Bahamas Central Bank To Launch Govt. Backed Crypto By 2020

Bahamas Central Bank To Launch Govt. Backed Crypto By 2020
May 30, 2019


The cryptocurrency market continues to remain range-bound with a slight bullish bias. Notably, Bitcoin (BTC) continues to trade near 8,700 levels, with a gain of 13.2% in the past one week. In the past 24 hours, Bitcoin has gained only 0.5%. However, Ethereum (ETH), which is a widely tracked crypto, has gained 6.4% in the past 24 hours to trade at $284.78.

Among major altcoins, IOTA (MIOTA) has gained 10.5% in the past 24 hours to trade at $0.5235. Likewise, Binance Coin (BNB) has gained 6.9% to trade at $34.69. Other altcoins which are trading with considerable daily gains include Ripple (XRP-$0.4523, 3.7%), Stellar (XLM-$0.1389, 4.2%), Cardano (ADA-$0.0944, 6.4%), Bitcoin Cash ($468.27, 9.8%), Litecoin (LTC-$117.06, 4%), Tron (TRX-$0.0343, 4.2%) and EOS (EOS-$8.10, 3.7%).


Government level initiatives

CBOB to launch the first government-backed cryptocurrency in the Bahamas

Last June, the Central Bank of Bahamas (CBOB) announced plans to launch its native cryptocurrency backed by the government. In this regard, later today, CBOB will ink a contract for building a digital fiat currency system. The contract will be signed with, a transaction provider, in order to develop and employ “Project Sand Dollar,” the first cryptocurrency in the Bahamas. In March 2019, CBOB revealed its intention to collaborate with NZIA for developing the government-backed crypto. Singapore-based software development company Zynesis is also joining the project.

The central bank clarified that the “Project Sand Dollar” endeavor would be an “integrated, affordable electronic payment system for all businesses and residents.” The venture will conform to financial regulations of the country and intends to offer equal access to digital payments for the inhabitants of the island nation, minimizing cash dealings and service delivery charges. The CBOB is yet to announce the list of islands selected for the project trial. However, John Rolle, CBOB’s governor has stated that the institution anticipates the Family Islands to complete the adoption of the crypto by 2020.


Private sector initiatives

Telegram releases test client for TON

The files uploaded on indicate that Telegram, which offers an encrypted, instant messaging service, has formally unveiled a test client for TON (Telegram Open Network). The latest register of files, which can be freely downloaded, can be construed as a distribution of the initial version of the TON Blockchain Network Lite Client in addition to the relevant portions of the TON Blockchain Library, as per the information provided in the readme file. What is now offered is an uncomplicated, sturdy version of the Lite Client.

Five days before, a version of the client was uploaded by a user. According to the readme file, a perfectly configured client will connect to a full node for the TON blockchain testnet and send queries.

In addition to the installation of Lite Client, users can also deploy a configuration file that will support smart contract development and connect the Lite Client to an exclusive server.  Following the installation of Lite Client and configuration file, users will be able to establish smart contracts, audit the condition of prevailing smart contracts, relay messages externally to smart contracts, etc. Furthermore, users will be able to install Fift, a tailor-made programming language for TON, to compile, execute and debug smart contracts locally. The language has been created mainly for TON blockchain-based smart contract development and administration. Additionally, the language will also enable interaction with the TON Virtual Machine.


Salesforce launches its own blockchain platform

Through a live stream, the US-based cloud computing facility provider Salesforce has announced the launch of its own blockchain platform. The platform, named Salesforce Blockchain, has been developed using Salesforce Lightning, the app builder owned by the company, and Hyperledger’s blockchain technology.

The blockchain platform does not require a lot of coding and offers tools to develop smart contracts, apps and networks, and distribute verified info using distributed ledger technology (DLT). The product also facilitates the automation of several procedures based on artificial intelligence (AI) algorithms.

The platform is only currently offered to chosen partners such as the US-based market intelligence firm S&P Global, renowned advanced analytics facilitator IQVIA, and Arizona State University. Salesforce anticipates unveiling its blockchain platform to the public in 2020.


PLMP Fintech to collaborate in logistics venture to convert Indonesia’s transport sector

In collaboration with the Indonesian govt, Singapore-based blockchain company PLMP Fintech will collaborate in a multi-million dollar logistics venture. The latest project is being carried out in partnership with Indonesia’s Ministry of Trade and aims to convert the transport sector of the country, beginning from the Riau Province, situated on one of the longest transport routes in the world. The initiative is the consequence of a fresh Memorandum of Understanding (MoU) inked in the Indonesian town of Batam, the largest city in the Riau Islands, between PLMP Fintech and significant manufacturing companies.

Indonesian enterprise Central Distribusi Batam, Agency for Free Trade Zone, and Batam’s Free Port inked the MoU. The pilot phase will include the implementation of Creatanium, PLMP Fintech’s own blockchain protocol, to unify communications norms between consumers and agricultural commodity vendors. PLMP Fintech’s co-founder Kym Kee said that the blockchain initiative plans to provide a greater amount of time and cost savings by allowing prompt updates on the precise venue of merchandise that is being transported.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Richard W

Richard W

Richard is the guy who know everything there is about the financial industry, working in a top firm for over 15 years, he will give the lowdown on some of the biggest companies in the world

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