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Russia’s Central Bank Looks Into The Pros And Cons Of CBDC

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Russia’s central bank is reviewing the potential pros and cons of the central bank digital currencies according to a policy brief published two days ago. In our latest cryptocurrency news, we discover more.

In the policy brief a document named ‘’Is there a future for central bank digital currencies’’ was brought up and Russia’s Central bank outlined multiple benefits of the CBDCs. The central bank digital currencies have a huge capability to reduce down the transaction costs but also to provide a less risky asset and to improve liquidity.

However, Russia’s central bank pointed out that central bank digital currencies have the potential to reduce the transaction costs can only be possible if there is a technical solution for them. For example, CBDCs will offer improved tools in terms of ease when conducting payments and savings in comparison to debit cards and fiat money.

While there are a lot of positive sides of CBDCs, Russia’s central bank explained the possible drawbacks of the central bank digital currencies such as lack of anonymity. To be more exact, the CBDC’s are unable to provide a higher level of anonymity in comparison o cash. The document pointed out:

 “CBDC de facto cannot provide the same level of anonymity that is provided by cash. This is  certainly an advantage for regulators, but can be considered a disadvantage by users, not only those who are involved in suspicious activities, but those who are concerned about privacy.”

Russia’s central bank also pointed out that central bank digital currencies can compete with commercial bank deposits when there is low inflation and not so high-interest rates. CBDCs can also become almost equal to cash but only in cases of providing liquidity and ease of use.

As previously explained in almost all of the best cryptocurrency news sites, central bank digital currencies are digital currencies issued by a central bank. They have the status of a legal tender but also have elements of centralized money. Despite Russia’s central bank, the World Economic Forum also released a report claiming that there are about 40 global central banks that plan to use CBDCs. Some of the central banks interested include the Bank for International Settlements and the State Bank of Pakistan.

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Altcoin News

BitTorrent Token Surges 20% After Justin Sun Tweets Latest Announcement

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BitTorrent token (BTT) surged in value by 20 percent after the TRON founder Justin Sun and the owner of BitTorrent once again proved how big of an influence he can be on social media. In the latest cryptocurrency news today we read more about his tweet that influenced the price of the token. Most recently, Sun tweeted that there is a huge announcement coming up and this is when the price of the BitTorrent token increased by 16 percent on the day. Sun didn’t even give us a hint of the announcement. Sun is extremely popular for his Twitter activity and he is constantly getting the number of his followers increasing. He updates the community about what is going on and what is next for his projects. However, he did something different this time after he announced that there is a new announcement coming up. What is more interesting, he says that there is a 70 percent chance of whatever is coming up to take place. Despite the fact that he didn’t hint what the announcement can be, the price for the BitTorrent token surged right after he posted. The price was even up by more than 16 percent which only shows how big the influence of the TRON founder is. It has now become a popular trend to hype and notify the crypto community about blockchain-based projects. It’s perfectly normal for companies to state facts about the developments with their products and this is what Sun has been doing. However, as we mentioned in the altcoin news previously, there is a fine line between keeping the community posted and misleading the community since some developments might not come true in the future. The last tweet from Sun doesn’t provide any concise information and it says that there is only a 70 percent chance of happening. If you take a look at traditional companies, you can see that their activities are carefully monitored by regulating authorities since last year Elon Musk got sued for tweeting his plan to take Tesla private and that he has the funds for it. Being careful with information has to become a practice especially if the community can be misled, in danger or simply to avoid speculation.
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BitMex Research Shows BCH Experienced Two-Block Chain Reorganization

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BitMex research that was issued on May 24, explains that after the hard fork on May 15, Bitcoin cash has reportedly experienced a two-block chain reorganization which resulted in 3,392 BCH double spend. Per the coming altcoin news, we read more on that research. The report released by the BitMex research branch, the recent BCH hard fork experienced three connected issues. First, there was a bug that evidently exploited by an attacker right when the hard fork happened. The attacker was also able to ‘’broadcast transactions which met the mempool validity conditions but failed the consensus checks.’’ Also, the miners who attempted to produce blocks with the transactions were not able to do so. The empty blocks resulted in concerns among the miners who tried to mine on the original chain causing a consensus chainsplit. The third problem was that the said chainsplit prevented a system that aimed to recover funds that were accidentally sent to SegWit addresses. According to the BitMex research, the failure could have resulted in a coordinated 2 block chain re-organization. The report states:
 “Based on our calculations, around 3,392 BCH may have been successfully double spent in an orchestrated transaction reversal. However, the only victim with respect to these double spent coins could have been the original ‘thief.’”
As the BitMex research explains, the three interrelated issues during the hard fork brought up 25 transactions (moving 3,392 BCH) not being into the reorganized chain which led to the double spend effect. As reported in the latest cryptocurrency news, at that time, Bitcoin Satoshi Vision (BSV) blockchain which is a result of the previous BCH hard fork struggled with the large block size and then a series of block reorganizations happened back in April. At the start of this year, In January, a deep reorganization of the Ethereum classic (ETC) blockchain happened as well which also included double spending and $1.1 million worth of crypto was involved. The report states further:
‘’The largest concern from all of this, in our view, is the deliberate and coordinated re-organisation. From one side of the argument, the funds were stolen, therefore the actions were justified in returning the funds to their “rightful owners”, even if it caused some short term disruption. However, the cash like transaction finality is seen by many, or perhaps by some, as the only unique characteristic of these blockchain systems.’’
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Altseason Tips From Cryptocurrency Traders And Expert Analysts

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The coming altcoin news show that a set of altseason tips on maximizing profit during the upcoming trading session - delivered to you directly by the top analysts and traders. Now that Bitcoin has started cooling off from its bullish yearly bear market lows, the pause also presents an opportunity for major altcoins such as Ethereum and Ripple to keep on moving and recover their lost ground. This is why the altseason tips are important for each investor - and why they are featured in our latest cryptocurrency news. To start off, we are going in with a tweet from Rekt Capital which shows a checklist on how the money flow got in the market, grew Bitcoin's dominance but also expanded the opportunities for altcoin investors. https://twitter.com/rektcapital/status/1128289895129198592 As you can see in the altseason tips, a break in Bitcoin's dominance is the fourth signal in the checklist that creates an alt season. This step happens directly after Bitcoin rallies and after money begins to flow into large cap altcoins such as Ethereum and ripple. Another trader named Panama Crypto listed his altseason tips in a tweet. The expert analyst suggests that the best way is to take profits on the way up while also leaving a "moon bag" reserved for the off chance of one cryptocurrency taking off rapidly. https://twitter.com/Panama_TJ/status/1128493156184489985 The best advice in the altseason tips of this trader, is a reminder that if a “life-changing amount of profit” is ever gained, to realize profits and “run.” A lot of other cryptocurrency investors are featured by many best cryptocurrency news sites for their take on the altcoins. At the height of the lass bull run, many of them saw their portfolios reaching values that they never dreamed of. However, it was the greed and fear of missing out (FOMO) that dominated and forced them to hold the longest bear market on record. Right now, the altcoin trading season is at solid levels but it is always important to note that profits are nothing until they are realized - and that one profits from cryptocurrency only when they cash it out into a fiat currency. We hope that these altseason tips will help you with your trading endeavors!  
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American Cryptoverse: Another 2020 US Presidential Contender Brings Ideas

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The American cryptoverse is again a major topic addressed to by many best cryptocurrency news sites. As the headlines show, a second 2020 US presidential candidate has decided to throw their hat into the cryptoeconomy ring - or is hoping (at least) to start that stakeholders in America's crypto sphere throw their hats into his. We are talking about the California representative Eric Swalwell Jr. who started accepting cryptocurrency donations for his 2020 campaign, proving that the sentiment and the American cryptoverse are strong. With this, Swalwell Jr. has also signaled adoption of cryptocurrencies by boosting blockchain adoption in the country. First releasing the pivot on May 23, Swalwell Jr. worked in conjunction with the blockchain startup The White Company. The firm, as reports show, will serve to process all cryptocurrency donations made to the congressman's campaign. As the altcoin news show, his campaign now accepts donations in bitcoin (BTC), bitcoin cash (BCH), Bitcoin SV (BSV), ether (ETH), Stellar’s lumens (XLM), and the The White Company’s WSD token. Swallwell's congressional distinct - his state's 15th - covers a lot of positive things around the American cryptoverse. For example, he declared his candidacy for the Democratic Party's 2020 presidential nomination last month and entered a stacked contest of more than two dozen prominent members of this party who are also facing off President Donald Trump in the general election next year. The young congressman is aiming high when it comes to the American cryptoverse and is polling near the bottom of the crowded field of challengers nationally. However, his support for cryptocurrencies has given him a lot of good reputation. On his crypto donations landing page which is now featured in our latest cryptocurrency news, the Swallwell campaign casts the support for digital currencies and blockchain, stating:
“Eric is running for President to end gun violence, solve the student debt crisis, and make sure Government serves the people. He supports blockchain technology and the use of cryptocurrency to empower the people […] Help Eric run.”
Notably, Swalwell's positive outlook towards cryptocurrency donations comes in direct response to his fellow 2020 Democratic competitor Andrew Yang who recently made a splash in the US crypto circles and the coming altcoin news by outlining a pro-blockchain and pro-cryptocurrency platform.  
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