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Bitcoin [BTC] proponent Jimmy Song says IMF already has a sh*tcoin called Special Drawing Rights

Priya

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Bitcoin proponent Jimmy Song says IMF already has a shitcoin called Special Drawing Rights
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Jimmy Song, a well-known Bitcoin influencer and developer, commented on the news surrounding International Monetary Fund and India. Recently, it was reported that the International Monetary Fund [IMF] and the World Bank launched their own cryptocurrency, Learning Coin, which would have no monetary value. Moreover, the currency would be based on a private blockchain, thereby limiting its use within the institutions.

On this, Song stated that the IMF already has a “shitcoin” called the Special Drawing Rights, which was a “disaster” as the US Dollar was the reserve currency of a majority of the Central Banks and added that only the Central Bank of Canada had “decent amount” of SDR’s. According to Wikipedia, Special Drawing Rights are “supplementary foreign-exchange reserve assets defined and maintained by the International Monetary Fund”. He said,



“[…] it’s kind of a weird situation. I don’t know what they’re trying to do it really sounded a lot like airline miles to me. Like they’re trying to like create some sort of like you know special thing that you can only redeem on their side something like that […]”

In terms of crypto-India, the National Payments Corporation of India [NPCI] was reportedly considering the implementation of blockchain technology to enhance its payment networks. On this, Song stated India was on the same line as IMF and the World Bank, adding that several Central Banks were “gonna go towards this direction”. He stated the reason to be surveillance, and explained that these central authorities “wanted to know what all of their citizens were doing with their money”. He said,

“[….] they can like sort of stop transactions […] this is in a sense the ability to control the trade of everybody in their country and that’s something that governments are going to increasingly want to do of course. They’ll say ‘oh it’s gonna be more convenient and it’s going to be more stable’ […] it’s a way to take away more of our personal liberties”

Jimmy Song further stated,

“[…] India of course is you know like banned large notes of cash [demonetization 2016] and they’re going in this direction, you can see where this is going and you know. I don’t like it one bit thankfully Bitcoin exists and that’s what’s gonna eat their lunches […]”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

SEC delays VanEck Bitcoin ETF decision days after delaying Bitwise proposed rule change

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SEC delays VanEck Bitcoin ETF decision days after delaying the Bitwise proposed rule change
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The Securities and Commission Exchange [SEC] has yet again delayed another Bitcoin ETF. This time around, the commission has decided to delay the VanEck Soldix Bitcoin ETF, one of the most awaited exchange-traded funds in the cryptocurrency community.

In the document released today, the exchange has asked for more comments on the proposed rule change and has also asked for further information on queries related to the exchange-traded fund. The commission stated that it has received 25 comments on the proposed rule change so far.  It stated,

“On January 30, 2019, Cboe BZX Exchange, Inc. […] filed with the Securities and Exchange Commission, […] a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust […] The proposed rule change was published for comment in the Federal Register on February 20, 2019.”

It further stated

“On March 29, 2019, pursuant to Section 19(b)(2) of the Act, the commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.”

Notably, the main concerns of the commission continue to be market manipulation and the measure taken by the platform to protect its investors. The commission is currently seeking comments on 14 queries pertaining to the VanEck Bitcoin ETF.



This includes the views of the ‘commenters’ on whether the exchange has entered “into a surveillance-sharing agreement with a regulated market of significant size related to bitcoin?”, the relationship between the Bitcoin futures markets and the Bitcoin spot market, with the focus being price formation, the relationship between the Bitcoin futures market and the proposed Bitcoin ETF, and the commenters’ views “of the Exchange’s assertions that bitcoin is arguably less susceptible to manipulation than other commodities that underlie ETPs”.

Gabor Gurbacs, Director of Digital Assets Strategy with VanEck said on Twitter,

“The VanEck SolidX #Bitcoin #ETF decision has been postponed by the SEC. We continue the hard work towards better-regulated, safer and more liquid digital assets markets. Bitcoin is too big to ignore. Vires in numeris!”





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