The Bank of Thailand (BOT) will develop a prototype of a CBDC-based payment system for businesses, which will build upon knowledge from Project Inthanon. The feasibility study will integrate CBDC with the procurement and financial management systems of the Siam Cement Public Company and its suppliers to increase fund transfer flexibility, and deliver faster and more agile payments between suppliers. It will begin in July 2020 and run to the end of the year. Also, the BOT, the Hong Kong Monetary Authority and the participating financial institutions will continue to their Project Inthanon CBDC collaboration and experimentation for cross-border transfer use cases.
Bitcoin Is Not a New Type of Money
According to this NY Fed blog, Bitcoin is not a new class of money, it is a new type of exchange mechanism, and this type of exchange mechanism can support a variety of forms of money as well as other types of assets. Why should we care? History provides lessons about what makes a good money as well as what makes a good transfer mechanism. These lessons could help cryptocurrencies evolve in a way that makes them more useful. But to know which lessons are relevant, it is important to be clear about what is new about Bitcoin.
Leading digital asset platforms make their move into prime brokerage
Genesis, Coinbase and BitGo, three of the largest digital asset platforms, have moved into the crypto prime brokerage space, as the importance of the function to attract institutional investors becomes abundantly clear. The combination of lending, custody, trading services and settlement agency services – among others – is crucial for institutional investors who do not want to deal with the current complexities of the digital asset market in its current form.
PieDAO releases USD++ for better stablecoin holdings
PieDAO, the decentralized organization building diversified token pools on the Balancer protocol, announced the mainnet release of its USD++ pool on Tuesday. The pool combines several of the top USD-pegged stablecoins into one tradable token. It’s another example of a creative use case of the rapidly growing Balancer protocol—and of the expanding universe of ideas DAOs are working to address. The USD++ pool will contain Maker DAI, Synthetix sUSD, Tether TUSD, and Coinbase USDC.
14 Singapore digital bank applicants eligible for next stage of assessment
The Monetary Authority of Singapore announced that 14 of the 21 digital bank applications have met the eligibility criteria required for the application to be considered. These eligible applicants, comprising five digital full bank applicants and nine digital wholesale bank applicants, will progress to the next stage of assessment, in which applicants will be short listed based on proposals they will present via virtual meetings.
The Bitcoin Market Is Totally Dominated By A Tiny Number Of Pro Traders
Analysis by Chainalysis reveals that professional traders are firmly in control of bitcoin market liquidity, accounting for 85% of all the U.S. dollar value of bitcoin sent to exchanges. This dominance of the bitcoin market means professional traders are the most significant contributors to large market movements, such as those seen during bitcoin’s dramatic price decline in March. The analysis also found that roughly 80% of bitcoin ever mined is held by entities that hardly ever trade it.
Posted from Diigo: https://www.diigo.com/user/kiffmeister/Fintech
Nice article, by the way Bitcoin is a currency now even Google also labeled it as a 'Digital Currency' not only an exchange mechanism mentioned above.