Stablecoin

So far, 15 Central Banks from different parts of the world are jointly considering the creation and adoption of a blockchain to create a digital version of their currencies - a stablecoin. Some, like Russia's, have already taken action. But does it really make sense to talk about "state cryptocurrency" and why have central banks not exploited the virtuous examples already in circulation?

President Nicolás Maduro, states that, from 2020, oil will be sold for Petros, the cryptocurrency developed by the Venezuelan government. He assured that this year the country's oil production will be sold in their own oil-backed stablecoin.

The test mode of the new Timvi (TMV) secured algorithmic stablecoin was launched on September 18, 2019. The emission of the stablecoin is not subject to the influence of any third parties. TMV will allow its users to earn both during bull and bear market. A bounty program with rewards of up to $15,000 is provided as part of the project’s launch.

The world’s most populous country, China, is now more than willing to launch its new state-backed cryptocurrency, according to an official statement from the People’s Bank of China (PBOC). With its population of over 1.4 billion people, if every Chinese decides to use this new stablecoin and may be one more token, the market for cryptocurrencies will see a major boost.

Stablecoins are the future of crypto. They are coins that come with the pledge of maintaining a 1:1 parity. They do this using 3 different methods, however, we will be focusing on the main method; fiat-collateralized.

An official announcement from the office of the New York (NY) State Attorney General has revealed that the responsible authority is carrying out thorough investigations into iFinex, the firm behind stablecoin Tether and cryptocurrency exchange Bitfinex, in a purported $850 million fraud case.

The CEO of the foremost U.S. derivative market CME Group Terry Duffy revealed on March 25, that Bitcoin’s finite supply (limited amount) is a big challenge for regulators. This makes over 21 million Bitcoin (BTC) which will ever exist a totally different thing compared to the ever-growing money supply of now.

IBM Corp., one of the leading technology providers for creating crypto, revealed that two bullish U.S. banks are gauging the benefits of following JPMorgan’s position in issuing a stablecoin. JPMorgan is the biggest U.S. bank in terms of assets, it moves over $5 trillion in wholesale payment daily. The move by IBM threatens Ripple in one way or another.

When Bitcoin first launched in 2009, very few expected it to have such a massive and far-reaching impact on the online gambling industry.