Setting up a digital dollar, she said, “could help preserve the dollar’s global role” and possibly reduce frictions in cross-border transactions. But even if the U.S. doesn’t issue one, she said, government officials are exerting influence with U.S. allies toward “responsible development of CBDCs” in other places, noting that 11 jurisdictions have already moved ahead with their virtual currencies. Source
Despite SEC reporting delays, crypto miner Marathon should see its Q4 2022 revenue triple quarter-over-quarter. According to reports, Marathon Digital Holdings, Inc (NASDAQ: MARA) expects to post $38.4 million in revenue for Q4 2022. Although this sum triples what the crypto miner made in the preceding quarter, it is still down from the $60.3 million made in the year-ago period. Marathon Digital Q4 2022 Details Marathon’s net loss estimates for the fourth quarter of last year also appear better. For instance, the digital asset tech company should sustain a net…
Bitcoin (BTC) miner Marathon Digitial will reissue a number of previous financial statements after the Securities and Exchange Commission (SEC) pointed out some accounting errors the firm made. According to a Feb. 27 SEC filing, Marathon will restate its unaudited Q1, Q2, and Q3 quarterly reports from both 2021 and 2022 in addition to its audited annual report from 2021. Marathon noted that affected financial statements, related earnings releases and other financial communications during these periods “should not be relied upon.” The issues highlighted by the SEC were Marathon’s method…
When you sell a Blu-Ray or a book to someone, they have the sole ability to enjoy it. But with computer files, there is no concept of ownership – you are simply given a license to use it – and courts haven’t gotten comfortable with confirming that a file is deleted on the first user’s computer. After all, files aren’t “exhaustible”; they can be copied an infinite amount of times. Or in crypto parlance, ‘double-spent.” Source
He said that Biden’s March 2022 order was “trying to push our government to launch a digital dollar, which I think is the single best step that we could take because it would crowd out the ecosystem of crypto that allows national security adversaries like Russia to exploit our deficiencies, our weaknesses in terms of our critical infrastructure.” Source
Last week, Hong Kong used Goldman’s private tokenization platform, GS DAP, to sell an initial group of digital green bonds. The city-state sold $102 million of the bonds and cut settlement time from five days after the trade to just one, according to Bloomberg. Source
The restatements are not likely to have any impact on total margin, operating income or net income in 2021 or any of the quarterly 2022 results, said the company, which also said it does not expect to be able complete its 2022 10-K filing by the March 1 deadline. Marathon does anticipate it will file the 10-K within 15 days of that deadline. Original
“Distributed ledger technology suffers with some real challenges on scalability,” Cunliffe said, with any system needing to be secure and fast. “On the retail side of it, we put in 30,000 transactions per second as a base case, going to 100,000. I don’t think you can find any distributed ledger technology that gets remotely close to that.” Source
Despite the widespread consultations on the subject, the project is not yet ready. Soon after revealing plans to explore the use of a central bank digital currency (CBDC) and issue a digital pound, the Bank of England (BoE) and the UK Treasury officials say that having UK central bank digital currency could provide lucrative opportunities for businesses in the region. According to Ben Broadbent, deputy governor for monetary policy at the Bank of England, the advantages of a digital pound are numerous. In particular, the digital pound would provide a faster alternative to online…
The crypto winter of 2022 has put severe stress on the balance sheet of DCG. The company is working on major restructuring with the blowup of its crypto lending subsidiary Genesis. On Monday, February 27, crypto conglomerate Digital Currency Group (DCG) announced its results for the last year of 2022. The company reported a net loss of $1.1 billion amid heavy correction in the crypto space and the restructuring of its lending platform Genesis. During the fourth quarter, DCG reported revenue of $143 million with a loss of $24 million.…