An overview of current news in the crypto space

Bit Team
4 min readFeb 26, 2024

In our digest, we took a look at some important crypto industry news over the past week:

  1. Digital yuan used to pay for cars in China
  2. Trump recognizes bitcoin’s growing popularity but prefers dollar
  3. Circle stops supporting and issuing USDC on TRON
  4. South Korea collects $4.6 million in taxes from cryptocurrencies through new tracking system
  5. Robert Kiyosaki: ‘I’ll buy more when bitcoin falls’

Now for more details. Reading time: 8 minutes.

  1. Digital yuan used to pay for cars in China
    China has launched a pilot project to use the digital yuan, the central bank’s official digital currency, to pay for cars. The project is being implemented in Pingsham, a district of Shenzhen, under the supervision of the local Market Supervision Bureau and the Agricultural Bank of China. The main feature of using the digital RMB in this context is its ability to block buyers’ funds until the car is delivered. This provides additional transaction security and reduces risks for consumers, especially for large prepayments. The Smart Payment and Peace of Mind system Agricultural Bank of China automates the payment flow and regulates car delivery. The first buyers have already deposited funds through this system and are awaiting delivery of their cars. In this way, the digital RMB is transforming into a tool that provides greater transaction security and increases consumer confidence in the prepayment system.
  2. Trump recognizes bitcoin’s growing popularity but prefers the dollar
    Former US President Donald Trump has commented on the growing popularity of bitcoin, including its acceptance among the younger generation and African-American communities. In an interview on Fox News, Trump acknowledged that despite his criticism of cryptocurrencies in the past, he sees bitcoin becoming more mainstream as a means of payment and gaining “independent momentum.” However, he emphasized that “the dollar will always be the world’s currency.” Trump also noted that bitcoin’s growing popularity may require more regulation, which coincides with the current debate in financial and government circles. The former president did not rule out the possibility of supporting bitcoin, but expressed a preference for traditional currency, especially the dollar. Recalling his perception of cryptocurrencies in the past, Trump stated that they “look like a fraud” and he disliked them because they compete with the dollar. Despite this, he acknowledged that “more and more people want to pay with bitcoin.”
  3. Circle discontinues support and issuance of USDC on TRON
    USD Coin (USDC) stablecoin company Circle has announced that it will no longer support and issue USDC on the TRON blockchain. This decision comes as part of a company-wide approach to ensure asset reliability and transparency. Circle representatives stressed that the decision is related to business organization, regulatory compliance, and other company functions. Holders of USDC steblecoins on the TRON network can use exchanges to exchange USDC for other digital assets or fiat currency. Customers of the Circle Mint service will be able to transfer their steiblecoins to other networks until February 2025. Despite the discontinuation of support for TRON, Circle continues to actively develop its services and maintain the stability of USDC.
  4. South Korea has recovered $4.6 million in taxes from cryptocurrencies through a new tracking system
    South Korea’s Gyeonggi-do Province has successfully recovered $4.6 million in taxes from cryptocurrency holders using a new digital tracking system. The system has significantly accelerated the process of identifying cryptocurrency-related tax defaulters, reducing the process from six months to just 15 days. Provincial authorities used the registration numbers and cell phone numbers of tax evaders to track their accounts on cryptocurrency exchanges. As a result, 5,910 people were identified, each owing more than $2,000. Of the total number of violators, 2,390 were able to recover a total of $4.6 million. Provincial authorities plan to continue improving the system and strengthening cooperation with crypto exchanges. Failure to cooperate may result in additional administrative penalties.
  5. Robert Kiyosaki: “If bitcoin falls, I will buy more”
    Robert Kiyosaki, the famous author of the book “Rich Dad, Poor Dad”, expressed his position on the possible fall of bitcoin. He states that he would welcome the opportunity to buy more of the cryptocurrency if its value falls. “I’m often asked, ‘What happens if bitcoin falls?”. My answer is the same for bitcoin, gold and silver: ‘I’ll be happy and buy more once the collapse stops,’” he stated. Kiyosaki regularly shares his thoughts on the potential volatility of cryptocurrency and the market as a whole. He believes that bitcoin, like precious metals, is a solid defense in volatile times. In the past, he has already predicted bitcoin’s rise to the $500,000 mark by 2025. However, Kiyosaki urges investors to be prepared for possible crashes in the financial markets and sees bitcoin as one of the opportunities to preserve assets.

Thank you for being with us. Crypto-industry news on Bit.team — always up to date.

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