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Cryptocurrency and Blockchain News Headlines Update on August 25, 2020

China’s Communist Party has identified blockchain technology as key tool for nationwide decentralizing social services. According to the policy paper issued by the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council on August 25, Beijing’s strategic vision to provide regional departments with guidance on reforming and improving China’s social assistance system using blockchain technology, artificial intelligence, big data, and 5G.

2.7.2 version update for OpenEthereum client made the nodes running on the new version reported bug causing the client occasionally freezing about one or three times a month and required a manual hard restart for the node. The software fails to notify of its malfunction.

China’s consortium chains would be difficult to gain the trust of other countries to use their private blockchains unless work on more public blockchains similar to what the Blockchain Service Network (BSN) was doing through its international wing — BSN International, according to Vitalik Buterin, Ethereum co-founder who shares his opinions on China’s blockchain progress and the Blockchain Service Network in recent interview.

U.S. M2 money velocity had hit historic lows in Q2 boosts $288K Bitcoin prediction, analysts believe. An analyst warns there is now “too much money to spend” as the huge money printing activities by Federal Reserve.

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