Tag: Cryptocurrency

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Joao Amoedo, Presidential Candidate Of Brazil, Thinks Cryptocurrency Can Be A Viable Payment Method

Joao Amoedo, presidential candidate of Brazil, for the New Party, has expressed that a cryptocurrency like Bitcoin (BTC) can be a viable payment method in the country, as long as there is a regulation that supervises its use. The information was presented in an interview the candidate gave to a local media in recent days.

According to Amoedo, Bitcoin (BTC) should receive the same regulatory treatment as a fiat currency like the US Dollar, which could be a very controversial issue for the Bitcoin (BTC) community.

It must be made clear that the country [Brazil] has only one national currency, the currency which is legal tender, that is to say, the currency which the persons are obliged to accept as the real currency (…) Also, there are restrictions on the use of the US Dollar for payments and as an account currency, which should be the same for any other foreign currency, including cryptocurrency.

Joao Amoedo

At this moment, there is no regulatory framework regarding cryptocurrency use in Brazil

Currently, no legal framework regulates the use of cryptos in Brazil, despite the debates in Parliament on blockchain technology. The presidential elections to which Amoedo would be running are scheduled to be held in October, and his proposals could only materialize if he is elected.

Amoedo was very open to distributed ledger technology, believing that it could significantly reduce bureaucracy in public institutions by integrating it into real estate registration, document authentication, and electronic signature recognition.

Joao Amoedo also praised the advances in digital identity made thanks to blockchain technology, as well as its application in the supply chain, data transparency, and voting systems.

Since 2015, there has been a conflict between banks and cryptocurrency exchange operators in Brazil, which has led to the closure of some bank accounts belonging to a few exchange platforms and the subsequent reactivation of some of these blocked accounts.

Regarding this conflict, the Brazilian presidential candidate claimed not to have a specific position. In fact, Amoedo believes that the more competition there is in the cryptocurrencies market, the better it is.

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To Become A Wall Street Financial Analyst You’ll Have To Know About Cryptocurrency

The conventional financial world and cryptocurrency have become more and more interconnected since the Bitcoin (BTC) price boom of 2017.

The CFA Institute, Chartered Financial Analyst, will include cryptocurrency-related questions in next year’s tests. The crypto and blockchain topics will be part of Levels I and II exams for financial analysts for the first time, that being a clear sign that the cryptos are here to remain on Wall Street, as Bloomberg said.

CFA Institute, whose three-tier training program educated over 150,000 financial experts, reported that the topics for the 2019 exams would be unveiled in August, giving applicants the chance to start studying for the required 300 hours in advance. Cryptocurrency courses are part of a new unit known as “FinTech in fund management” which was created by CFA Institute at the candidates’ demand.

Conventional financial world and cryptocurrency have become increasingly interconnected thanks to 2017’s Bitcoin (BTC) boom

The traditional financial world and the expanding crypto space have become more and more interconnected in the aftermath of last year’s Bitcoin (BTC) boom.

Bitcoin futures quoted on the Chicago Stock Exchange, firms like Goldman Sachs entering cryptocurrencies market and the repeated news that top Wall Street executives are moving into crypto space are just a few of the reasons why cryptos are becoming the real deal.

“This is not a fad. We saw that the issue was advancing faster and with greater projection than others,” explained Stephen Horan, one of the directors at the CFA Institute in Charlottesville, Virginia.

CFA’s crypto- and blockchain-based content will be featured along with other Fintech-related themes, including artificial intelligence, machine learning, and big data.

“It will be very good for us, as there has been a great expansion and adoption of cryptocurrency in our investment universe,” asserted Kayden Lee, 27, a student of financial economics at Columbia University to Bloomberg. Lee took the CFA Level I exam in June and is know getting ready for the next one.

In short, CFA Institute will include cryptocurrency-related topics in next year’s tests because the conventional financial world and cryptocurrency have become more and more interconnected.

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Bank For International Settlements (BIS) Criticizes Cryptocurrency Again

The head of the Bank for International Settlements (BIS) continued the institution’s critical stance on cryptocurrency, saying it “cannot take over the functions of money,” BIS reported on July 4th.

Bank for International Settlements (BIS) general manager stated cryptocurrency “are not a good means of payment”

In statements to the Swiss daily Basler Zeitung last week, later published by the BIS, general manager Agustin Carstens warned the “young people” against “trying to make money,” referring mostly to the Bitcoin (BTC) mining industry.

Those who have the greatest incentive in the system of this so-called cryptocurrency are those who produce the assets – the miners. This incentive, however, is not compatible with maximizing the utility of money. he told the publication. Cryptocurrency does not serve any of the three purposes of money. They are not a good means of payment or a good unit of account, nor are they suitable as a deposit of value. They fail dramatically in each of these counts.

Agustin Carstens, general manager of BIS

This is not the first time BIS position itself against cryptos

The BIS caused outrage when it published an article on cryptocurrency in June, and the significant media widely reported its highly suspicious view of the phenomenon against the fiat currency. Along with identical concerns about its potential to function as “fiat money,” the article also feared that the massive adoption of cryptocurrency could “stop the Internet” and other controversial claims.

Continuing the story, Carstens, who in turn has on multiple occasions presented himself as against cryptocurrency, said that it would unequivocally not have a “happy ending.”

“You don’t have to beat around the bush like that. It should not be forgotten that central banks have been providing electronic means of payment for decades,” stated Agustin Carstens, general manager Bank for International Settlements (BIS).

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China Works On Developing Its Own Digital Currency, A Mix Between Cryptocurrency And Fiat Money

China’s efforts to develop a digital currency of its own are tilted towards a model that combines the main features of a cryptocurrency and the existing fiat monetary system in the Asian country. That is the idea that has emerged from research into patent applications filed by the Digital Coin Research Center since its creation last year.

The information, based on data from the State Intellectual Property Office of China (SIPO), indicates that the Digital Coin Research Center, created in June 2017 by the People’s Bank of China, had filed 41 patent applications related to the creation of a digital coin as of Friday, June 22nd, 2018.

According to research published by Coindesk, each patent corresponds to a specific aspect of the system which, when combined, would make possible a technology capable of issuing digital currency and providing the user with a wallet that stores and processes the asset on an ‘end-to-end’ basis. The ultimate goal would be to achieve such an integration that the new digital currency with cryptographic features could be widely incorporated into the existing financial structure.

China proves, once again, its affinity for cryptocurrency and blockchain technology

Among the characteristics of the wallet developed by the Chinese Government, it is worth mentioning that it will be compatible with different types of cryptocurrencies issued by authorized bodies and will have a multi-signature security mechanism.

Some spokesmen for the Chinese government, such as the deputy governor of the People’s Bank of China, Fan Yifei, and the head of the research laboratory, Yao Qian, have publicly expressed opinions in keeping with the implementation of this hybrid digital currency, aimed at achieving “a balance between centralization and decentralization.”

Although the model for the new Chinese cryptocurrency-related digital currency does not adhere to the concept and philosophy of a true cryptocurrency, it is clear that the government of China is in favor of the use of blockchain technology in various sectors and processes.

In fact, activities such as mortgage registrations and check validation are already being carried out, or are in the process of being executed, with the support of the blockchain technologies.

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Federal Reserve Branch Lists Cryptocurrency Prices Charts

St. Louis Federal Reserve Branch has listed four cryptocurrency price tracking charts in its comprehensive database of inquiries.

St. Louis Federal Reserve Branch listed four cryptocurrency price charts

The Federal Reserve Economic Data (FRED), a Federal Reserve-managed economic database, was announced on Tuesday that will henceforth feature price data for Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).

All the price data and the charts are obtained by the Federal Reserve bank directly from the Coinbase cryptocurrency exchange and trading platform, a renowned crypto-related business based in San Francisco, USA. All the prices and the charts will be automatically updated daily at 5 PM PST.

It may be possible for the St. Louis Federal Reserve Branch also to list price data for the Ethereum Classic (ETC) cryptocurrency when Coinbase officially lists it on its cryptocurrency exchange platform, which it has been told will happen soon.

The Federal Reserve had an awkward affair with cryptocurrency

As noted by CCN, the St. Louis Federal Reserve Branch has been amazingly receptive to cryptocurrency, both as a commodity and as a technological asset.

St. Louis Fed. Governor James Bullard recently addressed the cryptocurrency Consensus conference, held last May in New York. While not precisely bullish, his remarks hint at a future in which cryptocurrencies will have a substantial impact on the world’s economy. He also voiced his concerns that cryptocurrencies may cause the monetary landscape to revert to a “non-uniform monetary system,” as it existed in previous centuries.

“Cryptocurrencies may be inadvertently pushing in the wrong direction when trying to solve a major social problem, which is the best way to facilitate market-based exchange,” stated James Bullard.

On the other hand, Raphael Bostic, who manages the Federal Reserve Bank of Atlanta, cautioned the youth at a recently held conference not to put money into cryptocurrencies, which he likened to popular collectibles such as Beanie Babies.

In the same tone, Neel Kashkari, chairman of the Minneapolis Federal Reserve, stated last month that the cryptocurrencies market has “become a sham,” while the blockchain technology is “probably more interesting and has more potential” than Bitcoin (BTC).

Besides, according to the Federal Reserve of San Francisco, the actual value of 1 Bitcoin (BTC) would be $1,800 which is approximately equated with the costs of mining 1 BTC.

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