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CBDC Launch Is More Political Decision

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The European Central Bank may try to put a cap on the maximum amount of the digital euro each individual can hold per time, should the project eventually go live.

The German Central Bank head of payments Burkhard Balz recently stated that the decision by any country to develop and launch a central bank digital currency (CBDC) might be more of a political decision than technical. Mr. Balz made this assertion while making a Keynote Speech at the China Europe Finance Summit – A Hybrid Conference on Sino-European Capital Markets, virtual event, 20 October 2020.

According to him, the emergence of a CBDC such as that of China currently undergoing its late-stage trials as well as the proposed digital euro has a ton of societal and economic implications which differ per country and as such, the decision to launch a CBDC must be planned in line with this. He stated:

“Introducing CBDC is a political decision rather than a technical decision. Therefore, a comprehensive conceptual analysis and assessment of CBDC relative to alternative options is necessary – especially in terms of the fulfilment of our mandate, but also regarding its impact on society as a whole.”

Balz also noted that one of the core challenges of any digital currency will involve curtailing ways in which over-accumulation by the masses will be prevented. Balz who noted that such scenarios may strain the existing financial system and that the European Central Bank may try to put a cap on the maximum amount of the digital euro each individual can hold per time, should the project eventually go live.

Balz did not end his speech without giving credence to the potential of such new payment system drivers as stablecoins. He noted, “that it is in the interest of the global central bank community that new payment arrangements, like stable coins, with potentially global reach, should only be offered if appropriately regulated and supervised.”

German Official Confirms Involvement in ECB’s CBDC Pursuit

The German role in providing support to the European Central Bank’s CBDC pursuit has been further reiterated by Balz. According to the executive, Germany’s role is dual-faced, while the country is actively engaged in research about the digital euro in line with the other nations in the Eurozone, it is also considering how it can launch an alternative payment system beside a CBDC while functionally discovering all challenges the system may present.

“The Deutsche Bundesbank is deeply involved in the debate on CBDC. But, we are also thinking of alternative solutions which could help to overcome existing pain points, reap the benefits of digitalisation and support new payment use cases without introducing CBDC – and without the possible undesirable implications related to it,” he noted.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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Institutional Buying Can Push Bitcoin (BTC) Price to $250K, Says Investor Raoul Pal

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Investor Raoul Pal notes that institutional purchases are storing Bitcoin in cold storage creating a supply squeeze. This will propel BTC price to new highs with a wide gap in demand and supply.

The latest institutional money inflow in the cryptocurrency market has made analysts hopeful for the next Bitcoin rally. Raoul Pal, popular investor and founder of Global Macro Investor, notes that Bitcoin price can touch $150,000 by November 2021, meaning BTC price will nearly 9x from the current levels or surge by over 800%. Interestingly, Pal notes that this is his most conservative target during his interview with CoinTelegraph.

Pal further adds that if massive sums of institutional money continue coming to Bitcoin (BTC), the price could also skyrocket to $250,000. Pal also backs his claims saying that the fundamentals of Bitcoin are a lot stronger than the 2017 crypto bubble. The 2017 bull run was all due to the FOMO among retail players with very little institutional participation.

Pal also mentions that the entry of big players is sucking up all the additional supply of Bitcoin this year. MicroStrategy bought around 40,000 Bitcoin (BTC) worth $425 million. The Grayscale Bitcoin Trust (GBTC) is holding more than 500,000 BTC worth over $10 billion. Jack Dorsey backed Square Inc has also bought $50 million worth of Bitcoin.

Note that all these BTC’s are going to cold storage that will ultimately result in a supply squeeze. Pal notes that this will be the biggest catalyst for the Bitcoin (BTC) price surge. All the macros are playing in favor of Bitcoin, he adds. Pal further that this time its the biggest imbalance in BTC supply and demand ever in history.

Raoul Pal and Other Experts Speaking on Bitcoin

The news of COVID-19 vaccine arrival has caught fire and market analysts are hopeful of a faster economic recovery next year. Pal notes that despite the recovery, governments will continue to push more money into the economy as stimulus measures. This will ultimately lead to the devaluation of fiat he says.

On the other hand, the surge in inflation and the lower interest rates will further fuel the BTC price to new highs. “It’s life-changing. No other assets have an upside of 5x, 10x, in such a short span of time,” he adds.

But Raoul Pal is not alone to give such a massive target for Bitcoin. Other market analysts and big players have also stated something similar. Last week, the author of the stock-to-flow model – PlanB – predicted the Bitcoin bull run to resume in January 2021. He also added that the BTC price can skyrocket all the way to $100K next year.

JPMorgan analysts also said that Bitcoin (BTC) has turned to be a more preferred asset class than gold.

By the way, today is an important day for the crypto community. On this day 3 years ago, Bitcoin managed to go above $10,000 for the first time in its history which was a crucial milestone for its further growth.

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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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Chinese Authorities Seize Over $4.2B Worth of Digital Assets from PlusToken Ponzi Scheme

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The PlusToken Ponzi scheme is reported to have begun back in May 2018 and advertised a non-existent crypto arbitrage trading platform. 

Chinese law enforcement has seized cryptocurrencies worth over $4.2 billion from the PlusToken Ponzi scheme. Apparently, a total of 194,775 BTC, 833,083 ETH, 1.4 million LTC, 27.6 million EOS, 74,167 DASH, 487 million XRP, 6 billion DOGE, 79,581 units of BCH, and 213,724 USDT have been seized by Chinese law enforcement from seven convicts during the crackdown.

This is a major crackdown that will see the Chinese government own over 1% of the total bitcoins in the circulating supply. Crypto scams have dominated the recent past as the industry adoption rose immensely to both institutional and retail investors.

Things have shifted from the dark web-oriented schemes to the open net thus making it much more difficult for the law enforcement agencies to spot all of them. With a significant portion of crypto investors still not fully educated on the risks associated with the crypto market, Ponzi schemes are poised to thrive parallel to the anticipated bull rally.

The seizure has coincided with increased volatility in the entire crypto market that has seen most assets drop by two digits in the past few days. In addition, it has coincided with the OKEx resumption of withdrawal services after closing for five weeks.

PlusToken Ponzi Scheme

According to the court ruling, the confiscated digital assets will be processed according to Chinese law and the proceeds transferred to the national treasury.

As for the perpetrators, they will serve between 2-11 years behind bars. It is reported that up to 15 people have been convicted, with the offered fines ranging from $100,000 to $1 million. Prior to the arrest, one of the perpetrators is reported to have laundered over $22 million into Chinese Yuan.

Apparently, Chinese law enforcement followed part of the laundered money that was spent on luxury cars, real estate, and insurance policies in Hong Kong. Chinese law enforcement has heavily invested in cyberspace to counter the rising cyber crimes fueled by the increased adoption of digital assets.

The PlusToken Ponzi scheme is reported to have begun back in May 2018, and advertised a non-existent crypto arbitrage trading platform. The scheme asked its customers to deposit not less than $500 and promised hefty returns on a daily basis.

According to court filings, PlusToken had attracted approximately 2.6 million global customers between April 6, 2018, and June 27, 2019.

It was during this period that the scheme managed to collect over 314k BTC, approximately 117,000 BCH, 1.8 million units of LTC, around 928 million XRP, 51 million EOS, 9 million units of ETH, and over 96k units of DASH.

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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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Blockchain Firm Jelurida Will Launch On-Chain Version of Bridge Game

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Lior Yaffe, co-founder and core developer at Jelurida, confirmed that this is only the first step of his company’s foray into blockchain-based gaming.

Swiss-based blockchain development firm Jelurida has announced it is developing an on-chain version of the card strategy game Bridge. Dubbed Bridge Champ, the game aims to disrupt the existing online Bridge gaming space, which is stagnating in a state of duopoly. Jelurida, which operates the Ardor blockchain, plans to use the game as a jumping-off point for broader expansion into the casual gaming space. 

Bridge is one of the most popular card games in the world, played in clubs, online, and at home with friends. It’s even recognized as a sport by the International Olympic Committee due to its chess-like complexity, which demands smart strategizing skills. It also has a significant footprint online. However, the online bridge sector is dominated by two platforms, neither of which supports white-label solutions. 

Bridge Champ – a Blockchain-Based Bridge Gaming Platform

Now, Jelurida, in partnership with the Bridge Online Academy, plans to bring blockchain into play. Bridge Champ is developed on Ignis, the Ardor blockchain’s main child chain, which offers ready-made features and functionality that can support online gaming. Bridge Champ is a purpose-built, fully customizable, online environment for bridge players to connect. The gaming engine will have open API’s so that users can set up competitions, and features include video and audio sharing. 

However, the platform’s strength will lie in the way it leverages blockchain’s capabilities to bring new features to online bridge games. There will be an in-game economy for competition registration and organization, along with cryptocurrency assets used for “mining” bridge tokens based on “proof-of-play” and player achievements. Achievements will be logged securely on the Ignis blockchain, eliminating any fraud or tampering. Cards will be dealt using provable randomization, and cheating will be virtually impossible. 

Lior Yaffe, co-founder and core developer at Jelurida, confirmed that this is only the first step of his company’s foray into blockchain-based gaming. He stated that the company is “developing an ecosystem around game tokens that will be available for use to other casual gaming platforms.”

Broad Scope for Global Blockchain Adoption

Gaming has long been considered one of the best use cases for blockchain technology. The technology lends itself well to many use cases in the gaming segment, including in-game rewards paid in digital coins, in-game assets based on non-fungible tokens, and the ability for gamers to actually own their accounts through blockchain encryption. 

Furthermore, blockchain technology itself could find a massive global audience in the estimated 2.7 billion gamers worldwide. Unlike many industries ravaged by the coronavirus pandemic, gaming has proven to be highly resilient as people seek out new ways to stay entertained at home. So much, in fact, that industry analysts have doubled their growth forecasts for the global gaming market, predicting a 12-15 percent year-on-year increase to $170 billion in 2020. 

The Blockchain Game Alliance recently showcased some of the key developments taking place at the convergence of blockchain and gaming during its 2020 Demo Days

One demonstration previewed a trading card game that could prove to have mass appeal – Doctor Who: Worlds Apart. The game is fully licensed by the BBC, which produces the iconic show, and features a cast of characters from its history, which dates back over five and a half decades. The cards are digital collectible items, each with hand-drawn artwork. The demo days also featured blockchain-based VR, arcade, and MMO games. 

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Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.



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