#CryptoCorner: European Central Bank Has 'No Plans' to Create #CBDC, Mexico's Central Bank Announces Legal Framework for #Crypto Space and Voyager Digital Holdings to Launch Division for Institutional Investors

#CryptoCorner: European Central Bank Has 'No Plans' to Create #CBDC, Mexico's Central Bank Announces Legal Framework for #Crypto Space and Voyager Digital Holdings to Launch Division for Institutional Investors

September 14th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App

Point Roberts, WA and Delta, BC - September 14, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner, now available in podcast.
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#CryptoCorner: European Central Bank Has 'No Plans' to Create #CBDC, Mexico's Central Bank Announces Legal Framework for #Crypto Space and Voyager Digital Holdings to Launch Division for Institutional Investors

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Market Looks Steady Going Into Weekend, European Central Bank Has 'No Plans' to Create CBDC, Mexico's Central Bank Announces Legal Framework for Crypto Space and Voyager Digital Holdings to Launch Division for Institutional Investors

As we head into the weekend, the total market capitalization is about the same as yesterday, clocking in at just under $200 billion USD, according to CoinMarketCap. At press time Bitcoin (BTC) is trading at $6477 USD and Ethereum (ETH), though down from yesterday's peak of $222 USD, is still going strong at $207 USD.
The President of the European Central Bank (ECB), Mario Draghi, confirmed that the bank had no plan to create a central bank digital currency (CBDC), in a letter to Member of the European Parliament Jonás Fernández. He said, however, that the ECB was considering the possibility of issuing a CBDC as a "complement to cash". Draghi concedes the benefits of CBDC as being enhanced security and digitalization. He also lists cons of adoption as being insufficient testing and development of the technology and the sustained popularity of physical cash in the EU.
"From an economic perspective, introducing a central bank digital currency could potentially yield both costs and benefits. In principle, a central bank digital currency could meet demands for both the security and digitalisation of the economy. It could also allow monetary policy to reach a wider range of economic actors more directly. At the same time, by potentially providing an alternative to some types of bank deposits, a central bank digital currency could have implications for the degree of intermediation and leverage in the banking system, which is important for the role of banks in financing the real economy. The actual costs and benefits would ultimately depend on the specific features of a digital version of central bank money. The same applies for the possible legal implications."
Mexico's central bank, the Bank of Mexico, recently issued a circular on the government website, Diario Oficial de la Federación, wherein it reveals that cryptocurrency businesses must acquire a permit from the state to operate. The document states the central bank's dedication to progress with financial technology, but affirms its commitment to regulation that curbs risk resulting from such innovation. From the document:
"...in order to continue promoting the proper functioning of payment systems and the sound development of the financial system, as well as the protection of public interests, it is convenient to establish a regulatory framework that, on the one hand, allow the development of innovation in the payment services of the country, in such a way that the benefits of the efficiency that the electronic payment funds institutions can contribute to the provision of payment services are exploited and, at the same time, it establishes conditions adequate to mitigate the risks associated with such services."
Traders Magazine reports that crypto trading and brokerage platform Voyager Digital Holdings, Inc., is launching a new division called Voyager Institutional, which is aimed at institutional investors. The company has named Glenn Barber as Chief Institutional Officer of Voyager Institutional. Barber was previously Managing Director of Equities and Co-Head of the NY-based Global Program Sales desk at Deutsche Bank.
Sam Mowers, Investorideas
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