Crypto Corner Market Steadies â Decline May Have Been Caused by BCH Fork War, Central Banks of UK, Canada and Singapore Issue Report Proposes CBDCs and Oxfam Launches Rice Supply Chain Solution on Blockchain
As we enter the weekend, the crypto market has yet to show much promise of recovery after the plummet that began on Wednesday. It has, however, appeared to have steadied somewhat, neither rising or falling too dramatically. Data from CoinMarketCap indicates that total market capitalization is sitting at $183 billion USD at press time, up from yesterday’s lowest depth of $174 billion. At press time Bitcoin ( BTC ) is trading at $5575, XRP at $0.47, Ether ( ETH ) at $177 and the recently forked Bitcoin Cash ( BCH ) at $404.
CNBC Fast Money’s Brian Kelly attributed the market decline to the Bitcoin Cash fork war.
“After some real quiet period, lowest volatility, almost in Bitcoin history, all of the sudden today things exploded, so what happened? Bitcoin Cash, which forked off of Bitcoin last year, is doing a hard fork.
Now, when you do a hard fork, everybody usually agrees.
But in this particular case, everybody is not agreeing. So we’ve got ourselves a crypto civil war, and that has people in the market concerned.”
The central banks of the UK, Canada and Singapore have published a joint report proposing central bank issued digital currencies (CBDCs) for cross-border payments. The report identifies the challenges of the current system, broadly “coordination and perspective”, and proposes three possible models of CBDCs.
CBDCs, the report advances, could successfully address the following issues facing cross border payments: Extended availability of domestic and international payment capabilities, visibility of payment statuses, and certainty of outcome benefit end-users and banks by helping them manage their liquidity and cash flows more efficiently. Consistency of payment standards and greater transparency of regulatory differences and regulatory requirements across jurisdictions, as well as direct, peer-to-peer payment and settlement (synchronized PvP) between originating and beneficiary banks and to enable commercial banks to streamline their payment processing operations and reduce end-to-end processing costs. Enhanced technical infrastructure of payments systems (RTGS) increase stability and resilience, widen access and foster innovation.
Cambodia’s Khmer Times reports that global charity organization, Oxfam, has launched BlocRice, a blockchain-based supply chain solution for rice. BlocRice will give farmers collective bargaining power, encourage smart contracts between buyers and sellers abroad.
Sam Mowers, Investorideas
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