Tag: Digital

House Digital Assets Panel Chair Ready to Work With Ag Committee on Crypto Framework

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Hong Kong citizens not interested in digital yuan: Reports

The Chinese government’s beloved project of central bank digital currency (CBDC) has not sparked much enthusiasm in the citizens of Hong Kong. In the first four days since the “digital yuan” (also known as “e-CNY”) hard wallets became accessible to the islanders, only 625 Hongkongers had actually obtained them.  As reported by the local newspaper on Feb. 28, the city of Shenzhen installed the machines, dispensing the hard wallets for digital yuan, the first of a kind in the whole country. Due to the city’s unique location as a gateway…

Mastercard and Other Industry Leaders Join RBA in Testing Digital Dollar Use Cases in Australia Australia’s central bank is taking steps towards a more digitized economy by partnering with industry representatives to test the use cases for a digital dollar, the eAUD. The Reserve Bank of Australia (RBA) is currently conducting a pilot project which will explore various areas of use for a central bank digital currency (CBDC). The projects range from bond settlement and securities trading to offline payments. The RBA’s Assistant Governor, Mr. Brad Jones, stated that the people who participated in the pilot projects involve a diverse range of field representatives, including small fintech and large financial institutions. Several entities, including the Commonwealth Bank, Australia and New Zealand Banking Group Limited (ANZ), Monoova, the Australian Bond Exchange, Mastercard, DigiCash, and others, are collaborating with the RBA on various pilot projects. One of the pilot projects aims to test whether smart cards preloaded with money could activate offline payments. This project will aim to work on a consumer-to-merchant system, enabling users to conduct transactions even without an internet connection. A separate initiative explores the potential of utilizing the USDC coin to simplify all foreign exchange trades and cross-border money transfers.The objective is to experiment with carrying out global remittances around the clock, every day of the year, with an emphasis on minimizing counterparty risks. Central banks worldwide are pursuing digital currency experiments, and the RBA’s initiative is among them. The RBA expects to complete its CBDC pilot by mid-2023. The pilot, along with the broader research study, will serve two purposes. It will contribute to hands-on learning by the industry and policymakers’ understanding of how a CBDC could benefit the Australian financial system and economy. The RBA’s CBDC pilot has the potential to revolutionize the Australian financial system and open up new opportunities for businesses and individuals. As the world moves towards a more digitized economy, central bank digital currencies will play an increasingly significant role in financial systems worldwide.

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Australia’s central bank is taking steps towards a more digitized economy by partnering with industry representatives to test the use cases for a digital dollar, the eAUD. The Reserve Bank of Australia (RBA) is currently conducting a pilot project which will explore various areas of use for a central bank digital currency (CBDC). The projects range from bond settlement and securities trading to offline payments. The RBA’s Assistant Governor, Mr. Brad Jones, stated that the people who participated in the pilot projects involve a diverse range of field representatives, including…

Digital Asset Investment Products’ AUM in February Reaches Highest Level Since May 2022

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity…

The Digital Asset Power Hour

As I looked at the answers, noting BTC and ETH’s dominance with Web3 and the metaverse way behind, I could not help but think, “Are the advisers really answering the question as it’s worded?” Bitcoin is the largest digital asset, but most interesting? I think they were subconsciously actually answering this: What part of crypto do you understand best? Humans tend not to be interested in things we don’t understand, especially when technical. (Don’t ask me to explain how my iPhone works. I am not interested.) Source

Top US Treasury Official Says Leaders ‘Actively Evaluating’ Digital Dollar Question

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

Marathon Digital Expected to Rake in $38.4M in Q4 2022 Revenue Despite SEC-induced Reporting Delays

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…

Marathon Digital bungles crypto impairment sums, will reissue financials

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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…

NFTs Have a ‘Digital First Sale’ Problem

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

Ex-Biden Adviser Said Administration Was Pushing for Digital Dollar

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