China’s Zhengzhou is sinking, with thousands trying to flee
Desperate passengers have tried to flee a Chinese subway station drowning in floodwater, as Zhengzhou cops record rainfall.
In one train carriage, water seeped in and rose from ankle to waist, to then, neck height.
Panicked commuters stretched upwards to breathe, while others lifted shorter people into the shrinking air pocket above.
Terrifying videos published on social media captured the moment some passengers stood on chairs and clung to the ceiling, hoping not to drown.
One tried to smash a window, before realising that there was even more water outside the carriage
Another woman who gave her name as “Ms. Li ” told Elephant News. “We were all standing on the seats, and the water was already on our knees,”
After about an hour, the train carriage was plunged into darkness and the oxygen level dropped significantly as people started to panic.
“I was really scared”
Some shorter passengers had water up to their necks, adding that as time went on the air supply began to diminish.
After several hours of fear and uncertainty, rescuers were able to gain access through the roof of the carriage and pulled people out. “We knocked on the glass a bit [on the ceiling]. Then suddenly there was air,” an unnamed woman told state broadcaster CCTV.
Hundreds saved from flooding subway tunnel
Hundreds of people were eventually saved from the flooded subway tunnel in Zhengzhou. The city has a population of more than 10 million people, and many take public transport.
Chinese scientists say global warming has made the situation more dangerous and warn that extreme weather could become more frequent in the future.
“Fools gold”: Why JPMorgan CEO coins crypto as “worthless”
Jamie Dimon has come clean about his attitude towards bitcoin, but what does this mean for JPMorgan clients?
The CEO of JP Morgan isn’t a fan of bitcoin, comparing the trading of the cryptocurrency to his disagreement towards smoking cigarettes.
Jamie Dimon said he personally thinks that bitcoin is worthless and he doesn’t care about it, speaking out at a virtual event hosted by the Institute of International Finance.
“Our clients are adults. They disagree,” Dimon says.
“If they want to have access to buy or sell bitcoin – we can’t custody it – but we can give them legitimate, as clean as possible access.”
While Dimon is skeptic of virtual currencies, his firm still agreed to roll out their digital currency JPM Coin.
This was followed by their creation of a new unit for blockchain projects in October 2020.
Additionally, in August this year, JPMorgan awarded their wealth management clients with access to crypto funds.
In conversation with Axios CEO Jim VandeHei, Dimon previously coined the cryptocurrency as “fraudulent” after concluding that the currency had “no intrinsic value”.
“I’ve always believed it’ll be made illegal someplace, like China made it illegal, so I think it’s a little bit of fool’s gold.”
Despite his cynical attitude towards bitcoin, Dimon understands not everyone may agree with his views.
As a result, the investment banking firm’s clients will continue to have access to crypto funds.
Written by Rebecca Borg
Reserve Bank of New Zealand eyes off use of crypto
New Zealand’s central bank is considering a digital currency with hopes that it could be used as a monetary policy tool
As the use of hard cash continues to decline across the country, the bank is turning to the public to voice their opinions on digital coins.
The Reserve Bank says “the declining use, acceptance and availability of cash in New Zealand, and emerging innovations in private money” are prompting the notion.
Stablecoins are a trype of cryptocurrency that are tied to a traditional currency, in this case almost certainly the fiat New Zealand Dollar.
As the name suggests, this makes their value relatively stable.
Beneficially too, Stablecoins also less likely to be able to be impacted by famous people’s public comments.
Bitcoin, the world’s largest cryptocoin, went from being worth US$52,700 to $40,500 in just 16 days earlier this month.
The digital currency could help to support the New Zealand dollar while being interchangeable with cash.
This would help the bank remain relevant in the future and improve cross-border payment efficiency and resilience.
China’s Crypto ban – the assets most at risk
Cryptocurrency markets continue to be heavily affected by China’s ban on crypto-asset trading inside the country
All eyes are firmly fixed on China at the moment.
China’s central bank injected liquidity into the financial system for a ninth day in the longest run since December.
Meanwhile, crypto continues to crumble
Bitcoin is currently worth just over $41 thousand US dollars, a major drop from its September peak of over $52 thousand
Analysts warn that with debt fears looming, and Tether could also be affected.
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