#CryptoCorner: #Bitcoin Breaks $7K, Argo #Blockchain Hits Record Mining Numbers, BIS Looks at #COVID19 Impact on CBDCs

#CryptoCorner: #Bitcoin Breaks $7K, Argo #Blockchain Hits Record Mining Numbers, BIS Looks at #COVID19 Impact on CBDCs

Point Roberts, WA, Delta BC April 6, 2020 -  Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .

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Stocks discussed: (LSE:ARB)

The crypto market is looking quite green as we begin another week. Bitcoin (BTC) is in the midst of a rally, having broken past a $7,000 trading price early this morning after spending the weekend just below it, according to data from CoinMarketCap. At press time it is trading for roughly $7,100.

Cointelegraph reports that crypto mining company Argo Blockchain (LSE:ARB) has broken its Bitcoin mining records in spite of restrictions imposed by the COVID-19 pandemic. The firm mined 333.8 Bitcoin in March, not too different from the 337.5 Bitcoin it mined in February. For the first three months of this year, Argo mined a company record of 918 Bitcoin total, which is more than twice what it mined in the closing three months of 2019. This resulted in the generation of $7.67 million in revenue for the first three months of 2020. The company also mentioned that its North America-based mining operations were, so far, unaffected by COVID-19 as their management and staff are able to work remotely.

Argo Blockchain stock is up 4.5 percent at press time.

A recently-published bulletin from the Bank of International Settlements (BIS), titled Covid-19, cash, and the future of payments, explored the impact of the Coronavirus on instigating the need for central bank digital currencies (CBDCs). An excerpt reads:

In the context of the current crisis, CBDC would in particular have to be designed allowing for access options for the unbanked and (contact-free) technical interfaces suitable for the whole population.6 The pandemic may hence put calls for CBDCs into sharper focus, highlighting the value of having access to diverse means of payments, and the need for any means of payments to be resilient against a broad range of threats.

And on that note, the Bank of Korea announced the launch of a CBDC pilot program today. The pilot program will involve reviews of CBDC on technology, operational and legal levels. The report notes that with current mediums of exchange still viable, the need for a CBDC is not yet pressing. A loose translation reads:

Cash demand still in existence, competitive payment services market, high level of financial inclusion. Considering such, it is not necessary to issue CBDC in the near future.
It is necessary to respond promptly to changes in internal and external conditions.

Sam Mowers, Investorideas

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