Bank of Canada Exploring Possibility of Launching a Digital Currency

Bank of Canada, the Canadian central bank, is exploring the possibility of launching a digital currency that would replace cash and track how people spend their money. The aim of the proposed currency would be to mitigate the “direct threat” posed by cryptocurrencies to the economic sovereignty of governments and central banks, an issue that has featured prominently in the headlines recently amidst intense regulatory pushback on Facebook’s proposed coin, Libra. The proposal was pitched to Stephen Poloz, Governor of the Bank of Canada, and its board of directors in…

Fearing USD Decline, Ex-CFTC Heads Propose a Blockchain-Based Digital Dollar

Two former heads of the Commodity Futures Trading Commission (CFTC) are offering up a plan for a government-sanctioned, blockchain-based digital dollar. In an op-ed for the Wall Street Journal published Oct. 15, J. Christopher Giancarlo, former CFTC chair, and Daniel Gorfine, former director of LabCFTC, the watchdog’s experimental initiative, proposed a blockchain protocol to digitize cash To allow the dollar to compete “in the new digital era.” Their USD-backed stablecoin is envisioned for daily transactions both domestically and abroad. Created and administered by a non-governmental group, the program would be dependent…

Grayscale Wins Approval for First Public Digital Currency Index Fund

Grayscale Investments has received regulatory approval to list what it calls the first publicly-traded digital currency index fund. Following assent from the Financial Industry Regulatory Authority (FINRA), the Digital Large Cap Fund (DLC) will be listed on over-the-counter markets and trade under the initials GDLCF.  The DLC is Grayscale’s fourth publicly-quoted investment product, after Bitcoin Trust (OTCQX: GBTC), Ethereum Trust (OTCQX: ETHE), and Ethereum Classic Trust (OTCQX: ETCG). Eventually, Grayscale aims to list on the public market all ten of its investment products that are currently open to accredited investors.…

FC Bayern Munich Announces Digital Token to Boost Fan Engagement

Germany’s FC Bayern Munich has become the latest football club to announce blockchain-based merchandise for fans. As reported Oct. 11, the club will partner with Stryking Entertainment to produce digital collectibles of its players. Play FC Bayern Munich past vs. present The collectibles will take the form of digital player cards with the likenesses of FC Bayern Munich players, past and present. Stryking is also creating a fantasy-league style challenge for the cards, offering a gameplay aspect to the collectibles. Fans can build virtual squads and play each other with…

Galaxy Digital, XBTO Just Made the First Block Trade of Bakkt Bitcoin Futures

Cryptocurrency investment fund Galaxy Digital and over-the-counter (OTC) trading firm XBTO have conducted the first-ever block trade of Bakkt’s bitcoin futures contract. Intercontinental Exchange (ICE), Bakkt’s parent company, announced the trade Friday but did not disclose its size. A block trade is a large transaction that takes place off the open market in order to avoid moving the price too much. The trade, which took place Tuesday, comes on the heels of a disappointing launch last week for the much-hyped Bakkt, whose on-exchange volume in its first five trading days…

Digital Currency Has ‘No Timetable’ for Launch

China has no specific launch date in mind for its digital currency, its central bank has said in fresh comments contradicting previous statements. Central bank governor: We need time to research As local English-language news outlet Global Times reported on Sept. 24, the People’s Bank of China (PBoC) has now denied Beijing is ready to debut its new financial asset. According to the publication, which did not quote governor Yi Gang directly, the PBoC “needs to research, test, evaluate and prevent risks.” “China’s research and development of digital currency has…

SIX Swiss Exchange Postpones Launch of Blockchain-Powered Digital Exchange

Switzerland’s principal stock exchange, SIX Swiss Exchange, has postponed the launch of its “fully-regulated” cryptocurrency exchange SIX Digital Exchange (SDX). As Reuters reported on Sept. 23, a spokesperson familiar with the situation said that SIX moved the full launch of SDX to the end of 2020 primarily due to legal and regulatory issues. The exchange is reportedly still in negotiations with partner banks, the services of which it will offer on the platform. The spokesperson said: “Future releases will offer more functionality, with a particular emphasis on asset servicing, in…

EU Needs Own Digital ‘EuroCoin’ to Compete With Libra, Says France

French Finance Minister Bruno Le Maire has said that Europe should consider its own “public digital currency” that could challenge Facebook’s Libra. The Minister’s remarks — the latest in a series of vocal misgivings about the social media giant’s cryptocurrency plans — were reported by Reuters on Sept. 13.  “EuroCoin”?  vs. the tech titan At a meeting of EU finance ministers in Helsinki, Le Maire told reporters that he would be discussing the issue of a possible European public digital currency with his fellow European ministers next month.  He also…

Hybrid AI Firm Cindicator Launches Tracking App for 150 Digital Assets

Hybrid intelligence firm Cindicator launched Edge, a new web app for receiving and tracking indicators for over 150 digital assets. Estimating probability in the market According to a blog post on Sept. 11, the new product called Cindicator Edge targets holders of Cindicator (CND) tokens and is available on free demo basis. Cindicator Edge’s indicators intend to help in making trading decisions by estimating probabilities of various events across more than 100 crypto assets, stocks and futures, according to the announcement. In order to receive more indicators in real-time, users…

‘Bitcoin Is Digital Gold’ Narrative Still Unproven, Warns Expert Trader

For many, trading cryptocurrency can be a challenge, but the process is made easier if one relies on a combination of technical analysis tools and oscillators to provide insight on which path digital assets like Bitcoin (BTC) might take.  Typically, one sees traders employ the relative strength index (RSI), moving average divergence convergence (MACD), Stochastic RSI (Stoch) and a mixture of exponential moving averages (EMAs), Bollinger Bands, volume measurements and so on. This is good and well, and utilizing these tools often provides great results for traders.  The difficulty of…