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19.11.[News of the day] • CBDC development in South Korea continues • and other articles

4 min read
CBDC
Source: Pixabay.com

Welcome to today’s overview of crypto news:

MARKETS

BTC bounced back earlier this week and briefly exceeded $ 66,000. However, price declines continued and BTC fell by $ 7,000 in one day. For the first time since the end of October, it fell below 60,000 USD.

After an unsuccessful attempt to overcome this level in the following hours, the cryptocurrency headed south again. This time it fell to $ 55,700. To date, BTC has regained a position and is currently above $ 57,000.

The Altcoins have also suffered in recent days. On a 24-hour scale, most of them are still in the red, although their losses are slightly less painful than with BTC. ETH dropped briefly below $ 4,000, but is now at $ 4,150.

Cryptocurrencies

XRP worth almost $ 90 million transferred from an unknown wallet to the exchange

According to the Whale Alert service, it transferred an anonymous wallet to the centralized Bithumb exchange XRP worth almost $ 90 million. The fate of the transferred coins is not disclosed.

The market has not yet reacted to the massive transaction, which could have a drastic impact on the price of the coin compared to the average daily volume. The current monitored volume at Binance remains at 167 million XRP.

A sales order of XRP 88 million could change the market in a matter of seconds, as it represents approximately 50% of the total daily volume.

Banks, crypto exchanges, companies

Moneygram has teamed up with Stellar for a cross-border pilot program

Earlier this month, a partnership agreement emerged that would allow Stellar holders to visit Moneygram affiliates in person and exchange the USDC for cash and vice versa. Moneygram has more than 350,000 locations in 200 countries.

Stellar CEO Denelle Dixon said it was a huge success for Stellar because it effectively connected the blockchain and physical worlds. Since then, Stellar has announced the launch of a pilot program in the US to test the feature.

Although there is a lot of talk about the adoption of cryptocurrencies in the real world, this partnership, if it continues to develop, signals a huge step forward in this regard.

Binance opens a layer of two ETH deposits with Arbitrum One integration

On Friday, Binance announced the integration of the main Arbitrum One network and opened ETH deposits in the second tier of Arbitrum One.

Arbitrum is an optimistic third-generation, second-generation rollup protocol that runs on Ethereum’s off-chain contract and has lower costs and faster transactions than Ethereum’s core network.

The announcement states that Binance users can now insert any ERC-20 token from the ETH network using Arbitrum with reduced transaction costs. In addition, Binance also said that in the near future, it will allow ETH withdrawals on the second tier of the Arbitrum One network, making it one of the first tiered exchanges with second tier support.

CBDC, Regulation

Digital currencies will not affect US sanctions, says the Treasury chief executive

According to US Deputy Treasury Secretary Wally Adeyem, central bank digital currencies (CBDCs), such as the Russian digital ruble, pose no threat to US sanctions.

In an interview with CNBC, Adeyemo claimed that the US dollar “will remain the dominant currency in the world” despite the growing popularity of cryptocurrencies.

Adeyemo pointed out that digital assets represent an “opportunity in many ways” for the US economy, but there are also a number of issues associated with them, such as money laundering. However, there are ways to combat them in order to benefit from this growing industry.

CBDC development in South Korea continues

Bank of Korea (BOK) Vice Governor Bae Joon-suk says the development of the central bank’s digital currency (CBDC) is “not a step behind developments in any other country.” However, South Korea still has no plans to adopt a state-sponsored digital currency.

Bae spoke yesterday at the Bank of Korea’s online conference on payment and settlement systems, stating that the country’s CBDC research and pilot program is in full swing. In his speech compared Korea’s progress in developing the CBDC with other countries.

“Some countries, such as the Bahamas, have introduced CBDCs or are in pilot operations, but it should be borne in mind that these countries have slow developments in settlement systems and insufficient financial inclusion.”

– said Bae, stressing that the country is not lagging behind in CBDC research.

India will tighten regulations, it can only allow “pre-approved” tokens

Cryptocurrencies have the potential to disrupt human life as we know it. They are evolving as a strong asset class while taking huge steps to become a designated “currency”.

According to the latest developments, the Indian government plans to set some strict regulations regarding the growing demand for cryptocurrencies. In addition to BTC, ETH or other well-known tokens, other shitcoins have appeared this year. Ergo gives rise to speculation and FUDs.

This could be one of the reasons why India wants to tighten cryptocurrency regulation by allowing only certain digital assets to be traded on crypto exchanges. This development was highlighted in a Reuters report, which includes two sources familiar with the discussion.

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