Advances in Artificial Intelligence are increasing demand for authentic human interaction. As per a new report, Silicon Valley's AI millionaires are soliciting services of escorts who can talk about artificial intelligence, technology and cryptocurrency. According to this report, escorts are charging them up to $23,000 per day. 


Silicon Valley's AI Millionaires Paying Escorts Up to $23,000 Per Day: Report

The earnings concentration on Wall Street has reached historic extremes this year, with only a handful of companies now accounting for a large proportion of earnings in the S&P 500 and important sectors.
In the next news in numbers report, we decode how the market has never been more concentrated.
Take a look.

Earnings Concentration at Historic Extremes

Over the years, digital assets have displayed extreme volatility. However, the current whiplash in cryptos is driven more by bets on the changing economic landscape than by the asset class itself. We decode that and more in this next report. Take a look.

Crypto Becomes a Mirror for Global Policy Uncertainty

Wall street's risk machine didn’t break this week. Friday’s rebound spared it. But it flinched. And in doing so, it revealed how fragile the current market cycle has become. The shift was subtle, then sudden. For weeks, the riskiest trades in finance - AI stocks — had been slipping. On Thursday, that slow-motion retreat snapped.

 Investors View Crypto as a Speculative Holding to Shed

Cryptocurrency markets face renewed pressure as altcoins drop around 6%, while Bitcoin struggles to regain momentum following a decisive breakdown, signaling a deepening crypto selloff.


Bitcoin struggles to find momentum after decisive breakdown 

The US government on Thursday began distributing gross domestic product data on public blockchains, marking the latest Trump administration endorsement of the crypto industry.



Trump Crypto Push: US Adopts Blockchain for GDP Data Release | WION

Amid the escalating tensions between Israel and the Islamic Republic, a pro-Israel hacking group by the name Predatory Sparrow (Gonjeshke Darande in Persian) has allegedly taken the responsibility of a cyberattack on Iran’s largest cryptocurrency exchange, leading to the destruction of approximately $90 million worth of digital assets. Several multiple crypto tracking firms believe that this group lost all of the proceeds from the heist after reportedly 'burning' them in process. The attack reportedly occurred on Wednesday, 18 June 2025 on the Nobitex exchange. According to blockchain forensics firms Elliptic and TRM Labs, the hackers had transferred the funds into blockchain wallets for which they did not possess cryptographic keys, rendering the assets inaccessible.&nbsp;&nbsp;<h2>Crypto ‘burning’</h2>&nbsp;This method, which is also known as crypto 'burning', was deliberately carried out to deliver a political message to the Iranian government rather than gain financial profit. The funds are now inaccessible after they were stored in “vanity addresses” for which they do not have the cryptographic keys, The Guardian reported.&nbsp;Assets or Cryptocurrencies including Bitcoin, Ethereum, and Dogecoin were reportedly taken out from wallets linked to Nobitex and sent to burn addresses. Some of these addresses included phrases or words targeting Iran's Islamic Revolutionary Guard Corps (IRGC), such as “Fu*kIRGCTerroristsNoBiTEX.” The Ethereum tokens were sent to the well-known "0x...dead" burn address, which is a recognised method for permanently removing crypto from circulation.&nbsp;<h2>Source code leaked?</h2>&nbsp;Later, in a social media post on X, Predatory Sparrow confirmed that it had targeted Nobitex and later released its source code. Nobitex, which alleges to serve over seven million users, has previously faced scrutiny for being associated with IRGC-affiliated figures. The exchange went offline following the breach. It later confessed via social media post that it had experienced 'unauthorised access' and had deactivated its website and app to investigate what happened.&nbsp;

<blockquote class="twitter-tweet">Time&#39;s up - full source code linked below. ASSETS LEFT IN NOBITEX ARE NOW ENTIRELY OUT IN THE OPEN. بازمانده دارایی های شما در نوبیتکس هم اکنون در معرض دید و خطر هستند But before that, lets meet Nobitex from the inside: Exchange Deployment (1/8) <a href="https://t.co/jiMfBpNXwd">pic.twitter.com/jiMfBpNXwd</a>&mdash; Gonjeshke Darande (@GonjeshkeDarand) <a href="https://twitter.com/GonjeshkeDarand/status/1935593397156270534?ref_src=twsrc%5Etfw">June 19, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;This attack just comes a day after this Predatory Sparrow claimed it's responsibility for destroying the data at Bank Sepah, which is the state-owned bank of &nbsp;Iran. The group’s actions closely follows recent Israeli airstrikes on Tehran’s nuclear facilities and are seen as part of a broader digital and geopolitical confrontation between Israel and Iran.Predatory Sparrow is assumed of having ties with the Israeli intelligence, and has previously targeted Iranian infrastructure. The group's name is viewed as a counterpoint to "Charming Kitten," an Iranian cyber-espionage unit.&nbsp;The major concern is that recovery of the stolen crypto is impossible, as Blockchain analysis confirms that none of the stolen funds were moved to crypto exchanges or mixer. Analysts suggest that the symbolic destruction of the funds was aimed at damaging Iran’s capacity to use cryptocurrency to evade international sanctions.

According to blockchain forensics firms Elliptic and TRM Labs, the hackers had transferred the funds into blockchain wallets for which they did not possess cryptographic keys, rendering the assets inaccessible. 

Amid the escalating tensions between Israel and the Islamic Republic, a pro-Israel hacking group by the name Predatory Sparrow (Gonjeshke Darande in Persian) has allegedly taken the responsibility of a cyberattack on Iran’s largest cryptocurrency exchange, leading to the destruction of approximately $90 million worth of digital assets. Several multiple crypto tracking firms believe that this group lost all of the proceeds from the heist after reportedly 'burning' them in process. The attack reportedly occurred on Wednesday, 18 June 2025 on the Nobitex exchange. According to blockchain forensics firms Elliptic and TRM Labs, the hackers had transferred the funds into blockchain wallets for which they did not possess cryptographic keys, rendering the assets inaccessible. Crypto ‘burning’ This method, which is also known as crypto 'burning', was deliberately carried out to deliver a political message to the Iranian government rather than gain financial profit. The funds are now inaccessible after they were stored in “vanity addresses” for which they do not have the cryptographic keys, The Guardian reported. Assets or Cryptocurrencies including Bitcoin, Ethereum, and Dogecoin were reportedly taken out from wallets linked to Nobitex and sent to burn addresses. Some of these addresses included phrases or words targeting Iran's Islamic Revolutionary Guard Corps (IRGC), such as “Fu*kIRGCTerroristsNoBiTEX.” The Ethereum tokens were sent to the well-known "0x...dead" burn address, which is a recognised method for permanently removing crypto from circulation. Source code leaked? Later, in a social media post on X, Predatory Sparrow confirmed that it had targeted Nobitex and later released its source code. Nobitex, which alleges to serve over seven million users, has previously faced scrutiny for being associated with IRGC-affiliated figures. The exchange went offline following the breach. It later confessed via social media post that it had experienced 'unauthorised access' and had deactivated its website and app to investigate what happened.

According to blockchain forensics firms Elliptic and TRM Labs, the hackers had transferred the funds into blockchain wallets for which they did not possess cryptographic keys, rendering the assets inaccessible.&nbsp;

‘Jacked, burned, and roasted’: How pro-Israel hackers stole $90 million from Iran and leaked source code?

Donald Trump&rsquo;s official social media accounts on Saturday announced details of a new digital asset, called the $TRUMP meme coin. Initially dismissed as a possible hack due to the lack of accompanying statements, the posts quickly gained traction as linked websites traced back to Trump&rsquo;s known businesses. The $TRUMP token has been launched on the Solana blockchain. It&rsquo;s value has since soared and reached $36 per token, achieving a market capitalisation of $7.18 billion as of January 19 (11:25 ask IST), according to CoinMarketCap. The meme coin has gained over 1000 per cent in less than 24 hours. Eric Trump confirmed the development on January 18, posting on X (formerly Twitter), &ldquo;$TRUMP is currently the hottest digital meme on earth... We are just getting started!&rdquo; Trump and his sons, Eric and Donald Jr., had launched World Liberty Financial, a digital asset platform focused on decentralised finance (DeFi), in September 2024.&nbsp; DeFi involves peer-to-peer trading, lending, and borrowing of digital assets using automated software. According to an AFP report, the $7 billion increase in Trump&rsquo;s net worth from the token is expected to grow even further. The projected market of the $TRUMP coin could reach upto $24 billion by 2028. The projections have been made after including all coins that are yet to be issued. Only 200 million tokens of the $TRUMP coin were released in the first batch. However, 800 million more coins will be released in the next three years. The official $TRUMP website states that the token is not an investment opportunity or security. However, Trump supporters and crypto enthusiasts are currently using it for speculative trading, especially in the futures market.
While preparing for his second term, Trump has faced scrutiny for retaining stakes in various businesses, including Trump Media &amp; Technology Group, real estate ventures, and cryptocurrency operations. Despite its rapid popularity, watchdogs and officials have criticised the move, citing potential conflicts of interest for the president-elect. Danielle Brian, executive director of the Project on Government Oversight, said that meme coins pose significant risks to investors while offering substantial profits to founders. She described the $TRUMP coin as a new avenue for profiting from Trump&rsquo;s political influence. Despite these criticisms, the $TRUMP token has drawn significant interest in less than 24 hours.

Business & Economy | World: The Trump token has been launched on the Solana blockchain. It’s value has since soared and reached $36 per token, achieving a market cap of $7.18 billion as of January 19. 
 

Donald Trump’s official social media accounts on Saturday announced details of a new digital asset, called the $TRUMP meme coin. Initially dismissed as a possible hack due to the lack of accompanying statements, the posts quickly gained traction as linked websites traced back to Trump’s known businesses. The $TRUMP token has been launched on the Solana blockchain. It’s value has since soared and reached $36 per token, achieving a market capitalisation of $7.18 billion as of January 19 (11:25 ask IST), according to CoinMarketCap. The meme coin has gained over 1000 per cent in less than 24 hours. Eric Trump confirmed the development on January 18, posting on X (formerly Twitter), “$TRUMP is currently the hottest digital meme on earth... We are just getting started!” Trump and his sons, Eric and Donald Jr., had launched World Liberty Financial, a digital asset platform focused on decentralised finance (DeFi), in September 2024. DeFi involves peer-to-peer trading, lending, and borrowing of digital assets using automated software. According to an AFP report, the $7 billion increase in Trump’s net worth from the token is expected to grow even further. The projected market of the $TRUMP coin could reach upto $24 billion by 2028. The projections have been made after including all coins that are yet to be issued. Only 200 million tokens of the $TRUMP coin were released in the first batch. However, 800 million more coins will be released in the next three years. The official $TRUMP website states that the token is not an investment opportunity or security. However, Trump supporters and crypto enthusiasts are currently using it for speculative trading, especially in the futures market. While preparing for his second term, Trump has faced scrutiny for retaining stakes in various businesses, including Trump Media & Technology Group, real estate ventures, and cryptocurrency operations. Despite its rapid popularity, watchdogs and officials have criticised the move, citing potential conflicts of interest for the president-elect. Danielle Brian, executive director of the Project on Government Oversight, said that meme coins pose significant risks to investors while offering substantial profits to founders. She described the $TRUMP coin as a new avenue for profiting from Trump’s political influence. Despite these criticisms, the $TRUMP token has drawn significant interest in less than 24 hours.

Donald Trump's meme coin could add $24 billion to his net worth: Report

Kim Kardashian is facing flak for promoting Ethereum Max, a speculative digital token that experts feel is purely “speculative crypto tokens”.

UK's Financial Conduct Authority (FCA) Chairman, Charles Randell said that <a data-ctorig="https://www.wionews.com/topics/kim-kardashian" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/topics/kim-kardashian&amp;sa=U&amp;ved=2ahUKEwjtsbHDtOzyAhWa93MBHf0KCKQQFjAAegQIBRAB&amp;usg=AOvVaw0P_7iyo2bGthp-cG94Yq9d" dir="ltr" href="https://www.wionews.com/topics/kim-kardashian" target="_blank">Kim Kardashian</a> "asked her 250 million followers to speculate on crypto tokens" by promoting an advert for Ethereum Max.

He called it "a speculative digital token created a month before by unknown developers". He voiced these concerns during the Cambridge International Symposium on Economic Crime.

Randell added, "I can't say whether this particular token [Ethereum Max] is a scam but social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation. Some influencers promote coins that turn out simply not to exist at all.”

Randell said about 2.3 million Britons currently hold cryptocurrency and he said 14 per cent of them also use credit to purchase them - "thereby increasing the exposure to loss". "If you buy them, you should be prepared to lose all your money," he said.

Wonder what influencer and reality TV star&nbsp;Kim Kardashian has to say about this. Not an&nbsp;informed choice, much?

Kim Kardashian is facing flak for promoting Ethereum Max, a speculative digital token that experts feel is purely “speculative crypto tokens”. UK's Financial Conduct Authority (FCA) Chairman, Charles Randell said that Kim Kardashian "asked her 250 million followers to speculate on crypto tokens" by promoting an advert for Ethereum Max.

Kim Kardashian is facing flak for promoting Ethereum Max, a speculative digital token that experts feel is purely “speculative crypto tokens”. UK's Financial Conduct Authority (FCA) Chairman, Charles Randell said that Kim Kardashian "asked her 250 million followers to speculate on crypto tokens" by promoting an advert for Ethereum Max. He called it "a speculative digital token created a month before by unknown developers". He voiced these concerns during the Cambridge International Symposium on Economic Crime. Randell added, "I can't say whether this particular token [Ethereum Max] is a scam but social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation. Some influencers promote coins that turn out simply not to exist at all.” Randell said about 2.3 million Britons currently hold cryptocurrency and he said 14 per cent of them also use credit to purchase them - "thereby increasing the exposure to loss". "If you buy them, you should be prepared to lose all your money," he said. Wonder what influencer and reality TV star Kim Kardashian has to say about this. Not an informed choice, much?

Kim Kardashian faces flak for promoting untested crypto currency

Peter Thiel, a Conservative political donor and a venture capitalist, has urged the Joe Biden government to tighten regulations on crypto currencies, warning them against a possible attack from China.

A pro-Bitcoin maximalist himself, Thiel believes the cryptocurrency has the potential to undermine the US.

The warning from Thiel came at a virtual event held for members of the Richard Nixon Foundation.

“I do wonder whether at this point, Bitcoin should also be thought [of] in part as a Chinese financial weapon against the US," Thiel said.

“It threatens fiat money, but it especially threatens the U.S. dollar,” he added. “[If] China’s long Bitcoin, perhaps from a geopolitical perspective, the U.S. should be asking some tougher questions about exactly how that works.”

Interestingly, former US secretary Mike Pompeo and former National Security Advisor Robert O’Brien were also present at the event. The conversation was largely focused on the sour relationships between the US and China.

The conversation was moderated by Hugh Hewitt, a talk show radio host and chief executive of Nixon Foundation.

Thiel also accused the tech giant Google of working against the American spirit and asked employees in the company’s artificial intelligence (AI) department whether or not their technologies were being used by China to suppress minority communities in Xinjiang region’s Uighur camps.

“Well, we don’t really know—and don’t ask any questions,” Thiel said. “You have this almost magical thinking that by pretending that everything is fine, that’s how you engage and have a conversation.”

It is not simply Google, Thiel also attacked Apple Inc, describing it as a problem for the US interests. “Apple is probably the one [tech company] that’s structurally a real problem,” he said. “Apple is the one that has real synergies with China.”

Peter Thiel, a Conservative political donor and a venture capitalist, has urged the Joe Biden government to tighten regulations on crypto currencies, warning them against a possible attack from China.

Peter Thiel, a Conservative political donor and a venture capitalist, has urged the Joe Biden government to tighten regulations on crypto currencies, warning them against a possible attack from China. A pro-Bitcoin maximalist himself, Thiel believes the cryptocurrency has the potential to undermine the US. The warning from Thiel came at a virtual event held for members of the Richard Nixon Foundation. “I do wonder whether at this point, Bitcoin should also be thought [of] in part as a Chinese financial weapon against the US," Thiel said. “It threatens fiat money, but it especially threatens the U.S. dollar,” he added. “[If] China’s long Bitcoin, perhaps from a geopolitical perspective, the U.S. should be asking some tougher questions about exactly how that works.” Interestingly, former US secretary Mike Pompeo and former National Security Advisor Robert O’Brien were also present at the event. The conversation was largely focused on the sour relationships between the US and China. The conversation was moderated by Hugh Hewitt, a talk show radio host and chief executive of Nixon Foundation. Thiel also accused the tech giant Google of working against the American spirit and asked employees in the company’s artificial intelligence (AI) department whether or not their technologies were being used by China to suppress minority communities in Xinjiang region’s Uighur camps. “Well, we don’t really know—and don’t ask any questions,” Thiel said. “You have this almost magical thinking that by pretending that everything is fine, that’s how you engage and have a conversation.” It is not simply Google, Thiel also attacked Apple Inc, describing it as a problem for the US interests. “Apple is probably the one [tech company] that’s structurally a real problem,” he said. “Apple is the one that has real synergies with China.”

Bitcoin can be 'Chinese financial weapon' against US, warns cryptocurrency investor Peter Thiel

Bitcoin has new become the most sought after currency after its valuation skyrocketed in the recent weeks. Now, another cryptocurrency-related incident has come to light. A man from Britain accidentally threw out a hard drive which had Bitcoins, only realising after it was lost.

In exchange for help from local authorities, he has offered to pay over $70 million, if a permit for the excavation of the landfill site is provided.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/bitcoin-slides-more-than-5-after-topping-40000-for-first-time-355293/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

James Howells, an IT worker, threw out the hard drive carrying 7,500 bitcoins by mistake. He had accumulated the currency between June and August in 2013, when it was of little value.

But as its value shot up, he frantically searched for it… only to realise he had discarded the hard disc with the currency. Howells has approached the Newport City Council in Wales, hoping to receive permission to dig up a part of the landfill, where he believes the hard drive ended up.

Also read:&nbsp;<a href="http://13.235.153.162/world/sellers-on-dark-web-promise-vaccines-after-charging-1000-in-bitcoin-nothing-is-delivered-356443" hreflang="en">Sellers on dark web promise vaccines. After charging $1000 in bitcoin, nothing is delivered.</a>

To help out the council, in exchange, he has offered a quarter of the valuation. He claims that the amount could be distributed among local residents. In recent days, the price of bitcoin hit on all-time high, currently trading around $37,000.

Howells realised that the hard drive was missing when his currency was worth $9 million. Right now, he estimates that it is worth $273 million.

He told CNN that the city council has so far rejected the offer, and have also refused to have a face to face discussion on the matter with him.

Also read:&nbsp;<a href="http://13.235.153.162/world/man-to-lose-usd-240-million-worth-bitcoins-if-he-gets-password-wrong-356402" hreflang="en">Man to lose USD 240 million worth bitcoins if he gets password wrong</a>

After discovering the mistake, Howells went to the garbage dump to see where the hard drive might have ended up. He told CNN at the time: "As soon as I saw the site, I thought you've got no chance. The area covered is huge."

He also added that the value of the hard is over $273 million, and that he would be “happy” to share a portion of that amount with the people of Newport.

Bitcoin has new become the most sought after currency after its valuation skyrocketed in the recent weeks. Now, another cryptocurrency-related incident has come to light.

Bitcoin has new become the most sought after currency after its valuation skyrocketed in the recent weeks. Now, another cryptocurrency-related incident has come to light. A man from Britain accidentally threw out a hard drive which had Bitcoins, only realising after it was lost. In exchange for help from local authorities, he has offered to pay over $70 million, if a permit for the excavation of the landfill site is provided. James Howells, an IT worker, threw out the hard drive carrying 7,500 bitcoins by mistake. He had accumulated the currency between June and August in 2013, when it was of little value. But as its value shot up, he frantically searched for it… only to realise he had discarded the hard disc with the currency. Howells has approached the Newport City Council in Wales, hoping to receive permission to dig up a part of the landfill, where he believes the hard drive ended up. Also read: Sellers on dark web promise vaccines. After charging $1000 in bitcoin, nothing is delivered. To help out the council, in exchange, he has offered a quarter of the valuation. He claims that the amount could be distributed among local residents. In recent days, the price of bitcoin hit on all-time high, currently trading around $37,000. Howells realised that the hard drive was missing when his currency was worth $9 million. Right now, he estimates that it is worth $273 million. He told CNN that the city council has so far rejected the offer, and have also refused to have a face to face discussion on the matter with him. Also read: Man to lose USD 240 million worth bitcoins if he gets password wrong After discovering the mistake, Howells went to the garbage dump to see where the hard drive might have ended up. He told CNN at the time: "As soon as I saw the site, I thought you've got no chance. The area covered is huge." He also added that the value of the hard is over $273 million, and that he would be “happy” to share a portion of that amount with the people of Newport.

British man accidentally threw out bitcoins worth $273 million. Here's how he plans to retrieve it

The Supreme Court on Wednesday struck down the Reserve Bank of India (RBI) 2018 circular that barred banks from giving access to companies in trading in cryptocurrencies.

Also read: <a href="https://www.wionews.com/india-news/supreme-court-reserves-order-on-plea-challenging-rbis-ban-on-cryptocurrency-277161">Supreme Court reserves order on plea challenging RBI's ban on cryptocurrency</a>

A three-judge Bench of Justices Rohinton Fali Nariman, S Ravindra Bhat, and V Ramasubramanian allowed the plea of the Internet and Mobile Association of India (IAMAI) challenging RBI's 2018 circular that directed regulated entities to not deal with cryptocurrencies.

The IAMAI, whose members include cryptocurrency exchanges, and others had approached the top court objecting to a 2018 RBI circular directing regulated entities to not deal with cryptocurrencies.

Also read: <a href="https://www.wionews.com/world/g7-worried-over-facebooks-libra-cryptocurrency-french-official-236753">G7 worried over Facebook's Libra cryptocurrency: French official</a>

The petitioners had argued that the RBI's circular taking cryptocurrencies out of the banking channels would deplete the ability of law enforcement agencies to regulate illegal activities in the industry.

IAMAI had claimed the move of RBI had effectively banned legitimate business activity via the virtual currencies (VCs).

The RBI on April 6, 2018, had issued the circular that barred RBI-regulated entities from "providing any service in relation to virtual currencies, including those of transfer or receipt of money in accounts relating to the purchase or sale of virtual currencies".

&nbsp;

The Supreme Court on Wednesday struck down the Reserve Bank of India (RBI) 2018 circular that barred banks from giving access to companies in trading in cryptocurrencies.

The Supreme Court on Wednesday struck down the Reserve Bank of India (RBI) 2018 circular that barred banks from giving access to companies in trading in cryptocurrencies. Also read: Supreme Court reserves order on plea challenging RBI's ban on cryptocurrency A three-judge Bench of Justices Rohinton Fali Nariman, S Ravindra Bhat, and V Ramasubramanian allowed the plea of the Internet and Mobile Association of India (IAMAI) challenging RBI's 2018 circular that directed regulated entities to not deal with cryptocurrencies. The IAMAI, whose members include cryptocurrency exchanges, and others had approached the top court objecting to a 2018 RBI circular directing regulated entities to not deal with cryptocurrencies. Also read: G7 worried over Facebook's Libra cryptocurrency: French official The petitioners had argued that the RBI's circular taking cryptocurrencies out of the banking channels would deplete the ability of law enforcement agencies to regulate illegal activities in the industry. IAMAI had claimed the move of RBI had effectively banned legitimate business activity via the virtual currencies (VCs). The RBI on April 6, 2018, had issued the circular that barred RBI-regulated entities from "providing any service in relation to virtual currencies, including those of transfer or receipt of money in accounts relating to the purchase or sale of virtual currencies".

Supreme Court allows trade in cryptocurrencies, quashes RBI curb

Trial runs for the Chinese <a href="https://www.wionews.com/world/paypal-abandons-facebook-backed-libra-cryptocurrency-group-253843">digital currently</a> are underway in two cities, Shenzhen and Suzhou.

Once the trial period ends, the currency will be available through banks and consumers shall have access to it.&nbsp;

What made China go digital?

China recently banned BitCoins, a global cryptocurrency. The trade within the dictates of digital currency is anonymous and untraceable, effectively out of the State's control. China intends to prevent this by curating a digital currency of its own.&nbsp;

Digital currencies will reduce cost, boost productivity, and be more reliable.

For the Chinese government, the biggest advantage is the ability to track it. The authorities will know who's evading tax and whether any laundering is taking place.

The hidden dangers

Many critics of <a href="https://www.wionews.com/world/g7-worried-over-facebooks-libra-cryptocurrency-french-official-236753">cryptocurrency</a> believe that individual privacy and financial autonomy will be compromised and might open more appendages of control for China, which has a poor record on this front.

However, the digital currency module could also make China a global leader in economic trade, further accentuating its position in the global hierarchy.

In 2014, China overtook the United States as the biggest global goods trader.

To top it all off, China is the leading exporter in the world and has remained in that spot for the last ten years. Even then, international trade is dictated by Americans, for all transactions are recorded in USD.

China's digital currency will rid the Chinese trade ecosystem of the Dollar monopoly.

There is a huge market for digital currency. For instance, the Chinese currency share in terms of foreign trade was one per cent in 2010. In the four years that followed, it jumped by 28 per cent.

In 2016, the International Monetary Fund included the Chinese Renminbi or RMB as an international reserve.

Last year, Germany dismissed <a href="https://www.wionews.com/world/facebook-should-not-be-trusted-with-crazy-cryptocurrency-plan-us-senators-236538">digital currency</a> as "too risky" an idea.

Trial runs for the Chinese digital currently are underway in two cities, Shenzhen and Suzhou. Once the trial period ends, the currency will be available through banks and consumers shall have access to it.

Trial runs for the Chinese digital currently are underway in two cities, Shenzhen and Suzhou. Once the trial period ends, the currency will be available through banks and consumers shall have access to it. What made China go digital? China recently banned BitCoins, a global cryptocurrency. The trade within the dictates of digital currency is anonymous and untraceable, effectively out of the State's control. China intends to prevent this by curating a digital currency of its own. Digital currencies will reduce cost, boost productivity, and be more reliable. For the Chinese government, the biggest advantage is the ability to track it. The authorities will know who's evading tax and whether any laundering is taking place. The hidden dangers Many critics of cryptocurrency believe that individual privacy and financial autonomy will be compromised and might open more appendages of control for China, which has a poor record on this front. However, the digital currency module could also make China a global leader in economic trade, further accentuating its position in the global hierarchy. In 2014, China overtook the United States as the biggest global goods trader. To top it all off, China is the leading exporter in the world and has remained in that spot for the last ten years. Even then, international trade is dictated by Americans, for all transactions are recorded in USD. China's digital currency will rid the Chinese trade ecosystem of the Dollar monopoly. There is a huge market for digital currency. For instance, the Chinese currency share in terms of foreign trade was one per cent in 2010. In the four years that followed, it jumped by 28 per cent. In 2016, the International Monetary Fund included the Chinese Renminbi or RMB as an international reserve. Last year, Germany dismissed digital currency as "too risky" an idea.

Trial run for Chinese cryptocurrency underway in two cities

A year after Hong Kong launched a pioneering scheme allowing fund managers to invest in cryptocurrency assets, barely any players have been approved, highlighting the difficulties the industry faces in its bid to become mainstream.

Market watchdogs globally are debating how and whether they should regulate the cryptocurrency industry and have mostly focussed on protecting investors from the scams based on digital assets.

The licences introduced by Hong Kong's Securities and Futures Commission (SFC) late last year were among the first of their kind globally and grant fund managers of so-called virtual assets and related intermediaries permission to sell products to investors.

However, a year later, industry players say very few fund managers have been approved to invest in crypto-currencies.

Reuters could only identify one: Hong Kong-based Diginex, which operates a cryptocurrency "fund of funds". Lawyers and consultants are unable to identify any other applications that have been approved, though dozens of smaller funds looked into applying hoping that approval would help attract investors.

The SFC does not publicly announce information about licence approvals and declined Reuters' request for comment.

"We believe it is vital to be regulated to build trust with our clients but also in the industry," said Richard Byworth, CEO of Diginex, which won approval in June.

Larger investors, who might otherwise have been able to clear the licensing hurdles, have tended to stay away.

"We have seen lot more interest from smaller funds or crypto-dedicated funds," said Henri Arslanian, Hong Kong-based global crypto leader at PwC.

Gaven Cheong, a partner at law firm Simmons &amp; Simmons, who advised on their application, said the regulator essentially expected licensees to set up as a full-blown traditional fund manager.

"Last year there was a lot of excitement but since then we haven't seen much activity," he said. "Not many new managers in this area have the background, experience or support to mount such an undertaking, and this has meant that many applications never even get started."

Several market participants said the rigours of the Hong Kong regime had, in fact, forced some funds to domicile in offshore jurisdictions to skirt SFC requirements for funds based in the city that sell to local investors directly.

Advisers say the industry's relative infancy is also a factor, with crypto funds still developing systems for custody, audit, cybersecurity and other operational necessities.

"My take is it is more an operational and infrastructure issue than the regulator being obstructive," said Rocky Mui, a partner at Clifford Chance in Hong Kong.

Last year's "crypto winter" also chilled applications. One bitcoin, worth nearly $20,000 in December 2017, fell to below $4,000 by December 2018. It traded around $9,400 on Tuesday.

"The volatility and poor returns in 2018 scared large institutions away from allocating to crypto funds, causing those who survived to shelve their licensing plans," said Jehan Chu, a partner at Kenetic Capital, which takes equity stakes in blockchain companies.

"As institutional investors step into the market, crypto funds will dust off their licensing applications and take a fully regulated approach," he said.

A year after Hong Kong launched a pioneering scheme allowing fund managers to invest in cryptocurrency assets, barely any players have been approved, highlighting the difficulties the industry faces in its bid to become mainstream.

A year after Hong Kong launched a pioneering scheme allowing fund managers to invest in cryptocurrency assets, barely any players have been approved, highlighting the difficulties the industry faces in its bid to become mainstream. Market watchdogs globally are debating how and whether they should regulate the cryptocurrency industry and have mostly focussed on protecting investors from the scams based on digital assets. The licences introduced by Hong Kong's Securities and Futures Commission (SFC) late last year were among the first of their kind globally and grant fund managers of so-called virtual assets and related intermediaries permission to sell products to investors. However, a year later, industry players say very few fund managers have been approved to invest in crypto-currencies. Reuters could only identify one: Hong Kong-based Diginex, which operates a cryptocurrency "fund of funds". Lawyers and consultants are unable to identify any other applications that have been approved, though dozens of smaller funds looked into applying hoping that approval would help attract investors. The SFC does not publicly announce information about licence approvals and declined Reuters' request for comment. "We believe it is vital to be regulated to build trust with our clients but also in the industry," said Richard Byworth, CEO of Diginex, which won approval in June. Larger investors, who might otherwise have been able to clear the licensing hurdles, have tended to stay away. "We have seen lot more interest from smaller funds or crypto-dedicated funds," said Henri Arslanian, Hong Kong-based global crypto leader at PwC. Gaven Cheong, a partner at law firm Simmons & Simmons, who advised on their application, said the regulator essentially expected licensees to set up as a full-blown traditional fund manager. "Last year there was a lot of excitement but since then we haven't seen much activity," he said. "Not many new managers in this area have the background, experience or support to mount such an undertaking, and this has meant that many applications never even get started." Several market participants said the rigours of the Hong Kong regime had, in fact, forced some funds to domicile in offshore jurisdictions to skirt SFC requirements for funds based in the city that sell to local investors directly. Advisers say the industry's relative infancy is also a factor, with crypto funds still developing systems for custody, audit, cybersecurity and other operational necessities. "My take is it is more an operational and infrastructure issue than the regulator being obstructive," said Rocky Mui, a partner at Clifford Chance in Hong Kong. Last year's "crypto winter" also chilled applications. One bitcoin, worth nearly $20,000 in December 2017, fell to below $4,000 by December 2018. It traded around $9,400 on Tuesday. "The volatility and poor returns in 2018 scared large institutions away from allocating to crypto funds, causing those who survived to shelve their licensing plans," said Jehan Chu, a partner at Kenetic Capital, which takes equity stakes in blockchain companies. "As institutional investors step into the market, crypto funds will dust off their licensing applications and take a fully regulated approach," he said.

Hong Kong's new crypto funds struggle to clear licensing hurdles

Bitcoin fell below US $5,000 on Monday for the first time in over a year, slumping to a fresh 13-month low on the Bitstamp platform as a broad sell-off in cryptocurrencies sparked last week gathered momentum.

As of 1645 GMT the original cryptocurrency was down 8.7 per cent at US $5,100, after breaching the landmark for the first time since October 12, 2017.

Traders said selling was largely sentiment-driven and cited fears that Thursday's "hard fork" in bitcoin cash, where the smaller coin split into two separate currencies, could destabilise others.

Bitcoin fell below US $5,000 on Monday for the first time in over a year, slumping to a fresh 13-month low on the Bitstamp platform as a broad sell-off in cryptocurrencies sparked last week gathered momentum.

Bitcoin fell below US $5,000 on Monday for the first time in over a year, slumping to a fresh 13-month low on the Bitstamp platform as a broad sell-off in cryptocurrencies sparked last week gathered momentum. As of 1645 GMT the original cryptocurrency was down 8.7 per cent at US $5,100, after breaching the landmark for the first time since October 12, 2017. Traders said selling was largely sentiment-driven and cited fears that Thursday's "hard fork" in bitcoin cash, where the smaller coin split into two separate currencies, could destabilise others.

Bitcoin breaches $5,000, plumbs fresh 13-month low

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