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Jan 18 2021

China’s BSN to Launch Global CBDC Payment System Beta in 2021

China’s lead in the race for developing a Central Bank Digital Currency (CBDC) is unassailable at this point. The country is making further progress, with the government’s blockchain service network looking to release a CBDC network beta this year.

Safe, Low-Cost CBDC Payments

China’s Blockchain-based Service Network (BSN) has announced plans to launch a public beta for a global CBDC network, per a blog post. 

The BSN is a blockchain network that enables digital token and decentralized app (dApp) development. 

In the post, the state-sponsored network explained that it would invest a considerable amount in research and development this year. The network plans to focus on digital payments primarily as it is working towards launching a Universal Digital Payment Network (UDPN).

Speaking on digital payments, the BSN pointed out that stablecoins and CBDCs have become more prominent across the world as countries look to embrace e-payments fully. The network plans to launch a payment network based on all developed CBDCs in the next five years.

“This digital payment network will completely change the current payment and circulation method, enabling a standardized digital currency transfer method and payment procedure for any information system,” the BSN explained, adding that a convenient, cost-effective beta will be available in the second half of this year.

With the payment network, the BSN is looking to provide a standard digital currency transfer procedure. It aims to combine systems like insurance, banking, enterprise resource allocation, and mobile apps through dedicated application program interfaces (APIs) to make global payments safe and cheaper.

The payment network is one of BSN’s four objectives for the year. The other three include expanding its network, promoting its new private platform, and expanding its ecosystem. In addition, the BSN reiterated its commitment to enhancing blockchain capabilities to companies and governments worldwide.

China Forges On With Digital Yuan

So far, digital yuan has been one of China’s most ambitious economic and financial projects. Officially launched in late 2019, the project has gone through extensive tests last year and looks to be entering advanced testing phases.

Last year saw several firms and government agencies partner on testing the CBDC in several real-world situations, mainly through giveaways and retail spending. The developers haven’t relented in their efforts this year as they look to strengthen their research and testing base.

Last week, local news sources confirmed that the Agricultural Bank of China, one of the country’s largest state-owned banks, had launched ATMs for the digital yuan. As the reports explained, the machines were installed at specific branches within Shenzhen. Customers at these branches have been able to spend and convert the digital yuan tokens they got as a part of the government’s “red envelope” lottery – a project that saw the government hand out $3 million worth of the asset to 100,000 citizens.

The machines reportedly allow digital yuan deposits and withdrawals via a smartphone app. Users can also convert their savings and cash to the CBDC.

China’s BSN to Launch Global CBDC Payment System Beta in 2021

Source

Written by bizbuildermike · Categorized: cryptocurrency · Tagged: 2021, Agricultural Bank of China, Apps, ATMs, Banking, Banks, bitcoin, blockchain, BSN, Cash, cbdc, cbdcs, Central Bank, central bank digital currency, china, cryptocurrency, Currency, decentralized, digital, digital currency, digital payments, digital token, Digital Yuan, Enterprise, Global, government, information, insurance, Mobile, mobile apps, more, news, other, payment, payments, research, retail, Shenzhen, smartphone, stablecoins, token, tokens, world

Dec 07 2020

Biden team will boost crypto’s role in US infrastructure, says Circle CEO Allaire

One of the leaders in U.S. crypto is optimistic that the space will grow under the administration of Joe Biden governing from the middle. 

Jeremy Allaire, CEO of Circle, took to CNBC’s Squawk Box on Monday to argue that the Biden administration will push crypto forward as part of a broad effort to update infrastructure:

“I think that they will ultimately be supportive because this is an infrastructure change as big as the initial commercial internet, and they’re going to be focused on infrastructure changes that make America more competitive.”

Overall, moderate politics benefit crypto, Allaire reasoned: “You’ve got moderates, both on the left and the right, who I think see this constructively.”

Allaire’s comments follow a Twitter thread on Sunday that included similar comments about partisan division:

2/14 The stakes are very high for society and the economy; the far-left wants to paint crypto as an anti-big tech and consumer protection issue, the far-right wants to paint crypto as a national security threat; the libertarians and moderates see the human economic potential.

— Jeremy Allaire (@jerallaire) December 6, 2020

On Squawk Box today, Allaire referenced, in particular, concerns that the left wing in the United States had taken a hard line against new financial tools, especially stablecoins: 

“You have on the very liberal end of the spectrum a view that somehow this is not good for individuals who have less access to the financial system, when in fact, the opposite is the case, that this technology — in particular stablecoins — hold promise of opening up and widening access to the financial system more deeply than the existing banking system.”

These comments are likely in reference to a bill introduced last week that would outlaw all stablecoins that do not file the same registrations as traditional banks, including Circle’s own USD Coin (USDC).

In response to a question as to whether recent moves against stablecoins were linked to proposals for the Federal Reserve to issue its own central bank digital currency, Allaire countered that private firms are just much further ahead.

Biden team will boost crypto\’s role in US infrastructure, says Circle CEO Allaire

Source

Written by bizbuildermike · Categorized: cryptocurrency · Tagged: Banking, Banks, cbdc, Central Bank, ceo, circle, commercial, Congress, crypto, digital, Dollar, economy, Federal Reserve, human, Infrastructure, Internet, jeremy allaire, Law, LINE, National Security, politics, security, Society, Space, Stablecoin, stablecoins, tech, Technology, traditional banks, Twitter, u.s., United States, us, USD Coin, view, wing, youtube

Nov 27 2020

Chinese President Encourages ASEAN Countries to Join the ‘Digital Silk Road’

China’s vision for trade and economic development is part of what caused the government to turn bullish on blockchain and a potential Central Bank Digital Currency (CBDC).

However, the Xi administration now seems poised to apply the same technology to one of its most ambitious projects – the Belt and Road initiative.

Strengthening Trade in the Asia-Pacific

Earlier this week, President Xi Jinping told representatives from several top Asian economies to join it in developing the “digital Silk Road.”

According to a report from the South China Morning Post (SCMP), the president made the speech at the China-ASEAN Expo in Nanning. He highlighted that Beijing takes the ASEAN countries seriously and hopes to partner on a more fruitful economic future.  

In a recorded message, Xi assured the Asian leaders that as the only high-performing economy in the 10-country economic bloc, China will continue opening up to them. With everyone looking to build their economies following the coronavirus pandemic, Xi assured help with trade.

“China will unswervingly expand its opening up to the outside world, enhancing its domestic and international economic linkages, and driving the world’s common recovery through its recovery, from which all countries in the world, including Asean, will benefit. Looking to the future, there will be even more room for cooperation between China and Asean,” the president said.

A Set of Ambitious, Controversial Projects

The speech appeared to have mentioned China’s ambitious Belt and Road initiative, which began in 2013. The project is described by many as the 21st century Silk Road, mirroring the old trade routes that traversed much of the developed world.

China’s Belt and Road Initiative reportedly plans to connect trade routes in Africa, Asia, and Europe. The project consists of a “belt” of overland corridors and a “road” of shipping lanes. It includes over 70 countries, all accounting for about half of the world’s population and 25 percent of global GDP.

Estimates from Morgan Stanley show that the initiative could cost over $1 trillion. The Chinese government has reportedly invested over $210 billion into it already, with most of the money being spent in Asia.

Although Xi didn’t highlight what the “digital Silk Road” meant, China has been bullish on technological innovations for trade in the past few years. Part of that has been its fixation on the blockchain, with patents related to the technology exploding. A report highlighted that Chinese companies have applied for 4,435 blockchain patents since the government endorsed the technology.

The government has also made significant progress with its digital yuan, with some believing that the asset could launch in 2022. Like the BRI, the digital yuan has also been the subject of significant controversy. Some think that it will challenge the dollar’s status as the global reserve currency, essentially making China the world’s sole superpower.

Chinese President Encourages ASEAN Countries to Join the ‘Digital Silk Road’

Source

Written by bizbuildermike · Categorized: Blockchain, cryptocurrency · Tagged: africa, asean, Asia, blockchain, cbdc, Central Bank, central bank digital currency, china, coronavirus, cryptocurrency, Currency, digital, digital currency, Economic Development, economy, Europe, Future, GDP, Global, government, html, innovations, money, MORGAN STANLEY, pandemic, Patents, president, Regulation, shipping, silk road, Technology, trade, world

Nov 12 2020

Bitcoin Price Prediction: BTC/USD Jumps Over $16,000 Resistance, as Buyers Eye the Target Price of $17,200

Bitcoin (BTC) Price Prediction – November 12, 2020
Today, November 12, BTC/USD has broken above the $16,000 resistance. The king coin is now trading at $16,168 at the time of writing. The breakout becomes possible after several retests in the previous week at the $16,000 high.

Resistance Levels: $13,000, $14,000, $15,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

For the past week, Bitcoin has been compelled to a sideways move because of buyers’ inability to break the $16,000 resistance. The king coin has been range-bound between $14,600 and $15,800. Today, the bulls have broken the $16,000 resistance. The bulls pushed on the upside in three phases before breaching the resistance. In the first phase, buyers pushed the price to $16,155 but were repelled as BTC dropped to $15,666. In the second phase, the coin rebounded to reach $16,152 high.

This time BTC fell to a low of $15,950. In the last phase, the price momentum broke the resistance and sustained the momentum above the high of $16,168. As the bulls succeed, the coin is out of the range-bound zone. The king coin has a target price of $17,200. Meanwhile, Bitcoin has traded above the 80% range of the daily stochastic since October 10. That is the coin is in the overbought region of the market.

Deutsche Central Bank Digital Currency Will Replace Cash in Long Term
Deutsche Bank is the largest banking institution in Germany. The bank has called on Europe to accelerate the development of central bank digital currencies (CBDC). This development when operational will replace in the future. On November 10, the Deutsche Bank Research department made a publication on a new report on economic estimations and proposals to assist global economies hit by the coronavirus pandemic. Titled “What We Must Do to Rebuild” The report has it that the Deutsche Bank called on national governments and private companies to work on alternatives to credit cards, stating:

“Worldwide lockdowns and social distancing measures have only increased the use of cards over cash. To respond, companies and policymakers must design alternatives to credit cards and remove middle man fees. […] For now, the priority must be on regional digital payment systems. In the long term, central bank digital currencies will replace cash.”

BTC./USD – 4 Hour Chart

According to the Fibonacci tool analysis, Bitcoin will make a further upward move. On November 5 and 9, buyers failed to break the $16,000 overhead resistance. Nevertheless, the retraced candle body on November 7, tested the 50% Fibonacci retracement level. This retracement indicates that Bitcoin will rise and reach level 2.0 Fibonacci extension. That is the coin will reach a high of $18,264.10.

Bitcoin Price Prediction: BTC/USD Jumps Over $16,000 Resistance, as Buyers Eye the Target Price of $17,200

Source

Written by bizbuildermike · Categorized: cryptocurrency · Tagged: analysis, Banking, bitcoin, Bitcoin Price, btc, BTC/USD, Cash, cbdc, Central Bank, central bank digital currencies, central bank digital currency, coronavirus, Credit Cards, Currencies, Currency, Design, digital, Digital Currencies, digital currency, Europe, Future, Germany, Global, market, opinion, pandemic, payment, Price Prediction, report, research, social, target, trading, upside, work

Nov 12 2020

Before Congress, federal regulators dispute US pace on national digital currency

Amid a global race toward central bank digital currencies, or CBDCs, the United States needs to focus on the private sector, says Acting Comptroller of the Currency Brian Brooks. 

“We have built private stablecoins in this country that already have a market cap in the tens of billions of dollars,” Brooks said in a U.S. House Committee on Financial Services hearing on Thursday. Formerly head of Coinbase’s legal department, Brooks currently leads the Office of the Comptroller of the Currency, or OCC, which is the Treasury office that regulates federal banks. “These things are transacting daily, they are growing rapidly, and they are used for broad commercial purposes,” he explained, adding:

“I don’t think in this country we need to wait to build a command and control government solution. I think the private sector is on it, and I think the role of the regulators on this panel is to provide a framework to make sure there aren’t bank runs or other problems that consumers would be affected by.”

The congressional committee gathered digitally today, questioning four witnesses from leading financial regulators.

Brook’s comments came in response to questions from Minnesota representative Tom Emmer. Emmer noted the fintech sector’s promise and regulatory bodies, persons and actions that have fostered the sector’s growth.

Emmer also pointed toward the OCC and its recent actions, which include clarity on crypto custody by banks. Under Brooks’ purview, the OCC provided two key clarities for banks in the crypto space this year, allowing crypto custody by banks, as well as approving banks to custody stablecoin reserves.

Leading into his main question for Brooks, Emmer referenced Federal Reserve Chairman Jerome Powell’s antipathy toward private development of digital assets. “Chairman Powell informed us in a previous committee hearing that private sector individuals and innovations may not have a place in the Fed’s consideration of a digital dollar,” Emmer said. “This is concerning.”

“As a country, we haven’t yet recognized the important competitiveness aspect of this,” Brooks told Emmer of digital asset growth. He cited China’s current work and experimentation on its CBDC:

“In this country we’re still years away from a national, real-time payment system. I come to the conclusion that you come to, which is that the best solution is to win the way America has always won, which is by unleashing the power of our innovative, dynamic, risk-taking private sector.”

Before Congress, federal regulators dispute US pace on national digital currency

Source

Written by bizbuildermike · Categorized: cryptocurrency · Tagged: Banks, cbdc, cbdcs, Central Bank, central bank digital currencies, coinbase, commercial, Congress, crypto, Currencies, Currency, custody, digital, digital asset, digital assets, Digital Currencies, digital currency, Federal Banks, Federal Reserve, financial services, fintech, Global, government, innovation, innovations, legal, market, other, payment, Space, stablecoins, u.s., United States, us, work

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