Bank of England should lead the world by developing its own cryptocurrency, urges former WorldPay boss

bank-of-england

The Bank of England should steal a march on the rest of the world and develop a crypto-currency, a fintech entrepreneur has urged.

Ron Kalifa, former boss of payment processing company Worldpay, urged governors at the Bank to embrace the currencies rather than dismiss them as a dangerous fad. He said: 'Britain should get ahead on this. Why leave it to China?'

In a report on how to improve the UK's burgeoning fintech sector, he added: 'Individuals would be able to access central bank money.

Continue reading at thisismoney.co.uk

Commercial entities to establish Saudi digital bank, subject to approvals

saudi-arabia

The board of Al-Moammar Information Systems Co. (MIS) is to become a founding shareholder with a consortium of commercial entities to establish a digital bank in Saudi Arabia in compliance with Islamic law, according to Al Arabiya.

The company would contribute SR25 million ($6.66 million) to the bank’s capital, according to its statement on Tadawul, and its establishment would be subject to the approval of authorities.

“The Kingdom is one of the world’s most digitally advanced countries, and banks are leading their transformation with real-time digital solutions to meet their customers’ banking needs,” said Khaled Al-Saleh, managing director of SAP Saudi Arabia, in 2018.

Continue reading at arabnews.com

Are retail traders ready to spend their Bitcoin?

crypto-payment

Mastercard’s recent move to enable crypto on its network is a significant update that will help further Bitcoin’s adoption and make it mainstream. However, following the purchase of Bitcoin by Tesla and MicroStrategy the obvious next step was to consider Bitcoin payments, however, a critical question is, are retail traders willing to spend their Bitcoin holdings?

Based on recent research by Dealaid.org on consumer Sentiment on Bitcoin as a payment method that surveyed one thousand American consumers, the report’s key findings included the following:

  • 60.2% of consumers would like more companies to accept Bitcoin as a payment method
  • Amazon, Apple, and Walmart are the top 3 companies that consumers want to see accept Bitcoin
  • 50.5% of consumers are willing to pay for products and services with Bitcoin
  • Ethereum and Doge are the most popular alternatives to Bitcoin as a payment method

Continue reading at ambcrypto.com

Will the U.S. Dollar Lose Its Place as the World’s No. 1 Reserve Currency?

central_bank

Some fear stimulus spending to offset the worst of the economic shutdown during the COVID-19 pandemic and the Federal Reserve's injection of billions into the economy threaten the U.S. dollar's standing as the world's reserve currency.

Some investors have moved out of dollars and into gold. While it's hardly a stampede, it could be seen as further evidence of the dollar's increasing weakness. Others see Bitcoin as an inflation hedge, and last month investors drove the price of the cryptocurrency to $41,973, an all-time high.

Relax, a Cornell University economics professor said, because the dollar's place in the world economy is secure.

Continue reading at newsweek.com

What’s Next For Bitcoin In An Era Of “Helicopter Money,” Negative Interest And Big Debt?

bitcoin-atom

If we are to understand bitcoin’s meteoric rise, we must return to 2008. After all, the world’s largest cryptocurrency by market capitalization is a child of the global financial crisis (GFC). 

Once Lehman Brothers went into bankruptcy, many banks and financial institutions across the globe followed. Governments all over the world soon stepped in, bailing them out. Three days after Lehman went bust, Hank Paulson, U.S. Secretary of the Treasury, and Ben Bernanke, head of the Federal Reserve, went to President George W. Bush and him, “We need a trillion dollars in cash, and we need it by five o’clock,” as Steve Bannon, a former Goldman Sachs investment banker and advisor to President Donald Trump, recalled in 2018.

After Bush shrugged them away, Paulson and Bernanke went to Congress, where they repeated their plea: “If we don’t have a trillion dollars by today, the American financial system will melt down in 72 hours. The world financial system will melt down in two weeks, and there will be global anarchy,” Bannon recounted.

Continue reading at bitcoinmagazine.com

Janet Yellen Clarifies Her Stance on Bitcoin — Promises ‘Effective’ Crypto Regulation

janet-yellen

Janet Yellen clarified her position on cryptocurrency regulation in a written testimony published Thursday after the Senate hearing on her appointment as Treasury secretary. During the hearing, Yellen made some statements about cryptocurrencies that were strongly criticized as being inaccurate.

The finance committee began by briefly describing the benefits and risks of bitcoin and other cryptocurrencies. "Bitcoin and other digital cryptocurrencies and cryptocurrencies are providing financial transactions worldwide, as with many technological developments, this offers potential benefits for the U.S. and our allies," says the written testimony. "At the same time, it also presents opportunities for states and non-state actors that seek to bypass the current financial system and undermine American interests. For example, the Central Bank of China has just issued its first digital currency."

"Dr. Yellen, what do you see as the potential threats and benefits that these innovations and technologies will have on U.S. national security? Do you think more needs to be done to ensure that we have adequate safeguards and regulations for digital and cryptocurrencies in place?" asked the finance committee to the Treasury secretary.

Continue reading at bitcoin.com

Bitcoin ETF? Singapore Bank says SEC under Gensler may change view on digital currencies as $176 billion sale highlights risks

btc-gold

The U.S. Securities and Exchange Commission (SEC) may become more accommodating to cryptocurrencies under the new head of entry, a potential boost for digital assets seeking to establish their reputation amid this month's record-breaking $176 billion Bitcoin sale.

The market regulator has been skeptical about digital money, but President Gary Gensler may be willing to allow broader investments in the asset, according to Bank of Singapore, citing his teaching on the subject at the Massachusetts Institute of Technology.

Gensler, who is President Joe Biden's choice to lead the SEC, focused on blockchain, digital currencies, financial technology and public policy during his time at MIT Sloan, which he joined in 2018, according to the faculty. He also led the Commodity Futures Trading Commission from 2009 to 2014 under the Obama administration.

"An important milestone here would be if the SEC approves an exchange-traded fund (ETF) for Bitcoin or another cryptocurrency. This would provide a reliable and reliable investment vehicle, allow new participants to enter digital currencies, improve liquidity, reduce volatility and help deal with reputation risks."

chief economist Mansoor Mohi-uddin in a report published on January 22

Continue reading at scmp.com

Will iGaming Drive the Mainstream Adoption of Cryptocurrency?

bitcoin-casino

The rapid evolution of the iGaming sector has started to attract the attention of gamers around the world with a positive sign of driving the implementation of cryptocurrency in gaming. Blockchain technology continues to be among the trending technologies, as cryptocurrency Bitcoin makes remarkable breakthroughs. The acceptance and use of cryptocurrency are circulating around the world because of its benefits to businesses.

In the past few years, the gambling industry in Portugal has gradually started implementing blockchain technology on casino games. Among other cryptocurrencies, Bitcoin has always been the leading digital currency at an enormous rate. In 2017, cryptocurrency was at its peak, as it became popular all over the world due to the increased rate of Bitcoin.

However, it was long before things started to change in 2018 when the rate of cryptocurrencies went down, especially Bitcoin. But recently, cryptocurrencies seem to be back on track, as almost every business is eager to make use of the Blockchain technology. And amazingly Bitcoin has achieved at the beginning of 2021, reaching a whooping rate of over $30,000 for 1BTC, which is the first breakthrough from cryptocurrency in its history. The blockchain network is more than other services, which can boost transparency in gambling transactions.

Continue reading at morningsidemaryland.com

Is Central Bank Digital Currency the Future of Money?

The-Digital-Revolution-of-Tokenized

Remember a few years ago, when the most digital thing about money was using a credit card to pay for a purchase? Then came along cryptocurrencies, which took a bit of time to get used to but after you were able to wrap your head around blockchain technology, seemed to make sense. There was Bitcoin, the so-called “King of Crypto,” which reigned supreme for a few years, and nowadays it seems there is a new crypto popping up every day. However, the newest digital currency to hit the headlines is CBDC, short for Central Bank Digital Currency. In this iFOREX News article, we’ll take a look at what CBDC is, and what potential it has to change the way the world uses money.

What is CBDC?

In short, Central Bank Digital Currency is a digital version of so-called “fiat money,” or the regular currency a country uses, as established and regulated by its government. For example, in the United States of America it’s the US dollar, in Argentina it’s the Argentine peso, in Japan it’s the yen, in Mexico it’s the Mexican peso, and so forth. This digital currency could then be used by people and businesses to make payments, without having to get the physical money (also known as “paper money”) involved.

We know what you’re thinking: this sounds an awful lot like cryptocurrency. And the truth is, it kind of is and kind of isn’t.

Continue reading at iforex.in

India Seizes Bitcoins Worth $1.2 Million From Hacker of Government Website and Crypto Exchanges

bitcoin-india-v2

Indian police have seized $1.2 million in bitcoin from a hacker who allegedly hacked a government website, online game portals, and cryptocurrency exchanges. He was previously arrested for stealing $1.5 million from an Indian state government.

The Bengaluru Central Crime Branch (CCB) Police have revealed that bitcoins worth Rs 9 crore ($1.23 million) have been seized from a 25-year-old hacker, local media reported Friday.

Besides buying drugs, Patil said that the hacker and his friends “were also using these bitcoins to lead lavish lives” and “stayed in star hotels and resorts.”

Continue reading at bitcoin.com