicating strong growth.
* The presenter personally uses and recommends Brave, noting its effectiveness and benefits.

* BitMEX's Internal Turmoil:
* Angelina Kwan, BitMEX's Chief Operating Officer, has "officially stepped down."
* This news comes after BitMEX recently banned all Hong Kong users from trading on its platform.
* Reading Between the Lines: There appears to be "a lot happening in the background" at BitMEX that the company isn't disclosing. Their PR agency aggressively "attacked news websites" trying to report on Kwan's departure and would only confirm she was on "garden leave." This suggests internal issues, and users should be "extremely vigilant and cautious."

Transcript

Yo, yo, what's up everyone. Welcome back to another news update on box mining. So today we've got a lot to cover and it relates really to this. So this is the Chinese national currency, the renminbi and tether really did something crazy, which is that they issued out a tethered version of the renminbi. So we're going to take a really deep dive at this in detail because issuing this has very, very long-term implications on what's going to happen, especially within the Chinese community. There mi...

Yo, yo, what's up everyone. Welcome back to another news update on box mining. So today we've got a lot to cover and it relates really to this. So this is the Chinese national currency, the renminbi and tether really did something crazy, which is that they issued out a tethered version of the renminbi. So we're going to take a really deep dive at this in detail because issuing this has very, very long-term implications on what's going to happen, especially within the Chinese community. There might be an influx of new Chinese users, but that's counterbalanced by this potential that this move might really piss off the Chinese government. So we'll look at all the facets of what's happening in today's news. We're also going to cover a little bit about what's happening on the institutional front as well, because backed right now, the warehouse is online. So this is the big exchange that everyone's looking into because it's regulated. It's done by ice international continental exchange, and everyone is expecting that this is going to bring institutional investors. So we're going to look at that status today. And of course, everything covered here is my personal opinion, not financial advice. And if you guys want to be really up to date with what's happening in the cryptocurrency scene, make sure you subscribe to this channel and click that notification bell down below. So let's start off with this right now. Tether launched a new stable coin based off Chinese renminbi. So the Chinese national currency, this really seems like a logical move for them because they've already issued a tether of the U S national currency, the USD. So issuing the renminbi doesn't seem that far off. Does it well, right now in terms of the execution, it's no longer a rumor right now. 20 million CNHT. That's what they're calling it. That's already been minted. And we got the top comment here. I'm Thomas saying, let the shit show begin. And a few WTFs lying around. Now let's talk about the positives. Like what would this bring? And why are some people excited and some people really freaked out by this? Let's start off with the excited part. The opportunity here is that once Tether issues out this tether based on the renminbi instead of the USD, it's going to make it a lot easier for Chinese people to start buying cryptocurrencies. In fact, many people who aren't into crypto can also enjoy the benefits because right now, renminbi, offshore accounts of renminbi are heavily monitored by the Chinese government. So by having it on the blockchain, by having it as an ERC20 token, people can basically freely transfer it at will. They're not subject to any regulations from the bank side. And it's actually pretty much what people want. It's freedom to spend the renminbi. And in fact, in terms of getting it, it's actually much easier too, because currently right now for the Chinese, if they actually want to buy cryptocurrencies or anything in crypto, it's relatively difficult because the exchanges, the fiat on ramps onto crypto, those are officially closed. Because of that, people now negotiate on essentially WeChat. So they just go on their phones. They talk about, they negotiate a strike price for a transaction to occur and then do the bank transfer. Issue here is that because both the USDT and Bitcoin prices fluctuate for exchange to a real end, it's relatively hard to negotiate a price. But if it's actually based on the renminbi, well, then hopefully they can just get one to one. They don't even have to bargain about the price. It makes the whole process a lot cleaner and a lot easier. So that sounds great, right? That sounds great for crypto. Everyone can move forward. Yay. What's the problem? Well, the problem comes from the central Chinese government. Because the renminbi is heavily, heavily monitored and even foreign exchange, that's very tightly controlled. This means that if you actually make the renminbi free moving, like put by putting it on as a token on a blockchain. The Chinese government's going to be really pissed off at that. On top of this, then this might actually bring on additional RAF as well. Because we said Chinese are technically meant to close down their exchanges and current Chinese exchanges. They get around by saying, you know what? We just cater to foreign customers. We don't do Chinese people. That's kind of how they get around with that. But if any exchange is bossy enough to start implementing and doing exchanges with the CHNT, with that Chinese currency, there's very little excuse now. Now, if they get caught red handed, that's going to be a little bit of an issue. Where a little bit is a big understatement. So this is why people are saying, oh, let the shit show begin. What? This is going to go set in fire. And we've seen the Chinese community panicking over this. So now the Chinese are just waiting to see what will happen next. Will the Chinese government come in, step in and do a further extended crackdown on cryptocurrencies? Pretty much because crypto is right now stepping on their toes. Or will they just not care and focus on the trade war? So this is really where the big dilemma is coming in from. Now, let's take a look at what's happening with BACT. And yet again, I really want to look at this topic overall, because it's going to have huge implications to what's going to happen to Bitcoin and to institutional investors down the road. Now, BACT, we've been talking about it for more than a year now. Mostly because it's done by a very regulated entity. And also it promises institutional investors that they can start trading on physically delivered products, meaning they actually deal with BTC rather than contracts, contracted BTC, which just doesn't feel as safe. Now, in terms of their status, they're planning to launch their futures product on September 23rd of this year. And right now they've opened out their warehouses for deposit. So these are all tools that allow institutions to start getting exposure to Bitcoin. And in many senses, I'm actually really glad that this finally cut regulatory approval. They're now bragging that they have $125 million insurance policy on those warehouse stored Bitcoin. And hopefully this really allows institutions to feel much safer. We've been discussing this for a while. Why don't institutions keep the Bitcoin themselves? Well, the answer is who's going to keep it? What the accountant? Because at the end of the day, institutions are run by people and those people could potentially just grab Bitcoin and run. And that's why these warehouse storage solutions are really important. The way I view it is that this provides a first step. It builds a foundation for the institutions come in, but we can't expect them to just hoard and immediately charge into cryptocurrencies as an asset. It just provides, I feel like this is something that needs to be built up over time. In terms of the other big institutional tool, the ETF, there's kind of a mixed message being sent out right now. So SEC chairman Jay Clayton said, progress is being made, but work left to be done. So it's really not saying much. My expectation is that this is going to take a long time and we're going to see some new similar to this for a while. This is also really interesting. It seems that Japan is really taking a big liking to the brave browser. So it actually beat out Chrome and Opera and other browsers in Google play rankings, showing that Japanese people are downloading this more. And in terms of figures, brave downloaded 2 million times last month. So that's actually really good. That's actually getting real, real big headways forward. Guys, comment down below if you guys use brave, what you guys think. Personally, I've been using brave for more than a year. In fact, the browser that I'm using right now to show you this is the brave browser. And if you guys are interested in checking that out, make sure you click it with the link down below on I'll have a referral link somewhere. So it does really help my channel grow a little bit as well. Lastly, this lastly, this bit of news relates to bitmix. So bitmix right now there's chief operating officer, Angelina Quang, she has officially stepped down. So recently, on top of this, being in Hong Kong, being a Hong Kong exchange, they actually banned all Hong Kong users from trading as well. So if you read between the lines, something is happening at bitmix, but we just kind of have to wait to see exactly what is happening. In terms of what they're doing, I actually found this quite bad as well, because I read about this Angelina Quang stepping down, it was actually first noticed when her LinkedIn profile fails to mention her position at bitmix. And their PR agency actually really strongly attacked news websites trying to publish this news. Even till right now, they can confirm that Angelina Quang is leaving the company and is on garden leave right now. And that's all they can say on the matter. So there seems to be a lot happening in the background that they can't tell us. But I think we really need to read between the lines here and be extremely vigilant and cautious. And that's it for today's update, guys. I really hope you guys enjoyed the episode and also have a really cool episode with my adventures in Thailand. We spent the entire day in Thailand trying to spend only on the cryptocurrency Z coin alone. Go, go, go. Will we survive or will we fail catastrophically? Find out in this video. It doesn't work. It doesn't work. Now you ask me why I don't use it because it doesn't work. That video is coming up really soon. And I hope you guys can stay tuned for that. Make sure to subscribe to this channel. Thank you guys so much for watching. See you tomorrow.