Sweden’s Riksbank provided a brief update on the e-krona pilot it is conducting in partnership with Accenture. The pilot project’s technical solution is based on distributed ledger technology (DLT). It is based on a distribution model in which only the Riksbank can create e-kronas, which are then distributed to the general public via participants in the e-krona network, for example banks and payment service providers. The solution will be evaluated in a test environment that will simulate the Riksbank’s internal systems, participants in the network and end users, such as consumers and merchants.
ConsenSys has joined the Bank of Thailand to explore the potential of blockchain technology in the development of a proof-of-concept prototype for a Central Bank Digital Currency (CBDC) project, alongside SCG and Digital Ventures (DV). The private-permissioned network on Hyperledger Besu will be designed to meet both the functional and non-functional requirements of a retail CBDC. One of the business cases will test the use of a CBDC to simulate daily commerce, automate payments, and support procurement and financial management system called Procure-to-Pay (B2P) developed by DV. In the exploration, CBDC will be tested and issued using ERC20 smart contracts. In partnership with Thailand partner Atato, ConsenSys will architect a solution using its Enterprise Ethereum stack, including Codefi and MetaMask.
Binance, the world’s largest cryptocurrency exchange purportedly conceived of an elaborate corporate structure designed to intentionally deceive regulators and surreptitiously profit from crypto investors in the United States, according to a document thought to be created by its senior executives and obtained by Forbes. The 2018 document details plans for a yet-unnamed U.S. company dubbed the “Tai Chi entity.” While Binance appears to have gone out of its way to submit to U.S. regulations by establishing a compliant subsidary, Binance.US, an ulterior motive is now apparent.
Ant Group launched a $34.4 billion initial public offering, the largest in history, beating the January 2020 $29.4 billion Saudi Aramco deal. Ant’s $310 billion implied valuation of more than about $310 billion would be about the same as JPMorgan Chase’s.