Financial institution of Korea Governor Lee Ju-yeol stated he doesn’t suppose cryptocurrencies can be in such excessive demand as soon as central financial institution digital currencies (CBDCs) are launched, CoinDesk reported.
He added that bitcoin and different crypto property have excessive volatility, which signifies that there are limits on how they’d truly perform as a technique of cost or retailer of worth, the report acknowledged.
The Financial institution of Korea is planning to debut its personal CBDC later this yr, and quite a few different international locations, together with China, Russia, Turkey and Jamaica, have all introduced doable CBDC pilots for this yr, in keeping with CoinDesk.
South Korea’s pilot, in keeping with the report, will check fund transfers, funds, issuance, distribution and redemption.
In different information, Microsoft’s Decentralized Identification group has debuted a brand new framework for authenticating on-line identities, referred to as the ION Decentralized Identifier (DID) community, in keeping with CoinDesk.
The ION DID community is launched on the bitcoin mainnet, the report acknowledged. The community is a layer 2 know-how like Lightning, besides that the main focus is on bitcoin blockchain getting used to create new digital identities, slightly than specializing in funds.
The community, in keeping with CoinDesk, could possibly be the important thing to permitting for an web with out folks needing to take care of cumbersome passwords, emails and cellphones for verification.
ION is open to the general public now and makes use of the identical logic as bitcoin transaction layers to suggest id. A public key and its related personal key are used to confirm the person’s id.
Lastly, bitcoin is up once more for the primary time in three days, with merchants trying ahead to a stronger market after the cryptocurrency noticed file $6 billion expiration of choice contracts, CoinDesk reported.
David Grider, strategist at Fundstrat, informed shoppers in an e mail that returns tended to be constructive within the wake of occasions just like the expiration dates, the report acknowledged.
He stated the market is calm due to the bitcoin VIX, a volatility index, and there’s room for it to fall additional, CoinDesk reported.
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PYMNTS STUDY: A NEW APPROACH FOR MODERNIZING PAYMENTS IN BANKING – 2021
About The Research: A New Strategy For Modernizing Funds In Banking, a PYMNTS collaboration with Purple Hat and Temenos, is a research-based report analyzing the developments remodeling retail commerce and the way these shifts are creating new challenges and alternatives for banks. The report goals to supply banks a roadmap to assist them achieve the technical capability to help digital funds in all their types.
