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Bank Of South Korea Hires Experts To Learn Legal Issues Of CBDCs

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The Bank of South Korea hired experts to learn about the potential legal issues with the launch of the Central Bank Digital Currencies as we are reading more in the following cryptocurrency news.

The Bank of South Korea hired six experts in order to learn the possible legal issues with the CBDCs and even formed a legal advisory group to evaluate the issues surrounding the potential central bank digital currency launch. According to the press release, the central bank issued a report where it says that six experts, three of them professors and two lawyers, and a BOK official, will work in this advisory team.

The panel will operate until May 2020 but the BOK’s CBDC plans are not quite set. Back in April, the central bank launched 22 month-long pilot scheme to assess the logistics of launching a CBDC meaning that the program will operate longer than the newly appointed legal advisory group. The announcement outlined that the BOK does not see an immediate need to release the CBDC in South Korea but wants to be prepared in case the government decides to go ahead and introduce the digital won.

Legal team
Legal Team

The recent article from South Korean news outlet Yonhap suggested that the local merchants are ready to accept CBDCs once they will be issued by foreign central banks. The article also stressed that domestic retailers now are willing to take advantage of China’s upcoming digital currency which is the digital yuan, once the coronavirus-related travel restrictions are lifted and Chinese tourists come back to the country. Glen Woo, the head of Ledger Vault of the Asia-Pacific region also predicted that China’s state-backed virtual currency will be the first one launched in the world.

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South Korea
South Korea

The South Korea CBDC project is one that is awaited by many in the cryptocurrency news daily, and the central bank recently re-affirmed its plans to further support it. However, the bank continues to add disclaimers and refuses to commit to launching a digital version of the won fiat currency. The central Bank of Korea (BOK) has released a strategy document that outlines its plans for the medium and long term. There are numerous mentions of the bank’s digital currency plans.

The South Korea CBDC, as we previously reported, appears to have redoubled its provisional digital won rollout plans as a response to both the coronavirus pandemic and the breathless digital yuan progress by China.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/regulation/bank-of-south-korea-hires-experts-to-learn-legal-issues-of-cbdcs/

Ecommerce

How Digital Transformation Will Change the Retail Industry

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🟥 What is digital transformation? At the highest level, it means that the use of digital technologies is creating game-changing innovations in the business world that are either disrupting current industries or creating entirely new ones.

🗨 While it can be difficult to elaborate further, the important question to ask is whether the digital transformation is a fad or a lasting trend. The easiest examples tend to be Uber and Spotify, where the technology managed to turn the entire market upside down.

Spotify, for example, made physical media (music in particular) almost completely irrelevant. Uber completely changed the need for a vehicle and how people get rides, impacting the economics of an entire industry. 👇

We are continuing to see digital transformation in nearly all industries. Even in places like the hot tub business, where people can find the best pool heaters of 2020 or the benefits of a frequent soak, is seeing an impact.

 

◆ Retail and Digital Transformation 👇

Perhaps the one area that is still waiting for its big change is retail. For now, there is still a transfer of the possession of physical goods from a retailer to the consumer. Digitizing those assets has yet to happen. But that physical transfer of goods is what may be inhibiting retailers into thinking that the digital transformation won’t impact them as it has other industries.

The simple fact of the matter is that the change has already started to happen. Nearly the entire process of consumer shopping is digital. The only part that hasn’t changed is the physical transfer of the goods being purchased.

Even certain aspects like the fit of clothing have become nearly entirely digitized. More and more, consumers are eschewing the physical store experience. It is no wonder that traffic is down in stores and that in-store sales have struggled.

 

◆ Why is Digital Transformation Important for Retailers? 👇

Perhaps the most important thing that retailers need to understand is that digital transformation has already begun. More importantly, there are aspects of the world as a whole that have changed the way businesses are structured.

🎯 For one,  COVID-19 has completely disrupted life, period. Going to work and school, going to the grocery store; these have all been heavily impacted by a global pandemic. Consumer demand, saving patterns, spending style, and shopping habits have all changed as we see an increasing demand for personal safety.

🏧 The digital buying trend was already here but the need for self-quarantining and social distancing only enhanced that surge. Continuing forward with digital transformation is now a must. Businesses must find new distribution and sales channels. They must improve their online presence, investing in better models, and more granular data to meet changing customer demands.

Moreover, digital transformation is pushing for a change in the way that businesses and their employees operate. With a change in the supply chain and distribution models, as well as an improving shift in technology, more and more employees are not only capable of doing their jobs from home but are being encouraged to.
Retailers in specific are being forced to look deeper into their supply chains. This global pandemic has exposed how truly vulnerable our global supply networks are. Retailers took it for granted and were rocked by the impact of the outbreak. 👇

Retailers have now been forced to investigate their inventory plans – both online and offline – in order to better understand and navigate potential interruptions. But most importantly, those retailers that have managed to strengthen their online presence have thrived.  ⤵

Those with a  digital presence have been ahead of the game, making themselves available to consumers forced to stay at home. The most advanced companies have managed to capture their share of the market by using this pandemic as a chance to innovate and improve their business model.

🗨 The ones that can’t make that shift, that are stuck in the past, are already feeling the impact. More than 20 major retailers have either filed for bankruptcy or plan to do so sometime in the near future. Simply put the evolution into digital transformation can mean life or death for some businesses.
Finally, customers are depending on the brands that they know and trust. Customers are more impacted now than ever by restrictions like social distancing, maintaining proper personal hygiene, and all of the other current preventative measures being put into place. 🔻

🛍 Customers are then turning to the brands that they know and trust to lead the way. They expect better services while showing respect and concern for their safety. The brands that are able to meet this demand, to accelerate their digital transformation, are the ones that will stay ahead of the curve. 👇

 

◆ Digital Transformation and the Differences it Can Make on a Business

Retailers need to be flexible and responsive in this day and age. The ❄  COVID-19 outbreak taught some retailers that the hard way and it won’t be an overnight transition. Some retailers are already in different stages of that transformation but have positioned themselves well.

They are using operational data in order to improve their insights on IT, their supply chain, and the adapting needs of their customer base. They are also developing and deploying the processes and tools necessary to serve their customer base more effectively. 👇

Automation is also becoming important. Retail, in particular, has demanded of here and now from the customer base. Automation allows for that need to be met without significant contributions to overhead and maintenance.
Cloud automation is becoming a major factor as well. Being able to access everything virtually and moving away from physical space has changed many aspects of the retail world and abroad. Strong adoption of DevOps has also allowed for better application modernization, sustenance, and delivery.

If anything, COVID-19 has merely rushed the digital transformation timeline forward. It was happening at its own pace and the need for safety and accessibility only enhanced the transformation. As is the case with any transformation in business, those who innovate and move forward thrive. Those who do not are left in the graveyard.🔚

 

Source: Plat

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Blockchain News

Ethereum City Builder MCP3D Goes DeFi with $MEGA Token October 28

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Recent months demonstrated explosive growth of decentralized finance with $13 Billion in total value locked. Normally, games are the first thing to take off on new platforms, and seems like DeFi is not an exception here.

 

The most obvious precedent here is the decentralized city builder dApp game MegaCryptoPolis 3D (MCP3D) is not a new kid on the block – launched early 2018 to become one of the most popular blockchain games with over 8000 ETH and 45 Million TRX (~$4’500’000) withdrawn by players from smart contracts. 

 

Players acquire Land Plots in Districts to construct buildings using Resources. Some buildings produce Resources, others allow to grab ETH and TRX from in-game “Funds” ($400’000 available at the moment). 

 

 

The most expensive game assets are Districts – one was recently sold by a player for 70 ETH (~$27’000 at the date of the deal). Districts were initially distributed on the Ethereum network starting at 5 ETH. All the Ethereum Districts now have their owners and are available only on the secondary market. TRON gaming map was opened in March 2020 and still has Districts opening every next month with the initial auction bid starting at 200 000 TRX. 

 

Resources are the core of gameplay as required by almost every action in the game. Every time a Resource is used in the game it’s burned reducing the overall supply of a Resource. 

 

 

 

Each Resource has its own price on the in-game market, which may vary depending on the network. Actual deal prices and trading volumes are available in the so-called “MCP Times” newspaper that works just like a block explorer for the game assets:

 

 

 

Last deals av. prices for 1 month

 

All the game logic runs on smart contracts with all the actions being a transaction and every game item a non-fungible token. Resources are also traded as NFTs (ERC-721) today, which does not reflect the nature of a countable asset. A new ERC-20 Token called $MEGA will be launched on September 24 to change that dramatically.

 

What is the $MEGA Token?

 

The core idea behind $MEGA Token is enabling value transfer between chains and creating an independent and trustless market with no control from developers.

 

$MEGA Token is a utility and a governance token. It’s also an index for all Resources produced in the game.

 

  • Pre-minted total supply,

  • Not a token offering, pre-sale or distribution,

  • No token reserved for team members.

$MEGA Token will have a static supply that is not changing over time as no Mint() or Burn() functions are in the smart contract – that means no new $MEGA Tokens will be created, ever. All the $MEGA Tokens will be initially allocated in the Vault. 

 

Players will be able to receive a $MEGA Token from the Vault by depositing Resources to the Vault. The less $MEGA Tokens left in the Vault, the more Resources will be required to receive the same amount of $MEGA from the Vault.

Resources locked in the Vault could be released by any player using $MEGA Tokens. The more Resources are deposited to the Vault the less $MEGA is required to receive the same amount of Resources from the Vault.

 

How to use $MEGA?

 

$MEGA Token has several use-cases:

 

1) Yield

Play the game to get $MEGA:

(swap Wood to Sand on Ethereum)

2) Transfer Value

Transfer Resources between networks using $MEGA:

Swap any Resource to $MEGA on Ethereum

Exchange $MEGA on Ethereum to $MEGA on TRON

Swap $MEGA to any Resource on TRON

 

3) Manage a Corporation

$MEGA Token can be received as a reward for managing a Corporation.

 

4) Govern a District

$MEGA Token can be received as a tax from Corporations operations in a District by a District owner.

 

5) $MEGA Token can be used as a storage of value (to HODL).

A player may operate liquidity mining operations for the $MEGA Token to earn fees providing liquidity by adding $MEGA to pools on UniSwap (Ethereum) or JustSwap (TRON Network).

How To get $MEGA?

$MEGA Token can be received by locking Resources in the MegaCryptoPolis game. Resources can be produced in a building, purchased on the in-game market, or acquired in Packs from the official store (only 5892 Packs left). 

 

Players will be able to acquire $MEGA from the in-game vault and liquidity pools (UniSwap, JustSwap) starting October 28, 2 PM UTC.

 

 

Official website: http://mcp3d.com

Twitter: https://twitter.com/megacryptopolis

Discord: https://discord.gg/AyX5QRw

Image source: MegaCryptoPolis 3D Source: https://Blockchain.News/news/ethereum-city-builder-mcp3d-goes-defi-with-$mega-token-october-28

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Blockchain News

Why Bitcoin’s Price Is Rising Despite Selling Pressure from Crypto Whales

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According to on-chain data analytics firm CryptoQuant, Bitcoin whales have been depositing their digital asset funds into exchanges recently, potentially signifying an intent to sell.

Data shows Bitcoin deposits to exchanges have gone up

Typically, wealthy investors hold their Bitcoin (BTC) funds in cold storages – offline – rather than exchanges, the reason being that it secures their huge amount of digital assets and eliminates a potential security breach from hackers. However, though it has not happened yet, blockchain analytics seem to indicate that Bitcoin whales may soon be selling some of their cryptocurrency capital, as more deposits have been made to cryptocurrency exchanges.

Though crypto selloffs usually result in the digital currency’s price dropping slightly, it has been observed that Bitcoin has been more bullish now than ever, despite the seemingly growing selling pressure of the digital asset. A crypto enthusiast retweeted by the CEO of CryptoQuant analytics firm said:

“#Bitcoin’s macro view remains bullish as the Exchange $BTC Balances continue to decline sharply since March (whales are not yet selling. Even at $13,000.) There’s also around 136k BTC currently locked in WBTC/RenBTC.”

Why Bitcoin is surging despite selling pressure

According to market analysts, there may be two explanations for Bitcoin’s current rise in price despite the forecast of Bitcoin whales preparing to liquidate their crypto funds.

First of all, demand for Bitcoin and the number of investors willing to onboard the mainstream cryptocurrency may be greater than the selling pressure of Bitcoin from retail and institutional investors.  As the cryptocurrency rises in popularity, many are actively seeking to onboard its escalating success and secure their funds through Bitcoin as a hedge, with the current global economy in turmoil and the US dollar continuously depreciating.

Second of all, the institutional demand for Bitcoin has been growing significantly, popularizing the cryptocurrency as an optimal hedge for retail investors. With the recent news of Square acquiring $50 million dollars’ worth of Bitcoin, along with MicroStrategy and Stone Ridge Asset Management’s respective $425 million and $115 million BTC purchase, others have increasingly considered the mainstream cryptocurrency as an alternative investment.

The last announcement by payments giant Paypal that it would let its customers transact with cryptocurrencies on its platform also resulted in Bitcoin leaping past a price hurdle of $13,000. This indicates that retail investors’ sentiments regarding Bitcoin is strong, and may serve to up its price despite selling pressure.

Bitcoin to decouple from the S&P 500 soon?

The cryptocurrency has been extremely bullish lately, trading at $13,127.62 on CoinGecko at the time of writing.

Market analysts have been enthusiastic about the bull run, as it appears that the cryptocurrency may finally be decoupling from traditional stock markets, a move that BTC has previously been incapable of. Gemini co-founder Cameron Winklevoss, who along with his brother has long touted the advantages of owning Bitcoin, said:

“Stocks took a dive today. #Bitcoin is flat. The decoupling is upon us.”

Image source: Shutterstock Source: https://Blockchain.News/news/bitcoin-price-is-rising-selling-pressure-crypto-whales

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