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.
Coinbase Adds PayPal Withdrawals To Its Platform (For U.S. Citizens)
“There is new technical work to make this possible, and that was done in conjunction with PayPal.”However, this Friday Osgood wrote that the partnership provides Coinbase customers an alternative to the traditional federal wire or automated clearing house (ACH) network that they were required to use. As he said:
“These traditional finance networks can add up to two business days to a withdrawal. We’re always looking for ways to not only meet the bar set by traditional finance, but raise it. That’s why we rebuilt our integration to ensure that the speed and reliability of PayPal withdrawals does just that.”The service is for now only available to customers in the United States, but could continue to be added to other nations across 2019, as Osgood wrote.
Bitcoin Plunges To A Yearly Low, Market Is ‘Prepared’ To Go Below $100 Billion
“As BTC is approaching the target of the 2014 fractal the targets of most people change from 3k to 1k and even lower. I still think $2,700 is an excellent place to buy if we should go there. ‘History doesn’t repeat itself but it often rhymes.’”Currently, there is a big risk in shorting and longing Bitcoin and other major cryptocurrencies in the market, which is why investors are observing the short-term trend of the crypto market by holding out on their trading activity.
TRON’s DApp Usage Jumps 48% To +1 Million Transactions Last Week
“This week, the 24-hour transaction number for Dapps reached 1.04M, a 48% increase compared with last week; the 24-hour trading volume hit 640M TRX, an 151% increase compared with last week. We have seen significant increases in both indexes […]”One of the most interesting projects built on Tron is Seedit which is a decentralized platform that lets users contribute funds to the content creators that they most appreciate. Project Atlas is also a well-known project which incentivizes people to seed content on the BitTorrent protocol, which was acquired by Tron back in July this year.
Bitcoin Cash Drops Again By 15 Percent While Other Cryptocurrencies Take A Stronger Hit
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