As the year comes to an end, 2023 has indeed been a transformative year for Binance on several fronts and we couldn't have done it without you! We want to see what your #2023WithBinance looked like in exchange for some exclusive swags ✨ How to Participate: 1. Quote this post and share which trends you participated in with #2023WithBinance as a post on Binance Square. 2. Share it on your social media. We’ll pick 15 users who completes the steps above to receive an exclusive Binance year-end swag set. Activity Period: 2023-12-23 00:00 to 2023-12-31 23:59 (UTC) Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating or suspending this campaign, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all participants shall be bound by these amendments. Terms and Conditions: 1. This activity may not be available in your region. Only KYC-verified Binance users will be eligible to participate and qualify for rewards in this activity. 2. Winners will be notified via a push notification under Creator Center > Square Assistant 21 working days after the campaign ends.
Shenzhen Digital RMB Industrial Park launches operations
Guests attend the launch ceremony for the official operations of the Shenzhen Digital RMB Industrial Park in Shenzhen, south China's Guangdong Province, Oct. 11, 2023. (Xinhua)SHENZHEN, Oct. 12 (Xinhua) -- The Shenzhen Digital RMB Industrial Park officially launched operations on Wednesday, according to a press briefing held in the southern Chinese metropolis of Shenzhen.The industrial park is meant to fully leverage the driving and demonstrative roles of leading enterprises through government guidance and market orientation, with the aim of building a digital RMB industry cluster, supporting the growth of relevant companies and creating a comprehensive digital RMB ecosystem.The initial batch of nine intended companies to enter the park completed the signing ceremony at the same day, including Hengbao Co., Ltd. and Wuhan Tianyu Information Industry Co., Ltd.The industrial park is a part of Shenzhen's efforts to build its pilot district of Luohu into a demonstration zone of digital RMB application.
MasterCard announces the success of its experiments on a centralized encapsulated digital currency (CBDC) The experiment has shown that CBDCs can be packaged to purchase non-fungible tokens on blockchain networks, such as the Ethereum network. Mastercard has successfully completed a trial involving encapsulation of various central bank issued digital currencies (CBDCs), similar to encapsulated Bitcoin (wBTC) and encapsulated Ethereum (wETH).
According to the October 12 announcement, the trial was conducted with the help of the Reserve Bank of Australia (RBA) and the country's Cooperative Research Center for Digital Finance, along with Cuscal and Mintable.
Mastercard said the new solution allowed the owner of the centralized digital currency to purchase a non-fungible token (NFT) listed on the Ethereum network. As the payment processor wrote: “During the transaction, the required amount of CTC was held on the RBA’s CTC platform, and an equivalent amount of CTC was minted on the Ethereum network.”
The G20 adopts an IMF/Financial Stability Board synthesis paper on cryptocurrency regulation The G20 accepted the regulatory roadmap proposed in a joint synthesis paper of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) in September.
On October 13, the Group of Twenty (G20), an international forum of governments and central banks in countries with developed and developing economies, unanimously adopted the Statement of G20 Finance Ministers and Central Bank Governors during its meeting in Marrakesh, Morocco.
Regarding cryptocurrencies, the G20 accepted the regulatory roadmap proposed in a joint IMF-Financial Stability Board synthesis paper in September. As stated in the G20 statement:
“We call for rapid and coordinated implementation of the G20 roadmap, including implementation of policy frameworks; outreach beyond the G20 mandate; global coordination, cooperation and information sharing; and addressing data gaps.” #Transported #coinmarket_cap
_ Some concepts and terminology in the world of digital currencies
&part One
1-Proof of Reserve (PoR) Proof of Reserve (PoR) | Definition: Proof of Reserve (PoR) is a verification mechanism that proves that an exchange holds funds covering users' assets.
2-Zero knowledge proofs They are proofs that aim to verify the integrity of transactions without revealing any information about these transactions, thus preserving the privacy of the transaction and ensuring its legitimacy.
3-Diamond hands Diamond hands indicate the position of holding a financial asset and not selling it regardless of its fluctuations. 4-Detention Refers to holding assets on behalf of a client. It can also indicate ownership of money or assets to someone.
5-Retail Hashing is a method of dividing blockchains (or other types of databases) into smaller, sharded blockchains that manage specific data segments.
6-Mining The process of verifying transactions on the blockchain, during which transactions are added as entries into a financial ledger distributed on the blockchain.
7- Halving When the block reward for a digital asset, such as Bitcoin, drops to half of what it was before; This is used to create a decreasing rate of issuance to reach a final limited inventory of the digital asset.
A stablecoin is a digital asset linked to another asset such as a local currency or precious metals. Stablecoins are designed to maintain a relatively stable price so users can avoid the volatility risks common in cryptocurrency markets. There are three types of stablecoins: backed by the approved local currency, backed by cryptocurrencies and algorithmic. Due to their practical use and large market capitalization, regulators have begun to take a closer look at stablecoins. #Binance#Academy 🌐 Reference and continuation of the article at the link: https://academy.binance.com/ar/articles/what-is-a-stablecoin