“It’s too late to create a CBDC for the current crisis. But as part of the exit strategy we should plan to create a CBDC as soon as possible and create a constitutional right to universal basic income, so that when the next disaster hits, people know that they will survive.”
For now, it seems more likely that operators will try to build (and charge) adjacent businesses made possible by these stablecoins instead of passing on costs [of negative interest rates] to retail users, e.g. via inflating the token supply relative to deposits as a form of usage tax, or implementing an additional transaction fee (PAX already does this for its gold-backed token.)
Microsoft has filed a patent application filed with the World Intellectual Property Organization for a system that can mine crypto-assets using data collected from humans as they exercise or read an advertisement. Sensors would detect activity associated with specific tasks and convert it into computer-readable data to solve computational problems, in much the same way as a conventional proof-of-work system. Microsoft suggested in its patent application that the system would be fully centralized.
The Tron Foundation has launched its own MakerDAO-like stablecoin system called “Djed.” The USDJ stablecoin will be generated through decentralized smart contracts on the TRON network. Anyone can pledge TRX as collateral to generate USDJ, which is pegged to the US dollar through Collateralized Debt Positions using autonomous feedback mechanisms.
Santander said the solution, One Pay FX, will be coming to Mexico “in early 2020.” Initially launched in 2018, One Pay FX is a money transfer solution and leverages RippleNet (formerly xCurrent) to settle cross-border transactions. It does not use XRP.
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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