The Swiss government does not support the idea of ​​a digital currency

The Swiss government does not support the idea of ​​a digital currency

The Swiss government is not a fan of digital currencies dedicated to the public

The Swiss government does not support the idea of ​​a digital currency intended for retail use. However, he argues that a CBDC dedicated to wholesale customers can provide benefits.

“A centrally-accessible digital central bank currency would not bring any additional benefits to Switzerland,”

said the country’s cabinet at a meeting on Friday. In addition, creating a digital currency for public use would present risks to financial stability.

A digital currency intended for wholesale use, “restricted to players in the financial market”, on the other hand, seems to be “a more promising strategy”.

“A wholesale token issued by the NBS (Swiss National Bank) could contribute to improving the efficiency in securities trading, settlement and management”,

supported the Swiss Cabinet.

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Currently, NBS is working on blockchain-based digital currency for wholesale use, in partnership with the Bank for International Settlements and SIX Digital Exchange.

“This new form of digital money of the central bank would facilitate the settlement of tokenized assets between financial institutions”,

said NBS in October.

Chainalysis implements AML solution for Bitfinex

The analysis company Chainalysis has announced the completion of a complete AML solution applied on the Bitfinex exchange. The request was motivated by the fact that the rules proposed by the Financial Action Group (FATF) will be implemented from the summer of 2020.

Chainalysis provides fund verification services for 41 blockchains, including numerous cryptocurrencies and tokens.

Bitfinex has faced numerous controversies, but is trying to make a significant reporting effort.

Peter Warrack, Bitfinex’s director of compliance, said:

“Chainalysis offers a solution of high performance, comprehensive and reliable. It will help us keep bad actors off our platform, while protecting the privacy of our users. ”

BlockFi wants to offer crypto accounts that generate interest in Washington State

Crypto lending company BlockFi has announced that it has obtained a money transfer license in Washington state. To date, BlockFi has been authorized to offer only loan products in cryptocurrencies.

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The company explained that the new license will allow BlockFi to be the first crypto company eligible to provide interest-rate cryptocurrency accounts for Washington residents. In addition, they will also have access to the company’s trading service, launched last week.

BlockFi CEO and founder Zac Prince said the company also plans to use its license to prepare the platform to “serve state residents with a fiat ramp option.”

Changpeng Zhao: China wants to control Bitcoin mining

Binance CEO Changpeng “CZ” Zhao believes the Chinese government wants to control Bitcoin mining. In a message posted on Twitter, he claimed:

“Cryptocurrency mining is now encouraged in China. They hope to control bitcoin, having all the miners in the country (under their control). ”

At present, this is not far from being achieved, because over 60% of the discovery of the blocks is done by the Chinese mining pools.

China also has one of the lowest profitability thresholds for BTC, due to the low price of electricity.

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Currently, the Bitcoin network has a multitude of nodes in the US, Europe, as well as other locations globally.


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