Weekly Digital Currency News (11.07 - 17.07)
The previous week's world news and events related to digital currency.
Global Digital Currency Rules Must For Cross-Border Payments:
International norms would enable central bank digital currencies to function seamlessly cross-border and speed up wholesale payments.
The Federal Reserve, the Bank of England, and the European Central Bank are all looking at the possibility of launching a digital version of their currencies.
The United Kingdom has said that any digital form of sterling would not be ready until the second part of this decade, but the Federal Reserve has stated that a digital dollar might assist preserve the greenback's worldwide status.
The key to fulfilling the full potential of CBDCs is ensuring they can function across multiple markets to allow wholesale cross-border payments. Global regulatory standards and coordination will be necessary to realize this objective.
The IRSG said that incorporating CBDCs in wholesale digital payments has several advantages provided they are made "interoperable" for cross-border transactions.
Harmonization of laws would enable enterprises licensed in one jurisdiction to supply services in another, along with preventing nations from undercutting one other with laxer standards.
Crypto Emissions Will Lower Valuations:
As governments work to cut their carbon emissions, the value of crypto assets will decrease due to the carbon footprint of these assets. It might have an impact on financial institutions that have exposure to Bitcoin.
The standards for climate risk supervision developed by the Basel Committee on Banking Oversight apply to "any" bank exposure, which means they include cryptocurrency as well.
The Central African Republic Launches Crypto Asset:
On July 3, the Central African Republic announced the Sango Coin crypto asset initiative, sparking a conflict with the regional central bank and generating concerns about how the asset may use.
On April 21, the CAR national legislature signed laws making Bitcoin legal money in the country, which the government signed the next day. The Bank of Central African States (BEAC), which serves six African nations, including the Central African Republic, has protested the move.
NFT: GameStop Debuts Its Non-Fungible Token Marketplace:
GameStop, a retailer of video games, consumer electronics, and gaming consumer products, announced on Monday, July 11, the launch of its online-based NFT marketplace. The corporation pursued this strategy to have an additional source of development while simultaneously revamping its business.
Gamestop is cashing in on consumer acceptance of blockchain technology and cryptocurrencies by creating its marketplace for non-fungible tokens. The marketplace platform is now available for public beta testing.
Users will now attach their digital wallets after joining up, including the company's own GameStop Wallet, which was also recently announced. People who successfully register may begin purchasing, selling, or trading NFTs of virtual assets or digital products.
Furthermore, the introduction of the NFT marketplace is a step toward Gamestop's turnaround aim after financial challenges in recent years. The corporation attributes its financial difficulties in part to the quick movement of video gaming industries online and its massive real estate presence.
GameStop Corp. today announced the availability of its non-fungible token (NFT) marketplace to enable gamers, developers, collectors, and other community members to buy sell, and trade NFTs.
GameStop's NFT platform is a non-custodial, Ethereum Layer 2-based platform that allows participants to own their digital assets, which are represented and safeguarded on the blockchain.
Finally, Gamestop is entering this market to ensure development in this age of cryptocurrency and digital assets. It intends to participate in the anticipated NFT acquisitions between November and December of this year, with a total market value of $54 million.
BitMEX Postpones Listing Of Its BMEX Token:
Because of the complex market conditions, the cryptocurrency exchange BitMEX has decided to postpone the release of its native coin, which will be called BMEX. Although they want to list on the BMEX, the current market conditions "are not optimum."
When the question of when the currency would be listed on BitMEX's spot market was posted on Twitter, the company's official account responded that it will happen "when conditions are more favorable."
Meanwhile, the performance of native tokens on other exchanges has been generally negative during the last month. For example, at the time of writing, Binance's BNB is down 17 percent in a month, Bitfinex's LEO is down almost 3 percent, FTX's FTT is down 10%, and OKX's OKB is up 4%.
BMEX is an ERC-20 token with a maximum supply of 450 million that was first announced in late 2021. In 2022, the cryptocurrency anticipates launching on the exchange's spot market. The exchange airdropped BMEX 1.5 million to new and current customers in late January 2021.
BMEX will have a maximum quantity of 450 million tokens, which will vest over 5 years. The vast majority of BMEX will be used to compensate users and expand the BitMEX ecosystem. A 20% allocation is set aside for BitMEX personnel, with another 25% set aside for the lifetime engagement to the toke and ecosystem.
BMEX token holders may get up to 15% off trading costs and preferential pricing on contracts and spot exchange. Coin holders could also stake their coins and win rewards. Early access to new goods, participation in initial exchange offers (IEOs), and VIP events and merchandise are among the other benefits.
CEL Crashes As Celsius Enters New Chapter Of Its Saga And Its Restructuring:
After apparently repaying all of its debt to DeFi lending procedures, embattled crypto lender Celsius (CEL) said that it has filed for voluntary Chapter 11 bankruptcy in the United States to restructure its firm. After the news, CEL dipped.
CEL is trading at USD 0.538 at 03:03 UTC, down 25% in a day, after reaching USD 0.40 earlier. The price has risen by 92 percent in a month.
In general, Chapter 11 of the United States Bankruptcy Code allows for reorganization, which typically involves a company or partnership. A chapter 11 debtor often presents a reorganization plan to keep its company running and pay creditors over time.
This is the correct choice for the community and business, said Alex Mashinsky, Co-Founder and CEO of Celsius. We have assembled a strong and experienced team to guide Celsius through this process."
The firm said that it has USD 167 million in cash on hand, which would provide ample liquidity to fund some activities throughout the restructuring process, and that it intends to "continue to operate in the usual course."
Celsius is not asking for approval to enable client withdrawals at this time, and consumer claims will resolve via the Chapter 11 procedure. Celsius suspended withdrawals, swaps, and transfers on its platform last month, prompting today's complaint.
The business argues that without a delay, the pace of withdrawals would have enabled select clients to be repaid in full while leaving others to endure for Celsius to capture value from illiquid or longer-term asset deployment operations before they get a recovery.
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