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Bank of England Adds Support for Central Bank Digital Currency

bank of england digital currency crypto

The latest voice adding to the chorus of support for a digital currency is that of Sarah John, the Bank of England’s chief cashier. She says it is “crucial” that central banks take action fast.

UK Digital Currency Starting to Look More Likely
Like a deck of cards, more and more superpowers are folding to the notion of issuing their own central bank digital currencies (CBDCs). 
As Japan presses ahead with plans for a digital yen to counter threats from China, the Bank of England’s chief cashier speaks out in support of a digital pound.
There has been no official confirmation from the Bank of England over the issuance of a digital pound. However, the argument is growing that the UK must make moves to counter the effects of giant tech companies and CBDCs.

This weekend, the Bank of England’s chief cashier, Sarah John, showed her support for an official cryptocurrency in the UK. She argued that it was “crucial” that central banks stepped in before they lost out to tech conglomerates.
John is responsible for issuing banknotes at the Bank and told The Telegraph on Saturday:
It is absolutely right that central banks think about whether a public sector or private sector would be best to provide a digital currency going forward.
Central Banks Must ‘Quicken the Pace’
The global pace for nation-states to issue their own currencies has been sped up by Facebook’s plans to launch Libra. 
Indeed, the news that China would be steaming ahead with its own digital currency came just days after the Facebook CEO defended Libra in front of the U.S. Congress.
According to John, it is vital that central banks strike the right balance on healthy private sector involvement. She urged the Bank to act quickly to ensure its future monetary and financial stability, saying:
We need to think as an institution about how to position ourselves to make sure society still has a broad range of payments that it can use with confidence.
John added:
Technology is moving on very fast so central banks are very alert to the fact that they could risk handing over complete control of our management of money.
It isn’t only John who is concerned about the rising threat from tech companies and private sector involvement. The Financial Stability Board, an international body that monitors the global financial system and makes recommendations, also warned that authorities must “quicken the pace” of developing regulation.
Bank of England Governor, Mark Carney, has also been highly vocal on the challenge that a global digital alternative presents to the dollar as the world’s reserve currency.
Luckily for central banks, they appear to have the edge when it comes to consumer confidence. According to an Ipsos Mori poll, central banks are the most trusted institution to issue digital currencies, while tech companies are the least. 
It seems that if a decision to launch a digital pound is made, it’s more likely to be bank-backed than run by a social media site.
What do you make of the Bank of England’s latest support for a central bank digital currency? Let us know below!

Images via Shutterstock
Source: Bitcoinist News

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Bank of England Official: Central Banks May Lose Payments Race to Tech Companies

The chief cashier of the Bank of England has warned that central banks must act quickly to prevent tech companies from dominating the digital payments sector

Source: CoinTelegraph

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CULedger’s DLT-Based Credit Union Platform Is Commercially Live

CULedger, a major fintech firm coordinated by the Credit Union National Association, commercially launches its blockchain identity platform

Source: CoinTelegraph

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Binance CEO Changpeng Zhao: Bitcoin SV Founder Craig Wright ‘Is a Fraud’

Bitcoin SV founder Craig Wright “is a fraud,” according to Changpeng Zhao, the CEO and co-founder of major crypto exchange Binance

Source: CoinTelegraph

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Gold Hits 7-Year High on Coronavirus Fears, Bitcoin Pump Next?

Gold Hits 7-Year High on Coronavirus Fears, Bitcoin Pump Next?

The highly contagious coronavirus is racking up more cases outside of China and causing stock markets to tumble. As a result, investors are shifting to safe haven assets such as U.S. government bonds and gold, but Bitcoin has yet to budge.

New Coronavirus Figures Shake European Equities Markets
As Italy imposed a strict quarantine on 10 towns after confirming 152 cases of the coronavirus, European equities opened lower this Monday. 
The Stoxx 600 fell by as much as 3%, marking its heaviest sell-off since the end of 2018. Meanwhile, Germany, France, and Britain’s stock markets followed similar patterns.
The downward spiral in European stock markets echoed investor fears in the Asian region. Seoul’s Kospi also experienced its worst day since late-2018, dropping by 3.9% amidst steadily rising cases of the coronavirus in South Korea.
The S&P 500 and Nasdaq followed suit as well. Wall Street joined the global sell-off dropping by 2.7% and 3.2% respectively at the opening bell.

A massive surge in cases of the coronavirus globally now includes Iran, Europe, the Middle East, and South Korea. This is intensifying investors’ fears about its global impact.
Quoted in the Financial Times, Chief Asia-Pacific economist at ING Robert Carnell, said:
Markets [are] likely to show extreme caution in the face of [the] global spread of the coronavirus — this is no longer solely an Asia issue.
Gold Hits 7-Year High – When BTC Pump?
Unsurprisingly as the stock markets jittered, traditional haven assets saw gains. Gold, in particular, rallied by 1.5%, taking its price to a seven-year high.

Based on past activity, one may have expected bitcoin to react in a similar way over the weekend. The number-one cryptocurrency typically does well in times of global uncertainty.
We’ve seen BTC make substantial gains during the US-China trade war or tensions in Iran for example. Moreover, upon the initial news of the coronavirus outbreak, bitcoin saw increased volatility.
If the fears continue to rise then, is a bitcoin pump incoming?

23/ Bitcoin is in the process of becoming a macro asset as the market matures. In the meantime bitcoin is also a hedge against the TAIL-RISK of fiat systems collapsing, i.e. a put option on central banks without expiry.
— Alex Krüger (@krugermacro) January 28, 2020

Possibly. Analyst Alex Kruger found bitcoin’s reaction to macro circumstances “extremely bullish” last month. He also pointed out, however, that bitcoin is still “in the process of becoming a macro asset,” so a spike in BTC price is not guaranteed just yet.
Do you think Bitcoin will pump amid escalating coronavirus fears? Add your thoughts below!

Images via Shutterstock, Twitter @Krugermacro, Gold chart by Goldprice.org
Source: Bitcoinist News

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Tron CEO: Bitcoin to Break $100K in 2025 and Pull Up Other Coins

Tron CEO Justin Sun believes that Bitcoin will cross $100,000 mark in or before 2025, while other cryptos like ETH and XRP will follow the trend

Source: CoinTelegraph

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Warren Buffett Declares He Will Never Own Cryptocurrency

warren buffett bitcoin

In an interview just released on CNBC, billionaire financier Warren Buffett reiterated his long-held position that cryptocurrency has no intrinsic value, and made clear that he would never own any. Buffett insisted that Bitcoin serves no real purpose, which is why it has not achieved mainstream use.

WARREN BUFFETT STATES CRYPTOCURRENCY “DOES NOTHING”
The discussion centered on Buffett’s recent dinner with Justin Sun, who paid over USD $4 million for a dinner with Warren Buffett as part of a charity auction. Buffett noted that Sun and his other guests behaved very well, and the conversation was respectful. Nevertheless, Buffett insisted that the Tron founder failed to change his mind in any way on this subject.
The interview has been tweeted by CNBC:

“I don’t own any cryptocurrency. I never will,” Warren Buffett tells @BeckyQuick. #AskWarren https://t.co/0VjIDJSi7L pic.twitter.com/il4cT2hWkP
— CNBC (@CNBC) February 24, 2020

 
It is worth noting that during the interview Warren Buffett makes a number of references demonstrating that he understands blockchain technology. He clearly understands the idea behind the digital ledger, as well as the fixed supply of Bitcoins. Also, when pressed on the idea that Sun gave Buffet some Bitcoin at the dinner, Buffet became visibly uncomfortable, and reiterated that he did not own any.
BLOCKCHAIN ASSETS REMAIN OUTSIDE LEGACY FINANCE
Buffet’s view on cryptocurrencies has remained consistent, and is unlikely to change. His stance is likely due to the fact that blockchain assets do not fall within the realm of traditional finance. In other words, they are too risky, and too disruptive, to be considered worthy investments.
As perhaps the most successful investor of the modern age, Buffett’s genius is without dispute. Nevertheless, his remarkable success has come from following a very short list of very conservative, simple strategies. He has long avoided new asset classes or highly speculative investment schemes. The fact that Warren Buffett has zero interest in crypto is thus not surprising.
Crypto advocates may deride the argument that Bitcoin has no intrinsic value, yet Buffett’s statement also points to the unresolved, and highly controversial, question of Bitcoin’s long-term status as the top platform. Whereas there is no doubt that that blockchain assets are here to stay, Bitcoin may very well fall out of first place. Buffett clearly understands this fact and has no intention of entering the debate.
Warren Buffett is one of many financial experts from the legacy space that have decided to avoid cryptocurrency. His decision to do so will not stop blockchain development or cryptocurrency investment. Also, his assertion that cryptocurrencies are extremely risky holds true. Thus, perhaps the best move for crypto advocates is to stop trying to change his mind.

What do you make of Warren Buffett’s latest comments on crypto? Add your thoughts below!

Images via Shutterstock, Twitter @CNBC 
Source: Bitcoinist News

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Ivan on Tech Suspended on YouTube Amid New Crypto Sanctions

Ivan on Tech crypto influencer

The vlog of Ivan on Tech, one of the most influential crypto channels, faces another ban on YouTube. The suspension, which will also block one of the most influential daily live streams, will last until after the Bitcoin halving.

YouTube Silences Influencers Until After Bitcoin Halving
YouTube has once again silenced one of the most influential voices in the crypto space, preventing @IvanOnTech from live streaming and posting new content. Based on other vlogger comments, the reason was a headline that triggered YouTube’s algorithms for problematic content.

The content in question was a price prediction for Bitcoin (BTC) stating that “Bitcoin’s price is going vertical.” At the time of publishing, BTC was indeed going upward, and the actual charts may have corresponded to the message. Other vloggers affected include Enter the Crypto Matrix, Chico Crypto and an older account, DaVinci.
Halving Interest Grows, but Censorship Remains Problem for Crypto Influencers
Crypto content on YouTube may also be facing political wars. Rumors are circling about banned content based on attacking certain blockchains. Negative comments about the EOS blockchain has been rumored to be a reason for flagging content. Crypto communities may thus be one of the factors in a wave of flags and bans.
At the same time, commenters noted that paid or sponsored content was rarely flagged, and the YouTube algorithms did not specifically build a blanket ban. Interest in commentary and content has been rising in relation to the upcoming Bitcoin halving. Search interest boomed for the “halving” term, driving more viewers to videos explaining the bullish case for BTC. At this point, it is uncertain how the lack of new influencer messages will affect the actual market.
The recent bans also strike against real-time commentary, which may be especially corrosive for the leading influencers. Reports also surfaced that certain phrases and types of commentary lead to bans. One of the title topics includes any titles about “coronavirus”, which leads to demonetization in the least of cases. Some of the content from years back may also be flagged.
Despite the presence of alternative social media, the standard channels are still the most influential ones. In the crypto space, censorship has grown, as the potential for flagging and reporting is always open to both insiders and new viewers encountering the channels.
Curiously, YouTube recently even ran a promotional video related to a OneCoin event, which is still live and unreported. But as standards and monitoring are growing for all crypto users, content censorship is also expanding.
What do you think about the latest round of bans on YouTube crypto commenters and influencers? Share your thoughts in the comments section below!

Images via Ivanontech.teachable.com, Youtube @Crypt0
Source: Bitcoinist News

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Crypto News Updates

Craig Wright “Is A Fraud”: Binance CEO Doesn’t Hold Back

Craig Wright "Is A Fraud": Binance CEO Doesn't Hold Back

On a slow news day, what better than a tweet from Binance CEO Changpeng Zhou (CZ) to liven things up?… A tweet from CZ beginning with the immortal phrase, “[Craig Wright] is a fraud,” that’s what!

CZ Is A Thoroughly Modern CEO
As the CEO of one of the world’s leading cryptocurrency exchanges, CZ has taken a hands-on approach. Virtually all of the news coming out of Binance is delivered through him.
He is unafraid of promoting new products and developments, without ever stooping to the level of Justin Sun. He accepts that sometimes mistakes are made, and is generally the first to apologise.

He is, in short, a thoroughly modern CEO for a thoroughly modern industry. And, as we have seen from that other thoroughly modern CEO, Elon Musk, that sometimes means a bit of name calling.
CZ has clashed with self-proclaimed Bitcoin creator-in-chief, Craig S Wright before. Most notably when the world’s favourite Faketoshi was first threatening to sue Hodlonaut and others in the crypto-community for having the audacity to suggest that he might not actually have invented Bitcoin.
CZ delisted Wright’s token, BSV, over the matter, and added an unequivocal “Craig Wright is not Satoshi,” just for good measure.
Craig Wright “Is A Fraud”
The spat appeared to have died down, with Wright seemingly unwilling to add a foe with the resources of CZ to his list of people to sue. Then this morning, without warning, came a stark warning about the BSV head honcho, in almost Haiku form.
CSW is a fraud. Investing in a fraud never ends well. See below. Time will tell.
CZ illustrated how strongly he felt about his post by linking to another post he made a week ago, regarding the FCoin scam. “I rarely called anyone out, with exceptions,” he begins, before indicating that one of these exceptions was FCoin, which he called a pyramid scheme in mid 2018.
Obviously another of these few notable exceptions is Craig Wright.

Poking The Hornets Nest
Cue a torrent of BSV fans, either shilling the token…
BSV up 192%, best performing coin, all the patents, scales more than anything else plus we got satoshi nakamoto on BitcoinSV
…or criticising Binance as a tool for organised crime.
So in your books, money laundering operations like Binance are legit and those restoring Bitcoin to the original protocol and making it scale are scams? Sounds about right.
Among the white noise, there were a couple of amusing retorts. One simply asking, “But you happily partner with Justin Sun?”, and the other referring to the recent claim by Maltese officials that Binance was not authorised to operate in the country.
Well. At least we know exactly where his offices are located.
Touché.
What do you make of the Binance CEO’s latest outburst? Add your thoughts below!

Images via Shutterstock
Source: Bitcoinist News

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Tyler Winklevoss’ Had a $3 Million ‘Bitcoin Pizza Moment’ With Space Travel

Tyler Winklevoss is reportedly the owner of the world’s most expensive ticket to space, which he bought for Bitcoins that are now worth $3 million

Source: CoinTelegraph