The cryptocurrency market remains range bound with Bitcoin (BTC) hovering around $30,000. While preparing this article, Bitcoin (BTC) was trading at $30,473, down 1.20% in the past 24 hours. Ethereum (ETH) had lost 1.50% to trade at $1,910. XRP was trading at $0.4767, reflecting a loss of 2.70% in the same period.
Major cryptocurrencies, which have gained ground in the past 24 hours, is Solana (SOL, $19.50, 1.40%).
Major cryptos, which have lost ground in the past 24 hours, are IOTA (IOTA – $0.1840, -2.80%), Cardano (ADA, $0.2833, -3.30%), Shiba Inu (SHIB, $0.00000748, -3.20%), Stellar (XLM, $0.0998, -3.60%), VeChain (VET, $0.01903, -4.80%), Avalanche (Avax- $12.62, -3.50%), Binance Coin (BNB – $238.86, -1.80%), Bitcoin Cash (BCH, $277.11, -0.10%), ChainLink (LINK – $6.28, -4.30%), EOS (EOS – $0.7236, -4.60%), and Polkadot (DOT, $5.19, -3.40%).
Government Level Initiatives
Shanghai Clearing House Launches Digital Yuan Clearing and Settlement Services
On June 26, the Shanghai Clearing House, which acts as the financial services clearing counterpart for the Chinese central bank, announced the launch of digital yuan clearing and settlement services. The implementation of these services, aimed at enabling cross-border settlements on commodities through the digital yuan, signifies a noteworthy advancement in China’s efforts to promote the institutional acceptance of its Central Bank Digital Currency (CBDC).
The management of the clearing and settlement services for the digital yuan has been entrusted to the Shanghai Clearing House. This institution currently oversees a diverse range of financial instruments, including interest rates, bonds, foreign exchange, credit, and commodities.
According to Dong Dengxin, the Director of the Finance and Securities Institute at Wuhan University of Science, this development has the potential to enhance the global recognition of the Chinese yuan (RMB). Moreover, the implementation of digital yuan clearing services is expected to improve the safety and efficiency of cross-border commodity settlements within China, while reducing associated costs.
Private Sector Initiatives
JP Morgan Introduces Euro JPM Coin for Blockchain Payments
JP Morgan has introduced its JPM Coin-powered blockchain-based payment solution in the Eurozone. Until now, the Onyx platform handled only US dollars. Siemens was the initial customer to utilize the Euro JPM Coins. The Treasury Department of the German industrial behemoth adopted blockchain, unveiling a digital bond on a public blockchain a few months ago.
JPM Coin can only be utilized within the bank, specifically for transferring funds between branches of the same institution or to customers who are also clients of JP Morgan. Therefore, the bank highlights the solution as blockchain-powered bank accounts.
On the contrary, blockchain-powered payments between banks are sometimes called deposit tokens. JP Morgan, along with DBS Bank and Standard Chartered, is among the founding institutions of the Partior blockchain network. The organization is also actively involved in a global payment project.
eCurrency Mint and CMA Partner to Provide Unified RTGS and CBDC Solution
eCurrency Mint has partnered with financial markets solution provider CMA. The collaboration will offer clients a unified real-time gross settlement (RTGS) and central bank digital currency (CBDC) solution.
The collaboration offers central banks “a safe and enhanced framework” to mint, distribute, and redeem digital currency. This currency aids the currency administration procedures utilized to mint and distribute coins and notes.
The RTGS system is a platform employed by third-party banks to request currency and support other joint tasks in concurrence with the CBDC framework.
The implementation of the Real-Time Gross Settlement (RTGS) system has had a significant impact on the discussions taking place within the British government regarding the potential implementation of retail Central Bank Digital Currency (CBDC) by the end of the current decade. This consideration stems from the acknowledgment that most of the benefits provided by a wholesale central bank digital currency (CBDC) are already covered by the Bank of England’s Real-Time Gross Settlement (RTGS) omnibus account. This account effectively enables the settlement of wholesale payments using central bank money.
Miscellaneous
MAS Grants Provisional License to AsiaNext for Institutional Crypto Trading
The Monetary Authority of Singapore (MAS) has issued a provisional Capital Markets Services license to AsiaNext. The digital asset firm was created through a partnership between the Swiss stock exchange SIX and Japan’s SBI Digital Asset Holdings.
AsiaNext has major ideas for an institutional-level trading center for cryptos and digital securities. Operating a spot market platform necessitates several licenses, for which the firm is doing the necessary work. Until then, the firm aims to offer crypto derivatives.
The backers of AsiaNext, SBI, and the SIX Digital Exchange (SDX), are active in the cryptocurrency industry and also in tokenized securities. SDX was the first regulated digital securities exchange to start functioning on a commercial basis. A year ago, SBI unveiled the Osaka Digital Exchange (ODX), a proprietary trading system (PTS) for stocks. It intends to offer a secondary market for security tokens in 2023.
The entities mentioned above connect Switzerland, Singapore, and Japan with the ability to offer global liquidity for digital securities.
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.
