The cryptocurrency market has turned slightly bearish after Bitcoin (BTC) fell below $55,000 after hitting a new all-time high of $61,711 on March 13. When writing this article, Bitcoin was trading at $54,618.54, down 9.2% in the last 24 hours. Ethereum (ETH) has lost 7.1% to trade at $1,759. Also, XRP has lost 2.3% to trade at $0.4356.
The only major altcoin that is trading in the positive region when writing this article is USD Coin (USDC-$1, 0.2%).
Other major altcoins, which have lost ground in the past 24 hours include Binance Coin (BNB-$247.38, -7.4%), Dash (DASH-$218.88, -9%), Polkadot (DOT-$33.40, -12.1%), Monero (XMR-$218.10, -8.5%), Bitcoin Cash (BCH-$517.60, -8.6%), Bitcoin SV (BSV-$195.32, -2.3%), Tron (TRX-$0.0503, -2.9%), Stellar (XLM-$0.3824, -3.2%), Tezos (XTZ-3.79, -5.9%), ChainLink (LINK-$27.24, -6.9%), IOTA (IOTA-$1.30, -2.4%), Cosmos (ATOM, $19.48, -2.5%), EOS (EOS-$3.77, -5.9%) and Cardano (ADA-$1.03, -3.1%).
Government level initiatives
Toyota Tsusho unveils BunkerNote
Toyota Tsusho, the trading division of Toyota Group, has unveiled BunkerNote, an app for adopting blockchain technology to administer marine fuel orders for the shipping sector.
It will be the central centrally administered cloud facility in the Japanese bunkering sector, and Toyota Tsusho anticipates enterprises to begin utilizing the system in June 2021.
In Japan, the Bunkering business is lagging in digitization. Orders are generally placed over the phone, with frequent follow-ups and information exchange among relevant parties.
The entire process is carried out using paper documents that can be altered or lost. The whole process is time-intensive and ineffective.
BunkerNote resolves the issues by digitizing all the bunker oil paperwork. Orders, raising invoices, confirmation of deliveries, and receiving invoices, among others, can be completed online and distributed to relevant groups on a real-time basis.
As the app forms the core of the system, info needs to be shared only once. The use of blockchain technology guarantees that the data is precise and secure. Encryption technology establishes a continuous link in the transaction history so that information relevant to specific order cannot be amended once it enters into the app.
Private sector initiatives
Orion Protocol collaborates with COTI
Cryptocurrency exchange data aggregator Orion Protocol collaborates with COTI to boost liquidity in its network and increase adoption.
Under the partnership, Orion Protocol will offer additional liquidity to the COTI network, while the latter will use COTI Pay to enable better accessibility to Orion Protocol.
Via COTI Pay, Orion Protocol users will be able to make both offline and online payments using cryptos, credit cards, merchant’s native token, and stablecoins. Orion Protocol will transform into a COTI Pay merchant, offering a fiat onramp for Orion Terminal via ORN’s connectivity with COTI’s fiat handling gateway and storage wallets.
Furthermore, terminal users will gain from quick and safe payments, zero FX fees, and buyer-seller safety. Furthermore, the setup can also open other ORN token features, including loyalty points and cashback rewards and lending and borrowing via the Celsius Network, linked to the COTI platform.
COTI will gain from a partnership with Orion Protocol by activating the Orion Liquidity Boost Plugin COTI-X to offer real-time access to any liquidity source in the market, i.e., from both decentralized and centralized exchanges.
Shinhan Bank completes proof-of-concept platform for digital currencies
Shinhan Bank has affirmed that it has completed a proof-of-concept platform for central bank digital currencies in partnership with LG CNS. The project, carried out without collaboration with the central bank, was revealed four months before.
Shinhan Bank expects the Bank of Korea to use third-party entities such as Shinhan Bank when issuing a CBDC (central bank digital currency).
With such an expectation, the platform created a ‘virtual’ Bank of Korea and released the experimental CBDC token via the blockchain platform. The Shinhan Bank, acting as an intermediary, received the token and passed it on to individuals who could utilize it for payments and other purposes.
The platform also facilitated individuals to exchange the fiat money in their bank account for digital won (KRW). Notably, the platform also backs the disbursement of disaster support funds.
Miscellaneous
CPA Australia releases a report on Central Bank Digital Currencies
Australia’s professional accounting association, CPA Australia, has recently released a report on Central Bank Digital Currencies that reveals France’s interest in Ripple and XRP for hosting the digital euro.
The report titled “Central Bank Digital Currencies (CBDCs): A Comparative Review,” from the 166,000 members (in 150 countries) organization argues that the COVID-19 pandemic has fueled the adoption of contactless payment solutions, including digital currencies, and also the development of CBDCs by central banks across the globe.
The report compares Bitcoin, Ethereum, Ripple/XRP, and stable coins with CBDCs. As per CPA Australia, Bitcoin is a highly volatile asset and a store of value. The organization similarly explains Ethereum (ETH) as a decentralized blockchain platform independent of any “state control.”
Nevertheless, the document also points that the Reserve Bank of Australia has stated that it is looking at the option of hosting its CBDC on the Ethereum network.
The report also consists of a section named “XRP – The digital token of Ripple.” CPA Australia highlights “Ripple” as a substitute to Ethereum.
“Ripple and XRP enjoy the trust of many banks as a model for CBDCs because it is highly centralized and is based on a permissioned network where only certain network nodes can validate transactions, as opposed to decentralized and permissionless Bitcoin and Ether.”
The above description was severely criticized by the XRP community, which considers the XRP ledger decentralized and permissionless.
However, Ross Edwards, Ripple’s Global Head of Client Solutions, has pointed out that Ripple’s suggested framework of a Central Bank Digital Currency can be changed as per the needs of a country’s economy.
The following statement in the report has generated a lot of interest:
“France’s central bank, Banque de France, has openly discussed Ripple/XRP as a possible platform for Europe’s central digital currency.”
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