The cryptocurrency market has turned slightly bullish, with Bitcoin (BTC) inching towards $45,000. While preparing this report, Bitcoin was trading at $44,094, up 3.90% in the past 24 hours. Ethereum (ETH) was trading at $3,153.32, an increase of 3.60% in the same period. XRP had gained 22.40% to trade at $0.8644.
Major altcoins, which have gained ground in the last 24 hours, are IOTA (IOTA-$1.01, 5.80%), Internet Computer (ICP, $24.28, 4.50%),
Cosmos (ATOM, $32.08, 2.50%), Polkadot (DOT, $22.72, 3.70%), Solana (SOL, $117.94, 2.80%), EOS (EOS-$2.75, 8%), VeChain (VET, $0.0677, 9.80%), Stellar (XLM-$0.2498, 9.70%), Terra (LUNA- $59.06, 6.40%), Binance coin (BNB- $434.48, 3%), Cardano (ADA, $1.24, 6.70%), Dogecoin (DOGE, $0.1643, 2.80%), Avalanche (Avax- $83.52, 5.50%), Shiba Inu (SHIB- $0.00003269, 11.60%), Polygon (MATIC- $2.02, 16.50%), Near (NEAR- $13.59, 2%), Bitcoin Cash (BCH, $349.10, 7.70%), Tezos (XTZ-4.24, 8.10%), ChainLink (LINK-$18.98, 4.2%) and Uniswap (UNI, $12.45, 7.20%).
Government level initiatives
Trial zones in Chana for deployment of blockchain technology
China has designated 15 trial zones, while outlining numerous potential uses for “novel deployment of blockchain” technology. As per a statement issued through the official Wechat account of the Cyberspace Administration, the trial zones encompass locations in Beijing, Shanghai, Guangzhou, and Chengdu.
Besides the pilot zones, 164 organizations, comprising hospitals, universities, and enterprises like Industrial and Commercial Bank of China Ltd, Beijing Gas Group Co, China National Offshore Oil Corp, and SAIC-GM-Wuling Automobile Co, were chosen to conduct blockchain feasibility studies.
The firms will undertake projects related to production, power, government and tax services, legal, academia, and healthcare, as well as trade and finance and cross-border financing.
The instruction from the government read, “The management of each region’s cyberspace and the appropriate industry watchdog should utilize blockchain technology to its maximum potential in boosting data exchange, optimizing corporate operations, lowering operational expenses, and increasing cooperation efficiency in order to create a trustworthy system.”
In October 2019, China’s President Xi Jinping had stated that the government organizations should speed up the work on the advancement of blockchain technology as the foundation for innovation. As per the cyberspace institute, the declaration was published jointly by 16 governmental entities, including the department of industry and information technology, the China Securities Regulatory Commission, the central bank (PBoC), the ministry of education, and the National Energy Administration.
Strategies for CBDC outlined by India’s finance minister
Nirmala Sitharaman, India’s finance minister, outlined specific strategies for a central bank digital currency (CBDC) during her budget address. A digital rupee based on blockchain technology is planned to be released during the current fiscal year, which ends in March 2023. She said that the key goals are to strengthen the digital economy and improve currency management efficiency.
Earlier, the central bank had stated that trials would begin in December 2021, but nothing specific has been announced until now. This means that CBDCs will be in circulation in the world’s two most populous countries, China and India. Both countries have a population of over 1.30 billion. Collectively, the two nations account for 36% of the world’s population.
A solid digital identification system is widely believed to be necessary for a stable digital currency network. Notably, India introduced its Aadhar (translates to proof of identity) system in 2009.
Private sector initiatives
Three types of security tokens listed on the LuxSE
Societe Generale revealed the listing of three types of security tokens in the Luxembourg Stock Exchange (LuxSE), a first for the country’s market operator. These are the foremost financial assets on LuxSE’s Securities Official List to be recorded on a public Distributed Ledger Technology (DLT) platform.
Fundamentally, all three security tokens come under the category of digital covered bonds (OFH Tokens) and structured instruments distributed and stored on the Ethereum and Tezos public blockchains by Societe Generale’s digital assets subsidiary, Societe Generale – FORGE (SG – FORGE).
As per French law, the OFH Tokens are classified as financial tools and debt instruments. They comply with the CAST[i] open-source interconnectivity and securities structure.
The inclusion of digital-covered bonds, issued and deployed by SocGen, reflects the banking industry’s use of blockchain technology. Market digitization is rising, most notably with the impending implementation of the EU Pilot Regime, which is scheduled to take effect sometime this year.
Within a transitional time frame, the new leadership will permit the handling of security tokens via market facilities that are compliant with relevant EU legislation.
“The inclusion of security tokens in the Luxembourg Stock Exchange Securities Official List is a genuine landmark for the EU capital markets, as it offers a distinct, creative, resilient, and publically visible alternative for security token issuers and market participants (investors)” stated Julie Becker, CEO of LuxSE.
Miscellaneous
BCB Group acquires LAB577
The Europe-based BCB Group, which offers business accounts, in addition to crypto and Forex market liquidity, has acquired LAB577, a tech firm focused on financial services and emerging technologies.
As a company operating in multiple disciplines, the BCB Group provides customers with a comprehensive end-to-end suite of payment processing, cryptocurrency trading, and custodial services via a comprehensive API-enabled interface, allowing consumers to access a wide variety of digital asset solutions.
After nearly four years of collaboration, LAB577 has now become a part of the BCB Group. Both firms have been offering two products, namely BLINC and DASL, to customers.
BLINC, which is owned by the BCB Group, is an instant settlement network and the foremost real-time payment network of its kind to pave the way for cost-free, instantaneous trades in fiat and cryptos.
LAB577, which is developed by DASL (Digital Asset Shared Laser), is a Corda-based shared ledger focused on financial institutions. The platform minimizes business threats while transacting with digital assets.
Both BLINC and DASL have enhanced BCB Group’s customer offerings. DASL enables high-speed bidirectional dealings with total secrecy between the participants by combining seamless ledger and settlement capabilities between fiat banks and digital asset custodians.
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.
