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No Immediate Plans to Launch CBDC

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The Assitant Governor of New Zealand’s central bank said that they will continue researching their CBDC in tune with global developments but haven’t been much keen on introducing it now in the country’s monetary system.

The CBDC mania is catching up with governments and central banks across the globe. On Monday, October 19, the Reserve Bank of New Zealand released a report clarifying its stand on a national CBDC.

Christian Hawkesby, the Assistant Governor of New Zeland’s central bank said that they are currently researching CBDC. He also adds that the central bank remains open to new technological developments in the payments sector. However, they don’t have any “immediate plans” to launch the CBDC in near future. But they would also have a close watch on global developments around CBDCs. The Assistant Governor added:

“Central banks around the world, including us, are researching retail central bank digital currencies (CBDC). Although we have no imminent plans to issue a CBDC, we are well-connected and considering these developments very closely. We are however following developments very carefully and are among 80 percent of the Central banks that are,banks that are actively researching CBDCs”.

Hawkesby further summarized the latest findings by the Bank of International Settlements (BIS) about countries working on their CBDCs. Firstly, CBDCs rely on a faster, cheaper, and more efficient infrastructure connecting global finance. On the other hand, it greatly helps to reduce dependency on physical cash that leaves too many people outside the global financial system.

Specifically talking about New Zealand, Hawkesby said that the access to cash was on a decline in the country. He also acknowledged the local banks for their contribution in helping its customers adopt digital payments. Hawkesby said:

“Today, the vast majority of New Zealand’s money balances are digitally represented, and banknotes make up just seven to nine percent of liquid money”.

CBDC Landscape Worldwide

While a few nations like China have accelerated its CBDC development, not all are moving in the same direction. The immediate neighbor of New Zealand, Australia, recently shared its stand on CBDC. It added that the country already has a robust digital payments infrastructure in place and doesn’t need to accommodate a CBDC.

Just yesterday, the U.S. Federal Reserve Chairman Jerome Powell said that they haven’t made a decision yet on issuing the Digital Dollar. Speaking at the panel hosted by the International Monetary Fund (IMF), Jerome Powell said:

“It’s more important for the United States to get it right than to be first. We are committed to carefully and thoughtfully evaluating the potential costs and benefits of a central bank digital currency for the U.S. economy and payments system. We have not made a decision to issue a CBDC. There are a number of ways that a CBDC might improve the payments system, and it is mainly this area that motivates our interest”.

Coming to Europe, the European Central Bank (ECB) is shifting gears to bring a pan-Europe digital currency. The ECB recently applied for the “Digital Europe” trademark which still remains in the research or the ideation phase. On the other hand, the U.K. has also been exploring and researching the Digital Pound.

CBDCs have certainly piqued the interest of central banks due to the technological benefits it brings to the market. However, very few central banks are willing to rush and bring their CBDCs to the market.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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Watch These Two Alts Closely: ETH and XRP Analysis

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The rally in the crypto-market undergoes as Bitcoin is only a few hundred dollars away from hitting its all time high. Bitcoin dominance is dropping drastically since November 18 providing enough space and volumes for the boost of altcoins. This week only Bitcoin dominance is down to 3.35%.

Bitcoin dominance is in a downtrend since 2019 as more altcoins are introduced to the market.

The November 18 drop of Bitcoin dominance boosted volumes to altcoins, such as Ripple and Ethereum. Both projects recently have introduced significant updates. Ripple announced that it’s now working with Central Banks and launched XRP Ledger promotions, Ethereum completed the Staking round for its PoS transition.

XRP/USD since November 18 has gained a hefty +96.27 and touched a high of September 21. 2018 at $0.7814140. On a daily chart there is still enough room for Ripple’s price to grow, though RSI is pointing that further correction is inevitable.

XRP / USD quote on Overbit

In spite of the fact that Ripple was rejected by the resistance at $0.7814140, an hourly chart suggests that we should be prepared for another bull run. There is a symmetrical triangle on an hourly chart of XRP/USD and the pair has tested the upper edge of the triangle three times already. Breakout from the triangle will pump the price higher.

XRP / USD quote on Overbit

RSI on an hourly chart indicates that Ripple has completed the correction and is no longer on the oversold dead-zone of the indicator, MACD line has touched the signal line and is about to cross to confirm the bullish run, there is one more confirmation to be made which is a breakout from the triangle. If Ripple breaks below the triangle, support levels to watch are $0.618900 and $0.571720.

On November 23, Ripple announced that it officially added Bank of America as a RippleNET lead member. Bank of America is one of Ripple’s oldest clients contributing to the network since 2016, though only this year Ripple listed Bank of America among the other major banks, such as Santander, PNC and Nium. With such “coming out” Bank of America clearly states that Central Banks and the FED are looking towards CBDC’s and instant low-cost cross-border payment solutions.

Ethereum has shown significant growth as well, though I was sceptical on the completion of the staking, it went as planned and 524 288 ETH were staked at the Ethereum 2.0 contract. The official launch of the Ethereum 2.0 is planned on December 1, which is another date to watch for Ethereum investors and traders.

Just like Ripple, Ethereum’s token ETH still has a lot of room for growth. The bullish sentiment of ETH/USD is backed by one interesting pattern on a daily chart – double bottom.

ETH / USD quote on Overbit

ETH/USD has reached $623 and almost tested the high of June 03, 2018 at $625 and based on the double bottom pattern, the growth may continue up to $837 in mid-term. For the short-term there are several resistances that ETH has to overstep in order to continue the surge.

As seen on an hourly chart below, the pair has formed a bullish flag and the upper edge of the flag which simultaneously is a short-term dynamic resistance is still intact.

ETH / USD quote on Overbit

The most congenial price action at this point would be a decline towards $577 – $578, where the pair will hit the dynamic support and MA100, and a massive uptrend move. Nevertheless, the uptrend will be confirmed only if ETH closes above the dynamic resistance. If the breakout is confirmed in the nearest time, Ethereum will proceed further and close above this year’s high of $623.

The launch of Ethereum 2.0 will support the surge of the ETH price, as Ethereum 2.0 will apply shard-chains and will transition the whole network to PoS. The transition won’t happen rapidly, though if the launch is successful the mining cost of Ethereum will rise as the Network will apply a difficulty bomb – a protocol which perplexes mining of Ethereum.

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Monex Believes Digital Yen Will Revolutionize Crypto Trading

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The Bank of Japan noted last month that initiatives to test its digital yen currency are underway.

As the Bank of Japan (BOJ) plans to issue its digital yen in the near future, Oki Matsumoto, head of Japan’s Monex Group, believes it will significantly revolutionize the crypto industry by making it more interoperable with legal tenders.

“Central bank digital currencies will help boost trading of cryptocurrencies by providing a more convenient platform for converting cryptocurrencies into legal tenders,” Matsumoto noted. 

According to Matsumoto, the issuance of central bank digital currency (CBDC) is not a threat to the crypto industry but a major boost to the whole sector. Primarily due to the fact that it will not only make the ecosystem more efficient but also a digitized economy.

Speaking to news outlet Reuters on Tuesday, Matsumoto noted that “CBDCs will significantly enhance the interoperability of cryptocurrencies.” Moreover, the central bank digital currency would make the crypto market more lively. The lively atmosphere in the crypto market would reciprocate to an increased volatility, particularly to the upward trend.

Currently, changing crypto assets to legal tender has several challenges as the existing exchanges and brokers do not hold bank accounts. According to Matsumoto, if the bank of Japan issues a digital yen, then it would make the crypto conversion to legal tenders much easier and faster.

Monex Opinion on Digital Yen

Apparently, the Bank of Japan noted last month that plans are underway to experiment its digital yen currency. Hereby joining other global central banks in the development of a viable digital currency. 

Notably, the Chinese government through the Bank of China has made tremendous progress in rolling out its digital yuan in the Chinese market.n It is expected that the first successful digital currency would have a vented vantage point to act as the global reserve currency. China is rushing to implement its digital yuan in a bid to dethrone the United States dollar from the global reserve currency.

Japan is considered a crypto friendly market, whereby it has a huge portion of the top digital assets. It’s worth mentioning that Ripple has named it as one of the options to move into if the United States does not reorganize its crypto regulations.

Being a major Asian economic hub, Japan’s continued venture into the crypto and digital currency market will significantly shift other regions in adopting the technology.

This is because the blockchain technology has many use cases including in the supply chain where shipping industry collaborate with respective parties to make a seamless trading process.

As the cryptocurrency industry led by Bitcoin enjoys a new bull wave, wealth creation is expected to be taken on the next level by the digital assets investors.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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World’s First 24/7 Crypto Call-in Station Launched by CNBC’s Ran Neuner

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Crypto Banter, the world’s first crypto news live streaming platform, has gone live prior to the 2021 bull market. For a long time, the global crypto market lacked a media outlet that never sleeps but continuously caters to the rapidly growing crypto enthusiasts’ needs.

CNBC’s Crypto Trader show host Ran Neuner has now decided to unveil the first call-in media channel, which is cryptocurrency-centric. The station – dubbed Crypto Banter – features exclusively various cryptocurrency news, opinions, interviews, and live discussions with various industry leaders. Viewers and listeners can download the Crypto Banter app so as to stream via youtube the interactive social-cast for the crypto community.

Banter Brings the Banter to Crypto Community

Available 24 hours per day, 365 days per year, the world’s first crypto-based streaming platform offers viewers Crypto Twitter‘s alternative source for ‘credible, live information.’

“Banter is designed to bring the banter from Crypto Twitter and Telegram to a credible, moderated AV medium. It is designed to filter out the noise and bring information that people can trade on to a live streaming medium,” said Neuner.

YouTube, host of many crypto-related channels, will accommodate Crypto Banter, making the new channel to reach its fast-moving global crypto-focused market. In summary, the new service would be described as a mix between talk radio CNBC and the Joe Rogan Experience. Personal views and insights about the prevailing cryptocurrency environment are usually sought from interview guests.

Interestingly, Andrew Thurman, Cointelegraph weekend editor, became the first Crypto Banter guest of Neuner. Since he first launched Crypto Trader on CNBC in 2017, Neuner has been offering cryptocurrency and blockchain educative material to the public.

Being the host and executive producer of the world’s first televised cryptocurrency show, Neuner moderated various hot debates, including the one that featured Bitcoin (BTC) naysayer Peter Schiff and Anthony Pompliano in 2019. During that time of the debate, Bitcoin traded below the $10,000 mark. However, the pioneer cryptocurrency had last week clocked in at over $18,800, a 420% gain since Schiff accidentally referred the bottom back – aka a “maximum opportunity” to profit – in March.

Over the past month, Bitcoin has enormously outperformed gold with an increasingly conspicuous divergence. Now it continues to climb, even challenging its all-time highs witnessed in 2017. Corporate demand from the likes of investment giant Grayscale, Square and PayPal have firmly favored Bitcoin’s further upside trend.

Focus Is on Consumer Interest in Cryptocurrencies

Crypto Banter intends to bank on growing consumer interest in digital assets even though the cryptocurrency adoption pendulum is thought to have swung from retail to institutional investors.

Neuner explained that Bitcoin’s great adoption is taking place, merely a hedge against USD printing and as a store of value. However, in his opinion, the real Blockchain adoption hasn’t yet started and would likely emerge over the next few years.

The Crypto Trader host therefore concluded:

“For now there will be a ton of speculation on investments in this space. Money will be made and lost in minutes and up-to-the-minute info is key. Today there is no live streaming. […] CryptoBanter looks to fill this gap!”

Being a sought after speaker at various Blockchain and Crypto Currency conferences, Neuner has been ranked by Richtopia as one of the top 10 most influential people in the blockchain world.

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James Lovett is a talented crypto enthusiast who finds pleasure in sharing more knowledge on fintech, cryptocurrency as well as blockchain and frontier technologies. He likes to keep himself furnished and updated with the latest innovation in the crypto industry, blockchain technology, Internet of Things (IoT) and other technologies. As a result, he tries to furnish ardent crypto supporters with the latest news on blockchain and distributed-ledger technologies. Indeed, Blockchain and Cryptocurrency is changing the world as we know “one block at a time”. As a hobby, he also trades in small amounts of cryptos every now and then.
An author with experience writing for tech, digital, and cryptocurrency blogs!



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