Digital Euro Could be More Popular Beyond EU’s Borders: Lagarde


“Similar design features would have to be applied to the use of a digital euro by non-residents. This would stop a digital euro replacing other forms of investment and facilitating currency substitution in countries outside the euro area,” Fabio Panetta, an ECB executive board member, said in a 2021 speech. “In any event, international cooperation on design, cross-border use and interoperability would be key to reap the potential benefits of CBDCs for cross-border payments, while addressing risks to the international financial system.”

Source link

Is Peter Thiel’s Pro-Dropout Fellowship Mostly an Advertisement for Himself?


A core flaw in the program, according to Chafkin’s reporting for “The Contrarian,” is the nearly complete lack of any supervision or training. The Thiel Fellowship is sometimes compared to early-stage venture accelerator Ycombinator, but Ycombinator is highly structured, including regular check-ins where participants report their progress. The Thiel Fellowship, at least for its first several years, had no such requirements. Access to Thiel himself was limited, and often perfunctory.

Source link

The Bitcoin Policy Institute Explains Why CBDCs And The US Are Not A Match


The latest report by The Bitcoin Policy Institute goes for the lowest hanging fruit. It tries to convince US politicians that “CBDCs will erode the distinction between America and authoritarianism,” which is true. To accomplish that, The Bitcoin Policy Institute appeals to the cheapest trick in the book: comparing the US to China. The move is so crazy that it just might work. 

The controversy doesn’t end there, The Bitcoin Policy Institute’s main proposal is that “The value of natively digital currencies for individual users can be fully realized with a combination of bitcoin and privately issued stablecoins.” That statement will not sit well with bitcoin purists. Is the whitepaper able to convince the reader that this “combination of bitcoin and privately issued stablecoins” is a good idea?

Before judging, let’s read the organization’s reasoning.

The Bitcoin Policy Institute Plays The China Card

Let’s not beat around the bush, CBDCs are surveillance technology. Programmable money comes with potential problems and gives too much power to the issuer. To convey that idea, The Bitcoin Policy Institute paints a picture of current-day China:

“Perhaps the most striking illustration of Chinese state power, however, has been the rapid development of its surveillance régime. Under President Xi Jinping, who ascended to the presidency in 2013, China has become the world’s leading market for surveillance technology.”

Then, the whitepaper describes what is known about the Chinese CBDC project. Is it similar or completely different from what they’re working on in the west?

“The People’s Bank of China, the country’s central bank, has been researching and developing a CBDC–the digital yuan, or e-CNY–since 2014. The digital yuan uses a state-run, private blockchain network to issue digital cash that is a direct liability of the Chinese central bank. This network records all transactions made with its native digital asset.”

Surprise! It’s almost identical to what the Australian Central Bank is testing in their CBDC pilot project. It also confirms what the Australian report said, “Central banks globally are actively exploring the potential role, benefits, risks, and other implications of CBDC.”

After that, The Bitcoin Policy Institute describes the mainstream media and “some American lawmakers” narrative around the issue. This is a commonly held opinion on the situation:

“It may be tempting, for some, to view the acceleration of U.S. government power through the lens of “global competitiveness.” For example, the introduction of a CBDC by China has prompted concern by some American lawmakers that the U.S. is “falling behind” technologically.” 

No, it’s not. The technology just doesn’t make sense unless you admit to be an authoritarian regime. It’s as simple as that.

BTC price chart for 09/28/2022 on Bitstamp | Source: BTC/USD on

CBDCs, The End Of Financial Privacy

Full KYC is basically a given in high-level CBDC discussions, but to have official confirmation is more convincing. To set the stage for this act, The Bitcoin Policy Institute quotes “a January 2022 white paper” in which “the Federal Reserve stated that a U.S. CBDC would need to be fully identity-verified.”

“Financial institutions in the United States are subject to robust rules that are designed to combat money laundering and the financing of terrorism. A CBDC would need to be designed to comply with these rules. In practice, this would mean that a CBDC intermediary would need to verify the identity of a person accessing CBDC, just as banks and other financial institutions currently verify the identities of their customers.”

The fact of the matter is that “CBDCs provide governments with direct access to every transaction in that currency conducted by any individual anywhere in the world.” Even if it’s not advertised or even considered in the original version. 

“Those calling for the rollout of a CBDC are naïve to believe that this can be done without establishing a centralized surveillance system for all financial transacting. Quite simply, even if such surveillance is not included in the V1 system design, it would be trivial to add it at a later stage. Once a door to surveillance is opened, it is virtually impossible to close.”

Simply put, CBDCs “represent an extension of this state control over economic life.”

The Stablecoins Angle

From a bitcoiner’s point of view, the idea that the world needs “a combination of bitcoin and privately issued stablecoins” is near sacrilegious. Let’s read The Bitcoin Policy Institute’s case for it:

“Both bitcoin and private stablecoins will enable instant, low-cost digital transacting both domestically and across borders. Digital dollars and stablecoins will continue to be subject to AML/KYC compliance by the platforms that facilitate transacting with them. In this currency ecosystem–which is with us already–the creation of CBDCs is, quite simply, unnecessary.”

That might not convince the bitcoiner, but it paints a clear picture for US politicians. And those are the document’s target audience.

The Bitcoin Policy Institute’s Closer

To close the whitepaper off, The Bitcoin Policy Institute is not afraid to go here:

“As the world goes the way of China in the 21st century, the United States should stand for something different: it should stand for freedom. For this reason, the United States should reject central bank digital currencies.”

Cheesiness aside, The Bitcoin Policy Institute is 100% right on this one. CBDCs are a menace to society. Privacy is a human right and financial privacy is already limited as it is.

Featured Image by Lucas Sankey on Unsplash | Charts by TradingView

Banking Insider, "Privacy Please" sign

Source link

Bitcoin Stays Resilient in Face of Traditional-Market Turmoil, Here's Why


“What we’re seeing is more a lack of large sellers, rather than a plethora of large buyers,” one value investor said.

Source link

Digital Asset Manager Safe to Offer Governance Token for SafeDAO


Safe, one of the largest decentralized custody and digital asset management platforms, features a smart contract wallet that needs a minimum threshold of people to authorize a transaction before it can go through. While Safe smart contracts mostly dominate on the Ethereum blockchain, they also run on several other blockchains, such as Arbitrum, Aurora, Avalanche, Binance Smart Chain, Gnosis Chain, Optimism and Polygon.

Source link

Bears pull crypto market down as XRP leads losses


The total cryptocurrency market cap saw net outflows totaling $61.1 billion. As of press time, it stood at $912.6 billion, down 6.3% over the last 24 hours.

Bitcoin’s market cap lost 7.36% over the reporting period to $393 billion from $358.54 billion. Meanwhile, Ethereum’s market cap was down 7.67% to $156.8 billion from $169.83 billion.

The top 10 cryptocurrencies all saw losses over the period, with XRP leading the pack, shedding over 10.58%. Shiba Inu recorded the least loss as it fell 3.9% in the last 24 hours.

CryptoSlate wMarket update

The market cap of the top three stablecoins — Tether (USDT), USD Coin (USDC), and BinanceUSD (BUSD) — remained relatively unchanged over the period, standing at $67.96 billion, $49.18 billion, and $21.034 billion, respectively.


Bitcoin lost 7.4% of its value in the last 24 hours to trade at $18,767 at press time. Market dominance fell from 39.90% to 39.31% over the period.

During the last 24 hours, BTC traded for as high as $20,533 before the bears took control, sending its value below the $19,000 level.

CryptoSlate wMarket update


Ethereum fell 7.29% over the last 24 hours to trade at $1,284 as of press time. Market dominance decreased from 17.5% to 17.19%.

ETH traded for as high as $1396 over the last 24 hours before its value rapidly tanked to its current levels. The asset’s price performance has mostly been poor post-merge.

CryptoSlate wMarket update

Top 5 Gainers

Polymath Network

POLY is the day’s biggest gainer, rising 11.81% to trade at $0.27693 as of press time. The platform has enjoyed a decent run of green candles in the last seven days, rising 39.66%. Its market cap stood at $256.16 million.


QNT  is up 10.16% over the last 24 hours to trade at $138.385 as of press time. The token has posted strong performance over the past week, up 38%. Its market cap stood at $1.67 billion.

Reserve Rights

RSR gained 9.24% over the past 24 hours to $0.00847 as of press time. The token has posted 41% gains over the last week. Its market cap stood at $358.5 million.


WEMIX rose 5.61 in the last 24 hours to $1.87142 as of press time. The platform’s parent company recently donated 1 billion won to Seoul National University Business School. Its market cap stood at $230.62 million.


COTI recorded 1.31% gains over the past 24 hours to trade at around $0.10568 at press time. The decentralized payment network and stablecoin creation protocol has shed 83% over the past year. Its market cap stood at $117.16 million.

Top 5 Losers


XRP is the day’s biggest loser falling 12.22% over the past 24 hours to trade at around $0.42538 as of press time. The Ripple-linked token has enjoyed a recent green run in the last seven days, rising 7.4%. Its market cap stood at $21.15 billion.


ATOM sunk 12.16% in the last 24 hours to trade at $12.76 as of press time. The layer-0 blockchain network recently released a new white paper aimed at updating the uses of its native token. Its market cap stood at $3.66 billion.


NEO shed 12.07% over the last 24 hours to trade at $8.42269 as of press time. The token is up 2.47% over the last seven days. Its market cap stood at $594.13 million.


ONE fell 11.52% in value over the reporting period to trade at $0.1905. The platform recently published a recovery plan to reimburse hack victims. Its market cap stood at $239.27 million.

Terra Classic

LUNC lost 10.71% in the last 24 hours to trade at $0.00027 at press time. Its market cap stood at $1.65 billion.

Posted In: , Wrapped

Source link

DeFi Hub Umee Targets TradFi With Institutional Lending DAO


Umee is creating an institutional lending decentralized autonomous organization (DAO) called UDX to help facilitate the transition of bond markets into DeFi lending. The initiative will improve bond markets’ efficiency on Umee’s Cosmos-, Ethereum-, Avalanche-, Near- and Solana-compatible trading platform.

Source link

Ethereum Project Ribbon Finance Launches Crypto Options Exchange to Boost Growth


“With the majority of TVL in our platform coming from the Ethereum ecosystem, we have always regarded it as our home ground, and have strategically launched Aevo while the Ethereum network continues to build momentum after the Merge,” Koh told CoinDesk, using an acronym for total value locked, or the amount of crypto tied up in DeFi projects.

Source link

Robinhood Releases Beta Version of Web3 Wallet to 10,000 Users


Robinhood has been steadily moving away from its original “walled garden” approach to crypto over the past year.

Source link

Industry Offers Cautious Welcome to EU’s Landmark Crypto Law MiCA


A compromise deal that would see the use of many stablecoins limited to 1 million transactions per day is “quite a good end result,” because it will only capture real-world payments rather than trading activity, Patrick Hansen, Crypto Venture Advisor at Presight Capital, told CoinDesk in an online interview. That view may still change, since the scope of the cap is what France objected to.

Source link