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November 30, 2020 The top stories in bitcoin, crypto and more – all in one place, delivered daily Sponsored By: By Daniel Kuhn If you were forwarded this newsletter and would like to receive it, sign up here.
Top shelf Blockchain Bites is back – we hope you enjoyed the holiday pause. Now for the news: Another major hedge fund may allocate to bitcoin. Kaspersky sees cybercrime on the rise for 2021. And anonymous developers have forked a seemingly dead project to launch DeFi’s latest stablecoin.
And, perhaps most notably, bitcoin has set a new all-time high. "After nearly three years of waiting, bitcoin investors can celebrate a new all-time high Monday after the leading cryptocurrency traded as high as $19,786, breaking the previous record set in December 2017 by $3," CoinDesk reporter Zack Voell writes.
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Quick bites Leigh Cuen dives into “Bitcoin’s carnivore cult,” finding it both stupid and correct. (CoinDesk)
Satoshi Nakamoto’s recently uncovered emails to cryptography legend Hal Finney present a new puzzle. (CoinDesk)
Real Vision’s Raoul Pal has invested about 75% of his liquid assets in bitcoin. (Decrypt)
Ethereum's mining difficulty and hashrate have both reached new all-time highs. (The Block)
Market intel Boot and rally
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At stake CBDC pilots Yesterday I reported that the central banks of Saudi Arabia and the United Arab Emirates (UAE) published a report based on a year-long joint digital currency pilot. In the report the regional powerhouses found that distributed ledgers, including classic blockchains, could improve cross-border and domestic settlements, without sacrificing privacy.
But the “Aber” project, named for the Arabic word for “crossing boundaries,” was significant for more than just a successful central bank digital currency (CBDC) dry run. According to the researchers, it was likely the first blockchain-based CBDC experiment that tested the feasibility of a dual-issued currency.
In this sense, even though a Saudi/UAE bilateral currency is nowhere near ready for deployment, if ever, Aber did add to the existing body of knowledge. The program – which also involved the cooperation of six commercial banks that risked their own deposits in the trial – specifically referenced previous CBDC pilots in Singapore, Japan, South Africa and Canada.
It’s worth going over what those earlier experiments were seeking: Project Stella: A project began in 2016 and led by the Bank of Japan (BoJ) and European central bank (ECB) studied the use of DLT for financial market infrastructure. Project Ubin: In late 2016, the Monetary Authority of Singapore (MAS) commenced a collaborative project with financial institutions and technology providers to explore the use of distributed ledgers for clearing and settlement of payments and securities. Jasper-Ubin: the Bank of Canada (BoC) and Monetary Authority of Singapore (MAS) collaborated on Jasper-Ubin Project to test the use of distributed ledger technology for cross-border high value payments. Project Khokha: In late 2017, the South African Reserve Bank collaborated with seven banks to study interbank settlement in the country. “While other central banks have also explored cross-border payments, the major difference was in Aber’s dually issued single digital currency approach and use of real money,” Aber’s researchers write.
Accordingly, while most blockchain-based CBDC pilots found varying levels of success in distributed systems to structure a nation’s financial architecture, the research isn’t complete.
Aber, for one, saw early issues in coordinating nodes across jurisdictions as well as lingering questions around transaction privacy, particularly in cross-border transfers. Then there are the issues that any blockchain system will run into including scalability, transaction finality and throughput limit. Those are mostly technical concerns.
Economically speaking, as a joint currency backed equally by the Saudi Riyal and the UAE Dirham initiative, fluctuating foreign currency exchange rates became an issue. As did the possibility of different cities and jurisdictions applying different taxes or charging different interest rates.
While many nations are surging ahead with CBDC adoption – with China and the Bahamas leading the pack – there’s still reason to take a slow-going approach. After all, Aber, modest as it was, was among the first to put real money at stake.
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