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ECB Sees Digital Euro as Useful for ‘All Citizens’

The European Central Bank (ECB) posted a tweet on Jan. 23 in which ECB President Christine Lagarde calls a properly-implemented digital euro “of service for all citizens”. Lagarde made her statement at the ECB Governing Council meeting in Frankfurt am Main. China Noted Lagarde prefaced her statement about the overall utility of the digital euro … Continued

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ECB President Christine Lagarde pointed out that a digital euro is not only for just the elite, or the young.

The European Central Bank (ECB) posted a tweet on Jan. 23 in which ECB President Christine Lagarde calls a properly-implemented digital euro “of service for all citizens”.

Lagarde made her statement at the ECB Governing Council meeting in Frankfurt am Main.

China Noted

Lagarde prefaced her statement about the overall utility of the digital euro by noting Central Bank Digital Currency (CBDC) usage elsewhere. In particular, she mentioned China’s ‘fairly large scale’ pilot program.

China’s digital yuan figures greatly in the ECB’s plans for a European CBDC. In November 2020, The ECB described its initial understanding of a European CDBC at the Future of Payments in Europe conference in Frankfurt am Main. ECZB Executive Board member Fabio Panetta claimed that the central bank wanted to ensure “efficient, inclusive and secure payments in the Digital Age”.

However, Panetta also talked about the twin threats of stablecoins and especially foreign CBDC. The bankers saw a foreign CBDC being used as a primary means of making payments by Europe’s citizens as a threat to the euro zone’s sovereignty. Moreover, these comments were made as China was rolling out the digital yuan into its domestic retail environment.

Should They Worry?

China’s digital currency plans do include international expansion. On Jan. 16, China’s Blockchain Service Network (BSN) announced its plans for 2021. BSN announced only blockchain expansion abroad.  Those ambitions include expanding BSN blockchain Public City Nodes in 50 cities in developed and developing countries.

At the same time, BSN is expecting to continue with enabling the digital yuan rollout in China. The ECB will be eyeing these twin developments with some concern, if the statements from November are an indication.

An American Way

The changes in the US federal government will set the course of development for an American CBDC for the next four years. At this point, the US is lagging both the euro zone and the Chinese.

Washington is in no hurry to catch up. On Thursday, Jan. 14, US Federal Reserve chair Jerome Powell told Yahoo Finance that creating a US CBDC is something to be done carefully. Powell also told Yahoo Finance that for as far as he is concerned, the US has a first-mover advantage because the dollar is the world’s reserve currency.

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James Hydzik is a finance and technology writer and editor based in Kyiv, Ukraine. He is especially interested in the development of regulation in the face of increasingly rapid technological change. He previously covered the CEE region for Financial Times banking and FDI magazines. An ardent believer in gut renovating eastern Europe one flat at a time, he currently holds more home renovation gear than crypto.

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Source: https://beincrypto.com/ecb-sees-digital-euro-as-useful-for-all-citizens/

Blockchain

Here’s how IOHK’s glow will simplify smart contract writing for Cardano

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Blockchain research firm IOHK recently announced the launch of Glow, an open-source programming language on the Cardano blockchain, which will allow anyone to write blockchain-based applications and deploy them on the network. IOHK has partnered with startup MuKn to introduce the domain-specific language.

The language will initially launch on Cardano’s Ethereum Virtual Machine (EVM) developer network (devnet) that currently allows developers to write in Solidity, the smart contract language used in Ethereum. 

According to a release shared with AMBCrypto, Glow’s compatibility with EVM will allow developers to write applications with a “significantly smaller number of lines of code.” It will also “simplify and reduce” the cost of the development process. In technical terms, Glow aims to allow developers to write a 20-line application, which will perform similarly to a 100-line application written in other languages. The IOHK team further stated:  

The language is said to be portable and once an app is built, Glow can be used on other platforms. Meaning developers will be able to choose a blockchain based on value proposition, rather than being limited by programming language 

Aparna Jue, Product Director at IOHK, believed that “interoperability is a key focus for IOHK” and said:

We believe that mainstream blockchain adoption will be driven by the industry providing broad compatibility, breaking down barriers between individual blockchains and their native programming languages, allowing a broad range of developers to onboard. This is why languages like Glow are such an important piece of the Cardano puzzle.

She elaborated that Cardano’s devnet has allowed the testing of smart contract development, with a “variety of different languages” for developers to explore. So far, these include Plutus, and Marlowe, another domain-specific language. 

In addition, Francois-Rene Rideau, Co-Founder of MuKn, noted the difficulty of writing a DApp “because you can’t afford any mistakes.” Such mistakes could even result in a significant loss of user funds, “with active adversaries looking for them,” he explained. 


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Source: https://ambcrypto.com/heres-how-cardano-plans-to-simplify-smart-contract-writing

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Bloomberg’s ETF whisperer says the SEC could approve a BTC ETF

The Block’s Frank Chaparro talks to Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence.

The post Bloomberg’s ETF whisperer says the SEC could approve a BTC ETF appeared first on The Block.

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Episode 11 of Season 3 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Senior ETF Analyst at Bloomberg Intelligence, Eric Balchunas.

Listen below, and subscribe to The Scoop on AppleSpotifyGoogle PlayStitcher or wherever you listen to podcasts. Email feedback and revision requests to [email protected]

This episode is brought to you by Kraken

Whether you’re an experienced crypto trader or just starting out, Kraken has the tools to help you achieve financial freedom. With 50+ cryptocurrencies to choose from, industry-leading security and a wide variety of features to suit any investing strategy, Kraken puts the power in your hands to buy, sell and trade digital assets. Visit Kraken.com to get started today.

Regulators in Canada approved two bitcoin exchange-traded funds (ETFs) in recent days, marking the first approvals of their kind for North America.

Since launch, the products have seen considerable inflows. With the demand for a bitcoin ETF now proven, many wonder what a Canadian approval could mean for a U.S. offering. 

The Scoop spoke with Eric Balchunas, a senior ETF analyst at Bloomberg, about what an approved bitcoin ETF means for the landscape. During this week’s episode Balchunas broke down the winding road to approval and why Canada was always likely to be a first.

Now that Canada has its BTC ETFs, he argued that an approval from the U.S. Securities and Exchange Commission (SEC) is just around the corner.

“I think it’s just a matter of the SEC coming around, and then once they come around mentally, I imagine it will happen pretty quickly,” he said. “But again, I’m not in that bubble. I’m not a regulatory analyst. That’s just my sense from talking to people.”

  • How Canada has historically been a proving ground for novel financial products.
  • The differences and similarities in the Canadian and U.S. approval processes.
  • Why Balchunas thinks 2021 will be the year of a U.S. BTC ETF approval.
  • Why it’s only a matter of time before a meme ETF launches.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Blockchain

Bitcoin Bull Run is Far From Over as FOMO Hasn’t Set in Yet, Analysis Suggests

The price of bitcoin moved from little over $11,000 in October of last year to a new all-time high above $58,000 earlier this month. Despite the massive rise, analysis shows that bitcoin’s bull run likely isn’t over as fear of missing out (FOMO) hasn’t set in yet. According to researchers at on-chain analytics platform Whalemap, […]

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The price of bitcoin moved from little over $11,000 in October of last year to a new all-time high above $58,000 earlier this month. Despite the massive rise, analysis shows that bitcoin’s bull run likely isn’t over as fear of missing out (FOMO) hasn’t set in yet.

According to researchers at on-chain analytics platform Whalemap, statistics covering bitcoin buys between $5 million and $7 million concluded that despite the recent highs bitcoin still hasn’t hit its “macro top,” as bull runs in 2017 and 2019 saw buys of a similar size, and only retraced after these investments hit a peak.

On social media, Whalemap shared a chart that shows these large BTC buys are far from the highs seen in 2017 and 2019, and have in fact not started receding yet, implying bitcoin’s recent correction is a healthy one before the cryptocurrency’s price moves up again.

CryptoCompare data shows that in the last 24-hour period, bitcoin moved from around $51,000 to a $44,600 low before it started recovering. As CryptoGlobe reported, multiple large transactions have been spotted leaving cryptocurrency exchange Coinbase to custody wallets, implying institutional investors are still buying bitcoin.

The CEO of crypto data firm CryptoQuant, Ki Young Ju, recently pointed to a massive 13,000 BTC movement out of the San Francisco-based cryptocurrency trading platform and pointed out the funds “went to multiple Coinbase custody wallets.” Per his words, this is the “strongest bullish signal” he has ever seen.

Following up on his tweet, Ki Young Ju noted significant outflows from Coinbase at $48,000, which suggests large investors are accumulating BTC and that the major reason for the price drop is the  10-year Treasury note’s yield going up.

An ongoing rally in U.S. bond yields has been putting pressure on tech stocks and the market itself. Popular analyst Alex Kruger noted that interest rates going up could have a negative effect on assets that benefitted from them dropping, including gold and bitcoin.

Featured image via Pixabay.

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