The National Bank of Ukraine has been doing some serious work on central bank digital currency, including a limited pilot!
The potential role of a DLT-based wholesale CBDC is in worth considering if not desirable according to the Banque de France’s Denis Beau, and the central bank is quite open for experiments in that direction, together with the ECB and other central banks of the Eurosystem.
A Binance survey has revealed that over 90% of the participants keep their digital assets with 3rd parties like crypto exchanges as opposed to cold wallets. This is despite a high risk associated with the security of digital currency exchange platforms.
MakerDAO is a protocol behind the stable coin DAI — a cryptocurrency that maintains a 1:1 peg to the USD. Think of 1 DAI as $1. What makes it unique is each DAI is backed by Ether instead of a 3rd party claiming to have the required collateral. Since Ether is volatile this poses some interesting challenges to maintain the peg.
MakerDAO has launched the multi-collateral version of its DAI stablecoin. But despite the rapid growth of the sector and the diversification of assets involved, DeFi is still influenced by a handful of central players: Namely, Polychain Capital, a16z, 1confirmation, and unknown MKR whales. With governance decisions largely influenced by those with the largest stakes to lose, some crypto veterans are pushing for a closer examination of MakerDAO’s marketing directives.
Posted from Diigo
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Published by kiffmeister
The Kiffmeister is a former Senior Financial Sector Expert at the International Monetary Fund.
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