Rebirth of England.

Chapter 976 Collapse
In December, the People’s Bank of China and five other ministries and commissions issued a notice titled “Notice on Preventing BitC Risks.”

This "Notice" clearly states that BitC does not have the attributes of legal currency and prohibits financial institutions from participating in BitC-related trading activities.

This move by China immediately caused the price of BitC, which had risen to $1200, to plummet.

You should know that before this, the BitC exchange in China was able to directly recharge Chinese currency for trading.

It was also the introduction of this regulatory measure that caused some BitC exchanges in China to cease operations, and exchanges including OK and Huobi also stopped directly accepting users' payment services in Huabi.

So how can the exchanges that continue to survive retain Chinese users?

At this time, they all noticed the USDA, which was launched by Anchorage and whose value was anchored to the US dollar.

In many overseas BitC exchanges, the prices of digital currencies including BitC are already displayed by USDA. Now Huaxia Exchange cannot directly accept users' Huabi recharges, so they changed a method. That is, the exchange does not directly accept users' funds, but builds a "C2C exchange platform" supervised by them. Some acceptors can accept users' remittances on this platform and convert Huabi into USDA for them, and then users can trade on the exchange...

This has gradually become the approach taken by the BitC exchange, which still maintains business in China, and the USDA has gradually become the most widely used dollar-anchored stablecoin in non-US dollar regions.

Although the prices of digital currencies including BitC have fallen a lot from their previous highs, if we want to wait for the next bull market, we have to wait until the next halving of BitC.

But at the same time, with the bull market of BitC, the wealth effect it generated has made BitC popular around the world, and more and more people have begun to contact it, understand it, and join it...

An industry that will be called "digital gold" in the future is beginning to develop.

As Satoshi Nakamoto once said:
“If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.”

Yes, you can say it is a scam again and again, until its price went from 1 BitCs to two pizzas, to more than $1 before Barron's rebirth...

Again, if a "Ponzi scheme" lasts throughout your entire life, is it still a scam?
In addition, there is another insignificant little thing.

That is Vitalik Buterin, the young man who once sold "BitC Magazine" to the BitC Foundation. He chose to drop out of the University of Waterloo after just eight months of enrollment. Then during this period, he used the money from the sale of the magazine to visit BitC developer communities in the United States, Spain, Italy, Israel, etc., and joined BitC's transformation work.

It was during this period that Vitalik gradually discovered the design limitations of BitC - and to overcome these limitations, he could not just rely on tinkering with the Bitcoin protocol.

Finally, after the price of BitC “collapsed” in December, Vitalik returned to Koloblita, where he temporarily settled down. He wanted to create a new type of universal cryptocurrency, a platform that allows anyone to create any application.

Vitalik named the project Ethereum. Ethereum is a compound word derived from the substance ether imagined by the ancient Greek philosopher Aristotle (later proved to be non-existent) and the Greek word oleum (oil).

Finally, in January 2014, Vitalik published an article titled "Ethereum: A Next-Generation Cryptocurrency and Decentralized Application Platform" in BitC magazine, publicly proposing the concepts related to Ethereum technology for the first time.

……

Before Christmas, Eurobank announced that it had reached an agreement with Italy's Banco Popolare and Banca Popolare di Milano to complete the acquisition of the two banks for a total price of 17.5 billion euros.

Since the outbreak of the European debt crisis, Italy's economy has faced a severe blow, and the Italian banking industry can be said to be shrouded in dark clouds. Many banks are burdened with heavy debts and are stuck in a quagmire.

Under such circumstances, since Eurobank set its acquisition target on the Italian banks Banca Politics and Banca Pompeo two months ago, after many negotiations, the boards of directors and shareholders of the two banks finally approved the acquisition on the condition that Eurobank was willing to assume all the debts of the two banks.

This time, Eurobank's acquisition of the two Italian banks will raise 20 billion euros needed for the acquisition and subsequent business integration in the form of issuing convertible bonds. The newly established European Wealth Fund purchased all the convertible bonds and set the annual interest rate at 6%.

After completing this acquisition, Banca Politico and Banca Nazionale di Milano will merge and reorganize their businesses to become the Italian branch of Eurobank. This also expands Eurobank's business scope from Germany and France to Italy, and its business in Italy ranks third in Italy.

“Since the 2008 financial crisis, Italian banks have maintained a high level of non-performing loan ratios on their balance sheets, and the two banks we acquired are also facing such problems…”

Christine Lagarde, president of Eurobank, said in an interview about the acquisition of Italian banks:
"However, we also see the prospects for the Italian banking industry. Eurobank has extensive experience in resolving non-performing loan ratios and we believe we can help them solve this problem."

Read more latest popular novels at 6.9*shuba!

In fact, in the original time and space, the Italian Banca Politics and the Banca Nazionale di Milano acquired by Eurobank will merge into Banco BPM in three years and become the third largest bank in Italy.

In addition, after Italy's UniCredit announced its intention to acquire Germany's Commerzbank, it also proposed a 100 billion euro acquisition price for their main competitor, Banco BPM.

This also shows that after going through this crisis, the development prospects of these two banks are still worth looking forward to.

More importantly, Germany, France and Italy are the three major economies in the euro zone. Only after Eurobank has established a firm foothold in the markets of these countries can it become an important part of Barron's future European strategy.

At the same time, the financial market also responded to the acquisition by Eurofins. After the announcement of the acquisition, its stock price rose by more than 5.5% on the last trading day before Christmas, which also shows that investors are optimistic about the acquisition by Eurofins.

(End of this chapter)