Month: February 2023

Kenyan Senate Ready to Engage Central Bank – Bitcoin News

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The Kenyan Senate’s Information, Communication and Technology committee has said it is ready to engage the Central Bank of Kenya (CBK) and other stakeholders in shaping the country’s policy towards crypto assets and virtual asset service providers. According to the committee, such a policy helps govern the use of crypto assets in the country “to ensure Kenya harnesses the benefits of financial innovation while minimizing the risks.” Harnessing the ‘Benefits of Financial Innovation’ A Kenyan Senate committee recently said it has resolved to work with the Central Bank of Kenya…

US Stock Market Rattled as Key Inflation Gauge Ticks Higher Rate

Despite the current outlook, a major resilience play might be in the works for the US stock market in the mid to long term. Inflationary fears are far from over in the US stock market following the release of the Federal Reserve’s preferred inflation gauge dubbed the Personal Consumption Expenditure Index (PCE). As reported by CNBC, the core PCE grew by 0.4% month on month in January and by 4.7% in the year-to-date period. This data riled the market as experts fear that this data will give the Feds the…

FATF agrees on roadmap for implementation of crypto standards

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The Financial Action Task Force, or FATF, reported its delegates had come to an agreement on an action plan “to drive timely global implementation” of global standards on cryptocurrencies. In a Feb. 24 publication, the FATF said the plenary for the financial watchdog — consisting of delegates from more than 200 jurisdictions — met in Paris and came to a consensus on a roadmap aimed at strengthening “implementation of FATF Standards on virtual assets and virtual asset service providers”. According to the task force, in 2024 it will report on…

5 ways CBDCs could impact the global financial system

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Central bank digital currencies (CBDCs) are digital versions of fiat currencies that are backed and issued by central banks. Here are five ways in which CBDCs could impact the global financial system. Digitalization of payments CBDCs might make payments quicker and more efficient because they would do away with the need for intermediaries. Costs could be brought down as a result, along with financial inclusion and an improved global payments system. CBDCs could also enable cross-border payments to become faster and more efficient, as they would not be subject to the…

EU Metaverse Policy Should Consider Discrimination, Safety, Data Controls: Commission Official

“We want to make sure that the developments that we see in virtual worlds are fully in line with our European values from the outset – values such as inclusion, respect of privacy, non-discrimination and equality,” Yvo Volman, Director of Data at the European Commission’s digital department, DG CONNECT, said at an event hosted by the Commission in Brussels. Source

Eclipse to Launch Rollup Blockchain for Polygon Network with Solana Compatibility – Technology Bitcoin News

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Customizable rollup provider Eclipse announced that the startup is launching a scaling solution that is compatible with Solana and Polygon. Eclipse disclosed that the Layer 2 blockchain can run smart contracts on Solana, and decentralized applications (dapps) will be easily migratable to the Polygon Sealevel Virtual Machine (SVM). How Eclipse’s L2 Scaling Concept Hopes to Improve Blockchain Efficiency On Thursday, rollup provider Eclipse announced that the startup is collaborating with the Polygon team to launch the Polygon Sealevel Virtual Machine (SVM). Eclipse noted that the Polygon SVM will add new…

Bitcoin price stays under $24K as PCE data helps US dollar to near 7-week highs

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Bitcoin (BTC) stayed lower at the Feb. 24 Wall Street open as United States macroeconomic data showed inflation biting back. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView PCE sparks fresh doubts on inflation Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it traded in a narrowing range around $23,800. The pair saw an attempt to reclaim $24,500 the day prior, but this ultimately proved unsuccessful as resistance kept gains in check. Bitcoin nonetheless saw only a muted reaction to the latest U.S. Personal Consumption Expenditures (PCE) Index print,…