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Thailand Central Bank set to test Digital Baht by next year

The central bank of Thailand will make history as being a pioneer in creating a central bank digital currency. The testing for the digital baht […]

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The central bank of Thailand will make history as being a pioneer in creating a central bank digital currency. The testing for the digital baht is expected to commence in the first months of next year.

Thailand’s Central bank is about to make history with their recent announcement. The assistant governor of the Central Bank, Vachira Arromdee stated that the bank had everything they needed to test the digital baht by the end of next year. This move will make the regulator a pioneer in the creation of a digital currency regulated by the central bank.

Arromdee also stated that the launch would be spearheaded by the Bank of Thailand, which will be the primary retailer of the digital currency. This is expected to happen in three to five years.

How this will affect the financial system

According to Arromdee, the digital baht will not disrupt the financial system in Thai. To make sure that they fully engage the public with this launch, the Thai Central Bank recently announced the publication of ‘The Way Forward for Central Bank Digital Currency.’ This is a 59-page paper that the regulator is asking the public to read and provide feedback by June 15.

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According to Thailand Central bank, the digital currency to be launched will be almost the same as fiat currency. Besides, it will be possible for people to use the currency to make transactions, both online and offline.

The regulator also hinted that the digital currency was easily portable and that it could be used in an innovative financial sector. After it is launched, the Central Bank digital currency can be accessed by all members of the public.

Sethaput Suthiwartnarueput, who is the governor of the Bank of Thailand, stated that the retail digital currency by the central bank would make it possible for the public to enjoy the numerous benefits that come with having access to a digital currency. The public will also be protected from the volatile nature of digital currencies, as this one will be safe, reliable and easily accessible. The move will also create partnership with the private financial sector, as it will pave way for more financial innovations.

Many countries have supported the idea of developing a Central Bank Digital Currency. China is in its final pilot states of its digital Yuan while Asia is also making great strides in the field. However, the United States is still reluctant on the launch of its digital dollar.

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Source: https://insidebitcoins.com/news/thailand-central-bank-set-to-test-digital-baht-by-next-year

Blockchain

After Dropping Bitcoin Payments, Tesla Says It’s Open to Other Cryptocurrencies, Maybe DOGE?

Upon announcing its decision to drop Bitcoin payments citing environmental concerns, Elon Musk’s Tesla said that it is open to considering other cryptocurrencies that use less than 1% of the Bitcoin energy. The company specifically mentioned: ” We are also looking at other cryptocurrencies that use less than 1% of Bitcoin’s energy/transaction”. Interestingly, the company’s

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Upon announcing its decision to drop Bitcoin payments citing environmental concerns, Elon Musk’s Tesla said that it is open to considering other cryptocurrencies that use less than 1% of the Bitcoin energy. The company specifically mentioned: ” We are also looking at other cryptocurrencies that use less than 1% of Bitcoin’s energy/transaction”.

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Interestingly, the company’s decision comes just a day after Elon Musk conducted a Twitter poll asking his 54 million followers whether Tesla should consider Dogecoin (DOGE) payments.

Courtesy: Elon Musk Twitter

Earlier today, Elon Musk tweeted about Tesla’s decision to drop Bitcoin payments citing environmental concerns. In March 2020, the electric carmakers and automobile giant announced that it will start accepting Bitcoin payments. But in a very short time of just two months, the company has decided to reverse its decision. The image shared by Elon Musk notes:

“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapid increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel”.

However, Tesla will continue to hold the Bitcoin that it purchased in mid-February from the company’s balance sheet. It also notes that it intends to use Bitcoin transactions soon as mining operations move to more sustainable energy. Tesla has further added that Bitcoin is a great idea and thinks that it has a promising future.

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Bitcoin (BTC) Price Crashes Under $50,000

In a massive price crash, Bitcoin (BTC) has dropped 13% today slipping below $50,000. This is for the second time in a month that BTC has dropped below its $50,000 crucial support also losing its trillion-dollar valuations along with it.

At press time, Bitcoin (BTC) is trading at $49,817 with a market cap of $930 billion. Just in a day’s time, the cryptocurrency has lost more than $150 billion of its valuations. Well, this price crash comes just after a major announcement coming from Elon Musk.

The broader crypto markets have corrected over 8% along with a massive price crash in the altcoin space.

To keep track of Crypto updates in real time, Follow us on Twitter & Telegram.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Source: https://coingape.com/bitcoin-btc-crashes-13-under-50000-after-elon-musks-tesla-drops-btc-payments/

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Blockchain

Facebook’s Diem Enters Crypto Space With Diem USD Stablecoin

There’s always a light at the end of the tunnel and so it has been for the Facebook Diem project, formerly Libra! On Wednesday, May 12, Facebook’s digital currency group Diem Association announced the launch of its USD-pegged stablecoin dubbed Diem USD. After going back and forth, facing major regulatory walls, making multiple tweaks. Facebook

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There’s always a light at the end of the tunnel and so it has been for the Facebook Diem project, formerly Libra! On Wednesday, May 12, Facebook’s digital currency group Diem Association announced the launch of its USD-pegged stablecoin dubbed Diem USD.

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After going back and forth, facing major regulatory walls, making multiple tweaks. Facebook has finally made its way to the crypto space. With this launch, Facebook has also announced major changes at organizational levels. The Diem Association said that it’s relocating its operations from Switzerland back to the home country, the United States.

Thus, it will also be withdrawing its system payment license from the Swiss financial regulator, reports Reuters. The Diem Networks U.S., a subsidiary of the Diem Association, has registered itself as a money services business with the US Department of the Treasury’s Financial Crimes Enforcement Network.

Diem Networks U.S. Partners With Silvergate

Of course, this is a blockchain-based payments system that will facilitate real-time transfers of the Diem USD stablecoin. To issue the Diem USD, Facebook has joined hands with California-based state-chartered bank Silvergate.

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Along with the stablecoin issuance, Silvergate will also be responsible for taking care of the Diem USD reserves. Stuart Levey, chief executive officer of Diem said:

“Silvergate is a leader in financial innovation and an ideal partner for Diem as we move forward with a blockchain-based payment system that protects consumers and enhances the integrity of the financial system. We are committed to a payment system that is safe for consumers and businesses, makes payments faster and cheaper, and takes advantage of blockchain technology to bring the benefits of the financial system to more people around the world. We look forward to working with Silvergate to realize this shared vision.”

Facebook’s Diem, formerly Libra, was first launched in April 2019 with some of the top financial giants like VISA, PayPal and Mastercard being a part of Libra Association. However, with massive regulatory pushback, several of its partners parted ways and Facebook has to tone down its ambitions with launching a global cryptocurrency.

Finally, after much effort, Facebook has found its way to work along with the U.S. regulators. Facebook will start pilot testing the Diem USD ahead of this year. Interestingly, today’s announcement comes just a day after Facebook CEO Mark Zuckerberg teased his ‘Bitcoin’ goat.

To keep track of Crypto updates in real time, Follow us on Twitter & Telegram.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://coingape.com/facebooks-diem-enters-crypto-space-with-diem-usd-stablecoin/

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Blockchain

Spring and Bondly NFT Partnership Unlocks Digital Potential for Creator Economy

[Press Release – 12th May, 2021, San Francisco, California] Spring (formerly Teespring) and Bondly, premiere NFT solutions provider that empowers the next generation of NFT creators, announced today their new partnership to enable Spring’s platform for creators to sell both digital and physical product creation, unlocking a new wave of digital potential for the creator […]

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[Press Release – 12th May, 2021, San Francisco, California]

Spring (formerly Teespring) and Bondly, premiere NFT solutions provider that empowers the next generation of NFT creators, announced today their new partnership to enable Spring’s platform for creators to sell both digital and physical product creation, unlocking a new wave of digital potential for the creator economy. Content creators will use Bondly technology on the Spring platform to create, mint and market NFTs.

In addition, Bondly will provide expertise to develop new digital experiences between creators and fans. More than $2 billion was spent on NFTs during the first quarter of 2021 — representing an increase of about 2,100% from Q4 2020*, so there is a lot of revenue that can be generated for individual creators. These new NFT capabilities will empower the creator to be the authentic creator of the initial digital product as well as rewarded for its creation.

Creators will now be able to simultaneously leverage Spring’s industry leading social integrations and combined with Bondly’s creation technology to sell NFTs, all accessible to fans globally at just the click of a button. Much like what they offer with their Digital Products, Spring will provide creators with a place to sell their NFTs, using their distribution channels to present fans with the opportunity to purchase them.

Bondly will power this next generation of digital collectibles and turn year-round fan engagement into a revenue center for influencers and others wanting to maintain ongoing fan interaction through embedded NFT perks and utilities. With the arrival of Web 3.0 which has been framed as the new ‘internet of value’, this value transfer has never been more clear than with the relationship between fan and creator. The partnership between Spring and Bondly will bring creators and fans closer together, as fans are now able to engage in a fandom that is exclusively between them and the creator via the sale of NFT’s on the platform.

Bondly opened the floodgates earlier this year, for mass NFT adoption by being the first to market with unique products in partnership with influencers and musicians and collaborations with gaming/collectibles creators. Bondly created and distributed YouTuber/Influencer Logan Paul’s first-ever limited-edition series of NFT collectibles for fans, generating $1.3M in NFT sales in the first 30-minutes.

And through Bondly’s core product, BONDSwap, singer, songwriter PelleK released and quickly sold out the first-ever NFT music album, earning $160,000. Two-time GRAMMY award-winning group and reggae royalty Morgan Heritage was the first reggae artist in history to introduce one new song and two digitally remastered titles via an NFT, along with rare digital art.

Spring’s platform enables creators to launch ‘social stores’ which allows creators to sell products via the social channels which have given them fame and followers, including TikTok, Instagram and YouTube. These successful partnerships resulted in explosive growth for the platform, with more than 450,000 verified creators signing up to the platform to build their socially integrated ecommerce stores as of January 2021.

2020 saw a spike of activity, with new creator growth exploding by 135%, alongside a 92% growth in the number of creators who are actively selling their products through the platform. Spring has seen more than 30 creators become millionaires as a result of selling on the platform.

CEO of Spring, Chris Lamontagne says:

“NFTs give creators the ability to produce and more importantly, own their digital creations. At Spring our goal is to put the power in the hands of the creator and that begins with ownership. This is an opportunity for creative people to sell their products on the internet in a way which has not been done before. Partnering with Bondly has been excellent, we have a shared vision of a creator economy combined with NFT capabilities at scale and both understand how truly powerful that can be.”

CEO of Bondly, Brandon Smith, said:

“Spring and Bondly are perfect partners because we see NFTs as a fan engagement tool and work to create tailored, perk-enabled NFTs to increase the market value for creators. We focus on quality first, so that each NFT will stand the test of time and maintain its value to the fan, ensuring their perception of each creator not only remains as good as before the sale, but also actually enhances how they feel about them.”

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Source: https://cryptopotato.com/spring-and-bondly-nft-partnership-unlocks-digital-potential-for-creator-economy/

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Blockchain

Ethernity Chain Immortalizes Tony Hawk’s Last 540 Skate Trick With NFT

[Press Release – Los Angeles, California, 12th May, 2021] Iconic skater Tony Hawk will soon have his own NFT thanks to the Ethernity Chain platform. The new NFT collection will launch on Wednesday May 12 at 12PM ET and be available for 24 hours. Hawk recently performed what he insists will be HIS last ever […]

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[Press Release – Los Angeles, California, 12th May, 2021]

Iconic skater Tony Hawk will soon have his own NFT thanks to the Ethernity Chain platform. The new NFT collection will launch on Wednesday May 12 at 12PM ET and be available for 24 hours.

Hawk recently performed what he insists will be HIS last ever “540” skate trick, and the moment in time will be preserved for eternity as an authenticated NFT (aNFT). The winning bidder will also receive the actual skateboard and shoes used in the final trick.

The legendary skater’s last ever 540 constitutes just part of a coveted collection co-created by influential digital artist Ondrej Zunka, a boyhood fan of Hawk.

“Birdman” will also provide one of his own skateboards, modeled after the inverted handstand and represented as an aNFT. Ethernity plans to raffle the skateboard randomly to a buyer of the aNFT.

The collection is completed by Graffiti Wall, a colorful artwork featuring contributions from skating enthusiasts in the form of messages, drawings and slogans etched on a blank canvas.

“I spend a lot of time around skateparks and there’s always a lot of graffiti everywhere, so I made this public Graffiti Wall inviting friends, family and the public to add a note to Tony,” said Zunka.

“I’ve created a texture from all of these messages and projected them onto the ramps, so whoever participated is now part of these two NFTs.”

Ethernity, which is committed to bringing legendary figures, real world collectibles, and fan engagement to blockchain, recently released aNFTs of Muhammad Ali, Pelé and baseball star Fernando Tatlis Jr. As with Hawk’s collection, each auction also included physical collectibles such as custom baseball bats and gloves worn by the boxer.

About Ethernity

Ethernity is exploring applications for non-fungible tokens (NFTs) within the context of art and philanthropy. It provides a way for celebrities and public figures to endorse digital artwork created by renowned artists. Anyone can purchase each limited edition artwork, with a portion of the proceeds going to charitable causes that the celebrity supports. Ethernity was founded by early Bitcoin investor and NFT innovator Nick Rose Ntertsas.

Learn more: http://ethernity.io/

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Source: https://cryptopotato.com/ethernity-chain-immortalizes-tony-hawks-last-540-skate-trick-with-nft/

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