“Deputy Treasury Secretary Justin Muzinich said the administration is studying a potential central bank digital currency (CBDC) tied to the dollar, alongside the Federal Reserve, the U.S.’ central bank.
It’s something we’re studying … [T]his is really a decision which sits as much with the Fed as it does with Treasury.
The Boston Fed has confirmed it’s evaluating a potential CBDC, though it may take years to proceed. At the same time, Muzinich said finding a balance between preventing illicit activity and respecting consumer privacy will be a challenge.
There are clearly efficiency benefits and cost benefits to using a distributed ledger. And I also think, more broadly, it’s important for government to embrace innovation and not be scared by it.”
See Also: Inside the Estonian CBDC Experiment That Could Shape the Digital Euro (Spoiler: It’s Centralized)
“Deputy governor of the People’s Bank of China, said the bank opened 113,300 consumer digital wallets and 8,859 corporate digital wallets for residents of Shenzhen, Suzhou and Xiong’an to pilot a digital yuan.
The digital wallets processed RMB 1.1 billion ($162 million) across 3.1 million digital yuan transactions between April and August, making it the most widely used central bank digital currency (CBDC) in a commercial setting.
Hooked up to facial recognition, barcode scanning and tap and go payment technologies, the digital yuan transactions spanned over 6,700 types of use cases. These applications included retail, hospitality, transportation, utility payments, government services and electronic versions of red envelopes gifted to healthcare workers.”
“Larsen named Singapore and the U.K. as possible countries where the San Francisco-based company could move if the regulatory environment doesn’t improve.
His payments company is battling investor allegations that XRP is a security as well as mixed signals from regulators at the U.S. Securities and Exchange Commission.”
“This October, we will be launching the next generation of Synthetix.Exchange: Kwenta.
Kwenta is a new derivatives exchange designed for users looking for multi asset trading and infinite liquidity. Users will benefit from access to the full suite of Synths available on the Synthetix protocol as well as innovative charting and performance tracking tools.“
“The ongoing debates about the degree to which bitcoin is correlated to other assets would do well to break bitcoin’s price behavior into two phases: bull runs and consolidation periods.
During those long consolidations, bitcoin becomes more correlated to short-term variables related to global liquidity and other risk assets. This becomes especially true as it reaches wider adoption and is invested in by the financial community. More interestingly, during bitcoin’s consolidation period, it acts a lot like digital gold.
The halving periods tend to act as fundamental catalysts for the next bull market within this long-term trend, as new supply gets cut in half while incoming demand remains robust. As long as that demand indeed remains strong, upward pressure builds on its price, and then when it eventually breaks out, momentum traders hop on board with a new influx of demand and drive it up further.”
“There are some macro trends which help explain why so many smaller exchanges are failing. The growth of DeFi and the rise of decentralized exchanges in 2020 has put the final nail in the coffin for many smaller operations.
Regulatory pressure has also increased since the early days of the industry and many exchanges simply haven’t been able to keep up with the requirements. Hacks and scams are also cited as growing issues for exchanges.”
“The security token was transferred using Curv’s advanced cryptography which utilizes a concept called multi-party computation (MPC). Its MPC technology eliminates the concept of private keys and single point of failure by signing each and every transaction in a secure, distributed way to protect against cyberattacks and insider collusion.
The PoC was carried out to demonstrate that tokenized securities can be transferred swiftly, securely, and transparently on the blockchain. It used an ERC-1400 security standard token, which has a far stricter set of technical requirements.”