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…
Digital Currency
The PBoC Prepares to Issue Its Digital Yuan Soon
The People's Bank of China (PBoC) intends to launch its much-awaited central bank-backed Digital Currency (CBDC) in Shenzhen and Suzhou. The WHO recommends using digital currencies over banknotes. They suggested this after discovering that the COVID-19 virus could be transmitted through banknotes leading to many central banks speeding up issuing their digital currencies. Recent reports say that research into China's central bank digital currency (CBDC) is dragging because of the COVID-19 outbreak. Still, the central bank has completed another milestone…
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