The Bank of England and the Singaporean regulator are stepping up their examinations into digital currencies

The Bank of England and the Department for the Treasury will hold a consultation next year on the prospect of introducing a central bank digital currency in the United Kingdom, according to the Financial Times. Following this consultation, a "research and exploration" phase will be undertaken, with the information obtained being utilized to guide policy development over the next few years, according to those who took part in it. A CBDC will most likely be implemented in the United Kingdom by the second half of this decade, if not earlier. The survey will serve as a springboard for a broader discussion on what role a digital currency issued by the UK central bank might play in the future of the country. We need to understand the hazards that could arise as a result of this, so I'd like everyone to contribute to the conversation.

Money Authority of Singapore will embark on Project Orchid, which will build on the rich findings of the Global CBDC Challenge, which was announced earlier this year by MAS and will run for three years. MAS will issue a digital Singapore dollar that will be safe, widely acknowledged, and bear the authority of the government, just as it does with paper notes and coins. They have received more than 300 proposals from more than 50 countries in response to the issue statements that they posed. They are currently reviewing them.

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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.

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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

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