Monthly Archives: Januar 2021

Davos forum participant refutes bitcoin’s convenience for criminals

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The assumption that the first cryptocurrency is advantageous for criminal activity runs counter to the basic characteristics of the blockchain technology that underpins it. Glenn Hutchins, co-founder of investment firm Silver Lake, said this at the World Economic Forum in Davos, Finextra writes.

„Bitcoin’s blockchain creates a permanent unchanging record of the transaction, so the movement of funds is easy to trace. To claim that bitcoin is mainly used for crime is fundamentally wrong,“ Hutchins said.

However, he recalled that up to 90% of the US Federal Reserve’s hundred dollar notes issued are linked in one way or another to organised crime and tax evasion:

„There is a good reason for this – the dollars are untraceable and interchangeable,“ he explained.

Glenn Hutchins stressed that cryptocurrencies are a fundamental innovation and that smart contracts open up a whole new way for states and companies to apply blockchain.

Recall that at the end of 2019, Chainalysis analysts linked 1.1% of cryptocurrency transactions in value terms to illicit activity. In 2020, this figure dropped to 0.34% and the share of criminal-related transactions in DEX turnover was 0.02%.

Earlier, Bank of England Governor Andrew Bailey, speaking at the WEF, said that the volatility of cryptocurrencies could not guarantee the stability that would allow them to be used as a means of payment in the long term.

However, he acknowledged that blockchain solves the problems of speed and cost of payment processing in the traditional financial system. He supported countries in discussing the benefits of steiblockchain and central bank digital currencies.

Russia’s largest bank to launch its own stablecoin

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Russia’s largest bank to launch its own stablecoin

  • Sberbank, Russia’s largest bank, is planning to launch a financial platform based on the blockchain and a stable corner. Will Russia finally become crypto-friendly?
  • In Russia, the Sberbank has just asked the country’s central bank for authorisation to deploy a financial platform based on the blockchain, as well as a stable corner.

This platform and its stablecoin will be intended for Sberbank’s partner companies, and not for private individuals. The bank is said to have taken this Crypto Cash initiative in response to growing demand from its employees.

It should be noted that the country’s central bank is Sberbank’s majority shareholder. In addition, many members of the government such as German Gref and Anton Siluanov are members of the SberBank’s supervisory board. All these features will undoubtedly help the Sberbank’s application to be successful.

The Sberbank is currently the largest bank in Russia and the third largest in Europe in terms of capitalisation. The Sberbank press service told Coindesk :

„This stable corner will allow companies to use smart contracts on the Sberbank platform, based on the Hyperledger Fabric blockchain. Tokenising physical goods and cash on this platform will allow full automation of transactions“.

This stable corner will unsurprisingly be backed by the Russian rouble and should be in place by June 2021 at the latest.

A country hostile to cryptomoney

Will the forthcoming arrival of the Sberbank’s stable corner be a major factor in Russia’s recovery? Indeed, the country has been rather hostile to cryptomoney for many years.

For example, individual investors are not allowed to buy more than $7,750 worth of cryptomoney each year. A rather surprising measure aimed at preventing capital flight to these assets.

Another noteworthy example is that investors who do not declare their cryptomonnages to the authorities are subject to very heavy penalties, such as fines and even prison sentences in the most extreme cases.

However, a notable difference concerns the future stablecoin of the Sberbank and the cryptomoney in the government’s sights. As the bank is owned by the Russian state, the latter can fully control and monitor the development of its stablecoin.

Russia is also working on a digital version of the rouble, like many other banks around the world with their local currency.

The authorities are therefore hostile towards cryptomoney which they cannot control, such as Bitcoin (BTC) or other currencies issued by private companies.

At first glance, there is every reason to believe that the arrival of Sberbank’s stablecoin will not change the situation for individual investors. Russia’s cryptomoney industry will continue to be monitored as much as before.

Bitcoin continúa su ascenso mientras el precio alcanza brevemente los 34.000 dólares.

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Bitcoin se cotizó a 33.365 dólares en Asia el lunes, después de haber alcanzado un récord de 34.800 dólares el domingo, mientras que la principal criptodivisa continúa su alta recuperación de todos los tiempos.

Según el informe de Reuters, la principal moneda de bits de criptografía estaba cambiando de manos a 33.365 dólares en Asia el lunes, después de haber alcanzado un récord de 34.800 dólares el domingo, ya que los inversores siguen apostando que la moneda digital está en camino de convertirse en un activo principal. El último hito se produjo menos de tres semanas después de que el precio del bitcoin cruzara los 20.000 dólares por primera vez, el 16 de diciembre, y ahora ha subido un 800% desde mediados de marzo.

Bitcoin continúa fortaleciendo su lugar como un paraíso seguro

Con su limitada oferta de 21 millones, algunos ven a bitcoin como una cobertura contra el riesgo de inflación, ya que los gobiernos y bancos centrales activan los grifos de estímulo en respuesta a la actual pandemia global. La mayor cripto-moneda ha establecido su imagen como un refugio seguro durante la pandemia COVID-19, parecido al oro. „Parte de ella refleja el temor a un dólar más débil“, dijo el analista de divisas del Banco de Singapur, Moh Siong Sim, sobre el último repunte. „Parece que la gente prefiere el bitcoin como una expresión de preocupación por la degradación de la moneda, en relación con el oro“, añadió el banco.

El interés institucional continúa empujando a bitcoin

Se dice que hay muchos factores que jugaron un papel en la reciente subida del precio de bitcoin. En el momento de escribir este artículo, el precio de bitcoin se está negociando justo por encima de los 32.000 dólares. La razón principal de esta gigantesca subida de bitcoin es el creciente interés institucional en bitcoin. El avance de bitcoin también refleja las crecientes expectativas de que se convierta en un método de pago convencional, con PayPal abriendo su red a las criptodivisas. Dave Chapman, Director Ejecutivo de la empresa de activos digitales BC Group, con sede en Hong Kong, dijo que los inversores institucionales ven el potencial de un mayor rendimiento ajustado al riesgo en comparación con las inversiones tradicionales,