South Korean bank NH launches blockchain-powered document wallet

South Korean financial services provider Nonghyup (NH Bank) has started issuing more than a dozen digital certificate forms using a blockchain powered system and an electronic wallet that will be able to contain hundreds of types of blockchain verified forms of authentication .

According to the Electronic Times, the bank's electronic wallet gained official government approval earlier this month, and launched today with support for 13 initial forms of identification, including citizens and residents registration documentation.

The bank said that until next year, the electronic wallet will provide support for "more than 300 types" of documentation.

The bank also claimed that its blockchain-powered system will allow customers to sweeten paper-based document submission processes - instead, allowing users to prove their identity online. The move is in line with Seoul's recent push for non-contact digital solutions that leverage industry 4.0 technology.

The wallet was launched as part of the NH Smart Bank offering, and allows customers to send the type of tax payment certificates and health insurance qualification certificates generally needed to conduct financial transactions digitally.

The bank added that customers could also use the wallet to access queries for business-related matters, or register with banking services without having to go through "complicated document preparation protocols".

And NH added that it planned to expand the infrastructure of its blockchain-powered e-wallet "within 2020" - claiming that "public institutions and other financial institutions" would also be able to accept digital certificates as valid forms of authentication.


European Commission rejoices legislative proposals for comprehensive cryptocurrency regulations


The European Commission outlined plans on Thursday to create what its employees described as the world's most comprehensive set of rules for crypto and its underlying blockchain technology.

The new proposal offers a tailored legislative regime for crypto markets (dubbed "MiCA") and relevant service providers not covered elsewhere in the European Union's financial services regime. The package is now under review and is still being approved by the European Parliament and the European Council, legislative counterparts to the EC.

EC Executive Vice President Valdis Dombrovskis commented that the future is digital and the migration of people to fintech and online solutions during the pandemic is living proof of it. And it will simultaneously provide new financing channels for companies.

As part of the new legislative proposals, the EC pays special attention to stable coins - a type of cryptocurrency that values ​​an external reference like the United States dollar or an algorithm.

As for the issuers of significant stable coins, they would be subject to stricter requirements regarding the supervision and rights of capital investors. This would include the publication of a white paper with mandatory disclosure requirements, however, small and medium-sized companies would be exempt from such disclosure if the company's total consideration of the crypto offering was less than 1 million euros (US$1.1 million) in one year, the report detailed.

In addition to crypto, a new impetus to develop the bloc's fragmented capital markets was also revealed with the commission now planning to assess whether existing regulators are working as intended, which came into the public spotlight after the collapse of German Wirecard AG. However, a pilot scheme has been proposed for market infrastructures that wish to trade and settle transactions in financial instruments in the form of crypto. According to them, it will also make the rules more secure and digital for users. The EC further commented that this would also boost innovations in the EU financial sector and in the digital start-up sector.


DeFi protocols break $10 billion in total blocked value


There are now more than $10 billion in assets blocked in several decentralized finance protocols (DeFi), according to data from DeFi Pulse. The three protocols with the highest blocked value are Uniswap ($1.98B), MakerDAO ($1.95B) and Aave ($1.5 billion).

While it took DeFi protocols over two and a half years to reach $1 billion in total value locked, it took under a year for the industry to grow to $10 billion. This rapid growth is likely attributed to the yield farming trend popularized in 2020, in which DeFi protocols offer tokens rewards to incentivize liquidity providers on their platforms.


US Federal Reserve actively working on digital dollar

deposito de criptomoedas

The Federal Reserve Board of Governors and several Federal Reserve Banks are actively working on the digital dollar. The legislation proposed that each American could have a Fed account to trade in the central bank's digital currency.

Various Digital Dollar Initiatives

Federal Reserve Bank of Cleveland President Loretta J. Mester outlined the Fed's work on the country's central bank's digital currency (CBDC) during a speech at the 20th Chicago Payments Symposium on Wednesday. Noting that the experience with emergency payments led by the coronavirus pandemic has accelerated work in this area, Mester detailed:

"The legislation proposed that each American have an account with the Fed into which digital dollars could be deposited, as Federal Reserve Bank liabilities, that could be used for emergency payments."

She added that "Other proposals would create a new payment instrument, digital money, which would be just like the physical currency issued by central banks today, but digitally and potentially without the anonymity of the physical currency."

Mester explained that some digital dollar projects allow the central bank to issue CBDC directly into end-user portfolios using transfer and redemption services facilitated by the central bank, without the involvement of commercial banks.

She further confirmed that "the Federal Reserve has been researching issues raised by the central bank's digital currency for some time", emphasizing that several Federal Reserve Banks are part of initiatives to explore the use of a central bank digital currency.

The Federal Reserve Board of Governors has a technology lab called Techlab that has been building platforms and testing a range of technologies relevant to digital currencies and other payment innovations. Team members from several Federal Reserve Banks, including software developers, are contributing to this effort.

"Given the important role of the dollar, it is essential that the Federal Reserve remain at the frontier of research and policy development in relation to the Central Bank's digital currencies," commented previously Governor of the Federal Reserve Board, Lael Brainard.

As for individual Federal Reserve Banks, Mester highlighted that the Federal Reserve Bank of Boston is collaborating with the Massachusetts Institute of Technology (MIT) to experiment with existing and new technologies that could be used for a digital dollar. This multi-year initiative was launched in August.

The Federal Reserve Bank of New York has established an innovation center in partnership with the Bank for International Settlements (BIS) to identify critical trends and financial technology relevant to central banks.

Mester also stressed the need to evaluate potential risks, costs, benefits, and policy issues surrounding a digital dollar, such as “financial stability, market structure, security, privacy, and monetary policy.” She emphasized that the demand and uses of a CBDC must be assessed to ascertain “whether such a central bank digital currency would allow for quicker and more ubiquitous payments in times of emergency and more generally.”Meanwhile, a number of central banks worldwide have been accelerating their CBDC research in response to the Libra cryptocurrency project, proposed by social media giant Facebook, and the soon-to-launch China’s digital yuan which is already being tested in several major cities, including Beijing and Hong Kong.


“I believe that cryptocurrency will eventually replace the current monetary infrastructure” – Yuri Nesterov

During the chaos caused by the global pandemic, p2P, or peer-to-peer, transformed into a growing global movement can no longer be left in the shade. Some experts even see it as a way to save the global economy from a post-pandemic crisis. P2P has already proven to be advantageous against a traditional exchange rate model in several ways - not least because it allows for greater inclusion and can work freely even in countries that do not define cryptocurrencies under their jurisdiction. Take an example from India - it is about to embark on the biggest bull rally of all time, and P2P exchanges are the engine behind it. In addition, P2P can be a lifeline for SMEs hit by the economic crisis most severely - under conditions where they do not qualify for bank credit support, P2P may become the only way to redeem.

What also makes P2P so incredibly attractive is the possibility of seeking a price premium, which goes far beyond any other equal opportunity in a centralized exchange. The increased spread of offers, especially after the fall of Bitcoin in 2017, has allowed many traders to capitalize on a widening price difference in the past. However, there is always an obstacle that attracts traders back - and the biggest drawback of P2P exchanges can become their technical deficiency. In most exchanges, the price can only be set when settling the bid, which eliminates the possibility of a price correction at a later stage. This, in essence, means that once someone sells crypto at a fixed price and the price of Bitcoin goes up at a later point, the trader is left to cover losses.

The inability to constructively define the price of cryptocurrency is another setback. Each centralized exchange cited in P2P presents a different price offer for Bitcoin, which often makes it impossible to withdraw its real value. This final price output defined by a crypto exchange is strongly dependent on the demand and supply of cryptocurrencies on a given platform, which brings an element of price discrepancy even among the most reputable exchanges. In addition, on centralized exchanges, it is not uncommon for the price to be manipulated, which would have been the cause of the 2017 and 2018 price spikes. artificially the volume, thus creating an arbitrage opportunity that he can take advantage of.

The Bitcoin Global exchange came up with a solution to this problem. It introduced a special pricing mechanism that allows you to obtain an objective price quote when settling a purchase or sale order. Through its algorithm, Bitcoin Global allows you to compile prices for the entire range of trusted crypto exchanges and take the average of the whole. In doing so, you get the footing to reality as close as possible - so even if the price of one of the exchanges is manipulated, the price quote will not be affected much.

I was fortunate enough to speak with Yuri Nesterov, the CEO of Bitcoin Global, which helped me find out where we are in the P2P world and what the additional steps would be, especially in the face of the global pandemic.


Room for growth? Google Trends for Bitcoin dropped to pre-COVID19 levels

Bitcoin continues to hover over $10,000, but it appears that the lack of volatility has resulted in less retail interest and Google search volume.

Although Bitcoin has been mostly traded in the five-digit territory for the past two months, retail interest in the asset appears to be waning.

Google Trends data reveals that "Bitcoin" searches are at their lowest levels since the COVID-19 crisis emerged in March 2020.

Bitcoin edition and Google Trends 2020

Google searches typically represent retailers' interest in a particular asset, and they increase once there is a significant event regarding their development. In the cryptocurrency industry, it is more likely to change due to highly volatile price movements in either direction.

As such, it came as no surprise when interest in Bitcoin increased in early 2020, when BTC was increasing in value. During the most intense days of the COVID-19 pandemic, when Bitcoin plummeted 50% in one day, searches on Google skyrocketed.

The situation calmed down in the following months, while BTC quickly made a "V" recovery. However, Google's trends indicated another increase in late April and especially in early May. This was somewhat expected, as in mid-May, Bitcoin went through the third halving of all time. The event has historically served as a price catalyst and attracts a lot of attention.

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After halving, interest rates dropped sharply again until BTC exploded in value in late July. Since Bitcoin was breaking above $10,000 and for its new 2020 high of more than $12,000, Google searches have jumped as well.

Falling retail interest

Since those days of volatile price movements, Bitcoin has performed relatively smoothly on a macro scale, and interest in the asset has declined as a result. It appears that retail traders do not like to look for BTC during lower price developments.

Consequently, Google's trend data shows that worldwide interest in Bitcoin has been declining overall. In fact, it is at its lowest point since the beginning of March - before the pandemic infiltrated the western world. One of the few peaks came in early September. Unsurprisingly, it coincided with the BTC's drop from above $12,000 to below $10,000.

It is worth mentioning that on a macro scale, Google's searches for Bitcoin are still far from the highs of 2017. Low interest rates may suggest a lot of room for interest growth, as BTC remains stable above $10,000, even without a serious interest of the masses.


Bitcoin remains stuck below the key technical level while bulls try to take control

Bitcoin's price has been stagnating for the past few weeks and months, with buyers and sellers being unable to gain firm control of their short-term outlook

  • The cryptocurrency is now rising to $10,800, which has proven to be a level of heavy resistance over the past few days and weeks
  • If that level continues to hold strong as resistance, whether or not it is broken above it should offer deep insights into the short-term perspective of BTC
  • A firm break above this level could open the gates for cryptocurrency to see an upward move to $11,000
  • Ultimately, how the benchmark cryptocurrency reacts to selling pressure here will determine its medium-term trend
  • Ultimately, how the benchmark cryptocurrency reacts to selling pressure here will determine its medium-term trend

Bitcoin and the entire cryptocurrency market have struggled to gain any sustainable momentum in any direction over the past few weeks and months.

Analysts are now noting that where next market trends are likely to depend to a large extent on how crypto reacts to some key levels.

$10,800 is the first resistance level to be broken up, with the region between $11,000 and $11,200 being the next zone that buyers must overcome.

A trader also noted that Bitcoin is still stuck below its 200-day EMA, which is a trend-setting level that should be recaptured in the short term.


At the time of writing, Bitcoin is being traded marginally at its current price of $10,730. This is where it has been trading over the last day.

Whether bulls or bears are able to step up and take control of their short-term perspective should largely depend on how well they respond to a test of this level.

If surpassed, the next key price region to be closely watched is between $11,000 and $11,200.


One level that has consistently, throughout history, proven to be trend-defining is the 200-day moving average.

Sustained trading attacks above, or below, this level has contributed to assets like Bitcoin seeing trends for several years.

At the moment, Bitcoin is trading below that level, leading an analyst to note that a breach above it is essential for the short-term perspective of the cryptocurrency.


Will Bitcoin reach $20,000 in 2020? All eyes on BTC as consolidation continues

As September draws to a close, Bitcoin continues its consolidation pattern above $10,000, but what's next?

This marks the eighth consecutive week in which Bitcoin has consistently traded over $10,000, a consolidation pattern that many analysts believe could eventually lead to a bull run later this year.

According to data from CoinMarketCap, Bitcoin's price appears to be steadily stable above the $10,000 mark, although the token is trading at a slightly lower price today ($10,660) than it was a week ago ($10,930) ). Earlier this week, the price dropped to $10,220.

This is consistent with the price pattern for most of September, which has been in the range of $10,000- $11,000 since Friday, September 4.

The lack of any major volatility in the price of Bitcoin in recent weeks could mainly benefit institutional traders who have access to micro-strategy tools, while retail traders, who tend to buy and sell around higher price events, may be holding back your coins for now.

Jack Choros, Crypto Radar crypto commentator and content manager, told Finance Tycoons that "any consolidation is a good thing for the next bull run.

"Bitcoin is going to get close to $20,000 by the end of the year. Keep my words."

But is another bull viable at this point? Perhaps, but there are many factors at play.

This week, several analysts are looking to the USD for clues as to what Bitcoin can do next: "since the March 12, 2020 black swan event, the bitcoin price and the US dollar currency index (DXY) have moved inversely proportionally to each other, "commented Peter Goodrich, CPA and tax manager at Prager Metis CPAs, for Finance Magnates.

Renowned broadcaster and finance analyst, Max Keizer also observed this phenomenon, tweeting on Tuesday that "Bitcoin, like gold, is inversely correlated with the dollar".

Case in point: in recent weeks, "DXY has been consolidating on its side, as has the price of bitcoin," said Goodrich.

However, in recent days, "DXY has experienced an upward momentum, which has had a negative effect on the price of bitcoin".

In fact, in the past five days, DXY made an upward movement from around 92.89 to about 94.30, and it seemed to be continuously moving upwards at press time.

"There has been an increase in economic uncertainty as the Pandemic continues to exacerbate the global financial crisis."
While the dollar may be seeing a short-term recovery, the continued effects of coronavirus and the subsequent economic consequences on the global economy may continue to push the dollar down in the long run.

Juan Aja Aguinaco, co-founder of Shyft Network, told Finance Tycoons that "there are a large number of investors who use BTC as a hedge against fiat currency like the USD, and as a hedge against volatility in the gold and precious metals.

"There has been an increase in economic uncertainty as the pandemic continues to worsen the global financial crisis," explained Peter Goodrich to the Finance Magnates. "Governments have used the monetary policy of quantitative easing in an attempt to mitigate the effects of the global financial crisis."

"This injection of money supply into the economy has reduced the value of the fiat, which has been a major catalyst for increasing interest in cryptocurrencies, which is reflected in the total market capitalization for the asset class," continued Goodrich.

Bitcoin could benefit from a long-term dollar dip: "Bitcoin was developed as a result of the 2008 financial crisis. The next major milestone for cryptocurrency is the much-needed regulatory clarity that would bring the asset class into the mainstream. "

New regulatory developments in the US and the EU may bring more institutional investors to cryptography

That regulatory clarity may already be on the way: last week, two significant regulatory developments took place in the cryptocurrency sector in both the European Union and the United States.

Both developments had to do with the standardization of regulations relevant to the crypto space: in the EU, a leaked draft of a new set of rules for the European Commission's crypto industry known as "Crypto Markets" (MiCA) was shared on the internet . In the USA, the State Bank Supervisors Conference (CSBS) announced the launch of MSB Networked Supervision, a standard set of compliance guidelines for large monetary services companies (MSBs) in the USA.

Bitcoin's price did not appear to have any major reaction to any of these developments. However, increasing regulatory clarity in the crypto space may pave the way for greater adoption of cryptocurrencies later, particularly for institutional investors.

Ciara Sun, head of global markets at the Huobi Group, commented on the regulatory needs of institutional traders at a CoinTelegraph event in July: "Larger institutions have higher compliance requirements, but regulatory agencies have not provided sufficient guidance on digital assets in the past. .

"This unclear regulatory landscape has made it more risky for larger institutions," she said - a factor that previously kept larger institutions out of the crypto space.

Growing distrust of large financial institutions can also play a role

However, at the same time, the role of larger financial institutions may be heading towards a reduction on a global scale.

This has to do with confidence: earlier this month, the BBC reported that leaked documents involving about $2 trillion in transactions revealed how some of the world's largest banks have allowed criminals to move dirty money around the world.

Juan Aja Aguinaco, of the Shyft Network, commented to the Magnates of Finance that the "recent leak of documents from FinCEN represents a massive point in favor of crypto.

"The spill further demonstrated that traditional financial institutions are not complying with existing anti-money laundering measures," he said. Therefore, "challenging banks and other fintech startups, together with blockchain companies, have an opportunity ahead of them: show the world that they can do it better, and give users better products and services".

Even with the growing distrust of major financial institutions, the significant adoption of cryptocurrencies will take time.

Socio-political drama in the US and around the world may play an important role in the price of BTC in the fourth quarter

However, there are a number of other factors that can accelerate the adoption of cryptocurrencies worldwide.

"Without wanting to appear pessimistic, but the rest of the year looks as strange as the first half of 2020, maybe more," Juan Aja Aguinaco told Finance Magnates. "We have what appears to be a second wave of the COVID-19 pandemic reaching countries with economies that have been weakened by the effects of the first wave."

In addition, "one factor is the current political and social issues that affect the United States," explained Aguianco. Traditionally speaking, "US elections are an important driver of volatility in both the traditional and crypto markets".

However, this electoral cycle is perhaps even more significant for the global economy: the drama surrounding the 2020 US presidential election has given way to "a wave of civil unrest in the US, which may reach its tipping point during and after the next few years. Other countries around the world are also experiencing civil unrest and political changes (for example, Belarus, Mexico and Bolivia.)

"All of these have considerable effects on traditional financial markets," he continued. As such, "investors can start looking for better yields in non-traditional markets, like cryptocurrencies and DeFi to be more specific".

And, in fact, the DeFi space (decentralized finance) saw a huge boom earlier this year. A number of tokens belonging to the DeFi protocols have consistently made headlines for sudden increases in their price levels over the months of July and August.

DeFi Cooldown continues

However, September seems to have brought the DeFi space to a cooling. Of the 42 DeFi assets listed on the crypto pricing data site Messari, only five had positive price movements in the last 30 days: Yearn.Finance, Uniswap, UMA, Cream and Loopring.

Jack Choros, from CryptoRadar, commented that, although DeFi is in fact "cooling off", projects "like Ansia have real value because the price of the token is really linked to the amount of funds blocked by investors".

In other words, the prices of some of these tokens are not driven purely by speculation: "the price of the currency is linked to real value," he said. This is a good sign for the fundamentals of the project. "

Juan Aja Aguinaco, of the Shyft Network, said that part of the reason for DeFi's cooling could be related to the relative stagnation in Bitcoin's price.

"Some investors shift capital between BTC and alternative tokens in search of better returns," he said. "This battle between altcoins and Bitcoin represents a major factor influencing its price.


Stocks, Bitcoin and Gold Recovery

bitcoin price rising

It never fails. Hit the submit button on a piece of analysis that you shed your sweat and tears in, then 30 seconds later, watch the market make you irrelevant.

This is a particularly bad problem in the digital asset space, since cryptocurrency is so volatile, but it is certainly not a new phenomenon.

Those of you who have written any type of financial analysis know exactly what I am talking about. Over time, good people tend to develop a sense of covering both sides of the market, not trying to predict the future, but rather exploring the various paths that markets can take.

To my dismay, it almost happened yesterday, as we suggested in the BMJ newsletter that bitcoin was holding up well against the strength of the US dollar, only to see it take a spill right after publication and give yet another strong test of psychological level $10,000 key.

Now, however, as it tends to happen much more often than can be explained by skill, the market has found a way to justify my words.

A sharp increase in bitcoin, which appears to have been caused by a short and timely tightening, is seen showing a strong boost outside that technical level and massive green gains in the rest of the currencies as well, movements that are only vaguely reciprocal by traditional markets.

In the short term, it is not clear whether we are out of danger or going deeper, but market analysis always works better in the long run, as do investment strategies.

Back to reality

Speaking of long-term versus short-term trading, we can now see traditional markets returning to Earth in many ways.

There was a time when things were completely unrealistic and the markets were doing some pretty bizarre things. Like any drunkard can say that being sober can be a painful process, but it is really necessary from time to time to maintain clarity of mind.

Many of you will probably recognize the name of the company, as you have been on the news a lot lately. This is a live look at how pump and dump schemes are not unique to crypto.

Nikola is listed on Nasdaq and is under the watchful eye of New York's best financial regulators, but somehow, even though they never actually produced a single product, they managed to see their shares appreciated by a factor of 10X in just a few months. , based only on hype.

Yes, they have made some interesting partnerships with large multinational corporations and make a lot of headlines. But at the end of the day they have yet to create anything of value.

So it should have been obvious to everyone at the time, that these stock prices were simply unsustainable.

Both Hertz and Wirecard, which have witnessed similar types of hot air pumps, have also returned to more realistic market prices.

Well, is it?

Without a doubt, yes.

Of the factors that have brought markets to the edge of insanity in recent months, by far the two strongest were a) the abundant amounts of stimuli used by governments and central banks and b) a rush of new retail traders.

Both factors are gone. The Federal Reserve is no longer printing. The shock and awe campaign is over, and now they are begging Congress to inject money directly into people's pockets again, something that Congress cannot do while divided.

The Chamber of Deputies and the Senate are independently maintained by the two political parties, which have something new to discuss about the approval of Supreme Court Judge Ruth Bader Ginsburg, making the possibility of any kind of compromise on the fiscal stimulus nothing more than one. pipe dream.

Retail merchants also seem to be gone. Yes, even though we all have 99%, they only have a limited amount of free capital that can be implemented, unlike the 1% that has an infinite amount.

Here we can see searches for the term "Day Trading", which was so popular from March to June, that it has so far declined completely.

So yes, the market dynamics are changing now and fast. Of course, with the US election coming, we will undoubtedly have a lot of volatility ahead.


Crypto Companies Are Lining Up to Work With Us, Says Visa Exec


The world’s largest payments processor has said it’s considering partnership proposals from an increasing number of crypto companies.

Terry Angelos, Visa's global fintech lead told Forbes cryptocurrency companies had shown a "significant interest" in working with them.

Although Angelos didn't mention any by name, he said most wanted to plug themselves into the payment processor's network, which has over 60 million merchants in more than 200 countries – the largest of its kind in the world.

Visa is an increasingly prevalent force in the digital asset space.

Having first dabbled with a few proof of concepts in 2015, the payment processor has joined (and left) the Libra Association, invested in custodial provider Anchorage, and become a member of the Digital Chamber of Commerce – a blockchain advocacy group in the U.S.

Exchange Coinbase has been Visa's most prominent crypto partner. After initially collaborating on a branded payment card, Coinbase became a principle member earlier this year, giving it the right to issue Visa cards to other crypto companies.

But Angelos said Visa had already "onboarded" another 25 crypto companies that were "at various stages of development."

Some have been through its fast track program, he continued, an initiative that gives selected startups a leg up through guidance and support as well as providing them with access to its payments network.

Later this month, the crypto credit platform Cred joined the fast track and can now use the Visa network to send interest payments directly to users' bank accounts.

Asked whether Coinbase would continue to be the only crypto company to be a member of the Visa principle, Angelos said that "we have some that are potentially in the queue".