#CryptoCorner Episode 442: #Crypto Firm Bluesky (CSE: $BTC.C) Announces Crypto Valley Association Membership, and China’s #DigitalCurrency Being Tested on Small Transactions
#CryptoCorner
Episode 442: #Crypto Firm Bluesky (CSE: $BTC.C) Announces Crypto Valley Association Membership, and
China’s #DigitalCurrency Being Tested on Small Transactions
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Stocks discussed: (CSE:BTC) (NasdaqGS:FB)
Crypto mining firm
Bluesky Digital Assets Corp. (CSE:BTC) has announced its membership in the Crypto Valley
Association (CVA). The Swiss-based CVA is described as “an independent,
government-supported organization,” whose “mission is to build the world's
leading ecosystem for blockchain and cryptographic technologies.” Bluesky's CEO
Ben Gelfand commented:
"We wanted to be part of one of the world leading
blockchain ecosystems that welcomes individuals, small and large companies from
all over the world who are interested in the long term global economic and
transformational benefits coming from blockchain and cryptographic technology
innovation."
A report
published today by the Bank for International Settlements (BIS), titled: Rise of the central bank digital currencies:
drivers, approaches and technologies, indicates a rapid increase in public
interest in CBDCs in 2020. The report presents data from Google, which shows
that the amount of internet searches for CBDCs rocketed ahead of Bitcoin this
year. A trend observed in the report, the decline in the use of cash, is cited
as a possible driver in CBDC interest. An excerpt notes the impact of
Facebook’s (NasdaqGS:FB) Libra project:
A tipping point was the announcement of Facebook’s
Libra and the ensuing public sector response. As of late 2019, central banks
representing a fifth of the world’s population reported that they were likely
to issue CBDCs very soon.
Another factor the
report cites is the COVID-19 pandemic:
During the Covid-19 pandemic, social distancing
measures, public concerns that cash may transmit the Covid-19 virus and new
government-to -person payment schemes have further sped up the shift toward
digital payments, and may give a further impetus to CBDC.
On the subject of
CBDCs, the Global Times reports that the People’s Bank of
China’s (PBoC) digital currency is being tested “on small retail transactions.”
This clarification comes after rumours had spread of “a housing transaction”
that leveraged China's Digital Currency Electronic Payment (DCEP). Wang Peng,
assistant professor of the Gaoling School of Artificial Intelligence at the
Renmin University told the Global Times:
"At its current stage, the test's primary goal is
to ensure the digital currency's operation runs smoothly and safe, and to
determine how DCEP is distributed from the central bank to financial
institutions. Only when trials in retailing are successful will they be carried
out in large transaction scenarios.”
Sam
Mowers, Investorideas
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