The digital Bahamian dollar will be rolled-out throughout all islands during the 2020 second half after being introduced to Abaco by the end of February.
IMF economist Marco Gross and Oxford University researcher Christoph Siebenbrunner emphasise the importance of thinking about how loans would be granted in a world of central bank digital currencies (CBDCs). They argue that a CBDC, if paying interest, could lead us at least partially towards the kind of “full money” system envisioned in the Chicago Plan of the 1930s, in terms of its implications for central banks’ control over the economy.
The U.S. Office of the Director of National Intelligence (ODNI) wants to sponsor a post-doctoral researcher to study what would happen if the U.S. dollar lost its status as the world’s reserve currency.
Bitcoin mixers, or tumblers, have been around for years. The way they work is you send bitcoin to a service and the service scrambles your bitcoin with other bitcoins, so that in the end, it’s difficult to know the source of the funds—even though the transactions are visible on the blockchain.
Undeterred by the U.S. Securities and Exchange Commission’s lawsuit against Telegram, developers and investors in the company’s blockchain project have formed a nonprofit for community governance.
No electricity means no bitcoin transactions and no mining. Although people have gotten creative and sent transactions which initially do not require internet, cellular data, or electricity other than batteries, ultimately the system depends on a power source and network connectivity to function long term. So when it comes to the complete lights out scenario collapsitarians are envisioning, crypto would indeed seem to be a largely useless appendage.
In a move to lure more institutional money into the space, U.S. crypto exchange Coinbase just completed two major security audits for its custody solution. Coinbase Custody, the exchange’s custody subsidiary, recently underwent its SOC1 Type 2 and SOC2 Type 2 compliance certifications for the second half of 2019.
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The Kiffmeister is a former Senior Financial Sector Expert at the International Monetary Fund.
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