Blockchain

Japan Speeds up CBDC Development as China’s Digital Yuan Advances

Top Japanese bankers and officials say digital currency development is a top priority now as the country “trails behind” China and South Korea in similar projects, according to a report by Japan Today. Japan to Move Quick With CBDC Plans The Japanese government has placed digital currency development on an urgent status since this July,

Read More Read More. The post by Aisshwarya Tiwari appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

Published

3 months ago

September 7, 2020

user

Top Japanese bankers and officials say digital currency development is a top priority now as the country “trails behind” China and South Korea in similar projects, according to a report by Japan Today.

Japan to Move Quick With CBDC Plans

The Japanese government has placed digital currency development on an urgent status since this July, with a team of about 10 members at the Bank of Japan (BoJ) have been working towards the development of a central bank digital currency (CBDC), a digitized version of the yen.

Officials said a potential digital currency could operate on distributed ledger technology or blockchain technology, but this remains uncertain as the scalability and viable around using blockchains remains. An important consideration is that of natural disasters — the BoJ wants to see currencies operate seamlessly during such times and even power outages.

Takeshi Kimura, the BoJ’s department director-general, said the development of CBDCs is a “top priority.” He recently told a local Japanese news outlet that the bank will move forward with discussions while pushing up the level of consideration beyond the preparatory stage.

He further noted that the CBDC will replace cash and force the consolidation of other electronic payments, but declined did not provide a timeline for the rollout.

The BoJ recently appointed top economist Kazushige Kamiyama to head its payments and settlement department which oversees digital currencies. Kamiyama previously directed the use of big data in analyzing the effects of COVID-19 on the economy.

A Currency Race

As a country that relies on cash for 80 percent of transactions, the competition is stemming from a post-COVID narrative of cashless payments gaining traction over their fiat counterparts.

The report noted:

“The economic implications of the ongoing pandemic are vast, with numerous economists and analysts suggesting a slowdown in global productivity.”

As the global reserve currency, the dollar is the primary currency in which most of the world’s trade occurs. Current economic conditions have led world leaders to suggest a “Great Reset” to the global economy, it added.

The report follows an earlier post by BTCManager which noted the new Japanese digital currency team will continue the research work conducted by a previous team formed early in 2020.

Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4

Source: https://btcmanager.com/japan-cbdc-digital-yuan-advances/

News

US House Financial Services Chair Waters Recommends Joe Biden Rescind OCC Crypto Guidance

House Financial Services Chair Maxine Waters told President-elect Joe Biden to undo the OCC’s crypto guidance after he takes office next year.

Published

5 hours ago

December 4, 2020

Abhishek Gupta

U.S. Representative Maxine Waters, who chairs the powerful House Financial Services Committee, recommended that President-elect Joe Biden rescind or monitor all of the cryptocurrency-related guidance issued by the Office of the Comptroller of the Currency.

In a letter sent to the incoming president Friday, Waters wrote that her committee has “conducted extensive oversight” over President Donald Trump’s administration, and listed a number of actions Biden’s administration could take to undo what she described as the harms of Trump’s term.

Waters’ comments come weeks after other Financial Services Committee members, including Reps. Rashida Tlaib and Jesus “Chuy” Garcia criticized Brooks’ crypto-related actions during the COVID-19 pandemic and just days after the lawmakers introduced a bill that would require stablecoin issuers to seek bank charters and regulatory permission to introduce stablecoins.

“As you begin to carry out the mandate given to you by the American people to restore trust in the federal government, I would like to highlight several areas where you and your team should immediately reverse the actions of your predecessors,” she wrote.

She also recommended that Biden monitor the OCC’s advanced notice of rulemaking around digital activities conducted by banks and the public input period.

“Your appointed officials at the Office of the Comptroller of the Currency (OCC) must also not assume, as their predecessors have, that a law Congress passed over 150 years ago somehow gives, them authority to provide a national bank charter to non-bank fintech or payment companies,” she wrote.

Each of these recommendations would undo work conducted by Brian Brooks, the Acting Comptroller of the Currency. Brooks was recently nominated to serve a full five-year term by Trump.

Under a section on financial stability, Waters wrote that the Financial Stability Oversight Council and Office of Financial Research should publish their analysis on developments and the existing regulatory framework around digital assets and distributed ledger technology.

Source: https://www.coindesk.com/financial-services-waters-recommendations

News

Intellectual Capital Firm Calls XRP One of the Most Intriguing Assets in Crypto

The publicly-traded risk management firm FRMO Corp. is making the case for XRP. In its latest letter to shareholders, the firm outlines its bullish stance on the crypto markets and specifically outlines XRP as a unique digital asset due to the fact that it’s not mined and is deflationary in nature. “XRP, itself, is one of the […]

The post Intellectual Capital Firm Calls XRP One of the Most Intriguing Assets in Crypto appeared first on The Daily Hodl.

Published

7 hours ago

December 4, 2020

Abhishek Gupta

The publicly-traded risk management firm FRMO Corp. is making the case for XRP.

In its latest letter to shareholders, the firm outlines its bullish stance on the crypto markets and specifically outlines XRP as a unique digital asset due to the fact that it’s not mined and is deflationary in nature.

“XRP, itself, is one of the more intriguing currencies, as it is explicitly deflationary. There is a modest cost for transacting in XRP, which is not actually paid to any intermediary. The fee, which is a very small fraction of a unit of XRP and which is used to protect the network, is simply destroyed. Therefore, the number of XRP units is constantly decreasing.”

XRP has a total supply of 100 billion coins, and each time an XRP transaction is sent, 0.00001 XRP is burned. The firm says that could become a factor in XRP’s value proposition if the coin is widely adopted in the mainstream.

“If the transaction velocity of XRP were to rise greatly, the number of currency units would decline greatly, thereby creating a substantial return even if the coin itself did not experience an increase in market capitalization. It would, however, experience an increase in value per unit.”

FRMO says its private partnership investments now hold positions in Bitcoin and many of the top 10 largest crypto assets by market cap.

The firm is also mining Ethereum (ETH), Ethereum Classic (ETC), Zcash (ZEC), Litecoin (LTC) and Bitcoin Cash (BCH).

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Follow Us on Twitter Facebook Telegram

Featured Image: Shutterstock/Tavarius

Source: https://dailyhodl.com/2020/12/04/intellectual-capital-firm-calls-xrp-one-of-the-most-intriguing-assets-in-crypto/

News

America Is Beating Asia for Once in the Field of Crypto Trading

Bitcoin is growing like there’s no tomorrow, and for once, it looks like Asia is being beaten out by North America in terms of cryptocurrency love and adoption. North America Is Becoming Number One More coins and cryptocurrencies are flowing into North American exchanges than into Asian exchanges. This is an odd occurrence considering Asia…

The post America Is Beating Asia for Once in the Field of Crypto Trading appeared first on Live Bitcoin News.

Published

7 hours ago

December 4, 2020

Abhishek Gupta

Bitcoin is growing like there’s no tomorrow, and for once, it looks like Asia is being beaten out by North America in terms of cryptocurrency love and adoption.

North America Is Becoming Number One

More coins and cryptocurrencies are flowing into North American exchanges than into Asian exchanges. This is an odd occurrence considering Asia has typically outdone all other regions in terms of crypto appreciation. There was a time when South Korea accounted for more than one-quarter of the world’s crypto transactions, and no doubt China has been the biggest influencer in the space.

But as of late, North America is moving up the financial ladder and proving itself to be a major hub for crypto trading. In fact, weekly inflows to American exchanges have surged by more than 7,000 times what they were at the beginning of the year. Overall, 216,000 bitcoins – worth approximately $3.4 billion at the time of writing – made their way into American exchanges in mid-November.

Ciara Sun – a representatives of Huobi Global Markets in Seychelles – commented in a recent statement:

The sudden influx of institutional interest from the North American region is driving a shift in bitcoin trading, which is rebalancing asset allocations across different exchanges and platforms.

Some are claiming, however, that the call of North America as a leader in the crypto space is coming a bit early. Chainalysis figures show, for example, that East Asia is still a major exporter of crypto funds, and still serves as one of the largest regions for digital asset activity. In addition, many others claim that regulation in Asia is quite different than what it is in North America. This puts a dent in the overall figures, and they claim that it cannot be deciphered just yet which one is more dominant.

Curtis Ting of the U.S. exchange Kraken in San Francisco explained:

You’re increasingly starting to see distinctions in the market between those that have no regulatory or little regulatory clarity versus those that do. Larger institutions seek the predictability that a regulated venue offers.

Putting this aside, however, Chainalysis shows that the activity occurring in major North American exchanges – i.e. Coinbase, Kraken, etc. – is considerably larger than what’s happening in Asian exchanges. In the past, North America has edged forward like this, but never by such a big margin.

It is estimated that approximately 1.6 million in bitcoin is making its way into North American trading platforms each week. By contrast, Asian exchanges are seeing only 1.4 million units.

Regulation Is the Key

At this stage, it looks like America is offering a stricter, more regulated environment, which appears to be attracting larger traders. Christopher Matt of 3iQ in Canada states:

A lot of U.S. funds are trading with large U.S. counterparties. It tells you right there how important the regulatory nature of the space is and having venues to trade on that are regulated.

Tags: Asia, bitcoin, North America Source: https://www.livebitcoinnews.com/america-is-beating-asia-for-once-in-the-field-of-crypto-trading/