ZB Academy:Tether issued an additional 500 million USDT on the Ethereum chain

Tokenview block explorer data shows: At 22:00 on March 20, 2021, Beijing time, Tether issued an additional 500 million USDT on the Ethereum chain. Transaction hash: 0x21d6637f7fc3508a07a060849503a1743a21d36994469fc437b95b485a81fb05. The evaluation of Tether’s 500 million USDT issuance is polarized. One type believes that the behavior is to profit from the already unstable market, and the other type believes that the behavior is to prepare for a wide range of market moves.

At present, the total market value of global cryptocurrencies is 1.6 trillion U.S. dollars, of which the total market value of Bitcoin is 1.04 trillion U.S. dollars, accounting for 65%. The lowest price of Bitcoin for 24 hours is 55,971 US dollars and the highest price is 59,822 US dollars. The total transaction volume in the last 24 hours is 12.23 billion US dollars. The transaction volume has rebounded, but the overall currency price is still in an extremely unstable floating period compared to last week.

On the 20th, the Central Bank of Nigeria (CBN) stated at the 30th Symposium of Financial Journalists and Business Editors that the bank has not banned cryptocurrency trading activities in Nigeria.

The Central Bank of Nigeria stated: “CBN does not impose restrictions on the use of cryptocurrencies, and we have not prevented people from using cryptocurrencies for transactions. What we have done is to prohibit cryptocurrency transactions in the banking industry.”According to a letter issued by CBN on February 5, the agency has ordered the country’s banks and financial institutions to close the bank accounts of individuals or entities related to cryptocurrencies. In the interpretation of this letter, CBN stated that this letter is only a reminder of the safety of funds to users. Cryptocurrency is not legal tender in Nigeria. Therefore, CBN prohibits Nigerian banks from holding, circulating, and trading cryptocurrency. In addition, the Central Bank of Nigeria also stated that it will make every effort to prohibit Nigerians from using cryptocurrency to protect the financial system from shocks.

Recently, Xiao Gang, the former chairman of the China Securities Regulatory Commission, said when talking about the impact of digital currency on the financial ecology in the program: digital currency will not have a subversive impact on currency issuance. He said: “At present, digital currency has begun to pilot. According to the situation announced by the People’s Bank of China, digital currency is a kind of electronic cash issued by the central bank, which mainly replaces cash (M0).”

Xiao Gang believes that the digital currency renminbi is a legal tender issued by sovereigns and will not replace the status of electronic payments and cash in society, but it will have a certain impact on the account system.

On March 19, Grayscale Trust did not increase its holdings in any currency, with GBTC premium rate -0.04%, ETHE premium rate -0.06%, ETCG premium rate 0.31%, BCHG premium rate 4.36%, and LTCN premium rate 14.35%. Grayscale is considered to be a helpless move that cannot be accurately predicted for the currency market. As of the time of publication, the overall global cryptocurrency market is still in a state of extreme volatility.

On March 20, at the “China Development High-level Forum 2021” hosted by the Development Research Center of the State Council, Zhu Min, Dean of the National Institute of Finance of Tsinghua University, paper money will still exist in the next 10 years and will not disappear completely, but it may decrease by 40%. In the future, digital currencies may spread all over the world.

About ZB Group

ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.

ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank.

Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.

Learn more about ZB Group by visiting www.zb.com

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