The cryptocurrency market continues to lose ground, with Bitcoin (BTC) falling below the $9,000 level once again. At the time of writing this article, Bitcoin has lost 3.4% in the past 24 hours to trade at $8,731.71. Likewise, Ether (ETH) has lost 2.1% to trade at $185.23. XRP has lost 2.3% to trade at $0.2736. Other major altcoins, which has lost in the past 24 hours include Bitcoin Cash ($286.68, -2.7%), TRON (TRX-$0.0191, -0.7%), Monero (XMR-$62.04, -0.6%), Huobi (HT-$3.80, -2.1%), Tezos (XTZ-$1.18, -4.1%), IOTA (IOTA-$0.2585, -2.9%,) Litecoin (LTC-$61.76, -2.7%), and Ethereum Classic (ETC-$4.91, -2.4%), EOS (EOS-$3.46, -3%), Binance Coin (BNB-$20.18, -1.4%), Dash (DASH-$69.98, -2.9%), LEO (LEO- $0.9691, -1.7%), and Stellar (XLM-$0.0784, -0.2%). Other altcoin which have appreciated in the past 24 hours are Cardano (ADA-$0.0437, 0.4%), OKB (OKB-$3.19, 0.3%), ChainLink (LINK-$2.76, 0.1%) and Cosmos (ATOM-$4.20, 2.6%).
Government level initiatives
HKMA looking at launching a central bank digital currency
The Hong Kong Monetary Authority (HKMA) is exploring the possibility of launching a central bank digital currency (CBDC). The intention was disclosed at the Hong Kong Fintech Week on November 7th. HKMA intends to publish the report of its study in the first quarter of 2020.
HKMA, in the meanwhile, has also inked a blockchain-related partnership deal with the subsidiary of the Institute of Digital Currency, which operates under the People Bank of China (PBoC). Notably, the central bank of China is expected to be the first to unveil a CBDC (Central Bank Digital Currency).
Edmond Lau, HKMA’s senior executive director, elaborated on the ban’s CBDC study, which has been conducted under the title “Project LionRock” since 2017. The partakers in the venture are Hong Kong Interbank Clearing Ltd., three more banks, and also blockchain consortium R3.
HKMA continues to focus on the possible utilization of a CBDC for banks and other financial institutions, instead of merely retail clients. The organization is also looking at the possibility of using CBDC for domestic fund transfers, bulk corporate remittances, and in settlements of debt securities (delivery-versus-payment).
Lau emphasized that retail users already have access to a range of services based on digital mobile payments.
In May of 2019, HKMA also inked a memorandum of understanding (MoU) with the Bank of Thailand to carry out a joint research venture into the utilization of a CBDC for trans-border payments and interbank payment-versus-payment services between the regions.
Tunisia the first country to transfer its currency to the blockchain
While the entire world is closely monitoring China for the launch of its Central Bank Digital Currency (CBDC), Tunisia has taken a giant leap by becoming the first country to transfer its domestic currency to a blockchain platform.
The project will be managed by Russian ICO startup Universa, which will assist in issuing and handling the country’s CBDC. The Central Bank of Tunisia pointed out that the digitization of the Tunisian dinar has already begun, and the paper-backed CBDC will be hosted on the Universa Blockchain.
Additionally, Universa will also be paid a fee on all transactions conducted using “e-dinar” while the central bank will have unrestricted access to the ledger.
Alexander Borodich, founder and CEO of Universa, however, highlighted that this kind of digital currency could not be construed as a 100% cryptocurrency.
The CBDC or e-dinar will be owned by the government and backed by fiat currency. However, the blockchain-powered platform will prevent counterfeiting and also make the issue cost-effective and transparent. Borodich said: “Digital banknotes cannot be counterfeited — each banknote is protected by cryptography like its paper counterpart has its own digital watermarks. Furthermore, the production of such a banknote is 100 times cheaper than wasting ink, paper, and electricity in the printing process.”
The country will not issue new money. A portion of the reserves will be moved to the blockchain platform, and citizens will be able to convert their cash holdings into e-dinars.
Private sector initiatives
Power Ledger joins hands with Powerclub
Power Ledger, the Australian blockchain energy enterprise, has collaborated with a domestic retailer to unveil its platform in South Australia. Power Ledger’s blockchain-powered software will permit Australians to transfer their surplus solar and battery storage to a Virtual Power Plant (VPP) for better control and handling of their energy.
Within the collaboration, Power Ledger will be combining its blockchain-powered energy trading application Virtual Power Plant (VPP) with Power club, an enterprise offering of an Australian power wholesaler.
The latest endeavor will facilitate users to purchase power at wholesale prices and minimize annual energy expenses. Users will be able to sell solar power in times of a huge demand for electricity and halt the increase in prices.
The technology facilitates Australians to decide when they consume energy and how much they shell out for the power, thereby evading unnecessary hidden charges levied by electricity vendors.
Standard Chartered Bank joins up with Ethereum Enterprise Alliance
The British multinational banking and financial services provider, Standard Chartered Bank, has joined Ethereum Enterprise Alliance (EEA), a blockchain standard-creating organization. Standard Chartered bank has stated that the initiative would permit them to widen its client offerings throughout its 60 global markets.
Group Chief Information Officer, Dr. Michael Gorriz, explained how customer service could be improved through technology. “Technology enables us to facilitate trade and investment across our footprint markets, improving client experiences and offering new services.”
Established in March 2017, the EEA studies the development and deployment of blockchain systems across various business sectors. The organization boasts of hundreds of top enterprises as members, including Hyperledger, Microsoft, and several global banks such as Santander and Russia’s Sberbank. Notably, EEA entered into a partnership with Hyperledger, which also offers enterprise-level blockchain tools.
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