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France Announces Successful Test of Central Bank Digital Currency (CBDC)

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The central bank in France has announced a successful test of a proposed central bank digital currency (CBDC), becoming the latest nation to run pilot demonstrations of sovereign virtual currencies.

With the initial test completed, the Banque de France says it has more experiments to conduct with the digital euro involving interbank settlement protocols.

Meanwhile, China continues to be the clear leader in the race for supremacy in the CBDC arena with its proposed DC/EP currency already been trialed in different cities across the country. Facebook’s Libra project is also looking to get off the ground with more members joining the Libra Association while the payment platform undergoes operational changes targeted at smoothening regulatory wrinkles.

France’s Central Bank Tests Proposed Digital Euro

The Banque de France announced the news of the successful test of the CBDC via a communique published on Tuesday (May 20, 2020). According to the press release, the French central bank tested the CBDC in the settlement of digital financial securities issued by Société Générale Forge.

Reports indicate Société Générale issued about $44 million in security tokens back on May 14. The Bank de France using its in-house blockchain infrastructure settled the issuance of the covered bonds using digital euros.

An excerpt from a statement issued by Société Générale explaining the process reads:

“This experimentation was performed end-to-end using blockchain infrastructures…It demonstrates the feasibility of financial securities being digitally settled and delivered in Central Bank Digital Currency (CBDC) for interbank settlements.”

Back in December 2019, Blockonomi reported that France had plans for central bank digital currency trials in 2020. According to the communique, the country’s central bank will hold other tests to determine the suitability of the proposed CBDC.

This next round of trials will utilize the digital euro in interbank settlements. The French central bank also wants to see how participants in the legacy finance arena interact with a sovereign digital currency.

France’s Becoming More Crypto-Friendly

France has been vocal in its calls for the European Union (EU) to consider the creation of a digital euro for the region. Like was the case for robust crypto regulations, it appears the authorities in France are not waiting for the EU to chart a course forward.

In its communique, the French central bank described the CBDC tests as its contribution to any EU-led CBDC project. The country is also one of the major economies opposed to Facebook’s Libra digital payments project.

The CBDC tests also constitute another example of France’s growing appreciation for cryptocurrencies. Back in early March, a French court ruled Bitcoin (BTC) as being a currency. The country’s Finance Minister also removed taxes on gains from crypto-to-crypto trades in September 2019.

CBDC Race Still Ongoing

The French CBDC test comes even as China is already in an advanced testing stage of its proposed sovereign digital payment system. As previously reported by Blockonomi, wallets for China’s DC/EP are already available in four cities with each city working on a unique use case. Major restaurants and fast food outlets like McDonald’s’, Starbucks, and Subway have also been invited to participate in the DC/EP trial run.

Even countries like South Korea and the United States that are not actively developing a CBDC have issued statements indicating their intention to study the merits of creating their own sovereign digital currencies. In February, the U.S. Federal Reserve Chairman revealed that the country was working hard on a digital currency project.

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Source: https://blockonomi.com/france-successful-test-cbdc/

Blockchain

Bitcoin Price Analysis: The $2000 consolidation zone

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Published by FNet Club on

Bitcoin daily chart

Bitcoin trades lower on Tuesday as general crypto sentiment remain weak. The market seems to be stuck between a rock and a hard place since the halving event took place last week. Now BTC/USD dipped below the 9K level after rejecting the 10K resistance zone twice in relatively quick succession. Now the price looks stuck between 8-10K there needs to be a firm breakout on good volume to determine the future path of the digital gold.

There are some positives on the technical side, the price is trading above the 200 and 55 moving averages. The MACD signal line is still holding above the zero line despite the histogram being under (in the red). The Relative Strength Index indicates is still above the 50 mid-point. The key support level remains the wave low of 8105.58 and if this breaks then a lower high lower low sequence would kick in. 

Additional levels

BTC/USD

Source: fxstreet.com

Source: http://futureneteam.biz/bitcoin-price-analysis-the-2000-consolidation-zone/

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Bitfury Opens Itself Up to Accredited Investors

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Bitfury, one of the largest industrial Bitcoin miners outside of China, is opening itself up to accredited investors, according to a report in Forbes.

The goal, of course, is to assure that these larger investors have a space to diversify their assets and get involved in the cryptocurrency space, according to a page on the group’s website.

As more big investors put money into Bitfury, the more they’ll be able to expand and provide a solid infrastructure for mining. According to the website, investor money will go toward energy sites in North America and Europe, alongside Central Asia, Norway, Iceland, and Canada.

An excerpt from the website reads:

“Through Bitfury’s institutional investor program, these groups can now invest in Bitfury’s top-tier data centers across North America and other regions through bespoke investment vehicles, including direct investment and indirect engagements such as through funds, private equity and other instruments. Bitfury will handle all operations and management including site sourcing, procurement of equipment, deployment of facilities, data center operations/maintenance and more.”

This expansion is necessary due to Bitcoin’s recent halving, which only serves to increase the difficulty of mining for all participants.

Source: https://insidebitcoins.com/news/bitfury-opens-itself-up-to-institutional-investors

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Crypto Payroll Firm Bitwage Unveils Bitcoin 401(k) Product

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Bitwage, a crypto startup aiming to bring the use of digital currencies into the mainstream has announced the successful trial of its Bitcoin (BTC) 401(k) employee pension account. This, according to a report by Coindesk, May 26, 2020.

Bitwage 401(k) Tools to Aid Employers

Bitwage today unveiled its Bitcoin 401(k) plan which will help employers meet the conditions devised by the U.S. government’s Paycheck Protection Program (PPP). The firm’s Bitcoin 401(k) plan will help companies that are having a hard time meeting the 75% payroll requirement set by the federal government.

Shattered by COVID-19, the U.S. has pumped trillions of dollars into its economy in a bid to mitigate the impact of the pandemic on its workforce. The PPP is one of the several measures undertaken by the U.S. government to help the country’s businesses continue their operations so they’re not forced to cut down on their employee count.

To date, a total of $660 billion has been disbursed by the Small Business Administration (SBA) across the U.S. The federal government encourages employers to spend a minimum of 75% of funds received on payroll expenses. In return, the program ensures the firms 100% loan forgiveness to they don’t cut down their staff.

In a press release, Bitwise said:

This gives companies an opportunity to provide matching or profit-sharing contributions to employee 401k accounts in order to help close the gap to receive full loan forgiveness.

Adding:

Together with the PPP program, the Bitwage Bitcoin 401(k) Plan allows employers to get more out of their PPP loans, while providing their employees new and innovative investment options.

Bitwage Continues to Spearhead Crypto Adoption

Over the years, Bitwage has introduced several cryptocurrency-based tools and services to foster the adoption of digital currencies among the mainstream populace.

Last year, BTCManager reported how Bitwage had announced the launch of Ether (ETH) Payroll Services for workers, freelancers, and contractors, across the world, giving them an option to receive their salaries in ETH.

As the world undergoes a transition toward digital money, the steady rise in the crypto-payment options has come hand-in-hand. Over time, crypto-enthusiasts would hope for the watershed moment that finally propels the use of digital currencies to that highly-anticipated next level.

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Source: https://btcmanager.com/crypto-payroll-firm-bitwage-bitcoin-401k-product/

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