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Cryptocurrency Can Become a Medicine to Treat the Challenges Caused by Covid-19

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Jun 13, 2020 at 12:52 // News

Cryptocurrency helps to maintain social distancing

Who would ever think that coins can be used to halt the spread of diseases? Most of the people used to think that cryptocurrencies are only used for payments and investments purposes.

However, the global financial crisis as well as the outbreak of Covid-19 did much to change the financial space and fundamentally people’s trust in the banking structure. The invention of Bitcoin (BTC), the original cryptocurrency, by Satoshi Nakamoto back in 2009, has now caused more of a positive effect that it might have been expected. 

Cryptocurrency provides another effective option of storing money and conducting payments minus depending on the traditional banking system and other central bodies. Most people have hidden their wealth in cryptocurrency in fear of inflation and the economic recession that has happened during and after the Coronavirus pandemic.

People no longer walk long distances to line up in banks to deposit or withdraw their funds, hence saving time and money. This has also helped to observe the social distance by avoiding the long lines on the money ATMs and inside banks, since financial transactions can now be conducted from home using cryptocurrency and other digital payment methods.

Interest on CBDC offers extra policy instruments

Many financial regulators, governments and central banks (CBs) have realised the benefits of digital currencies as they are exploring the potential of designing their own stablecoins and central bank digital currencies (CBDC) to replace traditional cash. For instance the US is developing the digital dollar and China is soon launching the digital yuan.

However, as per the report by the European Central Bank Eurosystem, if cryptocurrencies are used to totally substitute traditional money, it could lead interest rates to go under the zero-lower bound. By helping it to dodge the zero-lower bound (ZLB) and thus freeing negative interest rate policies (NIRP) of its prevailing limitations, a globe with only CBDC would allow for strong financial stimulus in a severe recession and/or economic crisis.

CB digital money brings a couple of alternatives for monetary policy, basically since variable interest rates on CBDC would offer for a new, non-redundant financial policy instrument that would enable the improvement of the entire efficiency of monetary policy.

Cryptocurrency is a potential option to cash

Some cryptocurrencies such as Bitcoin and Ethereum are possible alternatives to fiat money. Nevertheless, public blockchains don’t have enough processing power. In order to use it in the public sector, the control of regulators must also be strengthened.

The real alternative is the CBDC issued by the CB. The CB can distribute money through commercial banks or issue it directly to individuals. Experts including Tommaso Mancini-Griffoli, Deputy Chief in the MCMD at IMF, want the CBs to jointly issue and circulate the CBDC with private companies and commercial banks. The direct connection between the CB and the general public is a feasible model and the ripple effect will be significant.

But, if the central banks and other financial regulators don’t amend their monetary policies to include digital currencies, most people especially those who have tested the sweetness, convenience and benefits of cryptocurrencies, are more likely to ignore using traditional banks, hence cryptocurrency digital wallets and CBDC-accounts replacing the need for bank accounts in the near future.

Fighting Covid-19 using crypto

Most governments and the World Health Organisation (WHO), have been advising people to reduce the use of cash in order to stop further spread of Coronavirus. Infected money notes can easily spread the virus from person to person. That means that people will have no other option but to use available, secure, transparent, effective and fast digital payment methods, of which cryptocurrency has all those qualities that the public want. 

People have also been advised to stay and work from home. The cryptocurrency has helped people and the quarantined population to order goods and services online, and then pay using BTC and other accepted digital currencies. Some of the top countries/places that have seen an increase in the use of coins during this global crisis include Singapore, Australia (Brisbane), United States (California), Sweden, New Zealand and Liechtenstein. Generally, cryptocurrency has been a free vaccine that helps to maintain social distancing and thus shields people from acquiring this deadly disease. 

Source: https://coinidol.com/cryptocurrency-become-medicine/

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A senior BOJ official says the digital yen needs public support for it to become a reality.

According to the Bloomberg report, a senior Bank of Japan’s official said that there is no final decision has been made yet even after the announcement of testing to start next year. The official revealed that a lot depends on the public support for it to go ahead with its central bank-backed digital currency. Kazushige […]

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A senior BOJ official says the digital yen needs public support for it to become a reality. – Coinnounce




























The central bank of Japan’s move to launch a digital currency would be conditional on public support, according to a senior BOJ official.


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Source: https://coinnounce.com/bank-of-japan-official-says-cbdc-needs-public-support/

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Japanese soccer star Keisuke Honda launches his own crypto

Crypto and blockchain matter for the global soccer community.

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A Japanese professional soccer player is launching his own cryptocurrency to boost fan engagement.

Keisuke Honda, former Japan midfielder and currently a captain of the Brazilian professional league team Botafogo, has launched his own token to build new connections with his fans, Cointelegraph Japan reported on Oct. 22.

The so-called “KSK Honda Coin” was launched on Thursday via Rally.io, a blockchain platform for creating video streaming and gaming applications. The new coin is intended to enable fans to interact with Honda.

Holders of KSK Honda token will be able to get exclusive content from Honda as well as interact with the player via private channels on Discord. “We decided to create a social token to build new connections with our most loyal fans,” Honda said.

The world-known soccer player said that the new token will allow him to connect with fans in a more open manner, providing a 100% transparency in knowing who holds coins in the fan community.

The global soccer community is moving deeper into the crypto and blockchain industry in search of new ways of connecting stars with their fans.

On Oct. 15, a top soccer club in Russia’s Premier League — Zenit St. Petersburg — signed on to the blockchain-based gaming platform Sorare to issue collectible and tradeable digital cards. In September 2020, Italian professional sports club SS Lazio signed a multiyear deal with crypto trading platform StormGain, enabling new fan engagement options through crypto.

Source: https://cointelegraph.com/news/japanese-soccer-star-keisuke-honda-launches-his-own-crypto

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Grayscale invests $300m in a day to grow its crypto portfolio

Grayscale Investments continues to grow its cryptocurrency portfolio by adding $300 million in assets…

The post Grayscale invests $300m in a day to grow its crypto portfolio appeared first on Coin Journal.

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Grayscale Investments continues to grow its cryptocurrency portfolio by adding $300 million in assets under management (AUM) in a day

Grayscale Investments revealed that it had added $300 million worth of cryptocurrencies to its digital assets portfolio over the past 24 hours and over $1 billion in the last week. This information was relayed by Grayscale CEO Barry Silbert via a tweet yesterday.

The crypto fund manager noted that it had $6.3 billion in AUM as of October 15. However, it has added $1 billion in cryptocurrencies over the past week, and the company now controls $7.3 billion worth of digital assets.

Silbert stated that the company “Added a cool $300 million in assets under management in one day. The additional sum brings the total assets held under management to $7.3 billion”.

The funds are held in the company’s trust for Bitcoin (BTC) and Ethereum (ETH), in addition to Grayscale’s digital large-cap fund. This latest development comes less than 48 hours after PayPal announced its entry into the cryptocurrency market, with Bitcoin surpassing the $13,000 mark afterwards.

Each Grayscale report is delayed by 24 hours, which means that this data refers to the previous day’s figure.

The cryptocurrency funds manager reported that its Litecoin (LTC) Trust recorded the highest growth since the last report. Grayscale reported that its LTC Trust increased by 7.5%, while their Zcash (ZEC) Trust increased by more than 6% over the past 24 hours. Grayscale also has extensive holdings in other cryptocurrencies such as Ripple (XRP), Ethereum Classic (ETC), Bitcoin Cash (BCH), Horizen (ZEN) and Stellar Lumens (XLM).

Grayscale might be increasing its cryptocurrency holdings after raising massive funds in the third quarter of the year. Grayscale’s financial report for Q3 2020 revealed that it had bought over $1 billion in investment across all its cryptocurrency trusts. This year, Grayscale has raised $2.4 billion, which is more than twice the total amount they obtained for the years 2013 – 2019.

The investment firm revealed that 81% of investment in the third quarter came from institutional investors, while another 57% came from people investing in multiple products.

With the crypto fund manager now holding over $6 billion in AUM, it means that Grayscale controls around 2.5% of the total Bitcoin supply, currently above 18,000 BTC. The Bitcoin supply is capped at 21 million, which means that roughly 2.5 million bitcoins are left to be mined.

Grayscale isn’t the only company that is increasing its stakes in cryptocurrencies at the moment. MicroStrategy recently bought $425 million worth of Bitcoin, and Jack Dorsey’s Square Inc. invested $50 million in Bitcoin.

Source: https://coinjournal.net/news/grayscale-invests-300m-in-a-day-to-grow-its-crypto-portfolio/

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