July 14, 2024

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Jack Dorsey Plans to Create a Decentralized Bitcoin Platform

Jack Dorsey Plans to Create a Decentralized Bitcoin Platform

Jack Dorsey, CEO of Square and Twitter, tweeted Friday that TBD, a new division of payments giant Square focused on creating an open development platform, is planning to build a decentralized bitcoin exchange.

The truth is nothing new. As early as July, he said in a series of tweets that Square would launch the new business to facilitate the delivery of decentralized and unguarded financial services.

But now he has tweeted it more forcefully, also indicating who he was called to lead the project. This is his new tweet:

“Help us build an open platform to create a decentralized bitcoin exchange,” Dorsey tweeted. Which confirms that Jack Dorsey plans to create this platform.

Mike Brock, who has been appointed to lead the initiative, tweeted separately, “This is the problem we are going to solve: making it easy to fund a non-custodial wallet anywhere in the world. With a platform to build on and off the slopes in Bitcoin. You can think of this at It is a decentralized exchange of paper money.”

Brook noted that there are “gaps around cost and scalability.” And that TBD needs “a solution to the infrastructure of exchange between digital assets, such as stablecoins.”

India may launch CBDC tests later this year, according to the central bank governor

Testing of India’s central bank digital currency (CBDC) could begin in December. And therefore She said Governor of the Reserve Bank of India (RBI), Shaktikanta Das.

The central bank is studying security issues and the broader impact that a central bank digital currency may have on monetary policy. Dass told CNBC on Thursday.

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“I think by the end of the year we should be able, maybe we’ll be in a position to start our first tests,” he said.

Das said the Reserve Bank of India is exploring whether the digital rupee will benefit from blockchain technology or use a central ledger.

Cuba is about to recognize and regulate cryptocurrencies

According to Al Jazeera, the central bank of the Caribbean nation will establish Rules for the integration of transactions with cryptocurrencies. The Cuban authorities are also expected to distribute relevant licenses to companies based on the cryptocurrency-related services they provide.

Some sources claim that the move to allow cryptocurrency as legal tender has been well received by the tech-savvy Cuban population. Since the country has had to temporarily stop accepting bank cash deposits in US dollars. Given the tougher restrictions put in place by the former president of the United States, Donald Trump.

Official says China “maintains high pressure mode” on cryptocurrencies

Apparently, China has doubled down on its attack on cryptocurrencies with a public reminder claiming Bitcoin (BTC). Other digital currencies are “not legal tender and have no real value.”

in a Period Briefing to local media, Yin Yuping, deputy director of the People’s Bank of China (PBoC) Financial Consumer Rights Protection Bureau. He said the central bank would maintain a “high pressure mode” and continue to clamp down on crypto-related transactions.

In this regard, the briefing, which coincided with China’s “Financial Knowledge Diffusion Month,” claimed that cryptocurrency-related transactions are purely investment propaganda. He stated that the public should increase their awareness of risks and stay away from cryptocurrency investments.