Kiffmeister’s #Fintech Daily Digest (08/03/2021)*

China’s Central Bank Says It Will Keep Pressure on Crypto Market

“The People’s Bank of China (PBOC) vowed to maintain heavy regulatory pressure on crypto-asset trading and speculation after escalating its clampdown in the sector earlier this year. The central bank will also supervise financial platform companies to rectify their practices according to regulations. It will also act to prevent major financial risks and push to lower the number of high-risk financial institutions in key provinces.”

Miami Set to Launch Its Own Cryptocurrency, Reward Users in Bitcoin

“Miami launched its own crypto-asset, MiamiCoin, which will be used to fund infrastructure projects or events in the city. The idea is that people will support Miami by buying or mining MiamiCoin, and funds will be diverted to the city’s treasury. MiamiCoin will be the first CityCoin released. CityCoins is a project that allows people to invest in a city by buying tokens. It works with local governments so those who invest are rewarded in Bitcoin or Stacks. MiamiCoin additionally benefits holders by allowing them to Stack and earn yield through the Stacks protocol.” 

Stacks is an open-source network of decentralized apps and smart contracts built on Bitcoin, and on which apps, smart contracts, and digital assets can be built. Stacks has a native token called stacks (STX) and a language for programming smart contracts called Clarity. 

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