The Bank of Korea (BOK) is ramping up efforts for the possible launch of a digital currency. The central bank has formed a legal advisory council that could help the bank roll out a central bank digital currency (CBDC) as well as offer guidance on “cryptocurrencies issued by central banks”.
BOK, which issues the South Korean won, made the announcement on Monday but has declined to confirm whether it plans to launch a central bank digital currency (CBDC).
The group will convene law professors, legal practitioners and BOK officials. The six-member panel will be tasked with providing legal insight on the use of a digital currency and will be in place “just in case” the bank ultimately decides to develop a CBDC.
Several countries, including Sweden, Switzerland, the US and Japan, have stepped up efforts to investigate CBDCs, as China continues testing its digital yuan with trials underway in Shenzhen, Chengdu, Suzhou and Xiongan since April. As the world’s second-largest economy, China itself could force a rapid sea change in digital payments, cross-border transactions and central banking protocols.
According to BOK, which launched a 22-month pilot program in April to examine a CBDC system, it wants to have a plan in place and a thorough understanding of the legal requirements for digital assets.
“The technological innovation in the payment service sector is currently taking place rapidly … the BOK seeks to set up a pilot CBDC system in order to take preemptive steps against changes in the environment…
The need to issue a CBDC in the near future still remains slim when considering the demand for cash that still exists and the competitive payment service market, but there is a need to be able to quickly take steps in case market conditions at home and abroad change rapidly.”
BOK’s new legal group will be tasked with advising the bank until May 2021, reports the Korea Herald.
According to a BOK official, the focus is to explore “cryptocurrency”, although it will more narrowly target centralized digital currencies, which are operated and controlled by central banks as opposed to truly decentralized cryptocurrencies such as Bitcoin.
The bank adds,
“The launch aims to clarify legal areas concerning BOK’s issuance of cryptocurrency, which remains unclear at the moment.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Bitcoin and Cryptocurrency Market Roundup for the Week Gone By
Bullish headlines are sending Bitcoin to the skies, with large-cap coins surging to new 2020 highs after PayPal announced on Wednesday it will be integrating cryptocurrency.
The good news continued as the week progressed. America’s biggest bank JP Morgan released a report on Friday claiming Bitcoin is a better investment prospect than gold, and Kanye West dropped Bitcoin bombs on the world’s biggest podcast — telling Joe Rogan that Bitcoiners “really have a perspective on what the true liberation of America and humanity will be.”
As the cryptocurrency market surged, Bitcoin cast off the shackles of its recent correlation with the S&P 500. This fulfills the prophecy of legendary investor Paul Tudor Jones, who called Bitcoin the “fastest horse in the race” back in May, and appeared on CNBC on Thursday to reaffirm his commitment.
This Week’s Highlights
- PayPal Embraces Bitcoin
- JP Morgan Flips Bullish
PayPal Embraces Bitcoin
487 million US citizens will be brought to the crypto table over the next few weeks as payment giant PayPal gradually rolls out functionality allowing users to buy Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
Bitcoin, which had been steadily climbing before the announcement on Wednesday, treated the news like rocket fuel: The price jumped vertically as the news hit, and quickly broke resistance at $13K.
Yet while Bitcoin has made 12% gains over the last seven days, the leading cryptocurrency has fallen behind Litecoin, which soared over 21% on the news.
JP Morgan Flips Bullish on BTC
JP Morgan, the investment bank that claimed Bitcoin was a “fraud” back in 2017, has changed its tune.
Looking ahead, the bank claims that Bitcoin could have “considerable long-term upside”, with the market cap needing “to rise 10 times from here to match the total private sector investment in gold via ETFs or bars and coins.”
The Week Ahead
Although a pullback could be expected after such a strong rally, BTC’s exuberance shows no sign of abating.
Speaking on CNBC on Thursday, billionaire investor Paul Tudor Jones said the rally is in its “first inning.” He expects more upwards momentum as investors start buying up the cryptocurrency as an inflation hedge.
If the rally continues, the next stop could be the 2019 high of $13,900. Beyond this milestone, the price is almost hitting open sky. As there is little trading history past this point, we could see heightened volatility as the cryptocurrency seeks to establish itself at this new elevation.
Hedge Funds Failures, Bankruptcies and Pandemic Fatigue
As cases rise and the U.S. settles in for a fresh wave of COVID-19, the economic fallout from round one is still being felt, from hedge funds to bankruptcies and beyond.
Our main conversation is about the rise of a new wave of COVID-19 and the economic fallout we’re still trying to address. NLW discusses why we’re starting this next wave more emotionally drained, politically divided and economically fragile than we were in March.
SwapSpace: Quick Cryptocurrency Swaps at No Additional Fees
The cryptocurrency field is growing at a considerable rate as more companies and individuals get involved.
As CryptoPotato recently reported, Google searches for the ‘buy crypto’ key phrase have surged to their highest point since all the way back in January 2018 – during the peak of the ICO bubble.
Google traffic is usually a very good indicator of retail interest in the field, but institutions are not lagging behind. Another report by the giant multinational financial services corporation Fidelity Investments revealed that 36% of institutional investors own Bitcoin and other cryptocurrencies.
Amid the growing popularity, more venues are offering seamless exchange and swaps of various crypto assets.
One of such platforms is SwapSpace. With a particularly intuitive swapping process and over 350 coins and tokens, as well as more than 60,000 exchange pairs, the platform has managed to establish itself as one of the more convenient ones to use if you want to quickly swap your coins without having to go through a lengthy registration.
What is SwapSpace?
SwapSpace brings forward an instant aggregator of cryptocurrency exchanges. The number one priority of the company is to save time for their clients and to make the process as easy as possible.
Users don’t have to spend excessive time searching for pairs and comparing rates, privacy features, and fees on different services.
All they have to do is choose the most appropriate swap option from different instant exchange services for the selected exchange pair. There are no limits on the amount to be exchanged, no registration, and a process that takes no more than four quick steps.
How Does SwapSpace Work?
Right off the bat, as soon as the user lands on the website’s homepage, they will see the swapping interface, which is particularly simplified. Here are the steps that have to be taken to successfully complete a crypto swap.
Step #1: Select your tokens
On the homepage of the website, you’ll find the following screen:
Here, you need to choose the crypto that you want to send and the one that you want to receive. In this example, we are swapping Bitcoin for the stablecoin USDT. Enter the swap amount and hit “View offers.”
Step #2: Select the best offer
As soon as you hit that red button, this is the screen that you will get:
The platform filters the offers automatically, and you will always get the best rate displayed on top. You can choose the swap option by the rates or by exchange flow: SwapSpace offers both fixed and floating rate exchanges.
In this case, the best rate is provided by SimpleSwap, and as soon as you hit “Exchange,” you will get to the next step of the process.
Step #3: Enter the recipient’s address
During this step, you will have to enter the address of the recipient.
In this case, we will be inputting the address that will receive the USDT once the BTC swap is completed.
Step #4: Transfer funds to the exchange service
This is where you would have to send the coin or token that you want to swap.
The last step is just to wait for the exchange to be completed. You will be able to see all the details of the transaction, read information about the partner you’ve chosen, and the average time it takes to complete the exchange.
That’s pretty much it. SwapSpace requires no further actions to be taken, and just like that, you’ll be able to swap your cryptocurrencies in a quick and seamless way.
It’s also worth noting that customer support works all over the clock and replies instantly. Overall reviews of the platform provided via Trustpilot are positive. There’s no limit to the amount you can swap, and there are no additional fees that you’ll have to worry about.
Pros and Cons
As with everything, there are certain benefits and drawbacks to using SwapSpace.
- The process is very quick and simple
- No additional fees
- No registration
- An abundance of cryptocurrencies
- Fixed and floating rates
- The company is relatively new, registered in 2019
- No support for fiat currencies
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
Blockchain1 month ago
Bitcoin price volatility expected as 47% of BTC options expire next Friday
Blockchain2 months ago
Market Wrap: Bitcoin’s Powell-Induced Price Swing; Ethereum Still High on Gas
Blockchain1 month ago
Bitcoin Bouncing From Bull Market Support Points To 2021 As The Year Of Crypto
Blockchain2 months ago
Blockchain Bites: Is DeFi an Inside Deal?
Blockchain1 month ago
Ethereum: Is the HODLing in yet?
Blockchain1 month ago
Hackers Have Been Trying To Crack Bitcoin Wallet Worth $750 Million But Here’s The Catch
Blockchain1 month ago
YFI Founder Puts Himself Forward for Uniswap (UNI) Delegation Duties
Blockchain3 months ago
Wealthfront Lures Millenials With Crypto Memes and Tactics