Malaysia Banks – Forget 2020. Worry About 2021 - KL Trader ...

Concerns on DeFi

Hello,
Just wanted to share some of my legitimate concerns around decentralised finance with the broader community. To be quite clear - I am a huge fan of Ethereum and DeFi and believe this could lead to the future of finance. However, I do worry if there is a circle jerk within the community that could lead to a lack of adoption in the coming months. I will try and keep this as short as possible. By all means, do understand I am coming from the pov of sharing constructive criticism and not dissing on the efforts of those building.
If you are solving for these problems in particular, please ping me and I'd love to talk further with you
  1. On-ramps The largest problem for much of the developing world is the fact that while DAI can without doubt give dollar exposure, acquiring them is quite a difficult task. In fact if DAI demand goes up substantially in a region, it could have premiums of upto 25% which makes it a bad on-ramp tool without necessary liquidity in place. (check Wazir X p2p USDT rates in India for context). This problem is not endemic to DAI alone but is applicable to stable tokens of all kinds. With regional regulations in nations like Thailand, Vietnam, Indonesia, Phillipines, Malaysia and India not being clear on stable tokens in particular, it becomes an uphill task for developers to build on it. More importantly, it becomes less appealing for the average individual to use. Now typically this wouldnt matter if the point of DeFi was to be a niche project aimed at a small community. However, DeFi has the power to be the first mass market blockchain tool for the world. Consider it to be the "e-mail" or "napster" moment for blockchain based applications. IF we are to scale then on-ramps and off-ramps need to be solved for. This can happen only and if the community begins engaging with regional regulators and exchanges begin providing solutions. In an ideal world, acquiring stable tokens should be as easy as venmo'ing someone $10 dollar and receiving say $9.90 (1% fee) in Incento (incento.io seems interesting, not shilling but do check them out!)
  2. Incumbent Efficiency In order for a system to scale past a certain point, the value add it brings needs to be considerably higher than the incumbent. Depending on the size of the remittance market, there exists multiple payments and wire transfer corridors set up by startups today to solve for quick transfers. In fact during times when a blockchain like those of Ethereum's or Bitcoin's are clogged - transferwise can prove to be a cheaper, better alternative than tokens. This is not to diss on the fact that decentralisation and immutability has a price attached to them, but for the average user today alternatives are far better than token based products. The challenge when it comes to scaling - especially towards L2 is whether products can be incrementally better than their incumbents in exchange for some trade offs (eg: relative centralisation in lightning for minimal fees and quicker confirmation). Today's DeFi apps have to make a call between being ideological and efficient because it seems there is a price attached to ideology and retail users aren't willing to pay that price.
  3. Slippage Much props to Kyber and Uniswap for solving for this on most DeFi apps but there remains challenges in how settlements for defi instruments today happen. As the scale of volume on products like DyDx and Nuo increase and the expected accuracy at which trade settlements are anticipated to be limited to, there will come a point in time where traditional market-makers will have to enter the system. At $500 million the DeFi space's largest traders constantly reel from price slippages and a lack of liquidity. How can we scale to $10 billion or $1 trillion without the kind of liquidity that could instill confidence in large whales. In order to solve this, there will come a point in time where hedge funds and dark pool service providers from traditional markets begin targetting DeFi instruments. The community will likely see this as an all out assault on the principles DeFi has been built upon but to be honest, this will be a quintessential requirement for the space to grow. We are seeing an early variant of this already with the likes of Cred raising $50 million to re-issue as debt (yes, not entirely DeFi) or with MakerDAO having VC partners that come from traditional backgrounds. Even in the case of products like Dharma and compound, the market-makers are hedge funds. We will see a convergence of traditional market products and DeFi soon. That will be an exciting phase imo.
  4. Product-Market Fit Debt is one of the oldest financial innovations in the markets. Quite literally. Some of the first ever tablets recorded debt obligations and as such have been quintessential to the growth of human civilisation. MakerDAO's proposition of issuing token backed debt is by all means revolutionary but in order to see true scale, DeFi has to grow beyond the individuals that can give assets as collateral. I reckon there will be a new layer of growth for DeFi soon that will be powered with open-data and AI. One where an individual's credit worthiness could be checked with the individual's permission on basis of on-chain tx activity and self sovereign identity. I also see a market for AI based lending rate predictions and forex management by central banks. Autonomous agents can realistically analyse tx's in and out of a country, account for macro-economic indicators and optimise internal lending rates and foreign currency reserves. Ofcourse it is too early for any of this to take place but within the next decade our markets will be far more (i) closer due to globalisation and (ii) automated due to improvements in AI. DeFi is all well and good but if we are going to beat the same old drums of economic instruments that were created thousands of years back, there may be no real value proposition here. LsDAI, rDAI, CDAI, DAI... are all interesting but the average user sees no value yet. Which makes me wonder if we are sitting around patting each other's back before we see something productive (a unicorn from the DeFi ecosystem perhaps?)
  5. Scale 4.5 billion. That's the number of unbanked individuals that can be catered to with an L2 payments solution powered by Ethereum. Challenges? On-ramp, storage of private keys, user education and bloody hell - marketing and user education. Emphasis on the last 2 because I feel not much focus is given on it. We can no longer build and hope the markets come. We are in an era of Zombie startups where startups with north of $100 million+ valuations in Mcap, that raised north of $10million in 2017 from ICOs are sitting on ~1000 users a month. People think the alts blood seepage is done but it is likely that that bleeding wont stop until we find users. And when we do find users, we cant expect them to be using a gazillion tokens, each with weird token economics and even more complex functioning to be using them. Standardising of token interactions through wallets and interoperability will solve for these challenges but its time we asked what are the biggest problems DeFi can solve today? Here are some hints.. NFT based Income share agreements -Non collateralised debt for gig economy corporations that are registered as DAOs -DAO treasury management -Forex off-ramps for tourists (P2P) More on these later..
Just wanted to share my $0.02.
submitted by WiseAcanthisitta5 to ethfinance [link] [comments]

Some news you may have missed out on part 134.

-Rupee continues to recover, gains Rs4.16 in four months
The Pakistani rupee has maintained a gradual uptrend against the US dollar since the beginning of current fiscal year in July and is anticipated to gain more ground in the remaining eight months amid expectations of increase in foreign currency inflows.
The rupee gradually strengthened Rs4.16 or 2.60% in the past around four months to Rs155.88 to the US dollar in the inter-bank market on Friday, according to the State Bank of Pakistan (SBP). “The rupee may recover to 145 to the greenback by June 30, 2020,” Forex Association of Pakistan (FAP) President Malik Bostan projected while talking to The Express Tribune.
Further: -In a positive development, Pakistani Rupee hits highest level of four months against US dollar
The Pakistani rupee has shown recovery against the US dollar as the US currency reached the lowest level in four months.
-ExxonMobil to help build LNG terminal in Pakistan
After getting a liquefied natural gas (LNG) supply contract from private-sector consumers, US energy giant ExxonMobil is planning to build the third LNG terminal in Karachi as a joint-venture partner.
Some time ago, ExxonMobil, in collaboration with Pakistan’s exploration and production companies, drilled an offshore well to search for hydrocarbon reserves in the Arabian Sea. However, the effort could not prove successful. Now, in a new venture with Energas consortium, the US firm is going to invest in setting up an LNG terminal in Pakistan.
-Pakistan's Hindu community celebrates Diwali today in a renovated temple reopened by the Pakistan government after 72 years
he country’s Hindu community is celebrating the annual religious festival of Diwali. The religious festivities are expected to take place in Shawala Teja Singh Temple, located in Sialkot, after 72 years.
All preparations for the upcoming festival have been completed. The festival of Diwali is being seen as more of a cultural than a religious one as people from other faiths will celebrate alongside members of the Hindu community.
The temple, where the festivities will take place, was closed down in 1947. The Evacuee Trust Property Board (ETPB) and certain members of the Hindu community decided to open the temple a few months ago, after which the renewal and renovation work had begun. Now, for the first time, this temple is going to celebrate a religious ceremony.
-Tax Returns Filed Per Day in 2019 Have Increased by 127 Percent: FBR Chairman
Federal Board of Revenue’s (FBR) Chairman Syed Shabbar Zaidi has announced that on average, tax returns filed per day in 2019 have risen by 127 percent compared to last year. In a Twitter post, Zaidi shared details of the tax returns filed so far. As per the records, the number of tax returns filed in 2019 till October 25 stands at 918,027, as compared to 585,209 tax returns filed in the same period last year.
Zaidi said that as of November, the FBR will impose strict measures against unauthorized interactions and harassement between its staff and the business community. The business community is suggested to report to FBR if any person contacts them through any manner without proper authorization.
-Pakistan, Nepal agree to enhance trade ties
President Dr. Arif Alvi on Saturday held a meeting with the Nepal’s Prime Minister Khadga Prasad Sharma Oli on the sidelines of 18th Non Aligned Movement Summit in Baku, ARY News reported.
According to a statement issued by the ministry, both the leaders affirmed to enhance trade ties between the two countries and expressed their desire to further strengthen the bonds of friendship. Matters of mutual interest, bilateral relations, regional peace, grave human rights violations and humanitarian crisis in occupied Kashmir and other issues were came under discussion in the meeting.
Speaking on the occasion, President Alvi briefed the Nepalese prime minister on Indian illegal actions in occupied Kashmir. He expressed hope that Nepal will play its role as SAARC chair, for strengthening peace and stability in the region.
-CPEC enters into 2nd phase: Poverty, agriculture, B2B initiatives prime focus: Khusro
Federal Minister for Planning, Development & Reform Makhdoom Khusro Bakhtyar Wednesday said the CPEC has now entered into its second phase with focus on poverty alleviation, agriculture and B2B industrial cooperation.
“The Pakistan Tehreek-e-Insaf (PTI) government's economic reform measures will strengthen the country's economy as the investors' confidence is rebounding due to corrective measures," the minister expressed these views while talking to Australian High Commissioner Dr Geoffrey Shaw who called on him on Wednesday. Secretary Planning Zafar Hasan was also present in the meeting.
While discussing bilateral relations and foreign investment in various sectors in Pakistan especially in Gwadar, the minister said that ongoing phase of CPEC will bring about socioeconomic benefits for the welfare of the people. He said that CPEC offers enormous potential to boost national economy and reduce poverty.
-Pakistan's Defence Exports have reached USD 212.6 MILLION IN 2018-2019
According to the Pakistan Ministry of Defence Production’s (MoDP) “First Year Performance Report,” the country had registered $212.6 million US in defence exports from August 2018 to August 2019.
Pakistan Aeronautical Complex (PAC) booked the highest value at $184.38 million US, which was followed by Pakistan Ordnance Factories (POF) at $7.13 million US and Heavy Industries Taxila (HIT) at $1.3 million US. In addition, private sector firms booked $19.36 million US in sales.
No additional breakdowns were provided by the MoDP. It is likely that PAC’s exports were fueled by co-production work for FC-1/JF-17 sales to Myanmar and/or Nigeria. Though an agreement was signed with Turkey for the sale of 52 Super Mushshak basic trainers, it is unclear if PAC has started manufacturing these aircraft.
-DRAP to launch countrywide drive against substandard, spurious medicines
The Drug Regulatory Authority of Pakistan (DRAP) is launching a countrywide campaign against substandard medicines, the PM’s Special Assistant on Health Dr. Zafar Mirza said while addressing the federal and provincial drug inspectors in Islamabad on Thursday.
He said a crackdown is being launched throughout the country to eradicate the menace of unregistered, spurious and sub-standard medicine. In addition to medicine quality, he added, DRAP will also take stern action against violation of fixed prices of medicines.
-Foreign exchange: SBP reserves increase $79m to $7.89b
The foreign exchange reserves held by the central bank increased 1.14% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
Earlier, the reserves had spiralled downwards, falling below the $7-billion mark, which raised concern over Pakistan’s ability to meet its financing requirements. However, financial assistance from the United Arab Emirates (UAE), Saudi Arabia and other friendly nations helped shore up the foreign exchange reserves.
On October 18, the foreign currency reserves held by the SBP were recorded at $7,892.7 million, up $79 million compared with $7,813.7 million in the previous week. The report cited no reason for the increase in reserves, which stood below the $8-billion mark.
-Ease of business: Pakistan up 28 places on World Bank index
Pakistan has jumped up 28 places on the World Bank’s (WB) Ease of Doing Business Index and secured a place among the top 10 countries with the most improved business climate – a development that will greatly improve Islamabad’s image abroad,
Pakistan carried out six reforms that helped improving its ranking from 136 to 108, according to the WB’s annual flagship report, ‘Ease of Doing Business 2020’, released on Thursday. It turned out to be the sixth global reformer and first in South Asia that brought ease in doing business in the last one year.
The fewer are the regulations the better is the ranking on the index. The key to attain perfection is to cut the bureaucracy hindering business activities in the name of various regulations and procedures.
-CM approves Rs 500m for Punjab Housing & Town Planning Agency
Punjab Chief Minister Sardar Usman Buzdar has given approval of Rs 500 million for Punjab Housing & Town Planning Agency. He gave approval while presiding over a high-level meeting at CM Office here on Monday. During the meeting progress on Naya Pakistan Housing Project for low-income persons was reviewed and detailed briefing was also given to the participants on Naya Pakistan Housing strategy.
While addressing the meeting, Usman Buzdar said that obstacles should be removed in order to ensure completion of Naya Pakistan Housing Scheme and financial conditions of common man should be kept in mind while chalking out housing policy of the project. All out attention should be paid while constructing small houses in the province, he added. It has also been decided during the meeting to launch rural housing project in 17 model villages.
-KSE 100 gains 204 points amid improved sentiments
The benchmark KSE 100 Index depicted remarkable progress as it gained around 204 points and concluded at 33,861-level.It was a busy start to the week at the Pakistan Stock Exchange (PSX) with earnings season hitting its peak, while volumes remained at par with previous weeks’ average.
Biggest single day investment in treasury bills in the previous week of estimated US $87.5 million, increasing total investment to US$440 million since July 2019 was the major rally point in the market sentiments.
The bourse recorded an intraday low of 33,572.36 soon after the commencement of the session. However, after regaining the momentum, the index marked its day’s high at 34,008.35 adding 350.89 points. It settled higher by 204.13 points at 33,861.59. The KMI 30 Index accumulated 386.53 points to settle at 55,155.92, while the KSE All Share Index managed to gain 86.13 points, ending at 24,543.78.
-Sindh to reserve 0.5% job quota for transgender persons
The Sindh Cabinet on Wednesday agreed to reserve 0.5 per cent quota in government jobs for transgender persons. “I want to bring transgender people into the mainstream,” said Sindh Chief Minister Syed Murad Ali Shah during the cabinet meeting. “We want to make them an asset for our society.”
CM Murad congratulated the transgender community on behalf of the cabinet and advised them to improve their education. Around 41,000 positions are vacant in different government departments across Sindh out of which 206 will be given to transgender people.
A spokesperson from the chief minister’s house stated that out of the 41,000 available jobs 16,000 positions will be filled this fiscal year. Rest of the positions will be filled in the period of next three years.
-Malaysia's Mahathir stands by Kashmir comments despite India palm oil boycott
Malaysian Prime Minister Mahathir Mohamad said on Tuesday he would not retract his criticism of New Delhi’s actions in occupied Kashmir despite Indian traders calling for an unprecedented boycott of Malaysian palm oil.
The impasse could exacerbate what Mahathir described as a trade war between the world’s second biggest producer and exporter of the commodity and its biggest buyer so far this year.
India’s top vegetable oil trade body on Monday asked its members to stop buying Malaysian palm oil after Mahathir said at the United Nations General Assembly last month that India had “invaded and occupied” Kashmir.
-“World’s two major companies setting up solar panel plants in Pakistan”
Federal Minister for Science and Technology Fawad Chaudhry announced on Monday that the world’s two major solar panel firms will establish their plants in Pakistan. The minister tweeted saying “good news gets lost in political plays, yet I am very happy that the world’s two major companies are setting up solar panel’s plants in Pakistan.”
Chaudhry added that China’s second-largest Lithium battery producer will also set up its workshop in Pakistan. The Lithium battery-powered buses will also be manufactured in Pakistan, the tweet further said. The Minister for Science and Technology was recently on a visit to Beijing where he met various Chinese officials and the country’s business leaders.
-Pakistan Navy organizes free medical camp in Balochistan
Navy organized a free medical camp in the village Dam of Balochistan in collaboration with Sahil and Ulfat welfare foundations. According to the spokesperson of Pakistan Navy, specialist doctors of surgical, medical, skin, gynecology, child and general medically inspected patients at the camp. Over 700 patients were provided with free medical treatment, medicines and ordinary surgical facilities.
-Lahore to get Tram service soon
Citizens of Lahore are getting a modern-day tram service soon, based on the famous British-era tram service. In this regard, the Punjab Transport Department has inked an agreement with CRSC International, a Chinese company specializing in rail transportation control systems, and Inkon Group of the Czech Republic.
The development of the project is divided into several phases. In the first phase, a 35 km track will be constructed on Canal Road, Lahore. Up to 50 trams will run on this track. Once operational, the trams will be able to carry 35,000 passengers in 1 hour. The trams will be powered through electricity and batteries. A single tram will have a service life of around 40 years. 2 tram depots will be constructed at different locations as well.
-10 Pakistani Universities Ranked Among the World’s Best in ‘University Impact Rankings 2019’
Ten Pakistani universities have been ranked among the top universities in the world in the Times Higher Education (THE)’s list. THE is a weekly UK-based magazine that issues its annual list of world’s most influential universities.
The list called ‘University Impact Rankings 2019’ has included 10 Pakistani varsities in different categories, including Gender Equality, Good Health and Well-being, Quality Education, Decent Work, Economic Growth, and others. According to the magazine, the rankings assess universities against the United Nations’ Sustainable Development Goals.
-PM Imran Khan inaugurates China-Hub Power Generation Plant in Balochistan
Prime Minister (PM) Imran Khan has said that Pakistan is moving forward through China-Pakistan Economic Corridor (CPEC) projects. Addressing inaugural ceremony of China Hub Power Generation Plant in Balochistan, he said this is the first joint project under the CPEC umbrella and he is very happy after inaugurating it.
“The government will facilitate joint collaboration between Pakistani and Chinese businesses in various sectors.”, he said. PM Imran Khan said with the help of coal reserves in Thar, Pakistan can generate huge amount of electricity, which can be enough for at least 100 years.
-Punjab Forest Department develops ‘record keeping’ mechanism
Department of Forest Punjab is managing 1.6 million acres of forest land area – 67 per cent of the entire forest land area in Punjab – under the Geographic Information System (GIS), Pakistan Today learnt reliably on Friday. The program enabled the forests department to ensure sound management and introduce state of the art record-keeping and mapping methods.
‘Development of GIS-Based Forest Management Information System in Punjab’ was approved at PC-1 with a cost of Rs75 million and a gestation period of 36 months (2016-2019) has allowed for transfer of all forest resources and inventories into IT-based inventory systems and achieved extensive field surveys, rapid data collection and its processing for development of the forestry sector on efficient lines.
-Hutchison Port Holdings announces $240m investment in Pakistan
Prime Minister Imran Khan has welcomed $240 million foreign investment from Hutchison Port Holdings, a Hong Kong-based port operator. A delegation of Hutchison Port Holdings, led by its Group Managing Director Eric Ip, called on Prime Minister Imran Khan on Tuesday. Other delegation members included HPH Middle East & Africa Managing Director Andy Tsoi and Middle East & Africa Business Director Eric Ng.
Maritime Affairs Minister Syed Ali Haider Zaidi, Adviser to PM on Commerce Abdul Razzaq Dawood, Special Assistant to PM on Overseas Pakistanis Syed Zulfiqar Abbas Bukhari, Ambassador-at-Large for Foreign Investment Ali Jehangir Siddiqui and Board of Investment Chairman Zubair Haider Gilani were also present on the occasion. Group Managing Director Eric Ip apprised the prime minister of Hutchison’s fresh investment into Pakistan approximating $240 million which will enhance the new container terminal capacity at the Karachi Port, and increase Hutchison Ports’ total investment in Pakistan to $1 billion.
-Punjab's tax collection jumps 44%
Punjab’s tax collection registered a 44% growth to Rs77 billion in first quarter of the ongoing fiscal year compared to the corresponding period of previous year, despite tough conditions of the federal government for the provinces to get a share in the federal divisible pool of resources. Punjab Finance Minister Makhdoom Hashim Jawan Bakht disclosed this at a review meeting of the Finance Department on Monday.
The meeting was briefed that despite the financial backlog left by the previous government, the current government gave a surplus budget of Rs233 billion in order to meet financial requirements of the federal government to comply with conditions of the International Monetary Fund (IMF) loan programme.
-‘SECP recognised as 7th most effective regulator in world’
The Securities and Exchange Commission of Pakistan (SECP) has been recognised as the “7th most effective regulator” by the World Economic Forum in its ‘Global Competitiveness Report-2019’.
“Pakistan was ranked as the 52nd most dynamic economy in the world. The country secured this by improving 15 points from last year, as it stood at 67th in 2018,” said a statement issued by Mishal Pakistan, Country Partner at WEF’s Institute of the Future of Economic Progress System Initiative, on Wednesday. “The progress of Pakistan’s competitiveness was due to the achievements made during the last 12 months.”
The most effective improvements were made due to the initiative and strategies adopted by the apex regulator for the corporate sector and the capital markets; supervision and regulation of insurance, non-banking financial companies and private pension schemes. The SECP improved Pakistan’s competitiveness rankings by improving the “number of days to start a business”, where Pakistan was ranked at the 90th position compared with 96th in 2018.
-Pakistan China bilateral trade crosses $19 billion, highest ever in history
Pakistan Ambassador to China , Naghmana Hashmi has said the bilateral trade volume between Pakistan and China has now touched US $ 19.08 billion and both countries aimed to raise it further.
“The bilateral trade volume between Pakistan and China has now touched US$ 19.08. We aim to raise it further,” Ambassador Hashmi said joint ventures in defence production have led to the manufacture of the MBT 2000 Al-Khalid Tank and JF-17 Thunder, a fighter aircraft. “On the diplomatic front, the two countries are committed to protecting and promoting multilateralism and upholding the United Nations (UN)Charter, while our cooperation has extended to science and technology, socioeconomic sectors and nuclear cooperation for peaceful purposes,” she added.
-Foreign Company Agrees to Drop $6 Billion Penalty, Re-Invest in Reko Diq: Reports
The International Center of Settlement of Investment Disputes (ICSID) had slapped the country with a $6 billion penalty for revoking the contract without prior knowledge back in 2009. Soon after the development, the Prime Minister had empowered his financial team to contact the executives of the Tethyan Copper Company (TCC) to reach an out-of-court settlement and avoid the penalty.
Reportedly, after the Pakistan authority’s approach, the company has not only agreed to take back the penalty but has also agreed to invest in the project again. As per media reports, PM Imran Khan contacted the TCC management and discussed the prospects of the matter. He assured the company his full support if they wanted to revise the investment plan for the project. The company will reportedly withdraw its appeal from the ICSID, while Pakistan will compensate for their damages due to the cancelation of the contract.
-Current account deficit shrinks massive 64pc
The country’s current account deficit (cad) in the first quarter of current fiscal year declined by a huge 64 per cent mainly on the back of a 21pc reduction in the imports bill.
The State Bank’s latest data issued on Friday showed the current account deficit for July-September FY20 clocked in at $1.548 billion compared to $4.287bn in the same period last fiscal year; a decline of $2.739bn.
The reduced current account deficit is a positive omen for the government, which is struggling with slow economic growth and high inflation. However, despite massive decline in rupee’s value, the country’s exports have failed to register any noticeable increase during the period.
-Food imports down 24pc, exports up 14pc in Q1 FY20
Food group imports into the country during the first quarter of the current financial year (July-Sept 2019-20) decreased considerably by 24.7pc, whereas exports increased by 13.98pc compared with the corresponding period of last year.
The import of food commodities into the country during the period under review came down from $1.45 billion to $1 billion, whereas the exports increased from $864 million to $984.7 million, according to latest data released by the Pakistan Bureau of Statistics (PBS).
-Chinese Smartphone Company Realme to build mobile phone manufacturing factory in Pakistan
Chinese company Realme's Director of Marketing in Pakistan Mr He Shunzi in an interview disclosed that Realme is planning to set up the mobile phone manufacturing factory in Pakistan. He told that company is inspecting locations in Islamabad, Peshawar, and Faisalabad Industrial Estate for suitable land. Pakistani mobile market offers guaranteed capital as Realme ranked top five android brands in Pakistan in less than nine months, capturing 8% of total market share, he added.
-Chinese Coal Giant Wants to Convert Thar’s Coal to Diesel
China’s Shenhua Ningxia Coal Industry Group will help convert Thar’s coal into oil and the talks between the two parties are underway. The Shenhua Ningxia Coal Industry Group is a subsidiary of China’s biggest coal producer, the Shenhua Group and the company already has the world’s largest plant for converting coal into diesel, with an annual production capacity of 4 million tons in Ningxia in its portfolio.
The agreement, if signed, will be a ‘game-changer’ for Pakistan, believes Adviser to Prime Minister on Petroleum Nadeem Babar, who accompanied Imran Khan on his recent visit to China. The Pakistani delegation held talks with the Shenhua Group during the trip:
-In a positive development, Pakistan projected among top 20 rising economic growth engines of the World
Pakistan projected among 20 top rising economic growth engines of the World that would dominate the global growth in next 5 years. Pakistan has been projected as one of 20 countries that will dominate global growth in five years time in 2024, an assessment made by Bloomberg using data from the International Monetary Fund (IMF).
-In a positive development, Pakistan textile exports register increase
Textile exports from the country increased by 2.95pc during the first quarter of the current fiscal year (July-Sept FY20) compared with the corresponding period of the last fiscal year. The textile exports during the period under review were recorded at $3,371.974 million as against the exports of $3,275.303 million during July-September 2018-19, according to latest data by the Pakistan Bureau of Statistics (PBS).
The textile commodities that contributed to the positive growth included raw cotton, exports of which grew by 53.65pc, from $7.047 million to $10.828 million. Similarly, the exports of yarn (other than cotton yarn) increased by 21.95pc, from $7.759 million last year to $9.462 million, while that of knitwear surged by 11.14pc, from $701.393 million to $779.548 million.
-Kartarpur Corridor will open to public on November 9: PM Imran
Prime Minister Imran Khan on Sunday announced that Pakistan will inaugurate the Kartarpur Corridor on November 9. The premier’s announcement came via a Facebook post in which he said that construction work on the Pakistani side had entered the final stage. “Pakistan is all set to open its doors for Sikhs from all across the globe,” he wrote. “World’s largest Gurdwara will be visited by Sikhs from across India and other parts of the world,” he said.
-'$1.2b penalty in Karkey case likely to be waived'
Pakistan Tehreek-e-Insaf (PTI) leader and senior lawyer Babar Awan has said that the $1.2 billion penalty that Pakistan has to pay to Turkey’s Karkey rental power plant is likely to be waived.
“International institutions, through high-level backdoor contacts, have agreed to waive off the penalty. This is very good news for Pakistan,” said Awan while addressing the media on Friday. “International institutions have shown their trust in Prime Minister Imran Khan,” he added.
-Punjab Govt to Introduce a Unified Tax Collection System
Punjab government is contemplating the introduction of a unified tax collection system in the province. The unified system will streamline the tax collection process and facilitate the taxpayers. At the moment, Punjab Revenue Department, Excise and Taxation Department, and local administrations collect taxes in Punjab. On Sunday, Finance Minister of Punjab, Makhdoom Hashim Jawan Bakht, headed a meeting of Punjab Revenue Authority (PRA). Bakht said that a special tax management unit will be set up at the Punjab finance department that will unify tax collection all across the country.
-PM To Launch Clean Green Pakistan Index for Multiple Cities
Prime Minister’s Adviser on Climate Change, Malik Amin Aslam, said that Imran Khan will launch the Clean Green Pakistan Index (CGPI) at a grand launching ceremony on October 30. The initiative is aimed at introducing competition among cities on various indicators, including public access to clean drinking water, safe sanitation, effective solid waste management, and tree plantation.
The prime minister will announce a six-month competition among 19 cities of Punjab and Khyber-Pakhtunkhwa provinces, he added. The adviser said that after six months, these cities will be ranked again and those with prominent progress will be rewarded with special federal and provincial government funds and more cities will be joining the competition.
-PM Khan Will Lay The Foundation of Baba Guru Nanak University on Oct. 28
Prime Minister Imran Khan is going to lay the foundation stone of Baba Guru Nanak University on October 28. The establishment of this university in Nankana Sahib was announced earlier this year when PM Khan was in the town for a Spring Tree Plantation Campaign.
-Sindh govt invites bids for Dhabeji SEZ
The Sindh government has launched the well-connected Dhabeji Special Economic Zone in district Thatta near Port Qasim, according to a statement issued on Monday. In this connection, the Sindh Economic Zones Management Company (SEZMC), being the provincial SEZ custodian, has invited proposals for the development and operation of Dhabeji project through an advertisement published in leading national and international newspapers.
Dhabeji SEZ was highlighted in the recent meeting of the China-Pakistan Economic Corridor (CPEC) Joint Working Group on Industrial Cooperation. The senior officials of China’s National Development Reforms Commission (NDRC) appreciated the Sindh government on the progress made so far. The Sindh government launched the project through an international competitive bidding process as a build-up to the upcoming 10th Joint Coordination Committee (JCC) meeting between China and Pakistan, which would be held next month.
-Rice exports surge 51pc in first quarter FY20
Rice exports from the country during the first quarter of the financial year 2019-20 grew by 50.76pc as compared to the corresponding period last year. During the July-September period, about 839,356 metric tonnes of rice, worth $470.584 million, were exported as compared the exports of 551.5,86 metric tonnes, valuing $312.147 million, during the same period of FY19.
According to data released by the Pakistan Bureau of Statistics, the exports of basmati rice increased by 47.29pc, as 212,873 metric tonnes of basmati rice ($194.669 million) were exported during the first quarter of FY20, as compared the 127,669 metric tonnes ($132.166 million) in the same period of last year. Meanwhile, 34,090 metric tonnes of fish and fish preparations worth $79.549 million were also exported in the period under review as compared to the exports of 25,859 metric tonnes valuing $67.294 million during the same period of last year.
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Daily analysis of cryptocurrencies 20191109 (Market index 38 — Fear state)

Daily analysis of cryptocurrencies 20191109 (Market index 38 — Fear state)

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Malaysia To Impose Restrictions On Cash Transactions The Malaysian government plans to impose restrictions on cash transactions reports local media platform The Star. According to the publication, the move is part of efforts to combat money laundering in the country. Commenting on the plan, Datuk Abdul Rasheed Ghaffour, the deputy governor of Malaysia’s Central Bank Negara (BNM), remarked: “This is to address the abuse of physical cash used for illicit activities.” Malaysian economist, Barjoyai Bardai believes the proposed cash transaction limit in the country could boost digital currency adoption.
EU Is Working On ECB Digital Currency With Possible Progress Next Year According to Reuters, progress on the feasibility of a digital currency backed by the European Central Bank could be made in the coming months, senior officials said on Nov 8, cautioning that the project faced challenges and was for the long term.
Tunisia Issues Central Bank Digital Currency On Nov 9, the TASS news agency reported that the Central Bank of Tunisia was to be the first to release a digital currency. The ‘E-dinar’ was officially launched in the test form at the Forex Club of Tunisia, with a symbolic transfer of one dinar between the head of the central bank, Marouane El Abassi, and a representative of the International Monetary Fund (IMF).

At the time of writing, Bitcoin is trading down nearly 5% at its current price of $8,850, which marks a notable drop from its 24-hour highs of $9,300.
Prior to today’s drop, Bitcoin has been caught in a relatively tight trading range between $9,000 and $9,500 for a couple of weeks, and neither bulls nor bears had been able to incur enough strength to push the crypto out of this trading range until early this morning when bears forced it below its lower range boundary at $9,000.
In the time since its drop, BTC has shown no sign of slowing its decent, as it continued to slowly grind lower as the morning dragged on.
Review previous articles: https://medium.com/@to.liuwen

Encrypted project calendar(November 9, 2019)

CENNZ/Centrality: Centrality (CENNZ) will meet in InsurTechNZ Connect — Insurance and Blockchain on October 9th in Auckland. HTMLCOIN (HTML): 09 November 2019 (or earlier) Mandatory Wallet Update Mandatory Wallet Update: there will be a soft fork on our blockchain. This update adds header signature verification on block 997,655. Harmony (ONE): 09 November 2019 Indian Meetups Come & meet us in person on November 9th in our meetups in Bangalore & New Delhi!

Encrypted project calendar(November 10, 2019)

Bibox Token (BIX): 10 November 2019 Bibox Summit “Bibox Summit 2019 — Maximizing Profit On Uptrend Season” from 1 PM — 5 PM (ITV) in Ho Chi Minh City. TRON (TRX): 10 November 2019 AMA w/Kucoin Co-founder “Join us on Nov 10, 6:00 PM(PST) for an AMA with TOP, Co-Founder of @kucoincom , in our English Telegram group…”

Encrypted project calendar(November 11, 2019)

PAX/Paxos Standard: Paxos Standard (PAX) 2019 Singapore Financial Technology Festival will be held from November 11th to 15th, and Paxos Standard will attend the conference. Crypto.com Coin (CRO): and 3 others 11 November 2019 Capital Warm-up Party Capital Warm-up Party in Singapore. GoldCoin (GLC): 11 November 2019 Reverse Bitcoin Hardfork The GoldCoin (GLC) Team will be “Reverse Hard Forking” the Bitcoin (BTC) Blockchain…” Horizen (ZEN): 11 November 2019 (or earlier) Horizen Giveaway — Nodes Horizen Giveaway — Win Free Node Hosting! Entries before November 11th. SINOVATE (SIN): 11 November 2019 Roadmap V3 SINOVATE (SIN) Roadmap V3 will be released with new upcoming technologies and proof of concepts! 0x (ZRX): 11 November 2019 0x V3 Vote Ends “The voting period will end on November 11. Learn more about all the exciting features included in v3 below.” Akropolis (AKRO): and 4 others 11 November 2019 Kucoin Blockchain Day “KuCoin Blockchain Day Berlin 2019” from 5 PM — 9:15 PM (CET) in Berlin.

Encrypted project calendar(November 12, 2019)

BTC/Bitcoin: The CoinMarketCap Global Conference will be held at the Victoria Theatre in Singapore from November 12th to 13th Binance Coin (BNB) and 7 others: 12 November 2019 CMC Global Conference “The first-ever CoinMarketCap large-scale event: A one-of-a-kind blockchain / crypto experience like you’ve never experienced before.” Aion (AION) and 17 others: 12 November 2019 The Capital The Capital conference from November 12–13 in Singapore. Loom Network (LOOM): 12 November 2019 Transfer Gateway Update “If you have a dapp that relies on the Transfer Gateway, follow the instructions below to make sure you’re prepared.” Kava (KAVA): 12 November 2019 Updated Mainnet Launch “Our updated mainnet launch will be on Tuesday November 12th at 14:00 UTC.” Crypto.com Coin (CRO): 12 November 2019 Telegram AMA Live AMA with CRO COO and Kucoin’s Global Community Manager on KuCoin’s official English Telegram channel at 16:00 (UTC+8). Chainlink (LINK): and 1 other 12 November 2019 NYC Meetup “Ontology + Future of Blockchain in China Meetup Presented by Chainlink” in NYC from 6:30 PM — 8:30 PM.

Encrypted project calendar(November 13, 2019)

Fetch.ai (FET): 13 November 2019 Cambridge Meetup “Join us for a@Fetch_ai #Cambridge #meetup on 13 November @pantonarms1.” Binance Coin (BNB) and 5 others: 13 November 2019 Blockchain Expo N.A. “It will bring together key industries from across the globe for two days of top-level content and discussion across 5 co-located events…” OKB (OKB): 13 November 2019 Dnipro, Ukraine- Talks Join us in Dnipro as we journey through Ukraine for our OKEx Cryptour on 11 Nov. Centrality (CENNZ): 13 November 2019 AMA Meetup “Ask our CEO@aaronmcdnz anything in person! Join the AMA meetup on 13 November in Singapore.” OKB (OKB): 13 November 2019 OKEx Cryptotour Dnipro “OKEx Cryptour Ukraine 2019 — Dnipro” in Dnipro from 6–9 PM (EET). Vexanium (VEX): 13 November 2019 Dapps Incentive Program Vexanium will give an incentive for every Dapps that is submitted during this program period. Egretia (EGT): 13 November 2019 Post Consensus Invest “2019 NYC Blockchain Gaming & DeFi Party | Post Consensus Invest” in NYC from 7–9 PM. Holo (HOT): 13 November 2019 AMA “Submit your questions before the #AMA on Nov 13th @ 5PM — 5:45PM UTC”

Encrypted project calendar(November 14, 2019)

BTC/Bitcoin: The 2019 BlockShow Asia Summit will be held at Marina Bay Sands, Singapore from November 14th to 15th. Binance Coin (BNB): and 4 others 14 November 2019 BlockShow Asia 2019 BlockShow Asia 2019 at Marina Bay Sands Expo, Singapore from November 14–15. Basic Attention Token (BAT): 14 November 2019 London Privacy Meetup “If you’re in London on Nov. 14th, don’t miss our privacy meetup! The Brave research team, our CPO @johnnyryan, as well as @UoE_EFI Horizen (ZEN): 14 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA. IOTA (MIOTA): 14 November 2019 Berlin Meetup From Construction to Smart City: IOTA, Maschinenraum & Thinkt Digital will explain, using concrete use cases, how to gain real value from.. Dash (DASH): 14 November 2019 Q3 Summary Call “Dash Core Group Q3 2019 Summary Call — Thursday, 14 November 2019” NEO (NEO): 14 November 2019 NeoFest Singapore Meetup “Glad to have@Nicholas_Merten from DataDash as our host for #NeoFest Singapore meetup on 14th Nov!” ANON (ANON): 14 November 2019 ANONIO Wallet Upgrade In conjunction with the Echelon Update, the ANONIO wallet will also be receiving an upgrade!

Encrypted project calendar(November 15, 2019)

TRON (TRX): 15 November 2019 Cross-chain Project “The #TRON cross-chain project will be available on Nov. 15th” Bluzelle (BLZ): 15 November 2019 (or earlier) CURIE Release CURIE release expected by early November 2019. Zebi (ZCO): 15 November 2019 ZEBI Token Swap Ends “… We will give 90 days to all the ERC 20 token holders to swap out their tokens into Zebi coins.” OKB (OKB): 15 November 2019 OKEx Talks — Vilnius “Join us for a meetup on 15 Nov (Fri) for our 1st ever Talks in Vilnius, Lithuania.” Zenon (ZNN): 15 November 2019 Awareness Fund Payout “Distribution of the fund takes place every Friday until Pillars Lock-in Phase is completed.”

Encrypted project calendar(November 16, 2019)

Bancor (BNT): and 2 others 16 November 2019 Crypto DeFiance-Singapore “Crypto DeFiance is a new global DeFi event embracing established innovators, financial market disruptors, DApp developers…” NEM (XEM): 16 November 2019 Developer’s Event “BLOCKCHAIN: Creation of Multifirma services” from 10:50 AM — 2 PM.

Encrypted project calendar(November 17, 2019)

OKB (OKB): 17 November 2019 OKEx Talks — Lagos Join us on 17 Nov for another OKEx Talks, discussing the “Life of a Crypto Trader”.

Encrypted project calendar(November 18, 2019)

Maker (MKR): 18 November 2019 MCD Launch “BIG changes to terminology are coming with the launch of MCD on Nov. 18th Say hello to Vaults, Dai, and Sai.”

Encrypted project calendar(November 19, 2019)

Lisk (LSK): 19 November 2019 Lisk.js “We are excited to announce liskjs2019 will take place on November 19th. This all day blockchain event will include…”

Encrypted project calendar(November 20, 2019)

OKB (OKB): 20 November 2019 OKEx Cryptour Odessa Ukr “Join us in Odessa as we journey through Ukraine for our OKEx Cryptour!

Encrypted project calendar(November 21, 2019)

Cardano (ADA): and 2 others 21 November 2019 Meetup Netherlands (AMS) “This meetup is all about how to decentralize a blockchain, the problems and differences between Proof-of-Work and Proof-of-Stake…” Cappasity (CAPP): 21 November 2019 Virtuality Paris 2019 “Cappasity to demonstrate its solution for the interactive shopping experience at Virtuality Paris 2019.” Horizen (ZEN): 21 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA. OKB (OKB): 21 November 2019 OKEx Talks — Johannesburg “Join us the largest city of South Africa — Johannesburg where we will host our OKEx Talks on the 21st Nov.” IOST (IOST): 22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key tech. OKB (OKB): 22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “

Encrypted project calendar(November 22, 2019)

IOST (IOST): 22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key tech OKB (OKB): 22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “

Encrypted project calendar(November 27, 2019)

OKB (OKB): 27 November 2019 OKEx Cryptour Vinnytsia “Join us in Vinnytsia as we journey through Ukraine for our OKEx Cryptour!” Fetch.ai (FET): 27 November 2019 London Meetup “Join us on 27 November @primalbasehq to hear an exciting progress report as we prepare for the launch of our #mainnet”

Encrypted project calendar(November 28, 2019)

Horizen (ZEN): 28 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.

Encrypted project calendar(November 30, 2019)

Ethos (ETHOS): 30 November 2019 (or earlier) Rebranding “In November, we unveil the broker token, a dynamic utility token to power our commission-free crypto trading and broker platform, Voyager.” Digitex Futures (DGTX): 30 November 2019 Public Testnet Launch “…We can expect to see the world’s first zero-commission futures trading platform live on the Ethereum public testnet from 30th November.” Monero (XMR): 30 November 2019 Protocol Upgrade “Preliminary information thread regarding the scheduled protocol upgrade of November 30.” Chiliz (CHZ): 30 November 2019 (or earlier) Fiat to CHZ Exchanges “We will add another two fiat to $CHZ exchanges in November…” Skrumble Network (SKM): 30 November 2019 (or earlier) P2P & Group Calling “P2P & Group Video Calling,” during November 2019. Aergo (AERGO): 30 November 2019 (or earlier) Mainnet 2.0 Upgrade Mainnet 2.0 Protocol update by end of November. Akropolis (AKRO): 30 November 2019 (or earlier) Beta Release “All functionality has been deployed to mainnet.” Nash Exchange (NEX): 30 November 2019 (or earlier) Mobile Strategy Phase 2 “Phase 2 of our mobile strategy will be live soon with our wallet and portfolio app hitting stores in November!”

Encrypted project calendar(November 31, 2019)

Wanchain (WAN): 31 December 2019 (or earlier) Wanchain 4.0 Release Wanchain 4.0, which introduces private chains integration and multi-coin wallet, released in Dec 2019. QuarkChain (QKC): 31 December 2019 (or earlier) Token Testnet Release Testnet for Multi-Native-Token and New Consensuses.

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