IMF Considers Central Bank Digital Currencies as Cryptocurrencies Sell-Off
Nov 14, 2018
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- A judge has ruled in favor of the Canadian Imperial Bank of Commerce (CIBC) in a dispute concerning a USD$19.6 million sum with Canada’s largest cryptocurrency exchange, QuadrigaCX. In October, the CIBC froze five accounts belonging to QuadrigaCX’s payment processor, Custodian Inc., and its owner, Jose Reyes, because it reportedly could not identify the funds’ owners. While QuadrigaCX argued to have the funds unfrozen, claiming they were the undisputed owner of large part of the funds, Judge Glenn Hainey ruled in favor of the CIBC, agreeing that the owner of the funds was not clearly established.
- Bitcoin Group SE, a German holding company that operates the country’s only regulated cryptocurrency exchange, has acquired 100% of Tremmel Wertpapierhandelsbank GmbH, a German investment bank. Bitcoin Group SE operates Bitcoin Deutschland AG (Bitcoin.de), the country’s only regulated cryptocurrency exchange -- the acquisition of Tremmel will allow Bitcoin Group SE to use the investment bank’s banking license. According to a company press release, the banking license will enable Bitcoin Group SE to expand its crypto product offerings and operate cryptocurrency ATMs in the country.
- Christine Lagarde, managing director and head of the International Monetary Fund (IMF) said in a speech at the Singapore Fintech Festival today that the international community should consider endorsing central bank issued digital currencies. In her speech, Lagarde said, “I believe we should consider the possibility to issue digital currency. There may be a role for the state to supply money to the digital economy.” Lagarde’s speech comes just one day after the IMF published a report examining the pros and cons of central bank issued digital currencies, which notes that central bank issued digital currencies could satisfy public safety goals, facilitate financial inclusion, add security and consumer protections, and create privacy in payments.
- Ethereum (ETH) mining using a graphics processing unit (GPU) is no longer profitable as a result of falling hashrates and a lingering bear market, as per an analysis by US-based trading and technology firm Susquehanna. Profits per month for ETH miners that use a GPU system hit USD$0 on November 1st of this year, down from nearly USD$150 in July 2017. Although in July 2017 ETH’s price was trading below what it is now, a lower network hashrate has caused unprofitable ETH mining.
- McAfee Labs, an internet security provider and research lab, is warning the cryptocurrency community of a new malware that secretly uses consumer devices to mine Monero (XMR). The malware, dubbed WebCobra, originates from Russia and uses the processing power of corrupted devices to generate coins for the owners of the malware. According to a blog post published by McAfee Labs, the crypto malware runs nearly without a trace, with the only noticeable difference in the device being reduced hardware performance. Malware attacks have increased nearly 500% so far in 2018 since the previous year’s total.
- The Lightning Network, a second layer solution implemented on the Bitcoin mainnet, has surpassed 4,000 total nodes for the first time, setting an all-time high record for network capacity. As of the time of this writing, 4,036 total nodes exist on the Lightning Network, creating a network capacity of 122.97 BTC (USD$775,286.79). On Monday, Alex Bosworth, Lightning Network infrastructure lead at developer Lightning, revealed that the community has agreed on improvements to implement in the Lightning Network, as a result of meetings at a September summit in Australia. Meanwhile, Stellar (XLM) has pledged to add Lightning Network capabilities before the end of 2018.
- The Thai Securities and Exchange Commission (Thai SEC) has told cryptocurrency exchange Q Exchange to cease advertising while warning citizens not to use the cryptocurrency due to legal uncertainty. Q Exchange, a joint Thai and South Korean crypto exchange venture, has not officially been endorsed by the Thai SEC as it may not fall within the framework of the country’s new cryptocurrency laws. As per a Thai royal decree issued in May this year, cryptocurrency exchanges and businesses must seek permission from and register with Thai authorities beginning operations in the country.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio