The head of Germany’s central bank has said central bank digital currencies could destabilize financial systems and worsen bank runs.
CoinDesk
Central Bank Digital Currencies Take Center Stage at IMF Spring Meetings
Central bank digital currencies (CBDCs) featured prominently when global financial leaders met for this year’s World Bank Group and International Monetary Fund (IMF) joint Spring Meetings in the United States. Faced with emerging disruptive technologies like Bitcoin, their discussions also focused on how money and payments are taking on new forms throughout the world. There wasn’t any determined conclusion to the debates, but the IMF’s Christine Lagarde admitted that cryptocurrencies have shaken the established global financial order.
Also read: The Struggle to Buy Bitcoin in Crypto-Starved Botswana
Revolut Launches Auto-Exchange Feature for Select Crypto and Fiat Currencies
Revolut, a mobile finance and payment application based in the U.K., has launched a service that makes it possible for its clients to “auto-exchange” fiat and digital currencies on its platform.
The new feature is intended to make it possible for users to protect themselves against volatilities in the crypto market. Per a company blog post, Revolut users can automatically exchange “fiat currencies, such as the US dollar (USD) to ether (ETH) or bitcoin (BTC), to XRP,” and vice versa, based on a predetermined target rate.
70% of Central Banks are Working on Digital Currencies, No Hurry to Issue Them: BIS
A survey commissioned by the bank of central banks, the Bank of International Settlements, has disclosed that even though Central Bank Digital Currencies (CBDC) are being researched by a big number of reserve banks, the work is mostly conceptual. Consequently, only a handful of them have any intentions of issuing a CBDC in the near
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Similarities And Differences Between Currencies & Equities
Different asset classes have got very similar aspects of them. This means it’s important to trade the asset class that you understand best to provide you with the best chance of successfully investing in the capital markets. Furthermore, with the basics that move both the crypto and equity markets, it’s important to understand the differences in how stable they both are in order to get the most out of them with each asset class.
Differences between currencies and equities
Popular Bitcoin Wallet Samourai Ditches All Government Currencies
In what could be construed as calling the casual enthusiast’s bluff, BTC maximalists at the Samourai project announced, “All fiat currency conversions have been removed from Samourai Wallet. We understand this may inconvenience some, it may even be enough to cause us to lose some users, but we believe it is fundamental that our existing and future users understand that when they transact within the Bitcoin network, when they participate in the Bitcoin economy, they are transacting with the token native to the Bitcoin network, BTC, and nothing else.”
Also read: Colombia Crypto Exchange Asks New President for Banking Help
Newest Crypto Exchange Offers Multiple Currencies Via One Book
The crypto world is welcoming its newest digital currency exchange. Known as BTSE, it’s a platform designed primarily to look after markets and OTC trading. The system is unique in the sense that it offers multiple currencies through one book, and entities like the U.S. dollar, the euro and the Japanese yen all share the same liquidity pool.
Co-founder Jack Li spoke with Bitcoin Magazine about how the exchange works and what its overall purpose is in offering a multi-currency platform.
Do Decentralised Currencies Have An Advantage?
Cryptocurrencies have so much technology behind them which has taken financial sectors all over the world by storm and it is mainly thanks to its decentralised system. Since their introduction to the world, Crypto is proving to be what many traders have been waiting for.
In the financial world, freedom wasn’t really a usual thing however, with the introduction of cryptocurrencies, the restriction has gone.
Aside from investment, many traders of crypto seem to get themselves caught between centralism and decentralisation within the crypto space.
Continue reading Do Decentralised Currencies Have An Advantage? at Crypto Daily™.
Bitcoin’s Rise Reflects Governments’ Failure To Stabilize National Currencies
Bitcoin is digital gold for a digital generation.
Libertarian proponents of cryptocurrencies, like America’s Founding Fathers before them, argue that fiat currencies are nothing but Monopoly paper: Why does fiat cash have value when it’s not backed by any real asset, such as gold or silver?
In 1786, Thomas Paine wrote: “Gold and silver are the emissions of nature: paper is the emission of art. The value of gold and silver is ascertained by the quantity which nature has made in the earth.” He added, “But the evils of paper money have no end.
Top 6 Failed Fiat Currencies: Discontinued Edition
The list of failed and obsolete fiat currencies is a lot longer than most people would expect. When it comes to obsolete currencies, there are quite a few to choose from. The following examples are ranked in reverse order of longevity, and failed to make any real impact in the end.
#6 Albanian Lek Valute
Initially introduced back in 1992,, the Albanian Lek Valute failed to remain relevant for more than a full year. It is evident Albania has seen numerous iterations of the Lek, with three official versions making the rounds, each with their own multiple design models. The Lek Albanian Lek Valute was the least successful of them all, although for a country going through a revolution in 1991, that is not entirely surprising either.
DINNGO Hybrid Exchange Announces Bluetooth Integration Between Cold Wallets and Mobile Devices to Change the Way we Trade Digital Currencies
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Regulations Round-Up: Central Bank-Issued Digital Currencies, Regulatory Clarity
In recent regulatory news, Spain’s Central bank has issued a report favoring the development of a central bank-issued digital currency (CBDC), the president of Taiwan’s central bank has advocated caution regarding CBDCs, the Blockchain Research Institute has published a summary of recent roundtable discussions calling for great regulatory clarity, and a Russian court has a warned a publishing company for breaching advertising legislation with an ad pertaining to cryptocurrencies.
Also Read: Brazil’s Pro Bitcoin Presidential Candidate: É Boa Pra Caramba!
GlobalData: digital currencies unlikely to replace fiat currency despite security potential
Data and analytics company GlobalData said in a press release it sent to CoinReport that although most financial services experts agree that the blockchain technology that is behind crypto has certain value, chiefly from a security point of view, digital currencies are unlikely to replace fiat money…
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Imperial College London, eToro study: digital currencies could lead payments within 10 yrs.
Social trading and multi asset brokerage company eToro and Imperial College London announced in a press release CoinReport received from eToro’s PR firm, Wachsman, the results of recent research on cryptocurrencies. According to the release, the central finding of the study is that digital currencie…
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Biggest barrier to digital currencies is buying process, says new study
Cryptocurrency buying service CreditCoin announced in a press release CoinReport received from FourtyThree, CreditCoin’s PR firm, the results of a survey the digital currency buying service commissioned. According to the study, the biggest hurdle for cryptocurrencies is the purchasing process. Credi…
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Bitcoin to Replace Traditional Currencies ‘Within a Decade,’ Researchers Claim
A new study from the Imperial College London and eToro claims that cryptocurrencies are not only nearing mainstream adoption, but also the “next step” for money.
‘Cryptocurrencies Have Already Made Significant Headway’
Bitcoin is already being used as both a store of value and speculative investment. Soon, it may become a viable means of payment.
As noted by Independent, Imperial College London’s Professor William Knottenbelt claims:
The world of cryptocurrency is evolving as rapidly as the considerable collection of confusing terminology that accompanies it. These decentralised technologies have the potential to upend everything we thought we knew about the nature of financial systems and financial assets.
2 APAC Nations Have Ruled Out Central Bank Digital Currencies
The central banks of both Australia and New Zealand have said they do not plan to create their own digital currencies – at least for now.
CoinDesk
Blockchain-Based Community Currencies to Be Launched in Kenya
Bancor has announced today it will launch a network of blockchain-based community currencies in Kenya. The new project is expected to combat poverty through the stimulation of local and regional commerce and peer-to-peer collaboration.
By using the Bancor Network, disadvantaged communities in Kenya will be able to create digital currencies that can hold one or more balances in a connected way such that integrated currencies can be swapped for one another without needing a counterparty.
Bancor will launch the new currencies by contributing capital from the proceeds of its $ 153 million token sales in 2017.
What you get and what you need to trade crypto currencies – from Crypto currency exchanges
This article is about what the active trader in crypto currencies needs to create, monitor and execute their trading program, in order to meet their own trade objectives
- current crypto platforms and exchanges do not offer the tools that are needed, they offer the tools that are available
Retail traders trading foreign exchange derivatives, 99% lose money
Foreign exchange margin brokers are now offering crypto currencies as well as foreign exchange on margin
So can the active retail trader in crypto currencies make money?
- most traders in derivatives will lose money
‘Central Bank Digital Currencies Could Destabilize the Global Economy’ Says Bank for International Settlements (BIS)
While the central banks of some countries are hoping to be a part of the virtual currency revolution, the Bank for International Settlements (BIS) is concerned about the repercussions of going digital.
A cashless society is definitely the way of the future, a future that some governments and banks are trying to be a part of. Central bank digital currencies (CBDCs) may be an abomination of decentralized cryptocurrencies, but it is happening.
Sweden’s Riksbank is hoping to offer its e-Krona and the Bank of England has a cryptocurrency unit to help it along its virtual currency journey.