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Showing posts with label digital currency. Show all posts

Expert opinion: how the digital currency of the Bank of Russia will change the future of the country

Announcing the possible appearance of the digital ruble, the Russian Central Bank joined dozens of world Central banks that have begun research and experiments in the field of creating national digital currencies.

Yevgeny Marchenko, Director of E. M. FINANCE, was one of the first to share his opinion on the issue. The expert is sure that the introduction of the digital ruble is necessary to increase the convenience of payments for citizens.

Also, among other advantages for citizens and banks, the introduction of the electronic ruble will allow the Bank of Russia to better regulate the country's economy.

The official representative of the Garantex cryptocurrency exchange, Tatyana Maksimenko, noted that it will be increasingly difficult to conduct gray and black schemes since cash flows will be under control — both foreign and domestic.

According to independent expert Leonid Khazanov, the digital ruble is primarily beneficial to the Bank of Russia and the Federal Tax Service. According to him, it will be possible to more effectively control the movement of cash flows in the country and it will be easy to identify any user who has an electronic wallet, which means complete transparency of all transactions. And no one can create several accounts or disguise themselves in any way, each legal entity and individual can only have one e-wallet.

Experiments by Central banks in a number of countries with the national digital currency reveal unsolved problems: for example, the inability to control cross-border movements or the potential use of anonymizers that make it difficult to track payments. The fate of digital currencies, including the ruble, depends on whether regulators will be able to close these gaps.

Bitcoin Prices Are Off The Charts!


Bitcoin, our favorite digital currency has experienced a certain kind of unbelievable hike, all of a sudden. It has profited across several markets with a spike of 12% in its price solely in the last week, mention sources.

Word has it that the Bitcoin price has risen around 6% in the last 24-hour trading duration, overtaking next to all main indices, even the stocks throughout Asia and Europe.

Bitcoin and other forms of digital currency including cryptocurrency have escalated around the globe owing it to the Coronavirus lockdowns.

Per sources, The Bitcoin price has outgrown the $7,000/Bitcoin level and is ascending to “$7,170 on the Luxembourg-based Bitstamp exchange”.

As if they knew things were going to go south, the Bitcoin investors were up and about right from the start of this year. In fact, surveys indicate that the Bitcoin price has a high probability of rocketing up to $20,000/Bitcoin in 2020.

The basic foundational facets for a better Bitcoin system exist today owing to various developmental projects in the crypto industry. An in case of such massively unprecedented crisis investors would want to fall back upon digital currency

Asian and European markets furthered their reserves by 3% and 2-4%. Researchers mention that Bitcoin purchases could have a positive effect on the stock markets.

History has it that the Bitcoin price has seen a major upswing before from a low $1,000 to a high $20,000 in a matter of a year.

Investors are in genuine awe with this ascent in the prices of Bitcoin and see this as a new opportunity for cryptocurrency in general because of the fresh interest the market has shown for it.

Per analysts, this year investors may need to rethink their current cryptocurrency store and even pile up more of it in case of increased demand because of risk assets.

Everyone understands that if the things were to stay the way they are there is a strong chance for a longer period of intense recession.

This has given birth to questions regarding the effect of COVID-19 on the economy and the part Bitcoin could play in it.



Bitcoin No More the World's Most Used Cryptocurrency, as Tether Takes Over

If someone were to ask you "what's the world's most used cryptocurrency?” you'd probably say "Bitcoin," which accounts for 70% of the world's market value digital assets. But in reality its Tether, which is now the world's most used cryptocurrency.

Although precise numbers on trading measures are arduous to get in this misty business environment, statistics from CoinMarketCap.com point that the Tether is the highest daily and monthly valued cryptocurrency, even though its market capitalization is 30% less.



In April, Tether's profit outdid Bitcoin for the first time, and since early August, it has steadily exceeded it at the rate of $21 billion per day, says CoinMarketCap.com. With its steadily trading volume nearly 18% greater than Bitcoin, Tether has no doubt become one of the most significant coins in the crypto sector.

It's also the leading cause why governors view cryptocurrencies with skepticism and have set a halt on crypto exchange-traded supplies among distress of business administration.

"Without Tether, we would have suffered a heavy cost of the regular amount -- about $1 billion or higher depending on the information reference, ” says Lex Sokolin, co-head, global financial technology at ConsenSys, which extends blockchain technology services.

"Few concerning possible tappings of dealing in the business may begin to drop off,” says Lex.

The reason being is Tether is the most accepted steady coin around the globe, as it avoids price fluctuations through stocks. Tether is also a road to the crypto market for most of the world's existing businesspeople. 'For instance, in China, a trading giant where cryptocurrency is outlawed, people can comfortably spend for cash with tethers on the tables without any uncertainty or mistrusts,' says Lex 'and furthermore they can swap it for bitcoins and distinct cryptocurrencies.'

Is it safe? 

However, many people don't truly rely on Tether, says Thaddeus Dryja, a research scientist at the Massachusetts Institute of Technology. People think of Tether as some money in their account, without actually realizing that they are using it, he says.

'Some trades unspecified their folios, to send the idea that customers are holding money rather than Tethers,' said Thaddeus.

Facebook to launch a new digital cryptocurrency





Social media giant Facebook is set to roll out a new digital cryptocurrency, Libra, next year, which would let users’ buy things as well as send money to people without any process fees. 

People would be able to make payments with the currency via    third-party wallet apps or Facebook’s own Calibra wallet that will be built into WhatsApp, Messenger and its own app. 

It is said that firms such as Uber and Visa will accept it in future.

From next year, Facebook users’ will be able to buy Libra from its platforms and then it will be stored in a digital wallet called Calibra.

The user can make payments and send money to other  users, and this whole process would instant and as easy as texting. 

"In time, we hope to offer additional services for people and businesses, such as paying bills with the push of a button, buying a cup of coffee with the scan of a code, or riding your local public transit without needing to carry cash or a metro pass,” it said. 

However, there is a big concern over how users’ money and data will be protected. 

The firm stressed that Libra would not be managed solely by the Facebook, but it would be independent, and run by a group of companies and charities- called the Libra Association.

Group of companies that are likely to accept Libra, includes
  • Payments firms such as Mastercard and PayPal
  • Digital businesses including eBay, Spotify and Uber
  • Telecoms firms such as Vodafone
  • And charities such as the microfinance group Women's World Banking.


Marshall Islands to launch digital currency this year

The Marshall Islands' is gearing to release a digital currency this year, although officials acknowledged Friday there is much work still to be done to alleviate concerns of United States financial regulators as well as solve technological and logistical issues. However, the launch date of the currency, known as the "SOV", has yet to be decided.

“We plan to launch SOV this year,” said Barak Ben Ezer, chief executive officer of Neema, the Israel-based company that is partnering with the Marshall Islands government to develop the digital currency.

A primary issue for the launch is that following the boom in 2017 and early 2018, the crypto-currency market value has plummeted.

"We are working days and nights to prepare the foundations of the SOV initial coin offering, with the goal of being ready to launch once positive momentum is back to the markets," Ezer said.

"It will be done once all stakeholders are convinced that SOV is ready, risks have been mitigated, and momentum is building." Neema and the Marshall Islands are working through a multitude of US regulatory concerns as well as the technological and logistical side of issuing the SOV using blockchain technology.

The Marshall Islands, a tiny Pacific atoll nation with a population of just 55,000, passed legislation a year ago to develop digital currency as legal tender.

The plan has since been criticized by the International Monetary Fund, the US Treasury Department and bank officials in the Marshall Islands.

They argue it has the potential for a negative impact on existing banks and for money-laundering, but Ezer believed that once fully developed, the SOV will be one the safest monetary systems in the world.

The US Treasury has concerns about "anonymous digital currencies, such as Bitcoin, (which) are often used for illicit purposes by people who want to conceal their identity," Ezer said.

South Korean Newspaper Reports North Korean Hackers Behind Attacks on Cryptocurrency Exchanges

Chosun Ilbo, a major South Korean newspaper, on Saturday reported that according to a South Korean spy agency, North Korean Hackers were behind the theft of about $6.99 million (7.6 billion won) worth of cryptocurrencies this year, which now amount to almost $82.7 million (90 billion won).

The report said that these attacks included the theft of cryptocurrencies from accounts at exchanges Yapizon (now called Youbit), and Coinis, in April and September.

According to the report by the newspaper, the leaks of the personal information of about 36,000 accounts from Bitthumb, a major cryptocurrency exchange, in June were also connected with North Korean hackers, as discovered by the country’s National Intelligence Service (NIS).

Again citing NIS, Chosun Ilbo also reported that these hackers had demanded around $5.5 million (6 billion won) in return for deleting the stolen information.

These hackers were also responsible for another attack on about 10 other exchanges in October which was stopped by Korea Internet Security Agency (KISA), as per the report.

The newspaper also reported that according to NIS, the malware used in the emails to hack the exchanges were made with a similar method to the one used in hacking Sony Pictures in 2014 and the Central Bank of Bangladesh in 2016 and that the email ids used in the attacks were also North Korean.