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The post PBOC sets USD/CNY reference rate at 7.0749 vs. 7.0733 previous appeared on BitcoinEthereumNews.com. On Friday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 7.0749 compared to the previous day’s fix of 7.0733 and 7.0751 Reuters estimate. PBOC FAQs The primary monetary policy objectives of the People’s Bank of China (PBoC) are to safeguard price stability, including exchange rate stability, and promote economic growth. China’s central bank also aims to implement financial reforms, such as opening and developing the financial market. The PBoC is owned by the state of the People’s Republic of China (PRC), so it is not considered an autonomous institution. The Chinese Communist Party (CCP) Committee Secretary, nominated by the Chairman of the State Council, has a key influence on the PBoC’s management and direction, not the governor. However, Mr. Pan Gongsheng currently holds both of these posts. Unlike the Western economies, the PBoC uses a broader set of monetary policy instruments to achieve its objectives. The primary tools include a seven-day Reverse Repo Rate (RRR), Medium-term Lending Facility (MLF), foreign exchange interventions and Reserve Requirement Ratio (RRR). However, The Loan Prime Rate (LPR) is China’s benchmark interest rate. Changes to the LPR directly influence the rates that need to be paid in the market for loans and mortgages and the interest paid on savings. By changing the LPR, China’s central bank can also influence the exchange rates of the Chinese Renminbi. Yes, China has 19 private banks – a small fraction of the financial system. The largest private banks are digital lenders WeBank and MYbank, which are backed by tech giants Tencent and Ant Group, per The Straits Times. In 2014, China allowed domestic lenders fully capitalized by private funds to operate in the state-dominated financial sector. Source: https://www.fxstreet.com/news/pboc-sets-usd-cny-reference-rate-at-70749-vs-70733-previous-202512050116

Peter Schiff engaged in a debate with CZ at Binance Blockchain Week after challenging Bitcoin’s legitimacy as a generator of real economic value.  Speaking on stage opposite Changpeng Zhao (CZ), Schiff argued that Bitcoin is a zero-sum wealth transfer rather than a productive asset. Here is Schiff’s full statement as delivered during the debate: “All Bitcoin does is enable a transfer of wealth from people who buy BTC to the people who sell it. When Bitcoin is created, there’s no real wealth. We have about 20 million Bitcoin now that we didn’t have 15 years ago. But we’re no better off because that BTC exists. They don’t actually do anything. But what has happened is that some people have been enriched at the expense of other people. Now, the people who have lost a lot of money in Bitcoin don’t even realize they lost it yet, because they still have the BTC, and the token still has a $90-$92,000 price, or whatever the price point is in the current market. So, they don’t realize they have lost the money. But if they try to get out, that’s when they’re gonna realize it’s lost.” “Bitcoin Enables Transfer of Wealth From Buyers to Sellers” This is true to the extent that any freely traded asset, such as equities, gold, land, fine art, also transfers wealth between participants depending on entry price, exit price, and market conditions. But Schiff implies that this transfer is zero-sum. That’s inaccurate. Bitcoin’s network itself generates utility, which is distinct from price.  Bitcoin today powers cross-border settlement, functions as a censorship-resistant store of value, and serves as collateral across financial platforms. Value is generated through capability, not just material form. A global network that moves capital instantly without banks or intermediaries is a new economic function. That is wealth creation by definition. If Bitcoin merely redistributed value, it would not underpin payment channels, custody platforms, or multi-billion-dollar remittance rails.  A zero-sum asset does not attract corporate treasuries, institutional ETFs, or nation-state adoption. “No Real Wealth Was Created by the Addition of 20 Million Bitcoin” Wealth does not rely on physical substance. It relies on demand, utility, consensus, and the ability to preserve or transfer value. Schiff’s logic could be applied historically to: Government-issued fiat (created by declaration, yet accepted globally). Internet domain names (non-physical, yet multi-million-dollar assets). Software and cloud infrastructure (intangible, yet critical to global GDP). By that standard, software, internet DNS space, AI models, and even fiat money would also fail to qualify as wealth. Yet these intangible systems power most of today’s economy.Bitcoin created something that did not exist in monetary history: a bearer asset that moves like data, settles without intermediaries, and is mathematically verifiable.  That feature is comparable to gold digitization but without storage, transport, or assay friction. Wealth was created because new capabilities emerged. “People Only Don’t Know They Lost Money Because Price is Still High” This rests on the assumption that Bitcoin will collapse. It could — but it is not a fact, it is a projection. If Bitcoin remains in demand globally, scarcity and network growth sustain value.  If adoption grows further — as has occurred across ETFs, corporate treasuries, and sovereign custody — then Schiff’s prediction weakens. His view equates unrealized gains with illusions. But: If someone holds Bitcoin for 10 years and later sells at a higher price, wealth is realized. If Bitcoin becomes widely transacted and integrated into the monetary infrastructure, the asset functions beyond speculation. His thesis only holds if Bitcoin fails as a monetary network. And more than a decade of growth suggests the opposite direction. Conclusion Peter Schiff’s comments captured headlines and sparked discussion, but his reasoning overlooks key economic realities.  Bitcoin is not merely a wealth transfer. It is a functioning global monetary network with attributes that no traditional asset class replicates.  The argument that it “creates no wealth” relies on outdated assumptions about where value originates.

The post VerifiedX and Blockdaemon Announce Strategic Partnership to Bring Scalable DeFi Access Globally appeared on BitcoinEthereumNews.com. Disclaimer: This article is a sponsored post provided by a third party. It is not part of editorial content and should not be considered financial advice. New York, New York – December 4th, 2025 –  VerifiedX (VFX) network (verifiedx.io), the people’s network and a decentralized global leader in self-custody and Web3 wallet financial infrastructure powering institutional and consumer-grade blockchain utility and Blockdaemon (blockdaemon.com), a leading U.S.- headquartered institutional-grade crypto infrastructure company, today announced a major first-mover strategic partnership. Together, Blockdaemon and VerifiedX will now deliver a new era of accessible, scalable, and secure decentralized finance (DeFi) for everyday users around the world. This collaboration integrates Blockdaemon’s battle-tested institutional tooling directly into VerifiedX’s products, including the VFX SwitchBlade Wallet and the Butterfly social payment platform, giving consumers seamless access to rewards, borrowing, lending, and other advanced DeFi capabilities, without the complexity of traditional Web3 interfaces or custody requirements. Democratizing Blockchain Finance for All Through this partnership, VerifiedX and Blockdaemon will empower users to save, spend, pay, earn rewards, and access credit in an intuitive, compliant, and fully self-custodial way. Key benefits include: Institutional-Grade DeFi for Consumers Blockdaemon’s staking, node, and liquidity infrastructure, which is utilized by banks, exchanges, and asset managers, will now be embedded directly into VerifiedX’s user-facing apps. Users gain access to the same professional-grade tools previously reserved for institutions. Seamless Reward Generation Users will be able to generate rewards on Bitcoin, stablecoins, and other supported assets directly within SwitchBlade and Butterfly, with one-tap actions that abstract away technical complexity.  Borrowing and Lending Made Effortless VerifiedX will unlock decentralized borrowing and lending rails, letting consumers borrow against their assets and access on-chain credit markets using simplified, consumer-friendly interfaces powered by Blockdaemon’s backend. Self-Custodial, Frictionless Access All features remain fully self-custodial and on-chain, where users retain ownership of their assets…