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Coronavirus Serves as a Reminder: Today’s Payments System Is Broken

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The coronavirus, once novel, has been the story of the year. One subplot to the pandemic horror show has been the frailties of the legacy banking system laid exposed.

Several governments issued stimulus packages directly to their citizens in order to keep consumer spending up and the economy ticking over. Limitations in the banking system created bottlenecks. Technical difficulties caused delays in getting people necessary cash. Weeks then months went by. These delays harmed citizens and jeopardized small businesses, which in turn increased the likelihood of defaults on loans. 

This problem was not just political, medical and economic, but also technical in nature. The result of terminal payments rails and decades of unequal access to financial services.

Consider what would have happened if a government had leveraged cryptocurrency in order to distribute money quickly and efficiently. 

Payments could have been linked to existing government data on taxpayers. A government body could have created individual wallets for distribution of the payments, removing slow moving banks and financial institutions from the equation. The elderly or other high risk people would not have needed to leave their homes to cash checks. The money would be delivered instantly and safely. 

Distributing passwords and confirming identities would be a security challenge, but by drastically reducing the interface with banks this would be an eminently solvable problem.

Achieving widespread crypto use

Another benefit of this approach would have been to introduce a wider market to the benefits of cryptocurrency, including the greater autonomy it provides when it comes to seeking stable opportunities to save.

While cryptocurrency is castigated for its volatility, the economic repercussions of the pandemic have also rattled fiat currency markets. Some governments, including those of the US and the UK, responded to the global recession brought on by the virus by printing money in order to spend their way out of it, causing inflation and fluctuations in currency value.

Providing individual savers with greater access to cryptocurrency would allow individuals to decide the best place for their money, while setting levels of volatility and risk that suits their needs, rather than being at the whim of their central bank.

Moving from an economy driven by fiat currency to one with more diverse types of money is a huge undertaking, but the widespread shortcomings that became evident during 2020 show why it is necessary.

The government policy and regulation needed to facilitate such a move should respect the fact that cryptocurrency is and should remain decentralized, while giving traditional institutions such as banks and governments the ability to act as prominent nodes in the new financial network, rather than gatekeepers. 

Retail users of cryptocurrency will be attracted to the benefits of decentralization, but will also require some regulation to offer some protection against the negative behaviour associated with cryptocurrency.

Given one study found over 80% of initial coin offerings turned out to be scams, this would be reasonable and prudent. There is an opportunity for regulation to spur growth and innovation rather than dampen it, particularly as the blockchain and crypto industries mature and move away from bad actors. 

Getting regulation right

When the US passed unified regulation of cryptocurrency across 49 states, in September 2020, it represented a positive step in this direction. This is an example of consistent regulation being preferable to excessive decentralization, as it reassures new users and allows for institutions to offer clear and scalable guidance on buying and exchanging cryptocurrency.

SEC Chairman Jay Clayton recently stated that bitcoin is “a source of value that is driven by inefficiencies in our current payment mechanisms.” This is an endorsement of sorts, showing that cryptocurrency has the potential to improve existing mechanisms. But he also noted that as bitcoin grows, the need for regulation will increase.

This regulation should be progressive and based on changeable principles rather than rigid requirements. Technology evolves quickly, especially in nascent sectors like cryptocurrency, so regulation should be flexible and adaptable. This provides reassurance and stability to users without putting a brake on innovation. 

We have to be realistic about the adoption curve of cryptocurrency, at a time when we are still moving out of the early adopter phase. It is always worth remembering that it took about 50 years for credit cards to become ubiquitous.

But we should also recognize that the pandemic has been an accelerant on the uptake of financial technologies, with IBM predicting e-commerce uptake has leapt forward five years, and RetailDive noting a considerable increase in retailers accepting contactless payments.

The use cases that early crypto evangelists have always referenced are playing out before our eyes in the US, Europe, in Asia, and around the globe, so the conditions are ideal to turn ideology into practical progress.

The first country to bring cryptocurrency to retail users at a significant scale will reap massive benefits by reducing bureaucracy, increasing financial independence, and streamlining systems of payment across the economy.

That’s why we need to work diligently to ensure that the US will have the foresight to adopt and activate strong, new policies toward contactless digital payments and cryptocurrency that will make them the global leader in the new world of financial interaction.

NOTE: The views expressed here are those of the author’s and do not necessarily represent or reflect the views of BeInCrypto.

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Sheffield is the founder and CEO of a major bitcoin ATM network, Coinsource.

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Source: https://beincrypto.com/coronavirus-serves-as-a-reminder-todays-payments-system-is-broken/

Blockchain

Mark Cuban Backs Ethereum-Based Data Marketplace dClimate

Mark Cuban Ethereum

Rate this post Dallas Mavericks owner, Mark Cuban is betting big on Ethereum’s future. The billionaire investor is joining Ethereum-based data project dClimate, a decentralized network for climate data, forecasts, and models based on the Ethereum blockchain and powered by the oracle network Chainlink Mark Cuban to Join Ethereum and Chainlink Data Project dClimate  Cuban has been advocating for crypto investments and adoption in the last few years. The tech entrepreneur has shown a great deal of interest in Ethereum in particular. During an interview, Cuban discussed the blockchain’s potential to disrupt banking, healthcare, and software companies. He also claimed that Etherem has a “greater long term” value as compared to Bitcoin. Following that, he invested in an Ethereum scalability startup Polygon. With his latest investment, Cuban is set to unleash Ethereum’s disruptive capabilities in a sector that ripe for a change: data. dClimate connects businesses and entities in need of climate data with publishers who can fulfill their needs. The company uses blockchain to eliminate middlemen and ensures transparency with an in-built mechanism to score the data quality. It also employs Chainlink — an Ethereum-based project that delivers information in and out of a blockchain network — to fetch the climate data. Chainlink is designed to connect blockchains with data in the real world in a secure manner. Over the last year, Chainlink has benefitted immensely from hundreds of partnerships with crypto-related projects, resulting in a 1000% surge in the value of LINK, its native token. Cuban’s Expertise is Invaluable to dClimate According to dClimate co-founder Sid Jha, Cuban’s understanding of blockchain and smart contracts could evolve and add transparency to the climate data industry. Furthermore, he stated, “His insights and expertise will be an invaluable asset to the dClimate team as we build a platform that can be leveraged by the many stakeholders who need reliable and secure weather data to build climate resilience.” Apart from Ethereum, Cuban has also expressed an interest in Dogecoin, a meme-currency that has a market cap of over $40.7 billion. His professional basketball team, Dallas Mavericks is also supportive of the crypto revolution and started accepting Bitcoin for payments two years ago.

The post Mark Cuban Backs Ethereum-Based Data Marketplace dClimate appeared first on Cryptoknowmics-Crypto News and Media Platform.

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Dallas Mavericks owner, Mark Cuban is betting big on Ethereum’s future. The billionaire investor is joining Ethereum-based data project dClimate, a decentralized network for climate data, forecasts, and models based on the Ethereum blockchain and powered by the oracle network Chainlink

Mark Cuban to Join Ethereum and Chainlink Data Project dClimate 

Cuban has been advocating for crypto investments and adoption in the last few years. The tech entrepreneur has shown a great deal of interest in Ethereum in particular. During an interview, Cuban discussed the blockchain’s potential to disrupt banking, healthcare, and software companies. He also claimed that Etherem has a “greater long term” value as compared to Bitcoin. Following that, he invested in an Ethereum scalability startup Polygon.

With his latest investment, Cuban is set to unleash Ethereum’s disruptive capabilities in a sector that ripe for a change: data.

dClimate connects businesses and entities in need of climate data with publishers who can fulfill their needs. The company uses blockchain to eliminate middlemen and ensures transparency with an in-built mechanism to score the data quality. It also employs Chainlink — an Ethereum-based project that delivers information in and out of a blockchain network — to fetch the climate data. Chainlink is designed to connect blockchains with data in the real world in a secure manner. Over the last year, Chainlink has benefitted immensely from hundreds of partnerships with crypto-related projects, resulting in a 1000% surge in the value of LINK, its native token.

Cuban’s Expertise is Invaluable to dClimate

According to dClimate co-founder Sid Jha, Cuban’s understanding of blockchain and smart contracts could evolve and add transparency to the climate data industry. Furthermore, he stated, “His insights and expertise will be an invaluable asset to the dClimate team as we build a platform that can be leveraged by the many stakeholders who need reliable and secure weather data to build climate resilience.”

Apart from Ethereum, Cuban has also expressed an interest in Dogecoin, a meme-currency that has a market cap of over $40.7 billion. His professional basketball team, Dallas Mavericks is also supportive of the crypto revolution and started accepting Bitcoin for payments two years ago.

READ  Diginex Is the First Crypto Exchange to Go Public on Nasdaq

#DClimate #Ethereum #Ethereum and Chainlink #Mark Cuban

Source: https://www.cryptoknowmics.com/news/mark-cuban-backs-ethereum-based-data-marketplace-dclimate/

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Bitcoin Struggles to Breach $40k After Fed Schedules Interest Rate Hike

Bitcoin Fed

Rate this post Bitcoin struggled to soar above $40,000 as investors unpacked the latest Fed announcement. On Wednesday, the Federal Reserve announced that it planned to increase interest rates twice in 2023, much sooner than the markets expected. The announcement incited fears that the banking system could also curtail its bond-buying program. Bitcoin Tumbles Amid Fed Announcement on Interest Rate Hikes in 2023 Bitcoin (BTC) prices are tumbling again after briefly showing signs of recovery. The currency was changing hands at an intraday low of $38,300, following its decline from the $40,000 mark. Meanwhile, in the stock markets, DOW and S&P 500 also recorded a drop of 0.77% and 0.54% respectively. The latest decision on interest rates comes in light of rising inflation in the United States. The country — currently experiencing a 13 year high in consumer prices — is projected to see its inflation rates spike from 2.4% to 3.4%. While Fed chair Jerome Powell has termed the projected rates to be “transitory”, investors are worried about the implications of ongoing inflation for a post-pandemic economy. In the meantime, investors tied to risky assets such as stocks and cryptocurrencies are also anticipating the Fed to roll back its $120 billion monthly bond purchase program, which could be winded down before the planned interest rate hikes. Current Bitcoin Price Activity is Normal Range-Bound Trading BTC prices briefly breached $40,000 but fell short of $45,000, as the currency traded at nearly $41, 350 on 15 June. But the digital asset couldn’t maintain this level longer and plummeted further. Even as BTC fell from $40,000 to $38,300, investors are confident about the primary cryptocurrency’s resilience. Some believe that Bitcoin’s price activity matches its range-bound trading. At this point, investors are hoping for BTC to hold at $37,000, which could represent its support level. Interestingly, major exchanges have recorded a continuous inflow of BTC over the last few days. Miner outflows have also been increasing according to the findings of CryptoQuant, which suggest that BTC inflows produce bearish results for the market.  Additionally, the currency’s 50 and 200-day moving averages are also on their way to convergence, leading to the formation of a bearish death cross. While they are not the strongest indicators of the current spot price action, they help understand the existing resistance for bulls. 

The post Bitcoin Struggles to Breach $40k After Fed Schedules Interest Rate Hike appeared first on Cryptoknowmics-Crypto News and Media Platform.

Republished by Plato

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Table of Contents

Rate this post

Bitcoin struggled to soar above $40,000 as investors unpacked the latest Fed announcement. On Wednesday, the Federal Reserve announced that it planned to increase interest rates twice in 2023, much sooner than the markets expected. The announcement incited fears that the banking system could also curtail its bond-buying program.

Bitcoin Tumbles Amid Fed Announcement on Interest Rate Hikes in 2023

Bitcoin (BTC) prices are tumbling again after briefly showing signs of recovery. The currency was changing hands at an intraday low of $38,300, following its decline from the $40,000 mark. Meanwhile, in the stock markets, DOW and S&P 500 also recorded a drop of 0.77% and 0.54% respectively.

The latest decision on interest rates comes in light of rising inflation in the United States. The country — currently experiencing a 13 year high in consumer prices — is projected to see its inflation rates spike from 2.4% to 3.4%. While Fed chair Jerome Powell has termed the projected rates to be “transitory”, investors are worried about the implications of ongoing inflation for a post-pandemic economy.

In the meantime, investors tied to risky assets such as stocks and cryptocurrencies are also anticipating the Fed to roll back its $120 billion monthly bond purchase program, which could be winded down before the planned interest rate hikes.

Current Bitcoin Price Activity is Normal Range-Bound Trading

BTC prices briefly breached $40,000 but fell short of $45,000, as the currency traded at nearly $41, 350 on 15 June. But the digital asset couldn’t maintain this level longer and plummeted further.

Even as BTC fell from $40,000 to $38,300, investors are confident about the primary cryptocurrency’s resilience. Some believe that Bitcoin’s price activity matches its range-bound trading. At this point, investors are hoping for BTC to hold at $37,000, which could represent its support level.

Interestingly, major exchanges have recorded a continuous inflow of BTC over the last few days. Miner outflows have also been increasing according to the findings of CryptoQuant, which suggest that BTC inflows produce bearish results for the market. 

Additionally, the currency’s 50 and 200-day moving averages are also on their way to convergence, leading to the formation of a bearish death cross. While they are not the strongest indicators of the current spot price action, they help understand the existing resistance for bulls. 

READ  BCD Technical Analysis: Price Likely to Fall Below the First Support Level of $4.32

#Bitcoin price #Federal Reserve Bank #Federal Reserve Interest Rate

Source: https://www.cryptoknowmics.com/news/bitcoin-struggles-to-breach-40000-after-fed-schedules-early-interest-rate-hike/

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Shanghai Man: Economist says El Salvador ‘on road to death’, salaries paid in e-CNY …

Republished by Plato

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Our Man in Shanghai has refused to let recent regulations slow down the news coming from China. Enterprise blockchain, central bank digital currencies and start up projects continue to make a positive impact in a region hoping to grow economic value through technology.

Death march for El Salvador

The debate around El Salvador continued this week as media and officials tried to digest the adoption of Bitcoin as a national currency. JPMorgan stated that there was little economic benefit, and John Hopkins University professor Steve Hanke warned that the move could “completely collapse the economy” of the small nation. The former Bank of China deputy governor Wang Yongli took a very hardline approach, by stating that volatility and a lack of regulation or controls would put the economy on a “road to death.” This quote, appearing in state run media The Paper June 9, was an unusually direct and colorful statement on the issue.

Crypto innovation can be productive

Zhou Xiaoquan, a former governor of the People’s Bank of China, had a few positive things to say about cryptocurrency as a technology on June 11. He spoke at an economic summit in Shanghai and noted the cryptocurrency innovation in China can be productive when it serves the real economy. He also took some shots at other countries, stating that people would be mistaken if they thought other countries were taking the same approach towards building financial services. Zhou, who is one of the most often-quoted economists in the country, felt there was little emphasis on the relationship between financial services and economic value elsewhere in the world. Based on the wild displays at the Miami Bitcoin conference a few weeks ago, his position might be more sound than others would care to admit.

Paid in e-CNY

China’s e-CNY tests continued with the first reported mass payment of salaries in Xiong’an, a district near the capital Beijing. According to Cointelegraph, the pilot received support from a number of national banks and saw subcontractors paying workers their salaries from a digital wallet.

Industrial blockchain worth $22.6B

On June 3, a government organization issued a report entitled the China Industrial Blockchain Development Status and Trend Report. According to the report, in 2020, 222 industrial blockchain policies were issued, 12,059 new blockchain-related patent applications were approved, and 776 new blockchain enterprises were established. The report also claimed that the current market size of the industrial blockchain sector was around $22.6 billion U.S. dollars. Industrial blockchain is an area that China is eager to grab control in, leading to this explosive growth in recent years.

Only 5X the fun

Leading exchange Huobi surprised futures traders by limiting them to only 5x leverage on perpetual swaps and blocking new users from accessing the feature altogether. Futures trading, particularly highly-leveraged futures trading, had always been popular features on exchanges like OKEx and Huobi. It will be interesting to see whether these new decisions to limit risk will be damaging to these large exchanges that still somewhat adhere to regulator rules. It’s also possible that it’s a short-term solution in order to avoid scrutiny during periods of tighter control.

Futures of Singapore

While Huobi was tightening controls on futures traders, Singapore-based platform SynFutures was completing a Series A for $14 million. The round was led by Polychain Capital and included names like Framework Capital, Pantera Capital, Bybit, Kronos Research, WOO Ventures, Wintermute, and IOSG Ventures. SynFutures is creating a trustless derivatives market where users can take positions on assets or anything that has an accurate feed, including Bitcoin, the price of gold, or even the Bitcoin hashrate. What many people don’t know is that the SynFutures team is composed of members from Matrixport, a financial service app that was an offshoot of massive Chinese mining conglomerate Bitmain. Now you know the whole story!

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.

Shanghai Man: Economist says El Salvador ’on road to death’, salaries paid in e-CNY …

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Source: https://blockchainconsultants.io/shanghai-man-economist-says-el-salvador-on-road-to-death-salaries-paid-in-e-cny/?utm_source=rss&utm_medium=rss&utm_campaign=shanghai-man-economist-says-el-salvador-on-road-to-death-salaries-paid-in-e-cny

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