BIS

XXsforEyes

Yeah… ETFs in the US and Hong Kong, BIS changes, FASB changes, MiCA legislation… all mentioned by me (feel free to look them up) and I STILL don’t think we’re bucking the market cap to the level OP mentioned because of… Math. I’d love to be wrong but with my time preference, it doesn’t matter. BTC will get there eventually, just not this cycle imo.

XXsforEyes

…and FASB changes, and BIS changes, and HK ETFs, and MiCA legislation and…. other positives OVER TIME, but it’s simply not going to blow the market cap to Pluto this cycle because - math. Low time preferences is your greatest ally here. I hope you’re ready I am.

XXsforEyes

Fees are supposed to replace block rewards gradually over time to cover the miners. As far as driving the market, I posted a detailed description of the recent and upcoming catalysts just yesterday. The TLDR is: FASB and BIS changes, ETFs in the US and China and MiCA legislation in the EU. Oh, and some recent progress in Switzerland. Check it out.

XXsforEyes

Some acronyms for you to look into, you know one already (ETF) but you might want to look into the other two: FASB and BIS… there’s a lot gonna change in the next few months.

redrumeight

Agustín Carstens, the General Manager of the BIS

wheredoestaxgo

I don't understand your argument. Why is legitimacy relevant in the game of capitalism - if 90% of investors lose money, regardless? Many "legit" businesses have traded at a stable price for decades. In a free market, why should the government get to decide whether you, on average, lose 90% (Sebi study) of the time on the stock market, or lose 80% (BIS study) of the time in the crypto market? Regardless, my main point stands, the UK restricts these freedoms whilst allowing promotion of gambling where you lose 95-99.9% of the tine

XXsforEyes

My bet is dump… first. The big pump comes months after the halving iirc. But, with ETFs, FASB changes and BIS opening up Central Banks to a 2% cap… maybe it’ll be different this time!

XXsforEyes

A recent meeting… the important part is when the change takes effect: December 15 2024. Now ask when the BIS, the Bank of International Settlements’ rule change allowing central banks to hold up to 2% crypto takes place.

XXsforEyes

That and their advertising blitz which is in the works. Beyond that, and I will keep posting this… the Financial Accounting Standards Board (FASB) has changed their rules to allow BTC on corporate books “at fair value” whereas before this change, a company could only claim losses (even unrealized losses) on BTC in their quarterly reports but NOT gains. This was lose-lose to anyone responsible for keeping a large business profitable. Now that they can report gains as well as losses they’re more likely to add Bitcoin to their balance sheets. Then there is their is the 2% rule from the Bank of International Settlements (BIS) which allows central banks to hold 2% cryptocurrency on their books(and even more stable coins iirc) that’s an additional $81 billion flowing into the crypto market if my math os correct. Although I’m not sure off the top of my head when the FASB rules change takes effect, Jan 1st 2025 is when the BIS rule does. To be clear: the BIS rule could be BAD for BTC because it’s about “crypto” not BTC exclusively and the BIS hates the crypto market so I believe there is nefarious intent, I just think it will backfire. Any entity that joins the BTC network makes it stronger, rather than weaker imo. [BIS report](https://www.bis.org/bcbs/publ/d545.htm)

XXsforEyes

BlackRock and ten other big shot ETFs… the FASB making Bitcoin “fair value” for companies, the BIS allowing 2% for central banks to hold… what’s next? More nation states making it legal tender? BULLISH

XXsforEyes

The Bank for International Settlements (BIS) has approved something like 2% (?) allocation for its members starting in January 2025… 283 short days away before another major catalyst hits. It explains some of the ATH pump now, alongside ETF and FASB hype.

igothackedUSDT

I got into this micro cap called $XX Network. They were testing providing privacy for CBDC’s with the BIS. So I figured it’d be a good investment. Bought some around 22 cents. A year later it was 2 cents but it has bounced to 27 cents since. So I’m about even. Pretty lame. They’re supposedly still working with the BIS so hopefully later in the bull run there’s a good narrative for them. It’s still microcap too.

tripeflyer

We are missing the “bitcoin is going to fucking zero” guy. Daniel something I think. And also Klaus Schwab, the fat BIS guy, Yellen, LaGarde, hell there are a lot of them. But my favorite is probably Peter Zeihan. Imagine being so wrong and so smug at the same time.

Pleefer

Until they don't... The BRICS nations are already dumping their dollars and stacking gold. Every other civilized nation in the world outside of the West and the grip of the BIS and World Bank has watched this country print dollars to oblivion. They understand what that means. Americans do not. They just want mor stimmy checks and UBI.

lightbulb-7

Thanks for the insights! Yes, though not perfect, local government is always to some extent liable to their actions. But unelected bureaucrats in Brussels or at supra-national institutions like the BIS can influence local decisions, and that's a situation I don't know how to plan for

TheUnstoppableBTC

“nation state wants to distory bitcoin” They won’t use a 51% attack to do so, far too difficult, hashrate far too distributed, and relies too too much luck and favourable timing anyway. The attack vector is trying to paint PoW as an unnecessary waste of energy, link it to the climate crisis and regulate it away…which will also fail, but it wont stop them trying, Watch the ECB, EU commission, BIS, and US EIA, all will make further moves on this in next couple of years.

momz33

But USA is that bad. The only reason we don't know for sure yet is just like 2008. Mayb 2007. Mayb before. Either way they knew the truth and said nothing. Until their affairs in order. Movie. The big short. They showed it. This time we had covid. Usd supply increased by 40% in just 2yrs. 2020 ish. But usd value didn't change much. Which is master manipulation at work. Usa printed its way out of great depression then lived off the world's GDP on promise of bonds. Shovel your nations GDP to USA. They pay you intrest in 30yrs. But every year is 30yrs. Right. Every year little bonds paid off little bonds sold off. Nobody actually gets paid back? Hey usa. Yes you. How about one year where you just pay your bills? The US govt WOULD AGAIN executive order Americans wealth to the govt wouldn't they. They've done it before. This time they'll be all like...... Executive order you Americans must surrender your bitcoins to the local authority. usa needs you. 😆 🤣 Apart of the manipulation is convincing the rest of the world USD is safe. Its the best they can hope for anyway. So when they panic sell their currency bcos its junk they swap to USD I think that props up USD. Just the counterfeit usd on the world market is insane. Secret service can't keep up. Turkey. Bangladesh. Ukraine. Russia. Just afew nations who looked to the dollar. Or crypto more now too. Rather than watch their money banished. To inflation cos when the govt needs money they don't need your money. They'll just first edition print new money and sell them under you. So your value is less even if the amount is higher. Then on top of all that the BIS told us 100 trillion is missing gone. From global debt. Then they STFU didn't they. Ww3 first boys. Then we'll look at fixing the money

Kopikoblack

Okay so mBridge is an EVM-compatible solution that also uses Solidity programming language. Could it just be Ethereum under the hood? I didn't expect ETH be used in a centralized transaction. Just Google mBridge and read it from the BIS PDF file.

weekendintokyo

Here's a fun fact: The BIS (Bank of International Settlements) already gave out standardized rules for how much bitcoin the central banks around the world may own, which is capped at 2%. Coming into effect 01.01.2025! Source: https://www.bis.org/

dixonspy2394

What good is a decentralized coin if you are required to use a centralized coin to buy it? That's the point they're trying to make. If the BIS and FED take up CBDCs and end all non-digital currency banking, then you'll have no way of getting any decentralized crypto without the FED knowing everything you do with it from that point on.

redditappiphone

Almost scripted…lol just read the BIS papers if you want the truth. Shit was seeded peeps

pompousUS

I am more worried about censoring of transactions. Bowing to the US sanction list Google banks and money laundering biggest fines It's just putting a stranglehold on things for a while. It's a game of cat and mouse but I place my bets on the programmers versus the WEF and BIS and the politicians in their pockets (all of them)

SparrowhawkInter

From the web: The standard has been approved at the highest level, namely by the Group of Central Bank Governors and Heads of Supervision (GHOS) of the Bank for International Settlements (Bank for International Settlements – BIS). Under the standard, banks will be allowed to hold up to 2% in cryptocurrencies in their reserves.

CockroachSeparate827

Incorrect. This was not law. It was a BIS declaration

mutinomonem

Funny how this came straight from BIS yet it managed to go under the radar even for many bitcoin investors. They're all publicly down playing bitcoins importance while simultaneously trying to get their hands on some

Adamantinian

Well aware of how money creation works, and it's not as simple as "whenever banks extend credit to customers". That used to be the way in sort of.. traditional active monetary policy, but since 2000-2008 it's definitely not the only way. Since unconventional monetary policy (QE, QE+ etc), which was started because there was insufficient new money creation with the interest rate/bank reserve transmission channel we've broadly money to more direct money creation. In Japan for example it's gone even a step further, with purchases of stock indices. As for the effect on wealth, central banks (Fed, ECB) and other institutions (BIS, IMF) broadly agree that while there is an equalising effect on incomes, there is an inequality-raising effect on wealth levels.

proof-of-conzept

It is insane how deep that rabbithole goes. First everything that I was seeing were the politicians and the elections where people vote for their democracy. Then the government selling parts of itself as bonds. Then I was seeing banks and central-banks buying those bonds and setting the interrest rates. Then companies who own shares of those central-banks. Then unelected forums like the world economic forum where leaders of the world meet and talk with unelected authorities about regulations and standardisations. I thought this was it, I thought I understood it. But no, there is the BIS. Right now I wonder what else lingers behind all of this?

Glass_Apricot_6108

I would if I read it in BIS Papers but I seen xrp and xlm more in the banking pdfs. 🤞🏾

igothackedUSDT

$XX Network is still microcap. They were working with the BIS and IBM to use their mixed network for CBDC's (Project Tourbillon).

Lord_Papi_

More likely than bitcoin being designated legal tender in a country as large as the United States. I wrote a paper on this that was well received by numerous central bankers and even by people at the BIS: https://www.researchgate.net/publication/344877126_The_Bitcoin_Standard_Central_Banking's_Next_Frontier

LiftingandCooking

Maybe take a look at the countries that have released a CBDC and the adoption rates. The Turkish Lira is still "a shitcoin" that no other country wants. That doesn't change just because it's digital. They haven't solved that problem and they can't. Look at the BIS hub and spoke report and you can see how flawed it is.

igothackedUSDT

XX Network! Only 20 million market cap. It’s middleware that shreds meta data, a mix network. They been working with the BIS to use their mix network to bring privacy to CBDC’s! Their founder was on a YouTube video on the BIS’s channel!

Royal-Leopard-2928

The BIS made a survey and it was about cross-border payments. Nothing there about “forcing individuals to use only one currency”.

Arzharkhel

It is not. Look at what the BIS has said about CBDC's. You have no idea what you are talking about.

Arzharkhel

Yes it can. The BIS has openly said they can control what you can or can't buy.

Arzharkhel

You can't program Bitcoin without the nodes agreeing to it. Central banks, however, can arbitrarily program your money to have negative interest or even block transactions. The BIS has openly talked about this. Stop being obtuse.

igothackedUSDT

$XX Network. They were working with the BIS (bank for international settlements) and the Swiss National Bank. The XX network is a mix network, it's like middleware (think chainlink is to oracles) but it shreds metadata. Their marketing is mush though, they're purposely not talking about their coin for whatever reason. Their CEO was in charge of BIS's "Project Tourbillon" and I think they concluded it, and are about to report on it.

igothackedUSDT

I think it could be Quantum resistance and Privacy relating to CBDC’s. Cuzzz BIS reports keep talking about it for CBDC adaption.

mrstoatey

While I don’t think Yanis is a bad person or a fool based on what little I know of him, I get so tired of the arguments of “traditional” economists. Where has his “adjustable” money got us? The US is now paying more interest on debt than the entire military budget. Paying it to who? Who is the US indebted to that are constantly collecting this free money? The rich and banks. Banks are given the privilege of creating loans out of nothing. They don’t loan out other people’s money, it’s been well documented by the central banks themselves that banks don’t have those restrictions any more. When they create a loan they also create a deposit in an account that counterbalances it. They magic credit up out of nowhere. What’s wrong with that? The loan earns interest, the bank earns interest, the bank gets money for doing nothing at all. The bank isn’t even taking any risk and doesn’t have any duty of care any more because of “too big to fail” (impossible to prosecute). So his “adjustable money” isn’t for everyone, it’s for the banks, they get to decide how much they lend, what interest rates they set, how much free money is produced and everyone is competing for goods and services with more and more debt while the banks and bankers collect the interest on it all. Ever wonder why banks have such massive expensive buildings or why the top people get paid such enormous sums? Because it’s free. Augustin Carstens, head of BIS is paid $733,000 as a base salary. Do you think he’d get that salary if the organisation had to get people to actually put their hands in their pockets and take out their cash and buy something from BIS? He gets that because the “money is adjustable”. We are seeing more and more striating of society across the world into the rich and poor. The middle class are competing with debt for the remaining assets while the rich get richer and hoover even more of it up. Just look at Blackrock buying up family homes. Where does Blackrock get its money from? “Earning” interest and management fees on massive piles of “adjustable money”. Yanis might not like the idea of Bitcoin being money, he might not like the consequences of it being money, but he doesn’t get to decide any more. All the cantillionaires and bankers and inherited rich don’t get to decide who gets the free money any more as they have done for over a hundred years. We decide if Bitcoin is money, we decide that nobody gets to “adjust” it out of thin air and buy all the houses, the businesses, the gold, the stocks and everything else of value with it. More and more people care about Bitcoin and as they do they will care less and less about their fake money. As that happens the fake money will lose value until like Argentina and Türkiye people don’t price things in garbage “adjustable money” any more, they price things in something that can’t be magicked out of the air and into the lucky few’s wallets, whether that’s bread, houses or Bitcoin.

aliensmadeus

just look what the BIS innovation hub is doing. they try everything in the book. of course much of it profits the big banks and governments, but they build & test frameworks for using blockchain tech between nationalbanks / banks / governments and implement legal regulations to make it work. also check the tokenization of assets via search engine. there is huge interest to use it, since its easier and cheaper for everyone.

igothackedUSDT

David Chaum is the founder of the XX Network. Their coin launched in 2022 I think. It's a smart contract L1 but with a Mix network attached to each node basically. And it's supposed to shred meta data. He worked with the BIS and SNB testing the mix network for privacy with CBDC's. The BIS is actually supposed to do a final report on it tomorrow I think.

Hatrick-Swayze

Who let Majin Buu work at the BIS?

JamesBondMI6007

Part 5: VI. CONCLUSION CBDCs do have the potential to provide substantial benefits such as financial inclusion, a reduced crime rate, more efficiency and convenience. Yet, this comes with a substantial price tag, that is compromised data privacy of citizens and ever greater centralization of powers with the government. What is ultimately at stake for western countries is not only the free-market economy but democracy itself. Simply hoping that nothing will go wrong once a such powerful tool such as CBDC is given to ones is in power, will not suffice. History is full of examples where innovative processes and technologies were eventually used by governments against their own people. REFERENCES [1] D. Salampasis, P. Schueffel, R. Dominic, and D. Cameron, "Central Bank Digital Currencies: Opening Pandora’s Box or Paving the Future of Money?". The Emerald Handbook on Cryptoassets: Investment Opportunities and Challenges, vol.: p. 283-306, 2023. [2] R.A. Auer, H. Banka, N.Y. Boakye-Adjei, A. Faragallah, J. Frost, H. Natarajan, and J. Prenio, "Central bank digital currencies: a new tool in the financial inclusion toolkit?". Bank for International Settlements, Financial Stability Institute, 2022. [3] K.S. Söilen, "The internet is leading the world towards forms of totalitarianism: How to fix the problem". Journal of Intelligence Studies in Business, vol. 11, no. 1, 2021. [4] W. Engert and B.S.-C. Fung, "Central bank digital currency: Motivations and implications", Bank of Canada Staff Discussion Paper, 2017. [5] K. Löber and A. Houben, "Central bank digital currencies", Committee on Payments and Market Infrastructures Markets Committee, Editor Markets Commitee: Basel, Switzerland, 2018. [6] O. Kwon, S. Lee, and J. Park, "Central bank digital currency, tax evasion, and inflation tax". Economic Inquiry, vol. 60, no. 4: p. 1497-1519, 2022. [7] D. Mitra, "Glimpses on digital currency - A case study of China", in An Approach Towards Central Bank Digital Currency, E. LauPoh Hock, Editor, Kunal Books: New Delhi. p. 228, 2022. [8] E. Prasad, "The case for central bank digital currencies". Cato J., vol. 41: p. 251, 2021. [9] U. Bindseil, "Central bank digital currency: Financial system implications and control". International Journal of Political Economy, vol. 48, no. 4: p. 303-335, 2019. [10] Oxford Analytica, "Digital currencies hold much promise for central banks". Emerald Expert Briefings, vol. no. oxan-db, 2020. [11] F. Tata, "Proposing an interval design feature to Central Bank Digital Currencies". Research in International Business and Finance, vol. 64: p. 101898, 2023. [12] M. Davoodalhosseini, F. Rivadeneyra, and Y. Zhu, "CBDC and monetary policy", Bank of Canada: Ottawa, 2020. [13] A. Baronchelli, H. Halaburda, and A. Teytelboym, "Central bank digital currencies risk becoming a digital Leviathan". Nature Human Behaviour, vol. 6, no. 7: p. 907-909, 2022. [14] K.J. Choi, R. Henry, A. Lehar, J. Reardon, and R. Safavi-Naini, "A Proposal for a Canadian CBDC", 2021. [15] C.M. Kahn, M.R. Van Oordt, and Y. Zhu, "Best before? Expiring central bank digital currency and loss recovery", Bank of Canada Staff Working Paper, 2021. [16] C.M. Kahn and F. Rivadeneyra, "Security and convenience of a central bank digital currency", Bank of Canada, 2020. [17] T. Ahnert, P. Hoffmann, and C. Monet, "The digital economy, privacy, and CBDC". vol., 2022. [18] B. Coeuré, J. Cunliffe, T. Lane, F. Panetta, S. Uchida, C. Skingsley, F. Zurbrügg, L. Brainard, and H.S. Shin, "Central bank digital currencies: foundational principles and core features", Report, 2020. [19] European Central Bank, "Virtual currency schemes – a further analysis", ECB, Editor: Frankfurt, 2015. [20] W. Bian, Y. Ji, and P. Wang, "The crowding-out effect of central bank digital currencies: A simple and generalizable payment portfolio model". Finance Research Letters, vol. 43: p. 102010, 2021. [21] E. Monnet, A. Riva, and S. Ungaro, "The Real Effects of Bank Runs. Evidence from the French Great Depression (1930-1931)". vol., 2021. [22] BIS, "CBDCs: an opportunity for the monetary system", in Annual Economic Report, Bank for International Settlements: Basel. p. 65-95, 2021. [23] Y.J. Fanusie and E. Jin, "China’s digital currency". Retrieved May, vol. 4: p. 2022, 2021. [24] S. Allen, S. Čapkun, I. Eyal, G. Fanti, B.A. Ford, J. Grimmelmann, A. Juels, K. Kostiainen, S. Meiklejohn, and A. Miller, "Design choices for central bank digital currency: Policy and technical considerations", National Bureau of Economic Research, 2020. [25] Bank of England, "Central Bank Digital Currency - Opportunities, challenges and design": London, 2020. [26] J. Slawotsky, "US financial hegemony: the digital yuan and risks of dollar de-weaponization". Fordham Int'l LJ, vol. 44: p. 39, 2020. [27] A. Pareek and A. Manur, "De-Dollarising Nexus: A Mirage", Takshashila Institution, 2022. [28] T. Mancini-Griffoli, M.S.M. Peria, I. Agur, A. Ari, J. Kiff, A. Popescu, and C. Rochon, "Casting light on central bank digital currency". IMF staff discussion note, vol. 8, no. 18: p. 1-39, 2018. ISSN:2951-5181 DOI:10.23164/journal.230808.000004 Vol. 1, No. 2, August 2023 THE JOURNAL OF DIGITAL ASSETS 56 [29] J. Slawotsky, "Digital currencies and great power rivalry: China as a disseminator in the digital age". Asia Pacific Law Review, vol. 30, no. 2: p. 242-264, 2022. [30] K. Foster, S. Blakstad, S. Gazi, and M. Bos, "Digital currencies and CBDC impacts on least developed countries (LDCs)". The Dialogue on Global Digital Finance Governance Paper Series, vol., 2021. [31] D.B. Chen, J. van der Beek, and J. Cloud, "Hypothesis for a Risk Cost of Carbon: Revising the Externalities and Ethics of Climate Change". Understanding Risks and Uncertainties in Energy and Climate Policy: Multidisciplinary Methods and Tools for a Low Carbon Society, vol.: p. 183-222, 2019. [32] I. Agur, A. Ari, and G. Dell’Ariccia, "Designing central bank digital currencies". Journal of Monetary Economics, vol. 125: p. 62-79, 2022. [33] M. Dapp, "From Fiat to Crypto: The Present and Future of Money". Finance 4.0-Towards a Socio- Ecological Finance System: A Participatory Framework to Promote Sustainability, vol.: p. 1-25, 2021.

btc-beginner

Bitcoin is layer 1 infrastructure. In these terms the central banks is the layer 2. While the BIS (bank of international settlements) is the layer 1. Your day to day bank is layer 3. Fiat layer 1 is suuuuuuper slow. Take days, or even weeks in some cases. This proves the point that day to day transactions does not need to be settled on the layer 1 infrastructure level. They can be settled on layer 2(lightning network) and 3 (apps, software, decentralized exchanges).

aed38

This guy doesn’t pay any taxes and no governments have jurisdiction over the BIS. Let that sink in.

oAquaman

The utility token that powers Quant networks Overledger platform. Overledger provides seamless interoperability between any blockchain to any blockchain. It can also connect legacy systems to blockchains. Their main focus right now is working with enterprises and governments. They are working with the likes of Oracle, Nexi, Lacchain, BIS, The bank of England, etc. Lots of information out there, best place being telegram, worst place being Twitter.

coinfeeds-bot

tldr; The Bank of International Settlements (BIS) and several other European banks are piloting a project called Project Atlas, which aims to provide them with data for full crypto transaction surveillance. The project combines data from crypto exchanges with on-chain data to create a single analytics platform for regulators and central banks to use for surveillance. The goal is to gather granular and aggregate data relevant to central banks' mandates. The first proof-of-concept focuses on modeling cross-border Bitcoin flows between exchanges. The system can surveil individuals by combining on-chain data with exchange data. However, the BIS acknowledges that mixing services such as CoinJoin can hinder surveillance capabilities. Project Atlas would give central banks and regulators a global overview of Bitcoin and crypto flows, including data on the entities involved, their transactions, and their magnitude and concentration. This could potentially give governments ultimate control over financial flows. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Silver-dutch

“The Bank of International Settlements (BIS) and several other European banks are piloting a project that would give them the data for full crypto transaction surveillance.” They just want to know every move and control the shit out of it

coinfeeds-bot

tldr; The article discusses the launch of Project Mandala by the Bank for International Settlements (BIS) and central bank partners. The project aims to explore the feasibility of encoding jurisdiction-specific policy and regulatory requirements into a common protocol for cross-border transactions. By automating compliance procedures, providing real-time transaction monitoring, and increasing transparency, the project seeks to address the challenges of disparate policy and regulatory frameworks that hinder smooth and efficient cross-border payments. The project aligns with the Financial Stability Board's priority actions for enhancing cross-border payments. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

MarcusStoic

Here are the top news in Crypto for the past 24 hours: 🌕 Judge Torres denies SEC's appeal in Ripple XRP case, citing no "pure question of law", proceeding with the trial as planned. 🌕 Ripple's Singapore subsidiary gets license from Monetary Authority of Singapore, allowing it to continue digital payment token services. 🌕 TON secures 8-figure funding from MEXC Ventures for Telegram's Web3 venture, aiding global Web3 access, and promoting TON-based projects. 🌕 Bank of Korea to test wholesale CBDC with BIS, exploring its use as a settlement asset for tokenized deposits, amid BIS's Unified Ledger development. 🌕 CMCC Global raises $100M for Titan Fund to back Asian blockchain startups, with over 30 investors including Winklevoss Capital. 🌕 Alameda transferred $4.1B in FTT tokens to FTX amid dubious transactions before FTX's collapse. 🌕 Jump Trading loses nearly $300M in FTX's collapse, with $206M lost directly and over $75M lost by affiliated firm Tai Mo Shan Ltd. 🌕 Yield Protocol to cease operations due to unsustainable demand for its fixed-rate borrowing and challenging regulatory environments. 🌕 French central bank views CBDC as key to a new global monetary system, emphasizing its potential to enhance cross-border payments. 🌕 Cocoa broker Marc-Antoine Julliard testifies in SBF's trial about his Bitcoin holdings and trading experiences on the FTX platform.

magnetichira

BIS deez nuts

coinfeeds-bot

tldr; The Bank for International Settlements (BIS) is collaborating with central banks in Europe to develop a crypto and decentralized finance (DeFi) tracking system called Project Atlas. This data-gathering platform aims to shed light on the macroeconomic relevance of crypto assets and DeFi by combining off-chain and on-chain data. The project aims to track and estimate the flow of digital assets across specific geographic locations, providing insights into cross-border flows. The initial findings suggest that the identified flows between crypto exchanges are economically significant and substantial. The project involves key contributors such as the Bank of France and the European Central Bank. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

abx337

Sounds encouraging, but proprietary and decentralized is a meaningless phrase. This proprietary (closed) blockchain will be integrated with CBDCs and the digital ID system and is what the BIS is moving toward as fast as they can. I'm not interested in being "well taken care of on a government level." Don't be fooled.: https://odysee.com/@ChrisBorg:a/Bank-for-International-Settlements-head-Agustin-Carstens-about-CBDC-and-control:f

Tasigur1

>BIS and its partners within the **Eurosystem**, **De Nederlandsche Bank** and the **Deutsche Bundesbank** are creating a data platform that has potential to shed light on the macroeconomic relevance of cryptoasset markets and decentralised finance (DeFi). Wow, imagine somebody would have predicted this 10 years ago. He/she would have been marked as completely crazy.

coinfeeds-bot

tldr; The Bank of Korea (BoK) has announced plans to test a wholesale central bank digital currency (CBDC) in partnership with the Bank for International Settlements (BIS) and other institutions. The pilot will focus on the feasibility of using a wholesale CBDC as a settlement asset for commercial bank tokenized deposits and will also experiment with the programmability of tokenized deposits. The initiative will involve BIS researchers partnering with South Korea's central bank, with oversight provided by South Korean financial regulators. The BoK has already conducted retail CBDC trials but determined that a retail CBDC is not currently necessary. The wholesale CBDC pilot comes amid the development of the BIS's unified ledger concept, which aims to integrate CBDCs, digital money from commercial banks, and tokenized assets into a single programmable network. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Cryptosockies

was this written by AI? "The Bank for International Settlements (BIS) has developed a proof-of-concept (PoC) for a system tracking on-chain and off-chain transactions from cryptocurrency exchanges and public blockchains, including Bitcoin." i dont think proof of concept needsto be written like that?

coinfeeds-bot

tldr; The Bank of International Settlements (BIS) and several European central banks are collaborating on a data platform called Project Atlas to track cryptocurrency and decentralized finance (DeFi) flows. The project aims to provide insights into the macroeconomic relevance of the crypto sector and address the lack of transparency and potential risks to financial stability. The proof of concept combines off-chain data from cryptocurrency exchanges with on-chain data from public blockchains to track cryptocurrency flows across geographical locations. The initial pilot indicates that inter-exchange flows are economically significant. The project will continue to incorporate more data sources and expand to include data from the Ethereum network and DeFi protocols. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

lj26ft

This crisis is being engineered, people. The collapse of thousands of regional banks will give them the justification necessary to impose a dramatically new system. Conveniently the FedNow framework went live in July & has been quietly waiting on the sidelines. Bank for International Settlements (BIS) 26 June 2023 https://www.bis.org/publ/arpdf/ar2023e3.htm Central banks are about to blame their policy error on an inability to properly monitor the economy under the current system, citing a need for a CBDC where $ flows can be analyzed. The inflation, crash & subsequent frozen banking system will be tied to the "antiquated network."

LinusVPelt

A distopian controlling system modelled on the chinese social credit score, linked to citizens behaviours considered 'virtuous' or excessive by the governement, like ESG related consumption and expenditures. They will get citizens on board with cashbacks and direct interest rates on 'deposits', as it would be possible for the ECB to manage everything directly, bypassing commercial banks. Two payments networks were expected: a fully transparent one for regular citizens transactions, with basically open information to authorities for every transaction and wallet; and an opaque one for corporations and large institutions (to guarantee them a higher level of privacy). The BIS (Bank for International Settlements) released detailed reports and guidelines in 2022 and 2023 on how a CBDC should be designed and promoted. Coin Bureau is just one of the sources who abundantly reported on this, directly from BSI, ECB and EU reports.

coinfeeds-bot

tldr; The Bank for International Settlements (BIS) and the central banks of France, Singapore, and Switzerland have successfully completed a CBDC initiative called Project Mariana. The project tested cross-border trading and settlement of wholesale central bank digital currencies (wCBDCs) using decentralized finance (DeFi) technology on a public blockchain. The collaboration validated the trading and settlement of hypothetical euro, Singapore dollar, and Swiss franc wCBDCs, and explored the use of automated market makers for spot FX transactions. The project aims to improve cross-border payments and may be a forerunner for the functioning of future cross-border payments. Further research and experimentation will continue. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

coinfeeds-bot

tldr; Project Mariana, a collaboration between the Bank for International Settlements (BIS) and the central banks of France, Singapore, and Switzerland, has successfully tested cross-border wholesale central bank digital currencies (CBDCs). The project aims to explore the potential benefits and challenges of using CBDCs for cross-border transactions. The successful test demonstrates the feasibility of using CBDCs to settle cross-border payments in a secure and efficient manner. This development is a significant step towards the implementation of CBDCs in the global financial system. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

JustStopppingBye

The people working at BIS are beyond stupid. All they did was create an erc20 token that operate the exact same way wBTC (or any wrapped token does), a bridge and an AMM. About a month ago, they shit on oracles saying they were centralized and that people should use/trust BIS' centralized system more because its "bedrock is trust". They are years behind CCIP.

coinfeeds-bot

tldr; The Bank for International Settlements (BIS) and the central banks of France, Singapore, and Switzerland have successfully tested cross-border trading of wholesale central bank digital currencies (wCBDC). The project, called Project Mariana, used a hypothetical euro, Singapore dollar, and Swiss franc wCBDCs between simulated financial institutions. The test relied on a common token standard on a public blockchain to facilitate interoperability and seamless exchange of wCBDCs across different local payment and settlement systems maintained by participant central banks. The project also explored the use of decentralized finance (DeFi) elements, such as automated market makers, which could potentially form the basis for a new generation of financial market infrastructures. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Silversaving

Countries Should Set Up Legal Frameworks to Support CBDCs: ~~BIS Chief~~ Man who never missed a meal in his life.

coinfeeds-bot

tldr; The article discusses the need for updated legal frameworks to enable the issuance of Central Bank Digital Currencies (CBDCs). Agustín Carstens, the General Manager of the Bank of International Settlements (BIS), highlights the benefits of CBDCs and urges world leaders to adapt their laws to accommodate them. Carstens emphasizes the desire for digital and programmable money that can be transferred quickly, cheaply, and safely across borders. He argues that private market cryptocurrencies and stablecoins do not meet the requirements of being money without the backing and protection of central banks. Carstens suggests that wholesale CBDCs have potential in automation and risk mitigation, while retail CBDCs could enhance financial inclusion and facilitate faster and cheaper cross-border payments. The article also mentions the legal barriers faced by central banks in issuing CBDCs and the need to address outdated or unclear legal frameworks. Carstens emphasizes the importance of privacy as a core element in the legal frameworks for CBDCs. The article concludes by highlighting the ongoing work of central banks in developing CBDCs and the differing views on CBDCs among political parties, particularly in the United States. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

coinfeeds-bot

tldr; Agustín Carstens, the Bank for International Settlements (BIS) general manager, urged governments to create a legal framework to ease the creation and introduction of Central Bank Digital Currencies (CBDC). In a Sept. 27 speech delivered at the BISIH-FSI conference in Switzerland, Carstens emphasized the pressing need to address legal challenges obstructing the progress of CBDCs. […] The post BIS chief claims ‘outdated legal frameworks’ could ‘hinder’ CBDC development appeared first on CryptoSlate. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

krfc89

This how I would imagine BIS Chief, personification of greed and gluttony.

coinfeeds-bot

tldr; Countries should establish legal frameworks to support the implementation of central bank digital currencies (CBDCs), according to Agustin Carstens, the general manager of the Bank for International Settlements (BIS). Currently, around 80% of central banks are either prohibited from issuing CBDCs or lack clear legal frameworks. Carstens emphasized the need to rectify this situation, as the public demands forms of money that meet their needs and expectations. Central banks worldwide have been investing in exploring the technical and operational requirements of CBDCs, with 93% of central banks engaged in CBDC work in 2022. Carstens called for collaboration among countries in designing their CBDCs and urged the prompt resolution of legal framework issues. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Stoopiddogface

That's pretty bullish if they're going to be w BIS. Settling FX markets is a lot of traffic

Sky-876

Quant: interoperability, overledger release, working on CBDC with Bank of England (project Rosalind), many big partners like BIS (bank of international settlement), CEO Gilbert Verdian is very representive and much more...

DingDongWhoDis

What do you mean by "They will be implemented in 2025 with swift and the BIS"? Source?

ExtremeTiny3447

Is anybody interested in ISO 20022 coins ? They will be implemented in 2025 with swift and the BIS.

anthonyhsiao

Strictly speaking it's not cbds vs btc. Or bis vs btc. IF btc is digital Gold and BIS is not against Gold then why would it be against btc? I think they can Co exist Cbdc is like "digital" (programmable) fiat. And fiat and btc can Co exist as well.

Sky-876

Hate me, but i like Quant close after ETH. There's something big going on. project rosalind, partner with BIS (Bank of International Settlement)

ridi86

Would you still consider XRP and SOL wildcards after all their announcements and partnerships? Even HBAR and QNT are making big steps in the partnership aspect and I don’t see that as negative at all. Just recently the FED is utilizing HBAR. XRP partners with so many Cee teal banks around the world and even QNT is directly involved in project Rosalind with the BIS and Bank of England. Imo these are not wildcards. Maybe ADA but I believe in their approach

chivakenevil

Swift wants decentralization and BIS/central banks want centralization.

coinfeeds-bot

tldr; Tokenised assets have the potential to revolutionize banking, but the current fragmented nature of the technology limits their adoption. To fully benefit from tokenisation, the industry needs to ensure interoperability between different blockchains. The Bank for International Settlements (BIS) envisions a unified ledger that combines central bank money, tokenised deposits, and tokenised assets on a programmable platform. Swift and Chainlink have collaborated to explore interoperability between blockchains and existing financial infrastructure. ANZ is actively exploring decentralised networks and working with industry partners to facilitate interoperability. They have completed a test transaction using Chainlink CCIP to simulate the purchase of a tokenised asset. Connecting existing blockchain networks will be crucial for the wider adoption of digital assets. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

mutinomonem

Of all things, spending options is what stops you? You can already spend bitcoin anywhere you can use visa or MasterCard. You can literally get cards that let you spend it. Visa and MasterCard have been in on this for a while. PayPal have rebranded and want to "take bitcoin to the next level" or someshit and have just accidentally paid 500k in fee presumably experimenting. The BIS is allowing central banks to custody bitcoin in 2025. The LN is already used to convert any currency to another instantly and for next to free using the strike app. That's the bitcoin network that's doing that but it's hidden behind the scenes. In a few years people won't realise they're using bitcoin but settlements will be powered by it. How are you not going to be able to spend it? How is that the one thing what holds you back from going all in on the greatest financial instrument we have ever been gifted? You can keep your stonks.

Sky-876

Quant (overledger) Big partnerships with the bank of international settlement (BIS) and Bank of England working on CBDC (project rosalind)

StrivingPlusThriving

\>Don’t you think you’re making a big mistake? Am I? Here are a few things to consider: I think it would be a big mistake if I were doing what I'm doing if I didn't have the level of knowledge-based conviction that I have because I already spent thousands of hours learning the following: \- Make all financial decisions based on probabilities; because there are no certainties. \- Always keep an emergency cash fund just in case there are unforeseen expenses. \- Always self-custody your BTC to avoid counterparty risk. Questions: \- What is money vs. currency? \- What are the inherent problems with fiat currencies? \- What is BTC, and what is BTC doing? I'm into BTC because it is an immutable neutral base layer monetary bearer asset. I see BTC more like a public utility run by humanity, rather than an investment. I'm in BTC as a long-term payment rail and if it stays at the same price forever I'm fine with that. Actually, a steady price would make planning my future easier. If the price goes down, I will buy more, bring down my cost basis, and keep rolling. I'm not price-agnostic completely, because I want to accumulate more at lower prices. Until I have a job that pays me in Bitcoin, I have to accumulate Bitcoin in other ways besides direct earning, including buying BTC. There are a lot of people like me. Way more than you think. There are even more people who are far more hardcore than me. If you look at the HODL Waves chart, you'll see large percentages of people holding Bitcoin for 1 year, 3 years, 5 years, 10+ years.. their Bitcoin hasn't moved. These finance-savvy people want access to a neutral monetary network, and they're sticking around for the looooong haul. If the past is any indication, many groups, companies, and countries will come and go, and Bitcoin will be there, functionally-steady and security-stable, taking care of its users and preserving the immutable ledger. = Demand: \- GAAP, FASB Accounting practices that are more favorable to corporations and sovereign wealth funds buying and holding Bitcoin as a balance sheet asset \- BIS, Implementing policies to allow international commercial banks to hold Bitcoin on their balance sheets, starting in 2025 \- Blackrock, the world's largest AUM financial firm is offering Bitcoin services \- Goldman Sachs, Offering Bitcoin services \- NASDAQ, Offering Bitcoin services \- BNY Mellon, Offering Bitcoin services \- Fidelity, Mining with their own rigs, and offering Bitcoin services, ETF application \- US Regulations, Every U.S. government regulator that has offered guidelines or even just opined on questions about Bitcoin has declared it a commodity; an asset without an issuer \- Bank of America says $BTC will continue to chop up through 2023, and into 2024 \- Banks buying, The Basel Committee of the BIS estimates that global banks currently own over $9B in cryptoassets, with BTC and its derivatives accounting for 56% of this total. \- Recent ATH in hashrate: https://twitter.com/cryptomag11/status/1617193518044258305?t=r5lOmZg98fv1nuXGrMCvOw&s=09 \- Recent ATH, LN Lightning capacity \- Recent ATH's in HODL Waves, ATH in addresses with more than >0.01, >0.1, and also >1 BTC \- ETF season upcoming \- Blackrock ETF app, BTC leverage futures ETF's already approved, many other SEC and CFTC apps pending for various financial instruments \- Grayscale court decision favorable \- 3rd Halving Event makes the future of BTC much clearer than many think: https://twitter.com/therationalroot/status/1672997747337601024?s=20 \- Shrimps, crabs, and fish accumulating at a peak pace of 2,286 BTC/day, fluctuating some = Supply/Mining: \- 900 BTC mined per day, 450 BTC mined per day next year, after next halving \- Over 19 million BTC mined already \- Exchanges: \- Amount of BTC on exchanges is at a recent all-time low \- Bitcoin marketable supply on exchange is down to 2.3m (11.7%) \- Inelastic/unmarketable supply: \- BTC not moved >1y up to 69% \- Halving coming around Apr 2024 \- Illiquid supply up to 15.2m (78.3%) \- Bitcoin buyers of the last 12 months are very likely to be HODLers and likely to buy more BTC regularly; HODLers of last resort. \- Soon it will be abundantly clear that: 1. There is not enough Bitcoin. 2. Most Bitcoiners are not giving theirs up. \- When global liquidity goes up, especially when money printers go brrr, $BTC price usually goes up, when global liquidity is stagnant, $BTC price is stagnant. \- BTC has become an ironic form of common-man Cantillon asset. \- By positioning itself in the market where it is now, BTC is the fiat debasement pressure release valve. \- Will money printers continue to go brrr? Yes, in cycles. They must, or the entire debt-based system will collapse. = Result: \- This is the first time in history the common man can still front-run billionaires & trillionaires; the window of great opportunity might start closing soon. \- Most fiat Cantillionaires will be late to the BTC party, retail investors are scooping up pennies on the dollar… institutional investors have to wait on regulators, while we retail investors know what’s coming so we’re stacking. \- Bitcoin's annual inflation rate drops below 1% next year for the first time. After the next Halving, Bitcoin's inflation rate will be lower than gold. \- Keep an eye on the U.S. Federal Reserve Novel Activities Supervision Program. Insiders say big news is coming. = Best case scenario: \- Likely explosive 3-year rally from 2023 - 2024 - 2025. \- Possibly into 2026, because by this time there'll be complete regulatory clarity in most parts of the world including the U.S., and so more and more demand will come into the market. = Worst case scenario: $BTC price goes down a lot, I buy more and drive down my cost basis, and BTC remains a neutral, transparent base layer bearer asset that gives me options for deploying capital on my terms. Thoughts?

chivakenevil

It gets worse. BIS stated last week that oracles in Defi are bad and centralized, so their solution is to use their centralized system whose "bedrock is trust". They made a few tweets about it and posted a paper. Its very short and disingenuous. I think its a war between BIS (central banks who want centralization) and swift (private banks who want decentralization)

Sky-876

Is anyone investmed in Quant. Many youtubers say it can 100x to 10k. Do you think it´s possible? I mean the CEO Gilbert Verdian is very representive and they have big partnerships with the BIS (bank of international settlement), bank of england working on CBDC. They also have released their overledger. I see big times for this project.

chivakenevil

Now look what BIS posted today. [https://www.bis.org/publ/bisbull76.pdf](https://www.bis.org/publ/bisbull76.pdf) > An alternative way to achieve the same objective of leveraging the technological benefits of programmable platforms (BIS (2023)), which is fit for purpose, is to build on a centralised system whose bedrock is trust. I suspect that BIS is afraid that tokenization will eliminate the use for them.

Sky-876

Quant, will be the king in interoperability, low token volume (lower than BTC) Big partnerships with the BIS (Bank of international settlement) and the bank of England working on CBDC (project rosalind)

Sky-876

Yep. Big partnerships with the BIS (bank of international settlement) and the Bank of England working on CBDC (project rosalind) and much more. The CEO is also very representive.

MindlessBadger281

Links all different blockchains together, working with the Bank of England, BIS, take a look at the project Rosalind report as well

Sky-876

Will be the master in interoperability. Big partnerships with the BIS (bank of international settlement) and the bank of england, working on CBDC (project rosalind), the CEO is very represent. They have also released their overledger and wanna connect alle cryptos. I see big future!

Sky-876

I guess Quant (QNT). Will connect all blockchains with their overledger (released) and working with the BIS (bank of international settlement) and the bank of england on CBDC (project rosalind). There is something big going on.

cryotosensei

Quant! Quant has big partnerships with the BIS (Bank for International Settlements) and Bank of England working on CBDC (Project Rosalind)

Sky-876

Partnerships with the BIS and bank of England on CBDC (project Rosalind). The CEO ist representive and much more.

Sky-876

Quant, because I believe in interoperability and the big partnerships with the BIS and bank of England working on CBDC (Project Rosalind)

MindlessBadger281

It was named in one of the pilot studies- can’t remember where- could be a BIS report. I think it is more likely to be used for settlement within countries rather than across borders. Can’t complain though as I have made a 10% profit so far and am happy to hold for the moment

Sky-876

Iam holding a little bag of ETH too. Also a few moons after my first distribution next time. I also buy some ETH from time to time. Also Quant, because i like the token, CEO and what is behind that. Big partnerships and the partnership with the BIS.

jk_14r

Take this, straight from Bank for International Settlements: *"__Fragmentation__ means that crypto cannot fulfil the social role of money. Ultimately, money is a coordination device that facilitates economic exchange. It can only do so if there are network effects: as more users use __one type of money__, it becomes more attractive for others to use it."* https://www.bis.org/publ/bisbull56.pdf BIS locuta, causa finita ;)

Shiratori-3

I don't have a list, but you could check out eg: QNT - doing stuff with BIS, BoE, a bunch of others LINK - working in with SWIFT etc METAL - US, KYC'd chain. Doing banking related stuff.

coinfeeds-bot

tldr; The relevant text for the article title is as follows: "Despite a failed attempt to rally above $26,600, the price of BTC remained relatively unchanged this week, hovering near $26,000. At the time of writing, it has dropped by approximately 11% over the month. The price primarily responded to macro events and traditional markets, as the market was preoccupied with speculations regarding the monetary policies of central banks and the rise in bond yields. While the short-term prospects for BTC appear grim, there was another bullish forecast from a multibillion-dollar fund suggesting that BTC could reach $148,000 by 2025. We covered this topic in detail here. BTC price chart: Bitcoin miners are in for a challenging week as this activity has become more costly at the time when BTC’s price has dropped by 11% over the month and returned to a level last seen at the end of June. This might encourage some miners to sell more BTC, further adding pressure to the price. The Bitcoin mining difficulty has increased by over 6% this week, reaching around 55.6 T (terahashes, or 55.6 trillion calculations per second). We covered this topic here. Another example of BTC’s benefits in energy and environmental contexts is Nodal Power, which raised $13 million for utilizing landfill gases, including methane, that is more potent than carbon dioxide in terms of contributing to climate change, for electricity production. This electricity is also used by Nodal to mine Bitcoin. Dropbox announced the discontinuation of their unlimited data storage service, as some clients have begun using it to mine crypto or use it in other ways not favored by the company. Yet another potential sign of how competition is evolving among nations in the Bitcoin mining business is exemplified by the startup Exahertz in Oman. They claim to have secured government support for their BTC mining project, valued at $1.1 billion. This has already been pursued on a national scale by the Kingdom of Bhutan. This week, Binance had its fair share of unfavorable media attention. Firstly, there was some confusion for Binance clients in Europe. The company acknowledged mistakenly announcing that SEPA transfers were no longer operational, even though it had previously been stated that the partnership with the current service provider would end on September 25. This date remains unchanged, and the exchange promises to find a solution by then. Furthermore, The Wall Street Journal brought to light a new batch of allegations against Binance – indicating fresh evidence that the exchange is offering services in Russia. Simultaneously, Russian media claims that although Binance has banned $ and EUR peer-to-peer crypto trading in this market, RUB trading remains available. Adding to the woes, Binance which is facing multiple charges in the US, and payments giant Mastercard are terminating payment card services in Argentina, Brazil, Colombia, and Bahrain. Meanwhile, payment company Checkout.com reportedly ended its partnership with Binance, citing regulatory and money laundering-related concerns. In the meantime, signs of stricter regulations continue to emerge in the landscape of centralized exchanges. This time, it was Bitget that announced stricter KYC (know your customer) procedures. One of the top 10 decentralized crypto exchanges, Balancer, urged its clients to swiftly withdraw their crypto from certain pools due to a potential vulnerability that could lead to fund theft. While it was somewhat evident before, it’s now even clearer why Coinbase has been actively promoting payments using the second most popular stablecoin, USD Coin (USDC). The exchange announced an investment in USDC issuer Circle, with whom they had collaborated on this stablecoin before. Simultaneously, it was revealed that USDC is set to be launched on six more blockchains by October. Furthermore, USDC has been integrated as a payment method on the Shopify platform. The latter has teamed up with the Solana (SOL) blockchain payment solution Solana Pay, which was the first to introduce USDC. The hottest crypto project is the social network friend.tech, which allows the tokenization of its users’ social profiles that can be traded as “shares”, had to address reports claiming that data from over 100,000 of its users had allegedly leaked. The team asserts that this is untrue, but it doesn’t change the fact that these users’ crypto wallets and Twitter (now X) accounts were exposed (though the list has seemingly been removed). In either case, usage metrics for this network have declined since August 21. BTC and crypto hardware wallet manufacturer Trezor, in collaboration with privacy-focused Wasabi Wallet, has introduced the so-called coinjoin feature into the Trezor Model One device (previously only available on Trezor Model T). Coinjoin enhances the privacy of BTC users by making transactions highly untraceable. Simultaneously, another team has launched an educational project about Coinjoin. Bitcoin developer Luke Dashjr seems to have shifted his stance from “negative” to “neutral” regarding the much-discussed Bitcoin scaling technology drivechain this year. He submitted a pull request for drivechain on GitHub, which has taken the discussions about this technology to a new level. However, it’s worth noting that he was compensated by drivechain advocates from the Layer Two Labs team. Supporters argue that drivechain, which is a layer 2 technology, will offer numerous new possibilities for Bitcoin and might even render altcoins obsolete, as all the same functions could be achieved through the Bitcoin blockchain. Opponents, on the other hand, have reservations and warn about centralization and threats to Bitcoin’s security. The crypto giant Coinbase announced its steps necessary to decentralize its newly launched Base blockchain, although the specific timeline for this transformation remains unspecified. Simultaneously, the company shared its vision for a “Superchain,” envisioning a network of blockchains that would help Ethereum (ETH) scale. According to Coinbase, chains that are part of the “Superchain will allow builders and users to transact and move across chains easily and affordably.” If tax authorities are keeping an eye on crypto news, they might find inspiration in the city of Cheongju in South Korea. The city plans to seize crypto holdings from investors who haven’t paid taxes and has already reached out to seven exchanges. The Bank for International Settlements (BIS), a central bank organization, issued a recent report warning about threats to financial stability related to the crypto market. However, it also urges caution against excessive regulation that might stifle innovation, even though, according to BIS, crypto has not yet fulfilled its promises. Furthermore, strict regulations could lead to an increase in the shadow market, making it harder to oversee, according to BIS. In combating fraud, the UK government has begun seeking public input regarding the ban on cold calls, which offer financial services, including those related to crypto. The troubled BTC and crypto custody company, Prime Trust, has admitted that it lost around $8 million due to an investment in the collapsed Terra$ (T$) stablecoin last year. $6 million of the lost money belonged to their clients. BTC financial services company Unchained stated that in the second quarter of this year, compared to the first, its managed portfolio of loans collateralized by BTC increased by 170%. The company saw an 88% growth in business clients, a 67% increase in private clients, and a 260% surge in clients using BTC-related inheritance services. Although the company didn’t provide exact figures, it announced in April that it has originated over $500 million in BTC-collateralized loans since 2017, and its BTC custody platform held $2 billion worth of BTC at that time. Crypto wallet Exodus has revealed its results for the second quarter and first half of the year: monthly active users *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*

coinfeeds-bot

tldr; Cryptocurrencies are increasing the financial risks of emerging economies, according to a report by the Bank for International Settlements (BIS). The report states that cryptocurrencies cannot solve the financial challenges faced by developing countries, despite claims that they can address issues such as high-fee payment transactions and high inflation. The report suggests that crypto assets have actually amplified the financial risks in less developed economies. It also warns that if cryptocurrencies are widely adopted by retail investors and become more linked to the traditional financial system, the need for risk assessment and regulation will become even more pressing. The report suggests that authorities have various policy options to address the risks of cryptocurrencies, but an outright prohibition may have unintended consequences. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*

coinfeeds-bot

tldr; Currency’s appeal as a low-cost solution for countries with high inflation is ‘illusory’, says BIS *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*

coinfeeds-bot

tldr; The Bank for International Settlements (BIS) has raised concerns about the risks associated with crypto assets in emerging market economies (EMEs). While crypto assets have been touted as affordable payment solutions and alternatives to national currencies, the BIS suggests that they may actually increase financial risks in these economies. The report calls for crypto assets to be scrutinized in the same way as traditional assets when it comes to risk and regulatory issues. The report also identifies several risks associated with crypto assets, including liquidity risk, market risks, and credit risks. The BIS emphasizes the importance of a balanced approach to regulation and encourages the use of technology and innovation to refine financial systems. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*

coinfeeds-bot

tldr; Crypto is failing to reduce financial risks in emerging markets, but the response should be regulation rather than an outright ban, according to a study by a group of central bankers led by Mexico and Colombia. The study, published by the Bank for International Settlements (BIS), states that regulating the crypto sector would be preferable to a full ban, given the difficulties of enforcement and risks of curbing innovation. The study also warns about the potential financial stability impact of crypto, including "large and sudden changes in the flow of capital." The report suggests that regulations should be put in place to channel innovation into socially useful directions. The advent of crypto-based exchange-traded funds (ETFs) could heighten risks, allowing a wider range of people without specialist finance knowledge to enter the market. The skepticism towards crypto from global organizations is not new, with the BIS previously stating that crypto has "inherent flaws" and the United Nations calling for widespread restrictions in emerging economies. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*