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There Won’t Be A Central Bank Cryptocurrency In Next 3-5 Years: Bank Of Thailand Governor

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As the latest crypto news show, the citizens of Thailand will have to be more than just patient while waiting for a retail central bank-issued cryptocurrency that is meant to save them from carrying cash around.

At least this is what the governor of the Bank of Thailand (BoT) named Veerathai Santiprabhob believes in. As he stated, the plans to switch from cash to cryptocurrencies like Bitcoin won’t happen within the next 3 to 5 years – mostly because the process of creating a central bank digital currency (CBDC) is ‘not easy’ and is time-consuming due to the complex nature of this monetary system.

The governor also noted that even though there has been some progress regarding the issuance of CBDCs in some countries, Thailand is far from the idea at least within the next half of a decade.

And while the Bank of Thailand has not announced any plans for a CBDC meant for use by the general public, three months ago it announced that it is working on a wholesale CBDC (a digital currency meant for use by financial institutions for settling inter-bank payments, doing cross-border transfers etc.)

The project is dubbed ‘Project Inthanon’ and has an interesting abstract:

“Building upon the findings and outcomes from Phase 1, the project participants aim to further develop the capabilities of the prototype for broader functions including third party funds transfer and cross-border funds transfer.”

Even though the governor of BoT did not touch the risks associated with CBDCs, one official from the International Monetary Fund named Christine Lagarde has said that there are three downsides to a state-backed digital currency: the risk to financial integrity and stability as well as its potential to stifle innovation.

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Altcoin News

MakerDAO Token Holders Vote On Whether To Lower Stability Fees By 2%

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MakerDAO token holders
The MakerDAO token holders are in the coming altcoin news because of a vote which would decide whether to decrease the so-called stability fee for MakerDAO's Ethereum blockchain-based decentralized stablecoin named DAI. The vote was officially announced on the organization's blog on May 17.
"The Maker Foundation Interim Risk Team has placed an Executive Vote into the voting system, which will enable the community to enact a new Dai Stability Fee of 17.5%. The Executive Vote (FAQ) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a continuous approval vote," is what the announcement shared in our latest cryptocurrency news notes.
If the decision is approved and the vote comes out positive, the proposal would decrease the stability fee by 2% to 17.5% per year. As the announcement outlined, the need to decrease the fee was discussed by the project's governance and now the MakerDAO token holders need to decide on it. For those of you who don't know, MakerDAO is looking to change the yearly stability fee in an attempt to improve the token's peg to the US dollar - especially after the exchange price has been hovering above the $1 level. The stability fee was a hot topic in the altcoin news and is seen as a charge that is levied by Maker participants when DAI is used for loans. In March, the MakerDAO token holders already decided to raise the stability fee (even twice), first to 3.5% and then to 7.5% per year. In April this year, this fee was further increased by another four percent in the fifth such vote this year which brought it down to 11.5%. The further votes brought the rate up to 19.5% at the beginning of the current month. As we already reported (and many best cryptocurrency news sites did too) at the end of the previous month, DAI has been struggling to maintain its peg. Aside from the MakerDAO token holders and their decisions, the president and chief operating officer claimed that DAI's value had been stabilized as of the beginning of May. On top of this, at the end of April, the chief technology officer at MakerDAO, Andy Milenius, published an open letter dated April 3 to explain his concerns over the project's internal conflicts.
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Altcoin News

Binance Launchpad Projects Make Up To 620% Returns

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Binance Launchpad projects
Binance Launchpad projects seem to be making spectacular returns after the CEO of the company congratulated the platform on Twitter. Following the latest cryptocurrency news, the Binance Coin is also increasing and reached up to 40% increase since the hack. The Binance Coin (BNB) did well after the massive hack where 7,000 bitcoins were stolen from the hot wallets of the exchange. In the meantime, the success of the Binance Launchpad projects in offering new crypto to investors is boosting the business and keeps up the demand for the coin high. Even before the retail investors and Wall Street hedge funds started closing up on bitcoin this spring, the Binance Launchpad was the leading altcoin in 2019. It was the best gainer among the top 100 cryptocurrencies and still manages to hold that position. Back in February as reported in the altcoin news, the Binance Launchpad projects resulted in the issuance of two token-sale sessions for TRON’s Founder BitTorrent (BTT) which was for the purchases in BNB coin and the other for purchases in TRON (TRX). The token sale ended in less than 15 minutes. If binance deployed more computing power it might have influenced the process in terms of time and could have completed the ICO in less time. Binance Launchpad's Fetch (FET) token sale was over in 10 seconds. Those who managed to buy it off the platform have managed to make 119 percent returns on their investments. Also, Celer (CELR) and Matic (MATIC) in April generated up to 126% and %620 gains from the Launchpad prices. All of the Binance Launchpad projects are selected carefully. The applicants that are chosen enjoy the support of the startup accelerator. They also gain resources and direction but most importantly, the reputation that comes along with the Binance name. A large part of the value in the binance Launchpad comes because of the professionals hired to do their job which is helping the investors what coins to buy. The value in Binance comes also with the professionalism, knowledge, and competence of Changpeng Zhao and his team. Crypto investors seem to believe in the largest crypto exchange platform by volume since they are pouring their money into it.
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Altcoin News

Ripple’s CEO Says 6% Of SWIFT Transactions Involve Human Intervention

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Ripple's CEO
Ripple’s CEO Brad Garlinghouse spoke during a session at the Swiss National Bank Conference where he stated that around six percent of the SWIFT transactions are in need of human intervention. Amid the reports that Ripple misrepresented the actual amounts of XRP in their escrow accounts, in today’s altcoin news we focus on something else. Despite the reports, the US-based blockchain company is the fastest growing network in the world. Garlinghouse further explained that the SWIFT transactions add ‘’time and cost’’ and pointed out that the cost implies on the fees associated with the transactions but also on the ‘’pre-funding’’ or the capital required for commercial banks that are added on the drawbacks on the financial system. Ripple’s CEO pointed out that the current cross-border payment systems are tangled with problems such as high costs and slow processing time. He added that these pre-funding costs are a burden to the people who are the least able to afford them. Garlinghouse added:
“.. instead you can use a digital asset to have global liquidity on demand now we build upon a tech stack of an open-source technology called XRP”
Brad praised the digital coin of Ripple and stated that XRP is much cheaper and faster on a ‘’per transaction basis’’ than Bitcoin ever was by a ‘’thousand times.’’ According to him, global payments today are not into the age of the Internet. He also pointed out in the latest cryptocurrency news that the blockchain technology has the ability to change all of the existing payments settlements dynamics by removing the ‘’central counterparty’’ and due to its unique ability to ‘’transact without the need for trust.’’ While he was explaining the subject of interoperability, Garlinghouse said that it was an important factor and noted:
 “We’re trying to solve a problem, selling technologies to banks and financial institutions to solve a cross-border payments problem.”
Ripple’s CEO outlined that the company is not focused on the Central Bank Digital Currency issuance and said that interoperability is much more important. Garlinghouse argued that in a world full of central bank digital currencies, interoperability is much needed to solve the cross-border transactions dealings issue. He had earlier dismissed the JPMCoin by the financial giant JPMorgan saying that it suffers from lack of interoperability.
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Bitcoin Cash Hashrate May Be ‘Dangerously’ Controlled By One Mining Pool

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bitcoin cash hashrate
The hacker who recently abused the Bitcoin Cash network upgrade was properly dealt with. However, besides that, we can see that there is something dangerous happening behind the scenes. According to analysts, the Bitcoin Cash hashrate recently came very close to being controlled by one single entity, BTC.top. The latest cryptocurrency news show that nine hours ago, this same entity controlled more than 51% of the hashrate as one Reddit post suggests. At the time, BTC.top controlled 54% of the Bitcoin Cash hashrate which would give that pool a power to double spend any and all of the Bitcoin Cash, halt the transactions as well as launch a 51% attack on the fourth largest cryptocurrency in the world right now. However, at press time we can see that the control of BTC.top has waned to 44.44%. The altcoin news show that there is still a huge amount of control for any entity to have - especially considering the decentralized nature of Bitcoin Cash and cryptocurrencies in general. However, this is not the first time the Bitcoin Cash hashrate has come close or crossed over the 50% line. On January 3, BTC.top controlled around 50.2% of the total hashrate. The pool, which is a China-based private entity, mined about 7 consecutive blocks 10 hours ago which is a dire circumstance for Bitcoin Cash if the pool decides to use the hashrate. One Reddit user commented on this and was featured in the coming altcoin news, stating:
“Someone is clearly attacking BCH, which I would speculate to be Calvin and his dipshit lapdog. Some mystery miner pumped up the “unknown” side up by 10-15% which backed off right after the fork. Then the zero-day bug exploit on fork day that coincided with a massive short position… “
A tweet from Bitcoin)ABC also described the Bitcoin Cash hashrate stating:
“This release adds deep reorg protection to ensure that transactions are immutable after 10 confirmations. This safeguard helps users, businesses, and exchanges stay secure and free from disruption.”
In comparison to Bitcoin, the original blockchain from which Bitcoin Cash forked off has the hashrate spread out between different entities, as many best cryptocurrency news sites already noted.
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