Connect with us
[crypto-donation-box]

Blockchain

Sweden extends digital krona digital currency pilot until 2022

Republished by Plato

Published

on

Sweden’s central bank has extended an ongoing pilot aimed at creating a digital version of the Swedish krona until 2022, as was recently announced by the nation’s Riksbank.

In combination with professional services firm Accenture, the “e-krona” pilot program was created to address what the Riksbank sees as “the marginalization of cash”:

“The Riksbank sees potential problems with the marginalisation of cash and has therefore initiated a pilot project to develop a proposal for a technical solution for a central bank digital currency, an e-krona that can work as a complement to cash.”

The recent announcement states that no decision has been made on how, or even if, the e-krona will be issued. But a brief whitepaper from 2020 details the use of R3’s Corda blockchain — a private distributed ledger created for business and enterprise. Unlike public blockchains such as Bitcoin and Ethereum, projects built on Corda will be accessible via invite only.

Central bank digital currencies, or CBDCs, are digital currencies issued and overseen solely by the central bank of a given country. Unlike coins on open-source, decentralized, public blockchains, CBDCs don’t pretend to be alternatives to the current fiat system. Rather, they are being devised as a possible safeguard against the spread of virtual currencies, acting as a mere digital version of existing national monies.

The pilot program will continue over the course of the coming year, and is set to end in February 2022. The recent announcement notes that testing of offline functionality and onboarding of external participants will be prioritized in the coming months:

“The main aim of the pilot is for the Riksbank to increase its knowledge of a central bank-issued digital krona. The project is now being extended to the end of February 2022. The aim for the coming year is to continue developing the technical solution, with the focus on performance, scalability, testing of off-line functions and bringing external participants into the test environment.”

Source: https://cointelegraph.com/news/sweden-extends-digital-krona-digital-currency-pilot-until-2022

Blockchain

China Securities Journal Says Cryptocurrency Trading Is Risky and Calls for Strict Supervision

Republished by Plato

Published

on

Chinese officials warned the public about the risks associated with trading with digital assets. The authorities pointed out three major considerations which might harm investors – false transactions, security breaches, and illegal and criminal activities involving cryptocurrencies.

Tighter Regulations on Crypto Trading

According to the China Financial Stability Report, investors should be extra vigilant when operating with bitcoin and other crypto assets. Officials from China Securities Journal have called for better regulation and pointed out three major risks that trading with digital assets may carry.

First, digital assets are highly decentralized, which means they lack supervision and legal protection. According to the journal, this is a huge disadvantage and can cause price manipulation and false transactions.

Second, the price of most cryptocurrencies, including bitcoin, can easily become an instrument for speculation and can go through sharp declines.’

Third, the movement of funds on blockchain technology is difficult to be observed. This can create an excellent environment for money laundering. Additionally, illegal and criminal activities can also thrive with these conditions as lawbreakers have the opportunity to make drugs or gun transactions using cryptocurrencies.


ADVERTISEMENT

The Chinese authorities advised that due to these factors, the crypto community must stay alert to prevent these hazards. Furthermore, China Securities Journal reminded that there are no legal crypto trading venues in the country and no regulatory protections:

”Once you encounter risks, you can only bear the consequences. In short, speculation in coins is risky, and you need to be cautious when entering the market.”

China and BTC

Despite the government’s stance, the primary cryptocurrency is highly popular in China – there’s a high number of miners situated in the large Asian nation.

Recently, the country’s central bank announced that it was looking into bitcoin as an alternative investment. Zhou Xiaochuan, former governor of PBoC, outlined the potential of digital assets and their future implementation. However, he ascertained that whatever the case may be, cryptocurrencies must not be used for illicit activities such as drug or weapon trafficking, gambling, or money laundering:

”We believe that crypto assets should play a major role in the future, either as an investment tool or as an alternative investment. Many countries, including China, are also studying it as an investment tool.”

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/china-securities-journal-says-cryptocurrency-trading-is-risky-and-calls-for-strict-supervision/

Continue Reading

Blockchain

Bitcoin price metric flashes rare ‘buy the dip’ opportunity at $42K lows

Republished by Plato

Published

on

Bitcoin (BTC) is facing a make-or-break moment this week as a classic indicator signals a price watershed. 

According to the network value to transaction (NVT) price, BTC/USD is in line for a reset at recent lows of just above $42,000.

NVT calls a significant BTC move

After dipping on negative sentiment as a result of tweets from Elon Musk, Bitcoin is attempting to establish definitive support near its old all-time highs from February.

At the same time, NVT, which is used to discover potential local price polarities, suggests that the market is looking at an event similar to early 2018 or last March’s cross-asset crash.

The start of 2018 heralded a year-long bear market, while last year, Bitcoin conversely bounced from lows to new all-time highs — a bull run that analysts argue is still in action.

With the $42,000 dip bringing Bitcoin below NVT price, however, statistician Willy Woo drew attention to similar events throughout its 12-year history.

“Here is some hopium for those of you losing your minds,” Filbfilb, co-founder of trading suite DecenTrader, added about the indicator.

BTC/USD vs. NVT price chart. Source: Willy Woo/Twitter

A “buy the dip” like few others?

As Cointelegraph reported, NVT and its derivatives correctly called the explosive growth of Q1 2021.

NVT is far from the only tool in bulls’ arsenal for calling a continuation, however, and fresh data is also highlighting a distinct difference between old and new BTC hodlers.

The price dip, for instance, came as recent buyers sold in panic, overwhelmingly at a loss. Older entities, by contrast, happily bought up the available liquidity.

“Translation: BTFD opportunities like this don’t come often,” analyst William Clemente flatly commented on the NVT data.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/bitcoin-price-metric-flashes-rare-buy-the-dip-opportunity-at-42k-lows

Continue Reading

Blockchain

Iran’s Energy Ministry warns of heavy fines for crypto miners using household energy.

Republished by Plato

Published

on

Crypto miners using household electricity in Iran will face a “heavy fine,” according to Mostafa Rajabi, a spokesperson for Iran’s Energy Ministry, as reported by the Tehran Times. The spokesperson also added that cryptocurrency mining is one of the two biggest threats to Iran’s electricity supply this year—alongside a reduction in power coming from hydropower plants due to a lack of rain. 

Iranian government is cracking down on unauthorized mining.

As per local reports, the Iranian government is cracking down on unauthorized mining using household electricity. The crypto mining industry is heavily reliant on Iran’s power grid, and thus it places heavy demands on the national power supply. Rajabi also added the practice might even cause blackouts across the country. In addition to the “heavy fine” facing miners using household electricity, those caught by the government will also be made to compensate for the damages they cause to the country’s electricity supply. The move is the latest in a long line of steps taken by the government to control the cryptocurrency mining industry in Iran.

Iran struggles to provide energy to crypto miners. 

Iran legalized industrial cryptocurrency mining two years ago in 2019. At that time, Irani ministers said the industry could pull in over $8.5 billion a year. The move was considered by many to boost state income amidst tough economic sanctions applied as part of former President Trump’s “maximum pressure” Iran doctrine. However, by October of last year, the crypto mining industry had boomed to such a height that even the Central Bank of Iran put forward new regulations that directed the proceeds of Iranian-mined Bitcoin into government funds so Iran would be able to finance imports. But despite the country’s embrace of crypto mining, the country has consistently struggled with balancing the industry’s needs with the country’s wider electricity demands. 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://chaintimes.com/irans-energy-ministry-warns-of-heavy-fines-for-crypto-miners-using-household-energy/

Continue Reading
Blockchain5 days ago

dotmoovs Raises $840,000 From Strategic Investors and Partners

Blockchain4 days ago

US Investment Bank Cowen to Offer Crypto Custody Services

Blockchain5 days ago

DeFi lending platform Aave reveals “private pool” for institutions

Blockchain5 days ago

When dollars meet the hype: The biggest NFT hits from celebrities

Blockchain5 days ago

MoneyGram to Enable Users to Buy Bitcoin and Withdraw it From Birck-and-Mortar Locations

Blockchain5 days ago

Here are the Top DeFi Tokens With The Largest Price Jumps This Week

Blockchain5 days ago

Griff Green: Doge-loving hippy hacker steals crypto before bad guys can

Blockchain5 days ago

As Elon Musk’s SpaceX Literally Sends Dogecoin To The Moon, Justin Sun Craves For Tron to Tag Along

Blockchain4 days ago

Buterin Plugs UNI as Next Oracle Token

Blockchain5 days ago

Can Elon Musk’s ‘damage control’ measures help revive Dogecoin’s price?

Blockchain5 days ago

Ethernity Chain Immortalizes Tony Hawk’s Last 540 Skate Trick With NFT

Blockchain5 days ago

ConsenSys-Backed Virtue Poker to be Launched on Superstarter, SuperFarm’s Launchpad

Blockchain5 days ago

Bitwise Launches ‘Crypto Innovators’ ETF

Blockchain4 days ago

Elon Musk Pokes Massive Hole in the Bitcoin Market After Halting Bitcoin Payments at Tesla

Blockchain5 days ago

TimeTicket CEO Masato Kakamu On TimeCOIN Protocol Project

Blockchain5 days ago

BitMEX Executives to Face Trial in March 2022

Blockchain5 days ago

Facebook’s Mark Zuckerberg Might Have Just Made A Grand Entrance Into The Bitcoin Market

Blockchain4 days ago

Facebook’s Diem Enters Crypto Space With Diem USD Stablecoin

Blockchain5 days ago

GIN Blockchain Releases Latest Version Of GIN Wallet

Blockchain5 days ago

Bitrue floats $50M cryptocurrency investment fund

Trending