Market Watch | Bitcoin | $13,174 | 7 day: +3.3% | | Ethereum | $386 | 7 day: -1.7% | | All crypto | $392b | 7 day: +1.5% | | Bitcoin dominance | 62.2% | 7 day: +1.1% | Prices as of 3:20 p.m. EDT
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 Yi Gang, Deputy Governor, People's Bank of China WeChat Pay and AliPay will soon support China's DC/EP. China expectedly confirms that its CBDC will not compete with state-backed WeChat and AliPay, the country's two dominant payment apps. - Terminology: Chinese fiat is internationally known by three interchangeable names: renminbi (RMB), Chinese yen (CNY), and yuan (¥). China's central bank digital currency (CBDC) is issued by the People's Bank of China (PBoC) and will be called Digital Currency/Electronic Payment (abbreviated as DC/EP or DCEP).
China confirms app integrations: - During his speech at the 2nd Bund Summit on Oct. 25, Mu Changchun, head of PBoC's digital currency research institute, says that residents will be able to store DC/EP within WeChat Pay and Alipay apps.
- The two digital payment apps have hundreds of millions of daily active users and together control 94% of China's mobile payment industry, according to iResearch.
- Tencent Holdings (0700.HK) operates WeChat. Alibaba's (9988.HK) financial arm, Ant Group, owns Alipay.
- Changchun's statement clarifies that there will not be competition between DC/EP and the two multi-trillion-dollar, state-supported technology giants.
State-approved: - Changchun views DC/EP (and the cryptocurrency wallets required to hold DC/EP) as separate from WeChat Pay and Alipay wallets.
- During the event, a fintech consultant, Wang Leilei of Kapronasia, one of Shanghai's financial industry consultancies, noted that the DC/EP pilot test in Shenzhen required citizens to download a new app to access the digital yuan.
- Wang pointed out that if non-Tencent/non-Alibaba wallets allocate DC/EP, users will switch to those apps out of necessity. Changchun also warned about the spread of fake digital yuan wallets. Changchun warned that fraudulent wallets could cause problems for non-technical DC/EP users.
- Changchun highlighted the importance of "centralized supervision" from China's central bank to ensure the success of DC/EP and clearly differentiate it from other private cryptocurrencies, such as Facebook's Libra.
- The PBoC has affirmed that it aims to "safeguard" China's CBDC. It recently published a draft bill that would ban all cryptocurrencies pegged to Chinese yuan.
- The pilot test of Chinese DC/EP will continue through the 2022 Beijing Winter Olympics.
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The head of financial technology at the Bank of England says the central bank has not yet decided to pursue a CBDC pilot. - Tom Mutton, director of the fintech department at the Bank of England, said during his speech at the Bund Summit that the U.K. is still deciding whether or not to develop a digital currency.
- Mutton cited two significant challenges faced by the central bank. First, the bank wants to ensure that a CBDC issuance would encourage smooth operations with other money forms. Second, Mutton wants to ensure stable partnerships with other central banks and other stakeholders.
- After the European Central Bank (ECB) announced that it would push ahead with researching a possible digital euro, the Bank of England promised to continue its research, as well.
- On Oct. 9, the International Bank of Settlements published a detailed report regarding the key features of a possible European bloc CBDC.
Law360 
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Cred has experienced "irregularities" in the handling of corporate funds and is under investigation. Cred's cryptocurrency, LibraToken (LBA), has declined 37% this week. - Coindesk published findings from an email tip regarding Cred, a decentralized lending platform, lost an "unknown" amount of corporate funds due to a fraudulent activity causing various "irregularities."
- The Cred team reached out to law enforcement to investigate the matter, ensuring that it would not compromise personal account details.
- The crypto lending platform is conducting an internal accounting process to estimate the impact on its assets.
- The company's email cites that their legal advisors have suggested pausing the CredEarn program to stop the flow of funds to third parties.
- Coindesk also noted that trading platform Uphold has severed ties with Cred. As a result, customers using the platforms are unable to transfer funds.
- Various Uphold webpages that displayed content regarding Cred have been deleted.
- Cred says that it will issue another update within two weeks.
Coindesk
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Mythos Capital founder Ryan Sean Adams speaks negatively about Ethereum (ETH) competitors. He did not comment about Ethereum fundraising event, which was possibly "an illegal securities sale" at the time. - The founder of Mythos Capital, Ryan Sean Adams, called out Ethereum alternatives as weak and susceptible to insider liquidations onto retail tokenholders in a tweet dated Oct. 27.
- Adams based his comments on a recently published Q3 report by Messari.
- Messari measured the financial incentives of cryptocurrencies based on token allocations to insiders (project team members) versus the public.
- Adams defended Ethereum for its "fair launch" on Twitter, avoiding earlier scrutiny by U.S. regulators during 2018.
- Several high market cap cryptocurrencies are defending themselves from lawsuits and criminal charges.
CoinTelegraph
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 Jamie Dimon, JPM J.P. Morgan Chase (NYSE:JPM) announces a new business unit to focus on blockchain, Onyx. The bank said that its interbank settlement cryptocurrency, JPM Coin, is being used commercially by clients to settle international payments for the first time. - JPM started using JPM Coin commercially this week.
- Takis Georgakopoulos, JPM's global head of wholesale payments, said that an unnamed, "major" client is using JPM Coin to settle payments.
- JPM has created a business unit for the crypto and blockchain division, known as Onyx, responsible for administering its blockchain and crypto activities. JPM formed Onyx with 100 representatives, according to a report dated Oct. 27.
- JPM introduced JPM Coin in Feb. 2019 to help the clients and customers settle bank transfers through blockchain technologies.
Investor's Business Daily
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 |  | Written and curated by wide-eyed bitcoin watcher since $1, Aaron Wise. Streaming headline junkie, Associated Press fanboy, eye-strained news terminal watcher, 2017 founder of Cryptocurrency Newsfeed. Temporarily based in Florida while awaiting the construction of cryptopia. |  | | Editor | Edited by Eduardo Garcia in New York. Eduardo is writing an illustrated book about climate change that will be published by Ten Speed Press, an imprint of Penguin Random House. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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