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Details of Russia’s national stablecoin have surfaced. On November 7, the chairman of Russia’s State Duma Committee on Financial Markets announced details of the “CryptoRuble,” a long-discussed government cryptocurrency project. Specifically, the official said that a state-backed stablecoin would be a complete equivalent to the Russian fiat ruble, but in a digital space. Russian authorities have now ended up with this concept after years of contradicting statements, and still, a ruble-pegged stablecoin might not turn out stable in the end. Long and complex history of national cryptocurrency in RussiaRussian national cryptocurrency was originally referred to as “Bitruble,” but then the term “CryptoRuble” became more common in the media. The history of CryptoRuble could be traced back to the fall of 2015, when a Moscow-based online payment settlement system, WebMoney, and Cyprus-headquartered payment service provider, Qiwi, separately approached the Central Bank of Russia (CBR) and of..
IMF head Christine Lagarde says relevant actors “should consider the possibility to issue digital currency.” The head of the International Monetary Fund (IMF) has said the international community should “consider” endorsing central bank issued digital currencies (CBDCs) in a speech at the Singapore Fintech Festival Nov. 14. IMF managing director Christine Lagarde said that despite being “not entirely convinced” on the concept of cryptocurrencies more generally, there may be a case for states to issue government-backed tokens or similar assets. “I believe we should consider the possibility to issue digital currency. There may be a role for the state to supply money to the digital economy,” she told the event. The comments come a day after the IMF published a dedicated report on CBDCs, examining what it views as the pros and cons of the financial tool. As Lagarde noted, various jurisdictions are currently considering or starting out on the journey to implement state-sponsored tokens. If..
UK university researchers find that private blockchains with a sufficient level of centralization could comply with recent EU privacy rules. Private blockchains, such as interbanking platforms set to share information on customers, could be compatible with new E.U. privacy rules, according to research published Nov. 6. The study was conducted by Queen Mary University of London and the University of Cambridge, U.K. The General Data Protection Regulation (GDPR) act, a recent legislation that regulates the storage of personal data for all individuals within the European Union, came into effect this May. According to the law, all data controllers have to respect citizens’ rights in terms of keeping and transferring their private information. In case a data controller fails to do so, the potential fines are set as €20 million (about $22 million) or four percent of global turnover/revenues, whichever is higher. The recent U.K. study, published in the Richmond Journal of Law and Technologies..
Investment bank J.P. Morgan Chase has named three companies whose stock could benefit from their deployments of blockchain technology. Investment bank and financial services firm J.P. Morgan Chase has identified three public companies whose stock it believes will benefit from their applications of blockchain technology, CNBC reported Nov. 8. In a note to clients, J.P. Morgan reportedly forecast that IT companies will deploy blockchain in the same way that many firms claim to benefit from machine learning and artificial intelligence (AI). As Cointelegraph reported yesterday, some companies have started to drop using the term “blockchain,” as they believe the word is overhyped and too often used as a marketing ploy. However, J.P. Morgan outlined three companies that will purportedly create “material incremental growth opportunities” from the technology. Per J.P. Morgan, those beneficiaries are American content delivery network and cloud service provider Akamai Technologies Inc., San Fra..
Advertisement This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. A Singapore start-up is creating value for celebrities and their fans by letting them interact directly through the start-up’s platform. A big part of the project consists of allowing the celebrities to undertake charitable causes and monetize their daily lives. The platforms Forbes India reports that Global Crypto Offering Exchange (GCOX) CEO Jeffrey Lin “always dreamt of a day where he could get up close and shake hands with his favorite celebrity, Michael Jackson.” This dream was turned into to GCOX, which aims to bridge the celebrity-fan gap. The team intends to achieve this by creating platforms where celebrities will be able to have a token offering. Their tokens can be used on the Celebreneur, Celeb-Connect and Celeb-Charity platforms. Celebreneur The white paper explains the “three programs..
Did E&Y beat Ethereum to the post with their zero-knowledge proof prototype for private transactions on public blockchains? Multinational auditing and consulting firm, Ernst & Young (EY), announced on October 30 the launch of their EY Ops Chain Public Edition (PE) prototype, the world's first implementation of zero-knowledge proof (ZKP) technology on the public Ethereum blockchain. This system aims to overcome three main barriers of current transactions and asset transfers on a public blockchain: The ability for companies to conduct secure transactions on a public network;Lower some of the barriers to more widespread blockchain adoption; andEnable a full traceability trail of private transactions.Although still only a prototype version, and set for live production offering in 2019, this technology could prove hugely significant. To consider this in greater detail it’s useful to first look at the difference between public and private blockchains and what zero-knowledge proofs are ..
The CEO of major crypto derivatives platform BitMEX, Arthur Hayes, has said he believes the current bear market could last another 12 to 18 months. The CEO of major crypto derivatives platform BitMEX, Arthur Hayes, has said he believes the crypto winter could last 18 months, in an interview with Yahoo Finance UK Oct. 31. Hayes – an ex-Deutsche Bank and Citi trader who co-founded Seychelles-registered BitMEX back in 2014 -– said that “based on previous experience,” the low volatility and volume trading climate could “persist for another 12 to 18 months,” continuing: “I started in bitcoin in 2013 when the price went from $250 to $1,300 and then 2014 to 2015 was sort of the nuclear bear market. Price crashed, volume crashed — very, very difficult to make money.” Bitcoin has been tightly range bound around $6,300-$6,500 in recent months, and shed close to 68 percent in value since its industry-record highs in December 2017. If its relative price stability of late has been lauded by multip..
A new report from climate change scientists has raised concerns regarding Bitcoin’s carbon footprint and its potential future impact on global warming. A new report from climate change scientists has raised the alarm over Bitcoin (BTC)’s carbon footprint and its potential future impact on global warming, published on Nature.com Oct. 29. The report extrapolates existing data for Bitcoin’s electricity consumption together with various projections for the cryptocurrency’s adoption in coming years. According to the report, in 2017, out of a rough total of 314.2 billion cashless transactions, Bitcoin’s share is estimated to have been around 0.033 percent. While acknowledging that “accelerated growth” is common at the early adoption stage of new technologies, the report nonetheless claims that even if Bitcoin follows a lower-level “median growth trend,” it could come to equal the global total of cashless transactions “in under 100 years.” Should this materialize, cumulative emissions of Bit..
A party with “direct knowledge” from Bakkt reportedly told tech outlet The Block it could get the regulatory green light next week for its BTC futures. The Intercontinental Exchange’s (ICE) Bakkt cryptocurrency platform could get approval to launch its physically-delivered Bitcoin (BTC) futures product from U.S. regulators next week, an unconfirmed anonymous source told tech outlet The Block Thursday, Oct. 25. Bakkt, which seeks to create a “regulated ecosystem” for institutional investors looking to gain exposure to cryptocurrency, had previously confirmed it planned to launch its futures product Dec. 12. Should regulators give the project the green light, ICE’s Bakkt will begin launching its Bitcoin (USD) Daily Futures Contract for clients as soon as the first week of next month, according to an unnamed source “with direct knowledge of the situation,” The Block says. The unnamed source also told the publication that Chicago trading shop DV Trading will trade Bakkt’s product. Concern..
Samsung has launched a new production process for its 7nm chips, making them more energy efficient, which could prove a boon for crypto miners. Samsung’s production wing, Samsung Foundry, has launched a new production process of its 7-nanometer (nm) Low Power Plus (7LPP) process node, which could reduce its energy consumption by up to 50 percent, according to an official press release Oct. 18. The new process, based on extreme ultraviolet (EUV) lithography technology, makes the new 7LPP chips more dense (area efficient) and energy efficient. This could have positive implications for crypto miners usings Samsung’s hardware, as energy costs prove to be a critical factor in the industry’s profitability. As mining hardware develops at a rapid pace, chips continue to become smaller and more efficient. In April, Samsung manufactured 10nm hardware for Halong Mining’s DragonMint T1. According to Samsung, the new EUV-based 7LPP process node is a big push of Samsung Foundry’s technology roadma..