Day: June 1, 2023

Standard Chartered, PwC make case for programmable CBDC in China Greater Bay Area

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British multinational bank Standard Chartered and PwC China have teamed up to produce a white paper on applications for central bank digital currency (CBDC) in the so-called Greater Bay Area of China – Guangdong Province, Hong Kong and Macao. Programmability will make all the difference, they concluded. The Greater Bay Area (GBA) presented an interesting test case because of the multiple currencies used in multiple jurisdictions. Macao uses the pataca, whereas Hong Kong uses the Hong Kong dollar and China the yuan. About 3.8 trillion yuan (US$535 billion) of cross-border…

Uniswap DAO rejects plan to charge LP fees; UNI holders cite tax concerns

A proposal to enable protocol fees for the Uniswap (UNI) decentralized exchange failed on June 1, potentially allowing liquidity providers to continue to earn all revenue from swaps, according to the proposal’s official webpage. It narrowly missed being passed, with 45.32% of votes going to the “no fee” camp and 42.34% voting to charge liquidity providers 1/5 of the fees they receive from users. 12.3% voted to enact a fee charge of 1/10 and 0.04% voted to charge 1/6. The “no fee” camp won by a plurality, implying that supporters…

Fed board issues order to Silvergate Bank as part of self-liquidation plan

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The Federal Reserve Board of the United States has issued a consent order to Silvergate Bank and its parent company as part of the institution’s plans to “wind down operations” and liquidate. In a June 1 notice, the Fed said Silvergate Capital Corporation and the bank will have 10 days to submit a self-liquidation plan in compliance with California and federal requirements that will wind down its operations. The firm announced in March it planned to shutter operations “in light of recent industry and regulatory developments,” becoming one of three…

Money stored on mobile payment apps may not be FDIC insured, US watchdog warns

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Keep your money in an insured account, not on an uninsured payment app, the United States Consumer Financial Protection Bureau (CFPB) warned Americans in a report released June 1. The increasing popularity and utility of nonbank peer-to-peer (P2P) payment apps, including for crypto asset transactions, makes the risk of loss in the event of a crisis ever more concerning, the watchdog said. Public awareness of Federal Deposit Insurance Corporation (FDIC) coverage has grown since the bankruptcy of crypto platforms like FTX, Voyager and others last year, and this year’s banking…

Scientists propose quantum proof-of-work consensus for blockchain

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A team of researchers from universities in Australia and the United States, working in collaboration with quantum technology company BTQ, recently published research proposing a novel proof-of-work (PoW) scheme for blockchain consensus that relies on quantum computing techniques to validate consensus. Our new paper on using NISQ-era quantum sampling problems in proof-of-work blockchain consensus algorithms. In collaboration with @BTQ_Tech.https://t.co/MKAB2czqSk — Peter Rohde (@drpeterrohde) June 1, 2023 Dubbed “Proof-of-work consensus by quantum sampling,” the preprint research paper details a system that the authors claim “provides dramatic speedup and energy savings relative…

Japanese Airline ANA Launches NFT Marketplace

Japan’s largest airline group holding company All Nippon Airways (ANA) has launched a non-fungible token (NFT) marketplace featuring aviation photography, digital collectibles and more on the Ethereum blockchain. At launch, the marketplace supports the MetaMask wallet as well as payments with fiat currency via credit card. Source

Don’t be surprised if AI tries to sabotage your crypto

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As the world of cryptocurrency trading evolves, so does the technology supporting it. In recent years, we’ve seen a surge in AI tools like ChatGPT being integrated into various facets of the crypto landscape. This development, while exciting, is not without its drawbacks.  A recent survey by my own exchange — Bitget — found that in 80% of cases, crypto traders admitted to having negative experiences with ChatGPT. Specific examples included false investment advice, misinformation and falsification of facts. Misleading investment recommendations Artificial intelligence is not an omnipotent entity but,…

Why Elizabeth Warren Is Wrong About Crypto and the Fentanyl Epidemic

Notably, the drug industry does and does not include everything from the cultivation, manufacture, distribution and sale of illicit substances, depending on your chosen frame. The headline number Chainalysis supplies, $37.8 million, is severely limited in scope. It’s based on a predictive map using four identified shops that sell fentanyl precursors in China (precursors are not the drugs themselves, but seem like a fair proxy). Source CryptoElizabethEpidemicFentanylWarrenWrong CryptoX Portal