The cryptocurrency market remains rangebound with Bitcoin (BTC) hovering around $20,000. While preparing this report, Bitcoin was trading at $20,750, a decrease of 2.70% in the past 24 hours. Ethereum (ETH) had lost 3.60% to trade at $1,520. XRP was trading at $0.3786, reflecting a decline of 2.50% in the same period.
Major cryptos, which have lost ground in the past 24 hours, are VeChain (VET, $0.0199, -7.5%), EOS (EOS – $0.9665, -7.10%), IOTA (IOTA – $0.2035, -7.40%), Dogecoin (DOGE – $0.0810, -7.20%), Internet Computer (ICP, $4.95, -4.95%), Stellar (XLM, $0.0832, -5.30%), ChainLink (LINK – $6.42, -7.50%), Binance Coin (BNB – $290.19, -3.90%), Polkadot (DOT, $5.74, -4.90%), Polygon (MATIC – $0.9452, -6%), Avalanche (Avax- $15.85, -7.80%), Bitcoin Cash (BCH, $119.71, -3.70%), Cardano (ADA, $0.3304, -5.80%), Tezos (XTZ, $0.9705, -5.60%), Shiba Inu (SHIB, $0.00001108, -12.10%) and Solana (SOL, $21.18, -8.30%).
Government level initiatives
Bank of Russia to Trial CBDC-based Cross-Border Settlement in Q1 2023
The Bank of Russia intends to build a cross-border settlement platform that uses a central bank digital currency (CBDC) against the backdrop of prevailing sanctions over its war on Ukraine. The plan, aimed to be trialed in the first quarter of 2023, involves exploring two models for the settlement platform.
One of the suggested models for the trans-border settlement platform that is being planned to be built by Russia’s central bank involves the enforcement of bilateral deals with other countries by integrating their CBDC framework. The agreements will form the basis for the exchange and transfer of assets between the transacting countries.
The other suggested model for the trans-border settlement platform involves the establishment of a centralized hub or system for Russia to interact with other countries. The plan is that the platform would permit countries to link and distribute common protocols and criteria to enable cross-border payments.
The second model is slightly complicated as it deals with a two-way platform involving like-minded countries such as China.
Private sector initiatives
APOC Aviation Raises €450,000 via Public Blockchain Bond Issuance
Aircraft parts manufacturer APOC Aviation has raised €450,000 by issuing bonds on a public blockchain. The issuing process was completed by ABN AMRO on behalf of the company. Notably, the Dutch bank has prior experience in buying and reselling one of the bonds issued by another European Investment bank on a public blockchain. Furthermore, ABN AMRO is collaborating with customers in Germany and Netherlands on tokenized bonds. Interestingly, the aforesaid bond issuance process was carried out digitally, including initial preparation, placement, and documentation.
After the payment was received, ownership of the digital asset was recorded on the blockchain. Investors were also provided with a wallet to store digital assets. Tokenization firm Bitbond aided ABN AMRO in creating the wallet while cryptocurrency-focused startup Fireblocks aided in custody technology.
One of the pros of employing blockchain for issuing bonds is to minimize the expenses related to the issuance.
Commenting on the initiative, ABN AMRO’s Chief Strategy & Innovation, Edwin van Bommel, said “This revised digital approach for offering leveraged finance to our medium-sized and larger enterprise-level customers bridges the divide between conventional bonds and crowdsourcing.”
MG Motor India Launches MGVerse Metaverse Platform with Metadome.ai
Automobile manufacturer MG Motor India, which is owned by China’s SAIC, rolled out the metaverse platform “MGVerse.” The launch of digital experience coincided with the Auto Expo 2023. The platform was unveiled in partnership with Metadome.ai, a 3D and XR tech firm that has carved a name for itself in immersive adventures for automobile firms.
The objective was to offer spaces for clients, associates, and employees of MG Motor to communicate, collaborate and make a purchase. The debut of the platform comprises only an Explore & Creator’s center, and a digital experience of the Auto Expo 2023. MGverse also permits users to establish a fresh avatar or utilize prevailing Ready Player Me avatars to access the domain. The experience will ultimately broaden to include an MG Car Club, NFT Gallery, Gaming Arena, and MG Knowledge Center. The suggested inclusions would permit users to generate NFTs, link via member-only events, and play games.
Miscellaneous
Five UK Associations Form UK FDC to Boost Fintech Position in Digital Assets
Five associations in the UK have joined to form the Forum of Digital Currencies (UK FDC). The consortium intends to foster technical advancement and also assist in establishing favorable policies and regulations for digital currencies. Eventually, the consortium aims to strengthen UK’s position in the fintech domain, specifically with regard to digital assets.
The aforesaid five associations are the City of London Corporation, Digital Pound Foundation, The Payments Association, TheCityUK, and UK Finance.
The objectives of the consortium are as follows:
- To establish a favorable atmosphere for digital asset developers, including the attraction of international investment.
- To build a solution for interconnecting prevailing financial services and crypto firms.
- Resolve current and likely risks via education.
- Negotiate with the government for favorable policy and regulation.
- Establish a standardized terminology for the crypto asset industry.
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.
