PBoC close to issuing CBDC / Crypto community respond to FDIC video / Sygnum's stablecoin

Inside Cryptocurrency .

Presented by Subscribe | View in browser Market Watch: Prices across the board have rebounded during Tuesday trading. The rise comes at a time when the U.S. Federal Reserve said yesterday that it has "infinite case" in response to the coronavirus pandemic. Bitcoin: $6,773 (⬆️ 16.10%) // $123.8 billion market cap. Ethereum: $140 (⬆️ 14.37%) // $15.5 billion market cap. XRP: $0.162 (⬆️ 7.94%) // $7.1 billion market cap. Tether: $1.01 (⬆️ 0.39%) // $4.6 billion market cap. Top 100 Winner: Bytecoin: $0.0002 (⬆️ 24.88%) // $47 million market cap. Top 100 Loser: Molecular Future: $0.392 (⬇️ 5.70%) // $33 million market cap.  Prices are as of 2 p.m. ET. 1. The People's Bank of China (PBoC) is reportedly one step closer to issuing its central bank digital currency (CBDC). According to "industry insiders," the central bank is said to have completed the development of the digital yuan's basic function, which is in collaboration with private organizations. Those in the know claim that the PBoC is drafting relevant laws to bring the coin into circulation. An anonymous source mentioned that Alipay, which is involved with the bank's CBDC, has recent patents focused on the basic function of a digital currency including circulation and payment. The insider said: Judging from the patents, the first step of technological development has been basically completed. In January, it was reported that the PBoC's digital currency was "progressing smoothly" and that the "top-level" design of it had been completed. -GLOBAL TIMES Further reading China's CBDC is a "wake-up" call to the U.S.: In November, it was reported that China's central bank could launch its own CBDC in 18 months amid strong endorsements of the blockchain from top officials. It's not Bitcoin and it's not for speculation: Mu Changchun, the PBoC official in charge of the plan for the CBDC, noted that the digital currency won't be backed by a basket of currencies. FDIC video attracts crypto attention The U.S. Federal Deposit Insurance Corporation wants the American public to keep their money in banks where it'll be "safe," particularly during the coronavirus pandemic. Subscribe to premium find out what the crypto community has to say. SUBSCRIBE NOW TO FIND OUT MORE A MESSAGE FROM LINKEDIN LEARNING Learn In-demand Technology Skills To Achieve Your Goals Stay on top of rapidly changing technology advancements with LinkedIn Learning online courses taught by real-world expert instructors. From certification preparation training to learning the fundamentals on topics such as Network Administration, Cloud Computing and more.  Start Your Free Trial   Swiss crypto bank Sygnum unveils stablecoin pegged to Swiss franc Swiss crypto bank Sygnum is turning its attention to stablecoins. Subscribe to find out more. SUBSCRIBE NOW TO FIND OUT MORE 4. Veteran gold bug Peter Schiff has taken to Twitter once again to speak out against Bitcoin. In a tweet posted today, he said that "only fools are choosing Bitcoin." He added: So far this year gold is up over 7%, while Bitcoin is down 3%. #Gold is only 2% from its 2020 high, while #Bitcoin is 35% below its 2020 high! He initially tweeted that during the 2008 financial crisis, gold fell around 25 percent and took seven months before it reached a new high, adding that during the coronavirus market crash, gold has only dropped by 15 percent and may achieve a new high in under a month. In response, a user tweeted that Bitcoin had risen over 12 percent amid the falling stock market and that people were choosing Bitcoin as a result. Earlier this month, Schiff stated that "nothing will help Bitcoin" and that "it's done." -@PETERSCHIFF/TWITTER Bitcoin can't do anything by just existing Many people focus on statements such as "this is why Bitcoin" will change the world instead of "this is how Bitcoin will." Subscribe to find out what one person thinks needs to be done. SUBSCRIBE NOW TO FIND OUT MORE Fake YouTube account impersonates Ripple CEO A fake YouTube account is impersonating Brad Garlinghouse with the promise of a significant airdrop. Subscribe to premium below to find out more. SUBSCRIBE NOW TO FIND OUT MORE Alipay to pay role in Chain's CBDC Chinese payments platform Alipay is to play a significant role in China's central bank digital currency (CBDC). Subscribe to premium below to read the full story and find out the steps that have been taken so far. SUBSCRIBE NOW TO FIND OUT MORE 8. London-based Revolut has launched in the U.S. The company, which offers crypto, banking, and stock trading services through its app, made the announcement today. Users in the U.S. now have the option to send, receive, spend, and manage money via the app. According to the company, U.S. customers will be able to get their salary up to two days in advance via direct debit at no cost. Revolut added that these deposits are Federal Deposit Insurance Corporation (FDIC) insured up to a value of $250,000. Revolut's app has been in beta in the U.S. since June 2019 and is said to have 60,000 beta testers. -REVOLUT This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter. Edited by Beth Duckett, staff writer at Inside. Ad Learn In-demand Skills to Achieve Your Professional Goals.

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Digital dollar deluge

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March 24, 2020 Yesterday, two separate pieces of legislation were proposed with detailed provisions of a “digital dollar” as a means of direct stimulus to American households. Today, the Senate introduced a draft bill on how a "digital dollar" might be maintained. The Overton Window on what's politically possible regarding digital currencies is shifting. Here’s the story: As the COVID-19 pandemic disrupts the global economy, U.S. representatives are mulling a “digital dollar” to provide a direct cash subsidy to American families. This virtual greenback would help individuals and families survive the shutdown of businesses and series of “shelter-in-place” orders which resulted in skyrocketing unemployment claims and a potential recession, according to two draft bills introduced yesterday. Pocket change? Though mentions of this digital dollar have since been scrubbed, in at least one of the proposed pieces of legislation. This morning, the U.S. woke up to a draft of the "Take Responsibility for Workers and Families Act” without reference to a digital dollar. Coin drop Despite this apparent walkback, today the U.S. Senate Committee on Banking, Housing and Urban Affairs introduced a draft bill defining "digital dollars," “digital wallets” and how they may be maintained. The bill notes that such wallets should be branded as “FedAccounts.” Another draft! While some coiners see the possibility of a CBDC as a boon to crypto as a whole, many would prefer to stick with the decentralized stuff. However, there’s a lingering question as to how a bitcoin economy would react to a financial meltdown. Thankfully, there’s a proxy for insight: gold. Bitcoinization case study Whether adopted as a monetary standard or not, blockchain is proving a use case in helping solve a separate crisis: the climate. A team from Yale University’s Open Innovation Lab is exploring how distributed ledgers and the Internet of Things can be used to measure and track carbon emissions. “I understand climate change as a big picture, managing our global planetary carbon budget,” said Martin Wainstein, founder of Yale OpenLab. “To me, that translated into an accounting problem.” Carbon tracks Bitcoin saw a double-digit price rise, in part, after the Fed announced its "bazooka" move to expand asset purchases by as much as needed to help the economy absorb shocks arising from the coronavirus pandemic. As long as stocks flash green, bitcoin looks set to test resistance at $7,000. Monday's low of $5,686 is the level to beat for the bears. Bitcoin bazooka?   CoinDesk Research's latest monthly report examines Binance, Cash App and Coinbase fiat on-ramps, crypto's faltering narrative as a safe haven asset, and “criminality” as a use case for crypto networks. The report also looks ahead (and back) to bitcoin halving impacts, as preview to the event slated later this Spring. Full report   Will the US launch a digital dollar? Is a wallet bug actually a feature of DeFi? And what happens to racers when they can't race? Find out on CoinDesk's Markets Daily podcast. Listen in WHO WON #CRYPTOTWITTER   Copyright © 2020 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences or  unsubscribe from this list

Charles Hoskinson's OneCoin comment / Max Keiser: BTC with China/Russia reserves / Paxful and Chainalysis team up

Inside Cryptocurrency .

Presented by Subscribe | View in browser Market Watch: Following a rise in prices toward the end of last week, trading today remains in the green across the board. Bitcoin: $6,354 (⬆️ 6.87%) // $116 billion market cap. Ethereum: $131 (⬆️ 4.86%) // $14.4 billion market cap. XRP: $0.156 (⬇️ 2.84%) // $6.8 billion market cap. Tether: $0.99 (⬇️ 0.29%) // $4.6 billion market cap. Top 100 Winner: Status: $0.015 (⬆️ 18.78%) // $53 million market cap.  Top 100 Loser: Hedera Hashgraph: $0.030 (⬇️ 15.76%) // $116 million market cap. Prices are as of 09:00 p.m. ET. 1. Charles Hoskinson, CEO of IOHK, has responded to comments made by President of the Federal Reserve Bank of Minneapolis, Neel Kashkari. In an interview with CBS News, Kashkari was talking about the coronavirus pandemic and the measures being taken to tackle the stress it will place on the economy. During the interview, he was asked what he would say to people who were heading to ATMs to take out $3,000. In response, Kashkari said people don't need to, as the ATMs and banks are safe. There's enough cash in the financial system. And there's an infinite amount of cash at the Federal Reserve. In response, Hoskinson tweeted that he was "getting a real OneCoin vibe from" the U.S. dollar. The OneCoin project was a scam, which stole at least $4 billion from unsuspecting victims in 2019. -@IOHK_CHARLES/TWITTER UPbit and Bithumb see demand drop since 2018 UPbit and Bithumb may be South Korea's largest crypto exchanges, but the last 12 months have proved to be a difficult time for both as interest in the market declines. To read this story (and all of the others in this newsletter), subscribe to premium. SUBSCRIBE NOW TO FIND OUT MORE A MESSAGE FROM SALESFORCE Drive Productivity for Enterprise Employees with Salesforce Learn how savvy IT departments can provide better workplace technology as the key to improving employee experience and driving organizationwide growth. Learn More Could China and Russia add Bitcoin to their strategic reserves? RT host Max Keiser thinks Bitcoin may be added to China and Russia's strategic reserves. Do you think he's right? Subscribe below to read this story. SUBSCRIBE NOW TO FIND OUT MORE Paxful and Chainalysis to set compliance standards for P2P platforms. Paxful is making waves in the crypto space as it continues to push the adoption of Bitcoin, particularly in Africa. At the same time, it's working to improve KYC and AML procedures to ensure the space remains safe for all. Find out the steps it's taking with Chainalysis to boost compliance standards. SUBSCRIBE NOW TO FIND OUT MORE Blockchain salaries drop 37 percent in China. A report has found that salaries offered to blockchain professionals has dropped by 37 percent since 2018. Find out the reasons why this is the case by subscribing below. SUBSCRIBE NOW TO FIND OUT MORE Bitcoin's year needs to be 2020 Mike Novogratz remains bullish on the future of Bitcoin, now more than ever considering current market conditions. But amid market turmoil, both in traditional and crypto, can Bitcoin take its place at the top to make everything right again? Subscribe to find out more. SUBSCRIBE TO PREMIUM 7. Derivatives trading platform BitMEX has published a blog explaining the role of its Insurance Fund after it received criticism for not being used to help the crypto market following a drop in prices earlier this month. Between March 12 and 13, the price of Bitcoin fell from the $7,000s down to the $4,000s as investors sold their coins in a massive sell-off. Data from Datamish showed at the time that liquidations on BitMEX amounted to over $1 billion, yet the platform holds around 35,000 Bitcoin ($220 million) in its insurance fund. Following market events, BitMEX is attempting "address questions." Explaining the role of the insurance fund, the platform noted that it acts as the "last line of defence" to prevent auto-deleveraging (ADL) positions of profitable traders against liquidated positions to prevent bankruptcy. It went on to say: It is important for the Fund to be large enough to absorb intraday shocks, to avoid ADL on the platform. One user on Twitter questioned, however, why the insurance fund wasn't used arguing that the "worst-case scenario almost happened..." The user then said: "Which raises questions of why it's so large, and it's overall efficacy." -BITMEX Tim Draper is setting his sights on India Tim Draper is of the opinion that India will experience a crypto boom following the Supreme Court's decision to reverse a crypto ban. Subscribe to find out his plans going forward with the country. SUBSCRIBE NOW TO FIND OUT MORE 9. Crypto exchange Bitfinex is to delist a further 87 trading pairs due to low levels of liquidity. The platform has said from 10 a.m. UTC on March 26, the trading pairs will cease trading. Those being removed are paired with the likes of Bitcoin, Ethereum, and Tether (USDT), as well as fiat currencies, the British pound and the euro. Some of those that are being removed include Bancor (BNT/BTC) and SingularDTV (SNG/BTC), Decentraland (MANA/ETH), and Qtum (QTM/ETH). Bitfinex said in its announcement: The removal of these trading pairs will serve to consolidate and improve liquidity on Bitfinex, leading to a more streamlined and optimised trading experience for our users. The delisting that's taking place this Thursday follows on from the 46 it removed at the beginning of the month. The platform cited "low liquidity" as the reason for the removal. -BITFINEX 10. Crypto.com is teaming up with fintech company Oveit to offer a one-stop-shop solution for experienced ecosystems. As part of the partnership, Crypto.com Pay will be integrated on to Oveit's platform. This means that more than 3,500 offline and virtual event organizers will have access to Oveit, enabling them to accept crypto at over 1.5 million event attendants through Crypto.com Pay. Crypto that can be accepted includes BTC, ETH, LTC, XRP, and CRO. In the announcement, Crypto.com said: "To celebrate this new partnership, customers making payments using Crypto.com Pay to events powered by Oveit will receive up to 10% cashback in CRO in their Crypto.com App wallet from now till 31 Jul 2020." -CRYPTO.COM This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter. Edited by Beth Duckett, staff writer at Inside. 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