Kiffmeister’s FinTech Daily Digest (05/26/2020)

Facebook’s Calibra Rebrands to Novi
Libra’s wallet provider Calibra has now been rebranded to Novi – a portmanteau of the Latin root words, “novus” meaning new and “via” meaning way. The first wallet product from the firm is intended to hold Libra’s various digital currencies, once the Facebook-led initiative goes live.

China’s central bank governor says there is no timetable for digital currency launch
People’s Bank of China Governor Yi Gang said that the central bank doesn’t yet have a timetable for the official launch of digital yuan. He also confirmed that the PBOC has been internally testing its digital currency, known as Digital Currency/Electronic Payment (DC/EP), in four cities – Shenzhen, Xiong’An New Area, Chengdu, and Suzhou – since April. Yi also confirmed that DC/EP might see use during the 2022 Beijing Winter Olympics “to verify theoretical reliability and system stability.”

Spike in BTC Exchange Inflow Preceded Bitcoin Price Correction to $8.6K
Data from CryptoQuant suggests that miners are most likely behind the recent bitcoin sell-off. Some large Chinese miners may be selling because bitcoin is well above their breakeven costs. For large miners in Sichuan, China, the current rainy season will allow them to negotiate lower electricity rates. This means some mining centers will be able to secure a $0.03/KW rate which will bring down the cost of mining to about $6,000. Also, over-leveraged or small miners outside of China, whose profit margins have been significantly impacted by the May 11 halving, may be capitulating or simply selling to cover operating expenses.

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