IMF on CBDCs, Sberbank Is Buying 5,000 Crypto-Mining ATMs, Brave Launches Encrypted Video Calls While BTC Price Tingles
In this edition:
- IMF Supports Private Companies in CBDC Development
- Russia’s Sberbank Is Buying 5,000 Crypto Mining ATMs
- Brave Launches Encrypted Video Calls
- BTC Price Again Over $9,100 – What’s Next?
What’s going on in your lives, fellow Anchorians? As the COVID-19 pandemic slowly abates around the globe, there are still some countries fighting it. So, before we dive into the 42nd edition of our Weekly Crypto Roundup, I just want to extend my support to all of you who are still on lockdown. Stay home and be safe! And in the meantime, stay informed as always.
Of course, Anchor’s Telegram Community is here for you if you have any questions or concerns. We would love to hear from you >>
Again, some industries are back on their feet, and crypto is surely one of them. For a few weeks now, we have been seeing developments, collaborations, innovations, updates… And this week is no exception! While all eyes are naturally on the BTC price movements after the halving, there’s also a notable change in the narrative when it comes to collaboration between public and private sectors.
I believe this is only the beginning and that, by the end of 2020, we shall see many interesting and promising projects. Nonetheless, let’s not get ahead of ourselves – we can observe and hope, but for now, this is the most important news that has marked the week behind us. Come aboard!
IMF Supports Private Companies in CBDC Development
Let’s be honest here – the IMF is, in a way, a totem of the traditional financial system. Thus, any developments and steps towards crypto and blockchain are worth mentioning, agree? So, let’s break down their latest comment on CBDCs.
Tommaso Mancini-Griffoli, a senior figure at the International Monetary Fund, expressed his support towards central bank-issued digital currencies. His words were particularly interesting since, along with the usual central bank favoritism, he also mentioned that CBDCs should be ‘issued with the aid of a private entity’ to enable citizens a reliable means of payment.
Clearly, Mr. Mancini-Griffoli is pro-collaboration when it comes to public and private sectors, in contrast to the usual opinion that central banks should be responsible for the entire process. He shared his concerns and hopes in an interview for The Money Movement.
“This public-private partnership of a synthetic CBDC is intended to conserve the competitive advantages of the private sector: to interface with clients and innovate, and the comparative advantage of the central bank: to regulate and provide trust.”
This ‘synthetic CBDC’ is meant to be used in retail payment where all parties involved can benefit, including the consumers. He mentioned that the traditional idea of CBDC could potentially be “very costly and very risky to the central bank, and it may deter innovation.”
This idea is also currently being considered by the Bank of England, and we know that the Chinese are also including private entities in the development of digital yuan. Are we sensing a new trend here? Possibly. Only time will tell.
Public and private sectors have been battling for centuries – from the invisible hand to social democracy. Surely, no matter how innovative crypto and blockchain are, they can’t solely solve this omnipresent issue. Nevertheless, cooperation is always the best solution and the first step towards welfare.
Russia’s Sberbank Is Buying 5,000 Crypto Mining ATMs
Sberbank, Russia’s biggest bank, is ready to invest $100 million dollars to buy 5,000 blockchain-based ATMs that can, oh yes, mine cryptocurrencies.
Exactly 4,917 ATMs will have built-in graphic cards with one precise use case – mining cryptocurrencies. Out of the blue? Not quite. The current CEO of Sberbank, Herman Gref, is a well-known technology enthusiast who has also been Russia’s Minister of Economics and Trade.
Though BTC ATMs are nothing new per se, these ‘hybrid’ ATMs that will serve on both ends are a wee bit unusual, don’t you think? I mean, imagine that the regular ATM where you withdraw your cash is also mining crypto in the background. Silly or innovative? Anyhow, the tender clearly stated that ATMs need to be equipped with graphic cards.
There are several possibilities here – maybe Sberbank is getting ready to issue its own digital currency or Russia’s seriously considering developing a national digital currency with the help of its oldest and biggest bank. In any way, Sberbank definitely has the infrastructure to support these changes, whatever they might be. Or could it all be an error? I believe “the universe is rarely lazy for coincidence to occur”. Maybe it’s all about data collection? Who knows.
While we can leave room for honest mistakes, we can speculate as well. This is a highly unusual and interesting occurrence, and we’ll make sure to keep you posted and provide updates regarding this matter!
Brave Launches Encrypted Video Calls
After all that Zoom privacy mess, the Brave browser decided to launch end-to-end encryption video calls based on the open-source encrypted video software Jitsi, previously vouched for by none other than Edward Snowden.
Basically, this is a victory for privacy, which we all need in these tumultuous times. Brave is, of course, well-known for its privacy-centric features. Additionally, this browser is very crypto-friendly, and that’s slightly put since we are all familiar with the Basic Attention Token (BAT) which Brave users receive for viewing ads.
Anyhow, this encrypted video feature is called ‘Brave Together’, currently tested on ‘Brave Nightly’, and it can be used an unlimited number of times without any log-ins or sign-ups. If you have the browser, just call another person that has it, too. It’s that simple, and the best part is, well, no one can spy on you so hooray for that.
At the beginning of this pandemic, Zoom seemed to be a true winner of video conferences. However, soon some serious privacy-concerned questions arose and Zoom wasn’t so sexy anymore. Even Elon Musk banned his employees in SpaceX from using this video platform. And what does smart competition do? Well, they fix the issue and advertise!
BTC Price Again Over $9,100 – What’s Next?
Thank you, optimistic traders, you are the ones who pushed the BTC price above $9,100 once more! At the moment of writing, one BTC is worth $9,135. Taking into account the fact that we struggled with the below-9k price for some time, this news can cheer us all up a bit.
I guess a lot of people expected to see that above-10k breakthrough, but the halving hasn’t done its magic just yet. This figure of $10k per one BTC is, of course, considered a big psychological barrier, and some of the traders even believe that after the 10k, only sky is the limit. Be that as it may, the reality calls and says we’re still struggling to remain above the 9k. Do we lack optimism or is something else going on?
Experts agree on one thing – it takes time and the next 18 months are crucial. Good news for all of you still considering your hedging tactics! In the meantime, currencies that are taking this situation well are ADA, LTC, XMR, and ETH. Someone’s red is another person’s green!
Many crypto enthusiasts expected the BTC price to skyrocket shortly after the halving, but once again, patience has proven to be the virtue when it comes to trading and investing. Taking the mining situation into consideration, as well as the psychological factors, we definitely need to be careful when it comes to short-term predictions.
Naturally, there is no specific reason for pessimism either – stay informed, develop your hedging tactics, be on alert for any major change and you’ll be good. I mean, as good as you can be!
Final Thoughts
Now we leave behind another interesting week in the world of crypto. This edition brought us some notable insights into the cooperation of public and private sectors, blockchain utility, and, of course, the BTC price movements. Feel free to share your thoughts in our Telegram community as well!
I don’t know about you, guys, but I’m slowly starting to see a pattern in these developments. However, we’re going to tackle that topic sometimes in the near future, don’t worry. Until then, please stay safe and healthy! Wherever you are, I wish you fair winds and the following seas, my fellow Anchorians!
Disclaimer: The information provided in this post is not legal, accounting, or financial advice. I am not a lawyer, accountant, or financial advisor. I am not registered as an investment adviser with any federal or state regulatory agency. The Information should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies.
