Binance exchange has had a controversial week. The Monetary Authority of China’s Singapore province first red-flagged the Decentralized Exchange (DEX) a few days ago. Next, South Africa issued an alert to investors saying Binance is not licensed to operate in the country.
However, these hurdles are not stopping the Seychelles & Cayman Island-based crypto conglomerate from announcing US IPO plans and more. Even one BEP20 cryptocurrency, dubbed China’s Solution Coin, has taken aim in helping resolve hurdles set for token trading. The war of decentralized finance, old money vs new money, liberation from those who control money, has begun.
China’s Digital Yuan vs All Cryptocurrencies
The first hurdle for Binance Smart Chain (BSC), BNB token, and other coins is getting countries to accept that cryptocurrencies are here to stay.
Contrary to popular opinion, cryptocurrency is not banned in China. It’s not even protected or covered by law. The People’s Bank of China restricted all banks from dealing with virtual-currency transactions, but as any internet investor knows, regional banks are antiquated.
Publicizing all of these reactive actions, however, while also highlighting that digital currency is used for “dirty money,” simply reveals a hidden truth. If one reads between the lines, one truth seen is the Chinese government’s obvious attempt to create FUD.
First off, “dirty money,” has always been used by crooked politicians and businesses. Yet, fiat currency has never been replaced nor posed as such a threat. Why? The government controls its manufacturing.
And it seems the People’s Bank of China (PBOC) and the reigning government want to install their own digital currency. If virtual-money was so bad, knowing that any computer can be manipulated, why would they create a Digital Yuan?
If the second truth is exposed, the FUD will help eliminate competition. If it’s not the Digital Yuan (DY), which will be run by the government on a PBOC centralized exchange, China hopes to discourage people from trusting it.
Nonetheless, through all the propaganda spread by news outlets clamoring for another story centered around government publication, one thing is not stated clearly. China has no laws banning cryptocurrency. It’s not at all covered by Chinese law. People have the right to use cryptos and cross-chain exchanges like UniSwap, and in 2022 comes the “SafeTitan Swap.”
However, the People’s Bank of China has said you cannot convert fiat currency to, nor from cryptos using their platforms. The centralized banking system will not help people decentralize banking.
Banks Thirst Over Billions in Profits Lost to Crypto
The reason for the decision to stop helping is simple. Billions of dollars are fading from the banking industry’s yearly revenue reports that were gained from antiquated services’ fees.
Money transfers, bank wires, swift deposits, and even NSF fees are no longer profitable tools.
Bankers have always been tied to politics, so the ultimate “tag team” or allies in this war against cryptos is using their number one tactic. Something seen in any war of two major nations with massive reach. Elites have begun spreading FUD propaganda.
Is any of it true? Sure. However, if comparing most facts to how Fiat money is used and the risks associated with a government-regulated currency, not many differences are visible. It’s simply a topic of who controls the money, the people or the governments.
Allies of Cryptocurrency and DeFi
However, in this struggle of Decentralized Finance (DeFi), Binance has more allies than just its vaillant BEP20 Warrior Token, $STTN. Though the coming “SafeTitan Swap ” cross-chain exchange can help cryptocurrency investors far east tremendously next year, it’s the tech world superpowers of today that will keep the needle moving forward in 2021.
Ethereum, Bitcoin, Cardano, Solana, Mina, DOGE, Elon Musk, Mark Cuban, Paypal, Jeff Bezos and Amon are amongst a few of the crypto-future allies. They are using their platforms to spread positive messages about the usage of cryptocurrency. Above that, they are using their multi-billion dollar companies to spread token culture.
Twitter Adds Bitcoin & Ethereum Payments
Just this past week, it was discovered that the Twitter Tip Jar feature will soon adopt Bitcoin and Ethereum, possibly more. Photos were leaked which revealed the upcoming update. The leaker, developer Alessandro Paluzzi, also made it clear that to accept payments with this feature users will need a strike account.
The push by Twitter to further grow token culture comes as no surprise. CEO Jack Dorsey has been a long-time ally of cryptocurrency and says BTC is a “big part” of the social media microblog’s future.
The Twitter Tip Jar feature, a pop-up tool with various payment options, will include a new selection to ‘copy bitcoin address’ or ‘copy ethereum address.’ Once copied, one can simply paste the address into their cryptowallet’s send payment form, where necessary.
Elon’s Nod For DOGE’s Nodes
And of course, there’s no crypto hype without Elon Musk. He’s been a fierce ally of the cryptocurrency market, though many hate his ability to increase volatility.
In an August 29th tweet by the Doge Whisperer (@TDogeWhisperer), a reply comment from Musk can be seen reminding the world he’s still a cryptocoin ally. Elon replied “Important” to a major statement indicating DOGE has an update for computer nodes which handle transactions.
With the new DogeCoin 1.14.4 nodes, security will be enhanced and fees lowered for DOGE transactions.
El Salvador and the Ukraine
While China is pushing back against the cryptocurrency, Ukraine in Europe and El Salvador in South America have officially legalized Bitcoin.
Ukraine legalized cryptocurrency and drafted a bill to regulate the industry earlier this month. The fine print for taxes and regulation was put on the desk of the President of Europe’s 2nd biggest nation. It affects over 44-million people, who could potentially begin using Bitcoin, Ethereum, BNB, and other tokens in 2021.
President Volodymyr Zelensky says Ukraine is very well prepared for the coming cryptocurrency age. He also promotes there’s opportunity for investors who come to the country to lend resources to projects involving innovative virtual assets..
On the other side of the globe, the South American country El Salvador has also legalized Bitcoin. And not just that, the country’s President Nayib Bukele has made it a requirement that all businesses learn to use technology to accept cryptocurrency.
All transfers will be handled by the government’s digital wallet app, Chivo. On September 7th the changes began taking place and as expected, there were errors with the new digital wallet. But with a dedicated effort, all problems were resolved promptly.
Now things are rolling quite uphill for El Salvador with Bitcoin. President Bukele has been sharing videos of El Salvadorans using their Chivo wallet at major community destinations like Starbuck and McDonalds.
The President expects people of his country of under 7-Million people to save an outstanding $400-million-dollars annually on international money remittance fees.
Not only this, Bukele is so sure about this, helping propel his country forward, he’s giving every citizen that signs up for the Chivo wallet $30 in Bitcoin.
The Future of Cryptocurrency
In the end, the final straw of the war on decentralized currency and finance will break with education. This is what’s expected by non-influenced analysts.
If El Salvador will save $400-million yearly from money remittance fees, by using cryptos for it’s population of 7-million, imagine what’s at stake for other banking systems globally. These “power vampires” are not concerned with helping the public at all. Many believe that the propaganda or “FUD” being spread is simply an effort to control the nearly $1.5-trillion-dollars banks earn every year from money transfers, consumer bank error fees, and more.
JPMorgan and others are suggesting a market crash here soon, but why is this news? Every market falls and rises later. None have risen to the heights of cryptocoins.
And lastly, if it is so bad, why are all the companies spreading FUD, so heavily invested? No one buys what they cannot benefit from at a Wall Street office. Binance is an ally of the people and as long as the people are the most invested, it shall overcome the tricks of Wall Street Whales and propaganda.
Cryptocurrency will continue to thrive. With the modern infrastructure of cross-chain exchanges like SafeTitan Swap and crypto credit cards from Visa & Mastercard, the flow of digital currency to fiat won’t stop.
With the cryptocoins being accepted by billion-dollar brands like Tesla and Twitter, along with economies of entire countries like the UK and El Salvador, it’s set in stone. Cryptocurrencies and digital money are here to stay.