Economic researchers at the Kiel Institute for the World Economy have identified digital currencies issued by a central bank as an opportunity for a more stable financial system, while at the same time rejecting cryptocurrencies, Cointelegraph auf Deutsch reports today, June 27.
According to the report, cryptocurrencies do not constitute a viable alternative to traditional central bank currencies: “Currently, cryptocurrencies such as Bitcoin could not supplant traditional currencies to any significant degree.
Since they were not based on a fixed value, they could not be valued rationally.
This would lead to strong price fluctuations, which in turn would attract more speculators.
Even the governor of the Bank of England, which is considered a heavyweight in the international monetary system, said he was open to the idea of a central bank digital currency.
Cryptocurrencies have been in a tight range in the past few weeks. Bitcoin, the biggest coin in the world, has remained at $29,000 while the total market cap of all digital coins has been stuck at $1.
Australia remains outstanding with its increased swing and adoption of cryptocurrencies by the populace. Despite its volatility, the popularity of digital assets has triggered more investment moves towards this financial asset.
With bitcoin (BTC), ether (ETH), and other cryptocurrencies expanding their footprints at a dizzying pace, the total market capitalization of digital coins has firmly surpassed the $2 trillion mark despite volatility and recent flash crashes.
Federal Reserve Chairman Jerome Powell believes that there is no need for cryptocurrencies if there is a digital dollar. “I think that’s one of the stronger arguments in its favor,” he said.
The value surge of Bitcoin in 2017 has piqued the interest of the financial community and raised the question as to whether cryptocurrencies will replace gold as the dominant safe haven investment. Mad Money host Jim Cramer argues digital tokens will not be replacing gold as a repository of value in the foreseeable future. Along […]
Chief Financial Officer (CFO) of Florida, Jimmy Patronis, announced the creation of a new position in the state called cryptocurrency chief on Tuesday, June 26. The new designee will help develop a regulatory framework in the state for cryptocurrencies and look into the current insurance and securities laws and their application on digital currencies and Initial […]
Florida Could Now Have a Cryptocurrency Chief for Regulatory Oversight was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
The U. S. Department of Justice, in cooperation with the Immigration and Customs Enforcement’s Homeland Security Investigations (HSI), the Secret Service (USSS), the Postal Inspection Service (USPIS) and the Drug Enforcement Administration (DEA), have apprehended more than 35 dark web drugs and arms dealers in a nation-wide bust.
Blockchain and cryptocurrencies have driven the current Financial system to an extent where there is no looking back. In this developing era of digital currency, exchanges have become effortless, transparent and decentralized.
Cryptos are on the verge of crossing the tipping point into mainstream adoption with a survey of 15,000 individuals finding 9% of Europeans hold cryptocurrencies. The figure stands at 8%...
The post Cryptos on the Verge of Crossing the Tipping Point as 9% of Europeans Say They Hold Digital Currencies appeared first on Trustnodes.
An EU report has concluded that central bank digital currencies (CBDCs) could pave the way towards a more stable financial system due to their ‘disruptive’ ability. It also recognised the opportunities for oppressed countries to use cryptocurrencies, but highlighted the risks of volatility in the crypto market.
Founder and Chairman of Alibaba Jack Ma recently spoke about his views on cryptocurrencies, declaring Bitcoin an asset bubble and saying that digital currency prices are based on speculations. Ma made these remarks after launching a blockchain-based money transfer service.
Nine years after the start of the Bitcoin ledger, the digital asset has finally gathered widespread attention, including from Nobel economics prize winners. Robert Shiller, an American Nobel Laureate and Sterling Professor of Economics at Yale University, who has commented on cryptocurrencies on previous occasions, said Bitcoin is an ‘epidemic of enthusiasm.
Andreessen Horowitz has launched a $300 million crypto fund dedicated to investing in cryptocurrencies and other blockchain-related projects. The fund, named a16z crypto, signals that the firm is diving deeper into the cryptocurrency space to grow its existing portfolio, which includes digital currency exchange Coinbase.
The trend of ‘central banks’ talking about cryptocurrencies is warming up once more, with The Reserve Bank of Australia (RBA) and The Reserve Bank of New Zealand (RBNZ) weighing in on the debate.
The pair have moved to debunk rumours that they are investigating in establishing their own central bank digital currency, on the basis that they believe such a project would inevitably damage their current banking system.
There has been a lot of talk about countries issuing their own cryptocurrencies. While most of those plans have been put on ice indefinitely, it seems the Bahamas isn’t giving up on this dream.
The Bahamas, a Caribbean paradise, or an area of poverty masked by tourist ideology, is the next country to allegedly be dabbling within central bank orientated cryptocurrencies. Such currencies, also known as Central Bank Digital Currencies (CBDC) are being used in experiments worldwide to investigate how cryptocurrency could be used to help enhance or compliment sovereign FIAT currencies.
Witek Radomski — co-founder and CTO of Enjin Coin — has developed ERC-1155, a new standard for defining video game tokens on the Ethereum blockchain. Radomski’s journey to improve the gaming experience began 12 months ago in June 2017, when he created code for the first non-fungible token.
Clients of the Singapore-based digital currency trading platform Huobi will now have an easier time tracking Huobi 10 Index (HB10 Index). In a recent press release, financial monitoring service Bloomberg Terminal announced that it will now list the exchange’s cryptocurrency index, also known as the HB10 Index.
As cryptocurrencies generate more buzz in the sphere, people try to find best ways to buy Bitcoin. This currency – as well as any other altcoin – is digital, so it can be traded via the Internet exclusively.
As more new people adopt cryptocurrencies, lots of newbies are creating mnemonic recovery phrases in order to make sure their digital assets are kept secure. It is very important to understand how your private keys are stored just in case there is an issue with your wallet client or device that holds your funds.
Bitcoin has become the giant of cryptocurrencies and the core of all crypto-market operations. The success of the cryptocurrency has earned it the status of being paired with almost all other altcoins on the cryptocurrency exchange platforms.
Over the past year and a half bitcoin and cryptocurrencies have caused a serious hype that’s stretched a bit into the mainstream. These days people hear about digital currencies more often and one reason is due to all the fantastic crypto-infused products that have invaded pop culture.
The United States Secret Service had recently, in a prepared testimony, asked the Congress to intervene and help in preventing the use of cryptocurrencies for fraudulent purposes. Robert Novy, Deputy Assistant Director at the Office of Investigations United States Secret Service mentions: “My testimony describes our observations on trends and patterns related to digital currency, as well as some of the […]
This week, leading South Korean crypto exchange Bithumb experienced a major hack, while Mt Gox, the most notorious exchange to be hacked in bitcoin history, is also back in the news.
Since the launch of bitcoin by Satoshi Nakamoto as far back as 2009, quite many cryptocurrencies have made their way into the market. Presently, there are more than 1600 blockchain-based digital assets on the market.
Deputy Assistant Director of Office of Investigations at US Secret Service, Robert Noye, recommended that digital currencies like Monero [XMR] and ZCash [ZEC] and other ‘privacy coins’ should be regulated better to prevent illegal activities using the coins, in a prepared testimony on Wednesday.
While cryptocurrencies have the potential to facilitate lightning fast payments across borders, reduce the cost of minting fiat money and drastically put inflation in check, the Swiss Central Bank board director, Thomas Moser has declared that digital currencies still do not have what it takes to be a national currency.
The Bank for International Settlements (BIS) dedicated a full chapter to cryptocurrencies in its 2018 Annual Economic report prerelease. The report concluded that design flaws and cumbersome cost of establishing decentralized trust make cryptocurrencies fail as a viable money substitute.
Amsterdam Airport Schiphol is the first airport in Europe to receive its very own cryptocurrency ATM unit. Dutch software company ByeleX Data Solutions BV fitted Schiphol, one of the world’s biggest airports, with its first cryptocurrency ATM.
EOS is by far the largest Initial Coin Offering (ICO) in the history of cryptocurrencies. Having raised more than $3. 5 billion, it promises to become an extremely fast and scalable blockchain protocol with zero transaction fees.
Sheila Bair, a former chairperson of the Federal Deposit Insurance Corporation (FDIC), believes the U.S. should create a wholly new regulatory framework for cryptocurrencies. She went on to explain: “We are trying to jam crypto trading into state money transmission laws, it just doesn’t work. I think at some point, we will need a federal
Crypto exchange Gemini founders Tyler and Cameron Winklevoss have long sought the creation of a bitcoin exchange-traded fund. And while that process remains in flux, a company tied to the brothers has won another U.
Freedom of Press, on June 18th, tweeted that it will accept donations in five cryptocurrencies – Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and ZCash. It was founded for the purpose of protecting and defending the adversarial journalism and does so through crowdfunding, digital security, and internet advocacy.
On Monday, the Bank of Korea [BOK] said that it has no plans of issuing Central Bank Digital Currency [CBDC] fearing ‘moral hazard to society’. The BOK is the central bank of the Republic of Korea, and is the sole authority that can issue the South Korean won.
Tether Ltd. , which issues a stable coin allegedly tied to U. S. dollar reserves, claims it has hired Freeh Sporkin & Sullivan LLP — a law firm co-founded by FBI Director Louis Freeh — to confirm its bank deposits and assure investors that its cryptocurrency is backed by USD.
Earlier this week, the Bank of International Settlements (BIS) in Switzerland issued a new document as part of its annual economic report that warns citizens of the dangers of digital currencies.
South Korean cryptocurrency exchange, Bithumb lost over $30 million earlier today. The exchange has confirmed about the theft earlier this morning. It is believed to be a case of a cryptocurrency hack.
Chris Briskey, the owner of a shop in Yakima, Washington, purchased a Bitcoin ATM in April this year. Soon, the ATM began attracting those who purchase, or are interested in purchasing, Bitcoin from all over the state.
The first Bitcoin ATM has been installed in Nairobi, making it the first in East Africa, which makes it possible to purchase Bitcoins and Litecoins instantly. The traders can purchase the cryptocurrencies for as little as $5, and they can pay for them in both dollars and Kenya shillings.
Following an earlier announcement that South Korea was considering the introduction of a Central Bank Digital Currency (CBDC), the country’s central bank has since pulled the plug on the idea — with regulatory roadblocks and fears of market destabilization ranking amongst the leading reasons for the recall.
Luigi Zingales is an award winning economic expert and widely reviewed author on the subject of capitalism. He has an influential voice in the world of finance across the United States and Europe, but isn’t exactly high on the the idea of cryptocurrency.
Cardano (ADA) is in the midst of a critical rebranding phase that could see the cryptocurrency’s price skyrocket in coming months.
Currently trading around $0. 164 USD (1), it might initially seem a bit hopeful that the cryptocurrency could reach close to $10 in just 18 months.
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.
South Korea’s central bank has announced that it does not plan to launch its own digital currency over fears it could destabilize the economy. According to The Korea Times on Monday, the BoK said that issuing a central bank digital currency (CBDC) could pose a “moral hazard” by adversely affecting monetary policy and its implementation, and possibly
The “Future of Cryptocurrencies” is a first-of-its-kind live TV show where key players in the digital currency ecosystem discuss pertinent issues concerning the nascent digital asset space.
Many predictions regarding the price of Bitcoin was made in late 2017 down to early 2018. For those who have followed cryptocurrencies for a while, especially crypto investors, predictions from researchers and experts are very common in the digital space.
Despite the current market correction, Novogratz remains overly positive towards the field in general. Investing in the Future of Cryptocurrencies Mike Novogratz, Founder and CEO of Galaxy Digital Capital Management, announced on Thursday that his asset management firm had invested $ 15 million in a startup which helps businesses build cryptocurrency exchanges and tokenize assets. Previously, Mike
