Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
Advanced Economics
China’s Digital Currency Could Help Counter Libra’s Effect in the Country
For around five years, the People’s Bank of China (PBoC) has been working on a digital coin. The central bank’s fiat reserve will back the Central Bank Digital Currency (CBDC), and its value pegged to the Yuan value. Although the government of China announced its plans to develop the digital yuan in 2014, Facebook’s announcement of the launch of Libra was the propelling factor. The central bank says that the digital coin is near completion but hasn’t given any prospective…
5 years ago
Deputy Governor of BoJ Says Advanced Economies Don’t Need CBDCs
Recently, the Bank of Japan’s deputy governor claimed that advanced economies do not need central bank digital currencies (CBDCs). He spoke at the Future of Payments Forum, organized by the Bank for International Settlement. Amamiya said that CBDCs are a tremendous financial system for developing countries, especially the ones with immature payment infrastructures. Nevertheless, he claimed that advanced technologies cannot benefit from virtual currencies. Why Amamiya is Against Digital Currencies Amamiya said that it is unnecessary to implement new steps…
5 years ago