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Crypto Summary Of The Week – Akoin, Libra, Yuan, Binance Set The Market On Fire

The world crises, yes you heard me right. The world is suffering from crises and economic loss and downfall. Governments are lacking money, people are starving but the one thing which hasn’t been shaking and is recovering is the crypto market. There have been ups and downs in the market but the market has again caught its pace. A new wave of revolution has hit the market. Akoin is all set to spread in east Africa, Libra is no longer dependent on fiat currencies, Binance is opting peer to peer strategy in Venezuela, Yuan of China is going to get a kick start.

What is Yuan of China, how is it different

The digital Yuan with the digit bank of China, which has been in development since 2014 is all set to enter the market with a boom in mid of May. Unlike other cryptocurrencies, Yuan’s operations will be more like paper money. Though the value will be stable the crypto money will be controlled and monitored by the central bank.

China star market the local news outlet of China reports the currency will be governed by four state banks namely the bank of China, the agricultural bank of china, the commercial and industrial bank, the China construction bank. The currency has reached the testing stage and is under agriculture bank for testing. Mathew Graham, CEO of global capital shares the first look of the Yaun app and states “The first impression is that the app looks slick, it’s a pro job in the Silicon Valley tech sense”.

Binance becomes peer to peer

Venezuela has dug its roots deep into cryptocurrencies. The country’s fiat currency is so low that it may take a million bolivars to match $10. Venezuela has its own cryptocurrency namely  Petro. Venezuela has the highest number of peer to peer cryptocurrency exchanges suppressing America. Binance the world crypto exchange unit has also stepped up in the train and initialized P2P service in the country. Now people of the country will be able to bit Binance with their Fiat money.

Akoin on a capturing mission of Africa

In the virtual blockchain conference Blockdown 2020, the world-famous rapper Akon announced that his cryptocurrency Akoin will be powering a city in Kenya. Akoin will be the power hub of Mwale medical and technology city. It will be the second city after Akon city whose exclusive cryptocurrency will be Akoin.

With the aim of making Africa a crypto country Akon shares that “ Akoin will bank the unbanked, as well as make transactions cheaper and more secure” .  The dream is still a dream as the currency is only able to power rich cities and hasn’t reached small cities. Mwale is known to be ” the Hamptons of New York in Kenya,”   according to the promotional video realized in 2018.    Only 21% of the population in Kenya has the privilege of using a smartphone and only 19% in Senegal according to Newzoo’s  Global Mobile Market Report of 2018 and 2015 edition. So the dream has to wait but can indeed become true.

Akon says “it’s not so [much] about what’s happening right now, because I know once Akoin is in effect, and we’re moving it in the areas that we’re moving in… it’s going to grow very rapidly.”

Libra- more secure version no longer depends on fiat money

Also, read G20 Proposed Regulatory Standards for Facebook’s Libra Stablecoin

With the board regulator’s advice, Facebook’s Libra has been redesigned. The structure is made more powerful and secure and amends are made towards its dependency over fiat money. Libra is all set to provide individual stable coins to fiat currencies such as Dollar, Euro, Pounds, etc. To keep up with the latest recommendation by the financial action task force, Libra now has anti-money laundering and anti-terrorists protocols.

Libra’s Co-creator David Marcus tweeted  “the originally planned transition to a permissionless form of governance to a market-driven open and competitive network,”.

Facebook has backed off with the project. Most funding for the projects does not come from. Facebook. Facebook contributes less than 10% and the rest is managed by PayPal, Visa, eBay Vodafone, and Script.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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