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BoE Governor Seeks G20 Mandate To Set Global Standards For Stablecoins and CBDCs

The Coronavirus pandemic and the global economic uncertainty has really got central banks thinking about digital currencies! In his recent speech at the Brookings Institution, Bank of England governor Andrew Bailey has asked the G20 economies to work together and establish common global standards for stablecoins and CBDCs. Stablecoins are seeing the best growth in

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The Coronavirus pandemic and the global economic uncertainty has really got central banks thinking about digital currencies! In his recent speech at the Brookings Institution, Bank of England governor Andrew Bailey has asked the G20 economies to work together and establish common global standards for stablecoins and CBDCs.

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Stablecoins are seeing the best growth in this period with rising sectors like DeFi giving it a further push. Over the last month, the fiat-pegged stablecoins added over $100 million on a daily basis. The stablecoins have served as the best source of liquidity for the crypto markets.

During his speech, Britain’s central bank governor opined that the top economies need to arrive at a mutual regulatory consensus for stablecoins. In his speech Bailey noted:

“If stablecoins are to be widely used as a means of payment, they must have equivalent standards to those that are in place today for other forms of payment types and the forms of money transferred through them.”

He also stressed upon filling the gaps in the existing payment infrastructure and updating the regulatory standards in tune with the new innovations. He specifically mentioned that all stablecoins pegged to the Sterling Pound should meet standards applied to the banks across the U.K. He further added:

“If stablecoins are to be widely used as a means of payment, they must have equivalent standards to those that are in place today for other forms of payment types and the forms of money transferred through them.”

BoE Governor Calls Bitcoin Unsuited for Payments

Although the BoE governor is positive about stablecoins, he holds a pessimistic view about public cryptocurrencies like Bitcoin. He said that Bitcoin and other similar assets don’t have any certainty in the value. Thus, he considers them as misfits and “unsuited” for the world of payments.

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However, Andrew Bailey is not the first central banking authority to hold skepticism about public cryptocurrencies. Since Bitcoin and public cryptocurrencies challenge the autonomy of central banks, they have never been in their good books.

While coming back to stablecoin and CBDCs, other financial institutions have also ramped up their efforts. Institutions like the Financial Stability Board (FSB) and the International Monetary fund (IMF) have previously spoken about the need for mutual efforts by the top economies to streamline the CBDC functioning.

BoE Governor Seeks G20 Mandate To Set Global Standards for Stablecoins and CBDCs
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BoE Governor Seeks G20 Mandate To Set Global Standards for Stablecoins and CBDCs
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The Boe governor specifically stressed the use of fiat-pegged stablecoins and CBDCs with all of them working under a common regulatory framework. He also called Bitcoin as “unsuited” for the world of payments.
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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Bhushan Akolkar

Source: https://coingape.com/boe-governor-seeks-g20-mandate-set-global-standards-stablecoins-cbdcs/

Blockchain

Opimas estimates that over US$190 billion worth of Bitcoin is currently at risk due to subpar safekeeping

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May 2021. Safekeeping of cryptocurrencies presents a challenge for institutions holding cryptocurrencies on their clients’ behalf. Cryptocurrency transactions are irreversible and anyone with full access to a wallet’s private key controls the cryptocurrencies that reside within it. Frighteningly, a number of institutional participants and even some large cryptocurrency exchanges rely on subpar custody approaches, leading Opimas to estimate that over US$190 billion worth of Bitcoin is currently at risk due to subpar safekeeping.

Luckily, a number of companies have emerged to address this problem. A new research report from Opimas—Crypto Custody: No More Excuses, authored by analysts Suzannah Balluffi and Anne-Laure Foubert—looks at the landscape of cryptocurrency custody-enabling technology providers and institutional-grade cryptocurrency custodians as well as the size of the market for cryptocurrency custody and brokerage services.

Some key findings in the report include:

Many of even the largest holders of Bitcoin and other digital assets continue to rely on storage devices meant for individual investors. Although some of these self-custody devices and wallets are secure and reputable, the operational risk posed by this approach is significant for institutional investors. Furthermore, a chunk of institutionals’ cryptocurrency holdings sit in hot wallets on exchanges. In total, about 22% of institutional cryptocurrency holdings are safeguarded in these relatively risky manners (Figure 1).

Figure 1. CUSTODY METHODS UTILIZED BY INSTITUTIONAL INVESTORS 

 

Source: Opimas analysis.

There are no more excuses for lackadaisical safekeeping – institutions can now choose from several reputable cryptocurrency custody-enabling technology providers and institutional-grade cryptocurrency custodians. Yet no custody solution is equal – there is still no best practice when it comes to security and governance relating to private keys. For example, some providers may rely on time-tested Hardware Security Modules (HSMs), while others use a newer technology known as Multi-Party Computation (MPC) – see Figure 2.

Figure 2. A COMPARISON OF HSM AND MPC TECHNOLOGY PROVIDERS

Source: Ledger, Fireblocks, Opimas analysis.

Some cryptocurrency custodians have followed in the footsteps of traditional capital markets by adding prime brokerage services to their offerings, including trading and settlement, lending, margin finance, staking, reporting, and capital introduction services. Opimas estimates that the current annual revenues generated by the institutional crypto brokerage and custody market are roughly US$2 billion and will grow to nearly US$8 billion by 2026 – a sizeable portion of this coming from brokerage services (Figure 3).

FIGURE 3. THE MARKET FOR CRYPTO CUSTODY & PRIME BROKERAGE SERVICES IS GROWING 

Source:  Opimas analysis. 

  • Regulations surrounding institutions’ ability to store cryptocurrency have become clearer (and in some cases more favorable) in numerous jurisdictions. Notably, the Office of the Comptroller of the Currency (OCC) ruling in the US has allowed banks to store cryptocurrencies for their customers. This regulatory clarity has led a number of financial institutions around the world to provide trading and custody for digital assets. With the advances in brokerage and custody solutions, Opimas expects institutional cryptocurrency holdings to grow from 20% of the cryptocurrency market cap to over 50% by 2026 (Figure 4).

FIGURE 4. INstitutional cryptocurrency holdings over time 

Source:  Opimas analysis.

Source: PlatoData Intelligence

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Blockchain

Dogecoin dumps following mention from Elon Musk on Saturday Night Live

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Meme cryptocurrency Dogecoin finally got its long-awaited shoutout on Saturday Night Live — but despite hodler hopes, the immediate result has been a violent dump.

First teased by entrepreneur and DOGE cheerleader Elon Musk in late April, the Tesla CEO finally mentioned the digital asset on live television tonight in his opening monologue of the sketch comedy show. The reference was a throwaway line from Musk’s mother, who joined him onstage and asked if her Mother’s Day gift would be Dogecoin; Musk replied that it would be. 

In the minutes afterwards, $DOGE dumped upwards of 25%, falling as low as $.50 from $.66 highs at the start of the show. It has since partially recovered, trading at $.52 at the time of publication.

An hour before the episode began, the price of DOGE sat at $.66, down from an all-time high of $.72. A pair of bearish headwinds may have shared responsibility for the pullback: Musk himself seemed to try and get ahead of the hype, urging followers in a Tweet to “invest with caution,” and a host of new data indicates that many investors may be rolling their DOGE profits into other, largecap digital assets

Additionally, Barry Silbert — the founder and CEO of Digital Currency Group, the parent company of crypto investment vehicle company Grayscale — announced a public short on DOGE via the FTX exchange. In a series of follow-up Tweets, he revealed that the position was $1 million in size, and that any proceeds or remaining funds after closing the short would be donated to charity. 

(It’s unclear if Silbert was is using “we” in reference to Digital Currency Group, one of its portfolio companies, or is simply and bizarrely using a plural pronoun in reference to himself). 

Many DOGE investors were nonetheless holding out hope for a high-profile shoutout on what looked to be a major pop culture event. NBC, the studio behind SNL, chose for the first time ever to live-stream the episode on Youtube, per the Wall Street Journal.

Even a mention could have significant impact on the price of DOGE as well: the meme currency has proven to be susceptible to price movements based on positive social media volume, and multiple studies have shown that Tweets from Musk often lead to price appreciation. A mention on an even bigger platform was thought to potentially lead to even greater gains. 

Leading into the premier of the episode, Alameda Research trader Sam Trabucco (who said in a previous Tweet that he was “studying the typical SNL episode structure to try and understand when a DOGE mention would be the most natural”) speculated that if a joke or mention didn’t come in Musk’s opening monologue, it would be “all over.”

Despite arriving during the monologue, traders nonetheless responded negatively. It remains to be seen if a DOGE-centric skit later in the show can perhaps turn the speculative asset’s fortunes around.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/dogecoin-dumps-following-mention-from-elon-musk-on-saturday-night-live

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Blockchain

Kraken Daily Market Report for May 08 2021

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Overview


  • Total spot trading volume at $2.86 billion, 9% higher than the 30-day average of $2.63 billion.
  • Total futures notional at $797.5 million.
  • The top five traded coins were, respectively, Ethereum, Bitcoin, Dogecoin, Tether and Ethereum Classic.
  • Strong returns from Gnosis (+14%) and Ethereum (+12%).

May 08, 2021 
 $2.86B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
ETH 
$3914.1 
↑12% 
$797.5M
XBT 
$58953. 
↑2.7% 
$795.7M
XDG 
$0.6368 
↓7.6% 
$636.4M
USDT 
$1.0014 
↑0.05% 
$285.3M
ETC 
$128.55 
↑7.0% 
$104.4M
ADA 
$1.6234 
↓1.9% 
$79.3M
LTC 
$347.39 
↑0.6% 
$50.5M
XRP 
$1.5653 
↓1.0% 
$48.7M
DOT 
$39.923 
↑0.07% 
$43.9M
BCH 
$1400.7 
↑4.4% 
$42.4M
USDC 
$1.0 
↑0.0% 
$40.4M
LINK 
$48.693 
↓1.3% 
$30.8M
EOS 
$10.361 
↓0.26% 
$29.7M
TRX 
$0.1431 
↓3.0% 
$17.1M
FLOW 
$28.668 
↓2.9% 
$16.1M
SC 
$0.0405 
↓4.7% 
$15.6M
STORJ 
$2.2312 
↓0.4% 
$14.7M
ATOM 
$29.510 
↑3.0% 
$11.8M
XLM 
$0.6155 
↓2.5% 
$11.6M
DASH 
$409.86 
↑1.3% 
$11.2M
XTZ 
$6.9881 
↓1.3% 
$10.0M
QTUM 
$25.576 
↓4.3% 
$9.83M
XMR 
$476.08 
↑4.6% 
$9.7M
KSM 
$435.0 
↑1.3% 
$7.39M
ZEC 
$315.75 
↓1.3% 
$6.91M
FIL 
$148.15 
↓1.4% 
$6.82M
WAVES 
$32.449 
↓0.14% 
$6.57M
UNI 
$40.532 
↑2.0% 
$6.55M
ALGO 
$1.5198 
↓3.7% 
$6.03M
DAI 
$1.0011 
↓0.01% 
$6.0M
OMG 
$11.829 
↓0.15% 
$5.87M
LSK 
$8.4918 
↓6.0% 
$3.77M
COMP 
$782.88 
↑9.6% 
$3.71M
ICX 
$2.6909 
↓1.6% 
$3.63M
NANO 
$9.7242 
↓0.6% 
$3.63M
AAVE 
$466.93 
↑5.7% 
$3.39M
GRT 
$1.5855 
↓0.6% 
$3.05M
OCEAN 
$1.4907 
↑2.0% 
$3.02M
KEEP 
$0.6183 
↑6.5% 
$2.98M
GNO 
$291.84 
↑14% 
$2.91M
SNX 
$18.448 
↓1.1% 
$2.72M
MANA 
$1.4419 
↓1.7% 
$2.67M
KAVA 
$6.2917 
↓2.8% 
$2.6M
BAT 
$1.4187 
↑0.6% 
$2.57M
CRV 
$3.5639 
↓2.6% 
$2.41M
KNC 
$3.4433 
↓2.6% 
$1.93M
REPV2 
$48.252 
↑1.0% 
$1.83M
OXT 
$0.6666 
↓1.1% 
$1.68M
BAL 
$69.63 
↑7.8% 
$1.52M
ANT 
$10.317 
↓3.2% 
$1.31M
YFI 
$54058. 
↑1.3% 
$1.3M
PAXG 
$1877.6 
↑0.8% 
$1.12M
EWT 
$13.644 
↓4.1% 
$772K
REP 
$46.85 
↓0.3% 
$714K
MLN 
$108.99 
↑0.5% 
$425K
TBTC 
$58915. 
↑1.6% 
$43.3K



#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (May 08 2021)



Figure 2: Mid-size trading assets: (measured in USD) (May 08 2021)



Figure 3: Smallest trading assets: (measured in USD) (May 08 2021)


###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (May 08 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blog.kraken.com/post/9008/kraken-daily-market-report-for-may-08-2021/

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