The National Bank of Cambodia’s new digital currency is called Bakong. It’s effectively a central bank digital currency (CBDC) that was launched on a trial basis throughout Cambodia in July. Chea Serey, director-general of the National Bank of Cambodia, said the system will be operational within the present fiscal quarter. Serey described Bakong as “the national payment gateway for Cambodia.” Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform, making it easy for end-users to pay each other regardless…
Day: January 30, 2020
Bitcoin Isn’t a Main Focus in Finance Anymore, Theismann Says
Former NFL player Joe Theismann thinks Bitcoin has drifted to the back burner, out of the public’s microscope. “It’s sort of been pushed way on the back shelf,” Theismann told Bloomberg in a Jan. 30 podcast interview. “I’m not saying that there isn’t a possibility for it to rise again at some point, but I think that has run its course to a degree,” he added, noting his brief past participation in the industry. Financial interest In the podcast episode with Bloomberg, Theismann spoke on multiple topics, including stocks and…
Bakkt Bitcoin Options Trading Volume for Last Week was Just Zero
Bakkt, the highly touted cryptocurrency exchange founded by the Intercontinental Exchange, saw zero Bitcoin options traded last week as it continues its hugely underwhelming start to life. The Bitcoin futures exchange, governed by the company behind the New York Stock Exchange, was billed as a gateway for institutional investors to get in on the world of crypto trading given its close associations with established financial institutions. However, the pre-launch excitement failed to translate into activity as Bakkt traded just 623 futures contracts in the first week of launch in late…
Crypto Upstages Other Mobile Payments in US Congressional Hearing
Congress clearly has crypto on the brain, with the question of regulation being a matter of when. At a Jan. 30 hearing before the Fintech Task Force, a body within the United States House of Representatives, lawmakers were focused on bringing crypto into the conversation. The basics The hearing — entitled “Is Cash Still King? Reviewing the Rise of Mobile Payments” — featured testimony from witnesses with backgrounds spanning payment providers, consumer advocates and financial inclusion non-profits. While some of the written testimony provided by the witnesses before the hearing…
Virgil Griffith Pleads Not Guilty to Evading U.S. Sanctions in North Korea Jaunt
Ethereum developer Virgil Griffith entered a plea of not guilty Thursday afternoon in a Southern District of New York courthouse. Griffith is charged with conspiring to violate the International Emergency Economic Powers Act after traveling to North Korea (DRPK) in April 2019 to attend a cryptocurrency conference. If convicted, Griffth, who once called himself a “disruptive technologist” whose aim was to “make the Internet a better and more interesting place,” could face up to 20 years in prison. He traveled up from Alabama to attend the arraignment and appeared composed…
CME Bitcoin Futures Hit $100B in Volume Since 2017, Director McCourt Says
The Chicago Mercantile Exchange, or CME, has hosted over $100 billion in volume for its Bitcoin futures trading product. “CME Bitcoin futures have surpassed $100 billion in total notional value traded since their launch in December 2017,” CME Group Managing Director and Global Head of Equity Index Alternative Investment Products, Tim McCourt, told Cointelegraph. Institutions join crypto During the crypto boom of 2017, mainstream financial entities began moving into the industry. In December 2017, at the peak of Bitcoin’s all-time price high, CME launched its cash-settled Bitcoin futures trading product.…
Another Crypto Exchange Discourages the Use of Bitcoin Mixing Services
The cryptocurrency exchange Binance was recently scrutinized for flagging a customer’s funds because the individual had used a bitcoin mixing application. Now the platform Paxos Global is discouraging the use of crypto mixers after a customer allegedly sent coins to a mixing service. Also read: Regulatory Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia Paxos Global Discourages the Use of Bitcoin Mixers The fight for privacy against corporate entities and governments surveilling our everyday financial transactions continues to escalate. Cryptocurrencies have made it harder for governments to track…
Few Banks Will Touch Crypto Firms, but Silvergate Wants to Touch Bitcoin Itself
Silvergate Bank is venturing even further into a field where few financial institutions dare to tiptoe. The La Jolla, Calif., lender made a name for itself providing hard-to-come-by U.S.-dollar banking services for businesses that deal in cryptocurrency. But now Silvergate wants to handle digital assets themselves. While the bank has no such services in its roadmap yet, it has applied for the New York trust license with the aim of providing custody and settlement for crypto. One example of this might look like “providing settlement services for their bitcoin trades,”…
Bitcoin’s Taproot Upgrade Won’t Help Privacy Where It Matters
The activation of Bitcoin’s (BTC) Taproot upgrade is moving forward as official Bitcoin Improvement Proposals (BIP) were submitted for review on Jan. 24. Even though Taproot is often hyped up for its privacy improvements, its true impact is likely to be very minor. What is Taproot? Taproot is the name given to a proposal coined by former Blockstream CTO Gregory Maxwell in January 2018. The actual implementation was later developed by a team of Bitcoin contributors led by Pieter Wuille. Taproot is a proposal that enhances Bitcoin’s scripts, a set…
Bitcoin’s Taproot Upgrade Won’t Help Privacy Where It Matters
The activation of Bitcoin’s (BTC) Taproot upgrade is moving forward as official Bitcoin Improvement Proposals (BIP) were submitted for review on Jan. 24. Even though Taproot is often hyped up for its privacy improvements, its true impact is likely to be very minor. What is Taproot? Taproot is the name given to a proposal coined by former Blockstream CTO Gregory Maxwell in January 2018. The actual implementation was later developed by a team of Bitcoin contributors led by Pieter Wuille. Taproot is a proposal that enhances Bitcoin’s scripts, a set…