China News Today TheBitTimes.com

On August 9 last year, a press release announced that Justin Sun and BiT Global were getting involved with Wrapped Bitcoin (WBTC). It claimed that this new direction would include “the Tron ecosystem, which is the leading blockchain that presently hosts the largest circulating supply of USDT stablecoins in the world.” When this announcement was made, Wrapped Bitcoin already had a WBTC on TRON product that had launched in 2021. However, it was rarely used, with approximately 100 bitcoins (BTC) used in this way . After the announcement and with Sun’s involvement, Wrapped Bitcoin made the decision to remove the WBTC on TRON dashboard from its website, eliminating disclosure about approved partners and, more importantly, where the BTC backing the product was stored. Wrapped Bitcoin hides bitcoins for WBTC on Tron Read more: Justin Sun-advised HTX has redeemed 7,300 WBTC it did not disclose More recently, TRONSCAN no longer displays the WBTC on TR...

1. Scholar: China Needs to Promote the Construction of Stablecoins link The Deputy Director of the Institute of Finance at the Chinese Academy of Social Sciences and the Deputy Director of the National Institution for Finance and Development stated in an article published in the Learning Times, which is affiliated with the Party School of the Central Committee of the Communist Party of China, that Bitcoin is not a genuine currency in nature. Instead, it is a peculiarly styled financial asset, and this asset itself possesses investment value. In fact, it is stablecoins that are truly likely to exert a significant impact on the international financial system. Once the US dollar — backed stablecoins more closely link the international credit of the US dollar with the application scenarios in the virtual world, it is highly probable that they will greatly reinforce the hegemony of the US dollar. China needs to advance the construction of stablecoins and expand the utilization of digital to...

Can Blockchain Disrupt Fine Art? Decentralizing Art Authentication! The fine art world has long thrived on exclusivity, status, and the nuances of authenticity. Art collectors, galleries, and museums rely on experts to validate the provenance and originality of pieces, which can often be subjective, time-consuming, and open to forgery. But with the advent of blockchain technology, many are asking: can blockchain disrupt the fine art market and decentralize art authentication? The Current State of Art Authentication Traditionally, art authentication has been handled by experts, institutions, and galleries that verify the provenance (or history of ownership) of an artwork. However, this system is fraught with challenges: Forgery & Counterfeits With billions of dollars in transactions, the art market is plagued by high-profile forgery scandals. Opaque Provenance Tracing the ownership history of artworks is often difficult, with incomplete or missing records. Costs & Access Auth...