North Asia’s CBDC launching review is in progress

China's announcement of a central bank digital currency before the rest of the world was a public relations triumph. According to Andrew Hammond, the ability of e-CNY's challenge the dollar's worldwide dominance is nearly non-existent. China has done an amazing job of using digital banking to increase financial inclusion; it's simply that Big Chinese Tech dominated early efforts. Regulators will likely be delighted if the digital yuan succeeds in limiting Alipay and WeChat Pay's dominance, he believes.

The digital yen in Japan is still in the works, but Tokyo appears to be on track to implement it within the next few years. To compete with China's e-CNY, the Bank of Japan aims to develop its own digital currency. The adoption of a digital yen has the potential to increase the efficiency of Japan's payment and settlement systems. It would allow payments to be made outside of usual banking hours and offline.

Only a month ago, South Korea agreed to a trial, giving its CBDC tender to a subsidiary of super app Kakao. Seoul, like Beijing, has understood that the central government has a greater role to play in the country's digital financial future. Interoperability with blockchains used by other CBDCs is critical in encouraging businesses and consumers to utilize the digital currency.

Comments

Why Energy Concerns Around Blockchain May Be a Misconception

Blockchain has made headlines recently for using more energy than airlines or even entire countries. Different types of chains have different impacts on the environment based on how they're designed. The proof-of-stake (POS) model is significantly more energy-friendly than the traditional Proof of Work (POW) model. Blockchains operate differently than traditional IT systems. Different types of chains have different impacts on the environment based on how they're designed. Proof-of-work (POW) is what's behind traditional "mining," where miners compete to solve a mathematical puzzle. The Bitcoin Foundation has switched to a more energy-friendly model of proof-of-stake. Proof-of-stake (POS) requires those working on the chain to have skin in the game. POS also reduces power consumption and accelerates the handling of transactions. The model is being adopted by big names in the industry such as Bitcoin, & Ripple.

Understanding the technology underlying cryptocurrencies

Blockchain technology could prove transformative for industries, including financial services. A primer on technology, sponsored by the Organization for Economic Co-operation and Development, was recently published. It highlights the array of opportunities and challenges that blockchain's popularity could have on the financial industry, among many other fields. A blockchain is a shared ledger of transactions between parties in a network. It can diminish the role of intermediaries in the transfer of data. The Organization for Economic Cooperation and Development (OECD) sees far-reaching potential for blockchain in the global economy. Blockchains can vary in the way they operate. One of the prime strengths of a blockchain is its immutability. Once a transaction is made to the ledger, it can not be undone. The first U.S. bitcoin futures exchange-traded fund became available in October 2021. Forty percent of fund selectors report that clients are increasingly demanding cryptocurrency

White Hat hacker was offered a $500,000 reward from Poly Network

Following a breach that resulted in the loss of $610 million by cryptocurrency exchange Poly Network earlier this week, the company announced a $500,000 "bug reward" to whoever was responsible. With an emphasis on enabling users to move or exchange tokens across various blockchains, Poly Network is a decentralized finance (Defi) platform that enables peer-to-peer transactions intending to facilitate peer-to-peer transactions. He had "helped us improve Poly Network's security," the company said. A "white hat" hacker tries to disclose cyber vulnerabilities. "Mr. White Hat" was also to get a $500,000 reward as part of the digital money repatriation talks. It said that the hacker had replied to the offer, but did not specify whether or not the offer had been accepted. However, it has been reported that the hacker has returned $340 million in money and has transferred the bulk of what is left to a digital wallet owned by them and Poly Network, acc

USFCX_US Foundry Exchange

Search This Blog