Kiffmeister’s Fintech Daily Digest (05/14/2020)

China’s Central Bank Proposes a Blockchain-Based Trade-Finance Platform
The PBOC and three other official entities proposed the development of a blockchain-based trade finance platform to finance the construction in the Guangdong-Hong Kong-Macao Greater Bay Area. The platform is intended to help participating banks securely share information pertaining to cross-border trades. (http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4023428/index.html)

Visa Applies For Digital Dollar Blockchain Patent
Visa has filed a patent application to create “digital fiat currency” on a centralized computer using blockchain technology. The computer generates digital currency for the denomination requested and links it to a serial number, and records it on a blockchain.

World Economic Forum shares its vision for a decentralized, global economy
The World Economic Forum Global Blockchain Council “Presidio Principles” project is intended to lay out a foundational set of principles to to balance trust and power among creators and users of applications which build on or incorporate some decentralized pieces. They are requesting feedback from those on the front lines of building decentralized systems.

Stablecoin Supply Breaks $10B as Traders Demand Dollars Over Bitcoin
Almost every exchange offers the choice to trade assets priced in different quote currencies, usually dollars or bitcoins, which determine the value of alternative cryptocurrencies. Altcoin traders have historically preferred to use bitcoin or even ether as the currency that prices other tokens. But during the past two years, that trend has shifted significantly. Now they mostly trade against stablecoins.

Most bitcoin investors on Coinbase end up buying altcoins during bull runs
Bitcoin investors tend to buy altcoins during bull runs, according to Coinbase data. Coinbase said “as people feel good about their initial crypto investments (into Bitcoin), they branch out to find other possible categorical winners”.

Brazilian digital wallet PicPay reaches 20 million customers
Brazilian digital wallet PicPay hit 20 million clients in early May, reaching a goal previously expected for December as social isolation measures to combat the coronavirus accelerates the search for digital financial services.

UN Launches Blockchain Group
The United Nations has launched a Blockchain Group and published a Practical Guide to Using Blockchain Within the United Nations and for country policymakers with definitions, decision-making #tools and use cases from across the UN.

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