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Amid a downturn in the cryptocurrency markets, the apparent swathe of Bitcoin sell-offs from a $3 billion Chinese Ponzi scheme could be to blame.
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“I think practical transactions allow you to see the potential benefits [of blockchain], such as the reduction in settlement time,” says Paul Snaith, the multilateral lender’s head of operations for capital markets. He was speaking to WatersTechnology ahead of the one-year anniversary of the bank’s issuance of the first blockchain bond, Bond-i.
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Central banks worldwide are examining the possibility of issuing a central bank digital currency (CBDC), with some already testing theirs for different uses. Countries that have advanced their digital currency projects include China, Singapore, Canada, the Bahamas, Thailand, Uruguay, and Sweden. India has also included the digital rupee in the country’s draft cryptocurrency bill.
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Chart analysis aside, market metrics are rarely useful in isolation, and to get a feel for what the bitcoin dominance rate is telling us, we need a deeper understanding of what it represents – and why a rising number is not necessarily good news.
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Graychain released its first report on the collateralized crypto lending industry, estimating that $4.7b has been lent out over the history of the sector, but only $86 million has been earned back in interest. That’s a 1.8% return, despite the fact that loans typically cost borrowers 6 to 10% on an annual basis.
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The Fed has defied lobbying and the insistence of some Republicans that banks should control faster payments to prod the US into the 21st century. Even so, its promised FedNow service is a distant prospect: it may only launch in 2024.
