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World Bank Digs Deeper Into DLT and FinTech for Financial Inclusion

The world’s largest development bank, the World Bank Group, has issued a new report on payment aspects of financial inclusion in the fintech era.

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Financial institutions all over the world are increasingly experimenting with emerging technologies like blockchain to streamline payment systems and achieve financial inclusion. In a new study, the World Bank has once again emphasized blockchain’s potential for financial inclusion.

Issued by the Bank for International Settlements on April 14,the new report from the World Bank Group on “Payment aspects of financial inclusion in the fintech era” outlines a wide number of crypto and blockchain-related concepts like stablecoins and central bank digital currencies (CBDC). In the 70-page report, the bank provided a detailed overview of selected advances in technology that are considered to be the most relevant to payments as well as described their applications and associated risks.

Extended version of 2016 PAFI report

The new report reiterates and enhances the guidance developed in the report on Payment aspects of financial inclusion (PAFI) issued by the World Bank in collaboration with Committee on Payments and Market Infrastructures (CPMI) in 2016. Basically, the latest report sets out fintech-focused key aspects, putting them in the context of the general PAFI guidance, which was formulated in a tech-neutral way and did not include developments like blockchain.

Among major PAFI tools, the World Bank listed distributed ledger technology (DLT), stablecoins, CBDCs and payment tokenization systems, placing them in line with other fintechs like big data analytics and cloud computing. Combining several technologies, products and access models, the World Bank drew up the so-called “PAFI fintech wheel” to identify fintech developments that are potentially relevant to the payment aspects of financial inclusion.

WBG’s “PAFI fintech wheel”

WBG’s “PAFI fintech wheel.” Source: Bank of International Settlements

Stablecoins prompted CBDC investigations for more efficient cross-border payment

Specifically, the report says that DLT “may further spur business model innovation in cross-border payments,” noting that the technology has a potential to streamline such payments in a permissioned, i.e. private environment.

The World Bank also pointed out the role of stablecoins and CBDCs in cross-border transactions, emphasizing that existing stablecoin projects like Facebook’s Libra pushed some jurisdictions to accelerate CBDC investigations to fix major issues of cross-border payments. Neither a global retail stablecoin project nor a CBDC live network is operational to date, the bank noted.

The report reads:

“Stablecoins have prompted central banks in some countries to accelerate their investigations into CBDCs and generally resulted in greater attention being paid to the challenges of financial inclusion and more efficient cross-border payments […] No global retail stablecoin initiative is currently operational.”

Interestingly, the Bank for International Settlements found out in March 2020 that no existing CBDC project explicitly focuses on cross-border payments so far, as those initiatives do not go beyond the central bank’s jurisdiction.

World Bank’s previous interest in blockchain to drive financial inclusion

The World Bank’s fintech-focused report on financial inclusion is not the organization’s first foray into blockchain and associated emerging technologies.

In late 2017, the World Bank published an extensive blockchain report titled “Distributed Ledger Technology and Blockchain,” emphasizing that DLT implementation for financial inclusion goals requires the development of important accompanying components like interoperability with traditional payment services and effective oversight. The report also describes in detail major cryptocurrencies like Bitcoin (BTC) and Ether (ETH), as well as their public blockchains.

Source: https://cointelegraph.com/news/world-bank-digs-deeper-into-dlt-and-fintech-for-financial-inclusion?utm_source=rss&utm_medium=rss&utm_campaign=world-bank-digs-deeper-into-dlt-and-fintech-for-financial-inclusion

Blockchain

It’s Official: PayPal to Acquire Crypto Custodian Curv

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The leading payment processor, PayPal, announced today that it has agreed to purchase the digital asset custody company, Curv. It said that it will complete the acquisition in the first quarter of the year.

Rumors Confirmed True As PayPal Acquire Curv

Reports surfaced last week that PayPal was planning to acquire cryptocurrency security firm, Curv. There were no concrete evidence to buttress the claims, but the leading payment giants have now made it official via a press release today.

The company’s decision to purchase Curv reaffirms its mandate to remain closely knitted to the digital asset space and become a major player in the rapidly changing financial world. According to the statement released on its website, PayPal said the rationale behind its latest acquisition is “to accelerate and expand its initiatives to support cryptocurrencies and digital assets.”

PayPal’s blockchain, crypto, and digital currencies vice president and general manager, Jose Fernandez da Ponte had a few words to say about the latest addition.

“The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system. During our conversations with Curv’s team, we’ve been impressed by their technical talent, entrepreneurial spirit, and the thinking behind the technology they’ve built in the last few years. We’re excited to welcome the Curv team to PayPal.”

Financial details of the transaction were not disclosed, but according to previous reports, PayPal may pay in the region of $500 million to acquire Curv. It said that the deal will be completed in the first quarter of the year.

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What Will Curv Bring To The Table?

Curv is a digital asset security company founded in 2018. It developed an encryption technology based on multi-party computation (MPC). This enables secure transfer and eliminates any point of failure by distributing generated private keys between cloud and client.

With major institutions now weighing in, there’s a lot more on the line, and it has become even more paramount to ensure top-notch security.

Curv CEO Itay Malinger spoke briefly about the fresh development.

“As a pioneer in security infrastructure for digital assets, Curv is proud to be recognized as an innovator and trusted partner to leading financial institutions around the world. Now, as the adoption of digital assets accelerates, we feel there’s no better home than PayPal to continue our journey of innovation. We’re excited to join PayPal in expanding the role these assets play in the global economy.”

PayPal’s Surging Interest In Cryptocurrencies

PayPal’s foray into the industry kicked off in October 2020 when it announced that customers would be able to buy and hold cryptocurrencies on its platform. It was unarguably one of the biggest news in the crypto world last year.

With over 360 million users and 26 million vendors newly exposed to the market, many predicted a bullish momentum, and they were not disappointed. Crypto market capitalization surged by $25 billion while bitcoin hit a new all-time high following the announcement.

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Source: https://cryptopotato.com/its-official-paypal-to-acquire-crypto-custodian-curv/

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Chainlink, VeChain, Decred Price Analysis: 08 March

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Chainlink flipped the $28.34 level from resistance to support over the past few days and defended it from bearish pressure once more. VeChain was strongly bullish on the charts as bulls eyed a target of $0.077, and Decred was trading at $149.

Chainlink [LINK]

Chainlink, VeChain, Decred Price Analysis: 08 March

Source: LINK/USD on TradingView

On the hourly chart, LINK made steady progress past levels of former resistance, now turned support. The past couple of days saw the $28.34 level flipped to support, ceded to selling pressure before being converted into a support level once more.

This showed that in the short-term, there was some demand for LINK, which should aid its move toward and past $30 over the next few days.

The RSI moved above the neutral 50 value while the Stochastic RSI had corrected from overbought territory, showing further gain are possible in the coming hours.

VeChain [VET]

Chainlink, VeChain, Decred Price Analysis: 08 March

Source: VET/USDT on TradingView

The $0.06 was a high reached in mid-February, and a brief rectangle-top pattern was formed before VET plunged to $0.038. However, the bulls have picked up the pieces since, and driven the prices past the local highs at $0.06.

This recovery was driven by strong demand, as the OBV shows a series of higher lows that have formed recently. This is indicative of buying volume being greater than selling volume, that is, greater demand than supply recently.

The Fibonacci extension levels past $0.06 give a bullish target of $0.077 (27% extension) for VET bulls to achieve over the next few days.

Decred [DCR]

Chainlink, VeChain, Decred Price Analysis: 08 March

Source: DCR/USDT on TradingView

The ascending channel (cyan) was one that DCR has been trading within since late January. DCR broke down beneath the channel, but not far. The $125 mark caught its fall and served as support on multiple retests.

Since then, a short-term range appears to have formed, from $125 to $149.

On the 4-hour chart, the Aroon indicator showed some choppiness for DCR- a trend hasn’t yet been established. Above the $149 mark, which also represents the 62% Fibonacci extension level for a past move, there lies a region of supply at $165-$170.


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Source: https://ambcrypto.com/chainlink-vechain-decred-price-analysis-08-march

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This strategist’s data suggests an accelerating pace of Bitcoin replacing Gold

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Commodity Strategist Mike McGlone shared on Twitter recently that his data points to an accelerating pace of Bitcoin replacing Gold “as a store of value in investor portfolios.” While the precious metal will always have a place in “jewelry and coin collections,” Bitcoin on the other hand seems to be “pushing aside the old guard” and will replace the metal as an inflationary hedge. 

According to McGlone’s data, investors have frequently chosen Bitcoin over gold in terms of its store of value from 2017 onward – as shown in the image below: 

Source: Twitter

In addition to the asset’s growth over Gold, McGlone has been bullish about Bitcoin’s price as well. 

McGlone who earlier predicted, quite accurately, that Bitcoin would surge to the $50,000 mark, recently made a new prediction. He stated that the price of Bitcoin will continue to appreciate to eventually hit the $100,000 milestone by 2025, a target expected by many other Bitcoin bulls. He based his forecast on the asset’s growing popularity, which is seeing increasing adoption, even among mainstream investors. The expert once said that financial markets may even want to replace US Dollar reserves with Digital Dollars and Bitcoin.

Some maximalists such as MicroStrategy CEO Michael Saylor even cautioned investors to sell their gold, and buy Bitcoin instead. According to him, “gold is dead money” and that “other people are going to sell their gold”. 

Gold advocate Peter Schiff who always counters such arguments remains certain that Bitcoin is a scam and argued that it couldn’t replace gold only because it appreciates at price. Schiff’s criticism of Bitcoin has often irked traders.

One trader dedicated a comparison of his investment in Bitcoin and Gold to Schiff. He claimed that $1 invested in Bitcoin vs Gold over 11.4 years amounted to: 

Bitcoin:$66,542,100.00…Gold:$1.63

Source: @woonomic


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Source: https://ambcrypto.com/this-strategists-data-suggests-an-accelerating-pace-of-bitcoin-replacing-gold

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