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China’s digital currency will kick off ‘horse race’: central bank official
The PBOC’s Mu Changchun said that China’s upcoming digital yuan is designed to substitute existing physical money. Its holders will not receive interest payments so that the digital currency will have no implications for inflation or monetary policy.
tags: CryptoAssets Fintech CBDC
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China decides to not eliminate crypto mining industry in a new final plan
The National Development and Reform Commission (NDRC) published a final “Industrial Structure Adjustment Guidance Catalog” – a list of those industries the agency advises the country to encourage, restrict or eliminate – and the list does not mention crypto mining in the eliminate category anymore.
tags: Regulation Bitcoin Fintech CryptoAssets
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The Association for Financial Markets in Europe (AFME) has released a new paper which highlights the minimal use of the cloud among capital markets firms – with over two-thirds of AFME members questioned estimating that only 1 – 10% of their bank’s current workload was using some level of public cloud.
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Facebook Libra is Architecturally Unsound
What is laid bare for the world to see is an architecturally schizophrenic code artifact claiming to be a new reliable platform for global payment infrastructure. Yet the actual implementation diverges from this goal in bizarre ways when one actually dives into the codebase. I’m sure there is an interesting story about the internal corporate politics of this project and as such I thought it apt to do some diligence on what I see as a truly strange set of architectural choices that break the entire system and put consumers at risk.
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The impact of Tether grants on Bitcoin
“Our findings show that tether grants were potentially timed to follow bitcoin downturns and subsequent bitcoin/tether trading volumes increased … However, the impact of tether grants on bitcoin returns were not statistically significant, and therefore tether issuances cannot be an effective tool for moving bitcoin prices.”
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Did the Bitcoin Bubble Come from One Bitfinex Tether Trader?
Perhaps the takeaway is that when banks refuse to do business with crypto traders, or when a government bans trading altogether, it doesn’t stop traders from trading. It just forces them to find creative solutions. If it were easy for crypto exchanges to use the traditional banking system, there would be no need for Tether at all.
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Alarmed by Libra, EU to look into issuing public digital currency: draft
The European Central Bank should consider issuing a public digital currency, an EU draft document said, after plans by Facebook to introduce a private one met with a hostile response from global regulators.
Kiffmeister’s Fintech Daily Digest 11/06/2019
