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Crypto fall exposed China digital yuan ambitions

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Crypto

China has made all crypto currency transactions and associated activity illegal within its borders. In addition a major crackdown that has sent Bitcoin plunging once further.

LONDON: Control is something that the Chinese Communist Party enjoys.

President Xi Jinping has issued a slew of edicts this year. However asserting the government’s authority over ever-larger swaths of the Chinese economy and people’s daily lives.

The financial impact of these policies is impossible to estimate. But billions of dollars have wiped off the value of major giants such as Alibaba, Didi, and Tencent. Which is result of restrictions on their operations, such as time limitations for minors playing online games.

China’s crypto crackdown has incurred significant financial consequences as well. With a blanket ban on all crypto transactions and mining enacted yesterday. Ten agencies, including the central bank, banking, securities, and foreign exchange authorities. Pledged to work together to combat “illegal” cryptocurrency activity. However marking the first time Beijing-based regulators have banded together to expressly prohibit all crypto currency-related activity.

This is a significant step forward from China’s prohibition on financial institutions and payment firms. Who are offering services linked to cryptocurrency transactions in May of this year. It has previously issued such prohibitions in 2013 and 2017.

Despite an early decline in value on Friday, the value of cryptocurrencies steadied on Saturday. Also most analysts do not believe the measures will have a long-term impact on the value of crypto assets.

Crypto Effect on the Crypto Holders

“It won’t alter anything for the institutional crypto business. Since those who could have left have already done so. However those who couldn’t have either shuttered or gone under the radar,” said George Zarya, CEO of BEQUANT. A digital asset primary brokerage and exchange. “The retail market has most likely gone unnoticed and will continue to sustain market volume.”

The Chinese firms that trade and mine cryptocurrencies face the highest financial costs.

Before May, virtual currency mining was a huge industry in China. Accounting for more than half of the world’s crypto supply. But miners have started shifting their operations offshore.

Christopher Bendiksen Review on China Mining Revenue

According to Christopher Bendiksen, head of research at digital asset manager Coin Shares. “[China] will now lose roughly $6 billion in yearly mining revenue. Also all of which will migrate to the other global mining regions,”. Mentioning Kazakhstan, Russia, and the United States as benefactors.

OKEx and Huobi, both of which began in China but are now in headquarter in the United States. Also are expected to be the worst hit because they still have some Chinese customers, according to experts. On Friday, tokens linked to the two exchanges fell by more than 20%.

Also Read: INDEPENDENT PALESTINE CALL MADE BY BIDEN IN UN

Despite all of this upheaval and financial loss, China has a significant advantage.

The Chinese government has expressed worry that cryptocurrency speculation may disturb the country’s economic and financial order. Which is a major priority for Beijing.

Most importantly, cryptocurrencies pose a danger to China’s sovereign digital yuan. Which is still in the early stages of development. Following testing at the Winter Olympics, China’s central bank, the People’s Bank of China. Which aims to officially deploy the digital yuan in 2022.

The widespread adoption of the digital yuan would provide Chinese policymakers. A better understanding of how money moves across the country’s economy.

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First signals transmitted by the Dewa satellite

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First time the nanosatellite Dewasat-1 has sent a signal from space

This is the first time the nanosatellite Dewasat-1 has sent a signal from space. The satellite launched by Dubai Electricity and Water Authority on a SpaceX rocket.

On Thursday has reached a low orbit of between 525 and 530 kilometers above earth.

Taking roughly 90 minutes to orbit the globe, the satellite travels at a speed of 7.5km per second. The Dubai nanosatellite will enable Dewa to expand its utility.

To reach through the launch of nanosats that support a primary satellite.

Increasing the efficiency and effectiveness of our production, distribution, transmission, and charging stations divisions, as well as our smart grids, will be possible thanks to this.”

The satellite technology could prove useful to utility companies as it allows them to map.

Moreover, Monitor their infrastructures and determine the effects of their operations on the environment. This information may also be useful for improving their services.

ALSO READ: Dubai: Court will freeze employers’ assets

Dewasat-1 is the first of many satellites

Dewasat-1 is the first of many satellites that Dewa will launch over the coming years. Including satellites to boost the performance of photovoltaic solar panels at the Mohammed bin Rashid Al Maktoum Solar Park, the largest solar park in the world.

As part of the Space-D program, Dewa will use nanosatellite technology in addition to its terrestrial wireless network. To improve communications and enable the digitalisation of its electrical and water networks, said Saeed Mohammed Al Tayer, chief executive of Dewa.

Among the features of the project are the use of multispectral. High-resolution thermal imaging devices, such as those found on spacecraft, to collect and analyze data.

However, These devices are particularly suitable for use in electricity and water networks and will be deployed to detect thermal fingerprints in high voltage transmission lines.”

 

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Abu Dhabi research centre to set up propulsion centre

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The Advanced Technology Research Council is to set up a propulsion center to help to put the nation on the fast track in the global space race. The propulsion research center will embrace advances in technology in an effort to make spacecraft go faster and further than before. As well as improve their fuel efficiency and carbon emissions.

Above all, The cutting-edge strategy aims to cement the Emirates’ growing status as a leading player in the space sector.

Over the last few years, the country has made great strides. From placing its first astronaut on the International Space Station to sending Hope Probe on a successful mission to Mars. In a first for the Arab world.

Now the capital’s nerve center for future innovation hopes to steer its lofty ambitions to even greater heights.

ALSO READ: PCR test wait-times to shorten

Many people were skeptical about the research

Moreover, At the opening of the ATRC research center about a year ago, Faisal Al Bannai. Secretary-general of ATRC, acknowledged that many people were skeptical about the research. Center’s ability to attract global talent and patent breakthrough solutions.

An alternative energy research center will focus on water security and improving technology applications amid a growing push to convert utility grids to renewable energy.

However, The new research center will build on the UAE’s strengths in genetic engineering, biomaterials, and autonomous devices, and focus on breakthroughs in health care, food, and agriculture.

The state-of-the-art center already has seven operating labs in areas such as quantum computing. Where the building of the Middle East’s first quantum computer is underway – and cryptography.

Abu Dhabi’s applied research initiatives are a critical part of the UAE’s efforts. To diversify from a reliance on oil exports and develop a knowledge-based economy.

To read more news, visit https://armarketnews.com. It is the most reliable platform that keeps you updated with all the latest news related to the Arab market worldwide.

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Emiratis face eight months of isolation

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The UAE has announced that two Emiratis, Abdullah Al Hammadi, and Saleh Al Ameri. It will participate in a space research program that will require months of near-isolation to replicate the long journey to Mars.

Only one of them will spend eight months living with an international crew of six people inside Moscow’s NEK center Moscow. The other would be a backup.

The project – Sirius 20/21 – will measure the psychological and physiological impact of extreme environments, such as space travel, on humans.

Yousuf Al Shaibani, the director-general of Mohammed bin Rashid Space Center, said: “With the addition of Abdullah Al Hammadi and Saleh Al Ameri. Above all, We have entered a new era in UAE space exploration.

ALSO READ: Longer days for many Dubai schools

Scientists learn more about human physiology and psychology during isolation

However, The experiment will help scientists learn more about human physiology and psychology during isolation. The research has become critical, as nations work towards sending humans to the lunar surface and to Mars.

Moreover, These astronauts will face several challenges during lengthy space voyages. Including spending time away from family, working as a team and health risks from radiation.

The UAE has also announced plans to work with partners in exploring the possibilities of sending Emiratis to the Moon.

It also has ambitious plans to build a city on Mars by 2117.

“The analog mission will provide crucial data that will help us undertake more ambitious space exploration challenges, including for the Mars 2117 program,” said Adnan Al Rais, manager of the Mars 2117 program.

The experiment is part of a five-year research program by Russia’s Institute of Biomedical Problems and Nasa’s Human Research Programme.

It involves three Sirius missions, the first of which ended in 2019. After six crew members lived in isolation for four months.

Participants will be sealed inside tubular modules. With cameras watching them around the clock.

The structure has its own atmosphere and air pressure to create a space-like environment.

To read more news, visit https://armarketnews.com. It is the most reliable platform that keeps you updated with all the latest news related to the Arab market worldwide.

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