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Qlobal-Change
Published on Aug 24, 2019
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... diese Konten werden gesperrt ...Weekly Feature – China’s National Cryptocurrency is Ready: What are the Implications?
By Adam Slater - August 24, 2019
After five years of rumors and research, the People’s Bank of China (PBoC) has confirmed that their national cryptocurrency is ready at the China Finance 40 Forum.
Deputy director of the bank Mu Changchun spoke on the technology, saying that it may not be made in a traditional cryptocurrency way, with the PBoC veering away from adopting blockchain. This is because blockchain may not be compatible with retailers and concurrent in a nation as large as China. Changchun said he would keep an open mind on the technical aspects.
Unlike other cryptos, the currency will be centralized under the PBoC and then distributed to commercial banks across China. The currency will no doubt attempt to be a stable coin, with the added benefit of giving traceability and transparency in transactions.
There has been no official date for the currency’s release, yet that has not stopped analysis and talk of the impact it could have in China and abroad.
The PBoC Cryptocurrency may Cannabalise Wechat and Alipay?
Wechat and Alipay have long been stalwarts in the economy and the most used methods of payment, accounting for 9 out of 10 transactions. When using cash in China, you are often looked at suspiciously, so regimented is the usage of the two mobile payment methods.
Cindy Wang, an analyst at DBS Group Research, believes that the advent of a national cryptocurrency could cause serious problems for Wechat and Alipay. The PBoC’s move to a digital currency will bring the economic reigns back into the control of the banks and away from third parties.
Speaking to South China Morning Post, Wang said, “the PBOC hopes to divert some of the deposits back to the banking system.” This will then allow them to be real competitors to Tencent (parent company of Wechat) and Alipay.
Hui Kai-lung, a professor at the Hong Kong University of Science and Technology’s department of information systems agreed with this sentiment, stating:
“Commercial banks have been disadvantaged in competing for mobile payment businesses because the big data related with the end-users payment and online behavior has been captured by Alipay and WeChat Pay. But with their new role under the PBOC’s digital currency initiative, I expect banks to form their own platform and network on big data,”
It does appear to many that this crypto from the PBoC will look to target the retail market. The Director of the Financial Research Center of Beijing University said in a transcripted speech on Jinse: “We can probably understand that the digital currency is mainly aimed at individuals, mainly for retail.” Further implicating Wechat and Alipay as this is their main area of usage.
China’s National Cryptocurrency to set a new precedent
Something which is a stand out feature of the project is the amount of control that the PBoC will have. The centralized feature allows for more stringent controls. For Forbes contributor, Enrique Davis, this will add to prohibiting money laundering, criminal activities and other nefarious acts that happen inside an economy. As Davis puts it, China’s PBoC cryptocurrency is “offering solutions for its challenges.”
The move will also put China in the driving seat for finance in the future. When the Libra project white paper was released, many Chinese analysts were worried about where this would leave the People’s Republic in the global hegemony. However, this PBoC move has changed the whole perception. Jeremy Allure, head of Circle pointed out to AMB Crypto that “not a single person in the United States government or in the federal reserve” has thought of this idea and now China is the only superpower leading the way in tech innovation.
Allure continued, saying he felt China’s decision puts them ‘one step ahead”. If it runs over digital infrastructure, ...
https://www.asiacryptotoday.com/weekly-feature-chinas-nation…
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Von Ana Alexandre
Englischer Zentralbank-Chef will Finanzsystem radikal umgestalten, fordert gemeinsame Digitalwährung
Mark Carney, der Gouverneur der Zentralbank von England, hat eine radikale Umgestaltung des globalen Finanzsystems gefordert, wobei der US-Dollar als Leitwährung von einer Digitalwährung nach dem Vorbild von Facebook Libra abgelöst werden soll.
Den entsprechenden Vorschlag hatte Carney am 23. August im Rahmen einer Rede gemacht, die er auf der jährlichen Konferenz der amerikanischen Zentralbank, gehalten hatte.
Angesichts weltpolitischer Spannungen und den daraus resultierenden Bedrohungen für die Finanzmärkte fordert Carney, dass es langfristig dringend eine Umgestaltung derselbigen braucht. In diesem Kontext hält er es für sinnvoll, den US-Dollar als Leitwährung durch eine Digitalwährung zu ersetzen, anstatt, dass eine andere Landeswährung, wie zum Beispiel der chinesische Yuan, diese Rolle übernimmt, da Landeswährungen immer von einer nationalen Zentralbank abhängig sind, die dementsprechend große Macht über den globalen Finanzmarkt hält.
Eine Digitalwährung bzw. eine „künstliche Hegemonialwährung“, wie Carney es nennt, würde dieses Problem lösen, so der Chef der englischen Zentralbank. Dabei schwebt ihm eine ähnliche Ausgestaltung wie bei Facebook Libra vor, bei der die Macht auf mehrere Teilhaber verteilt ist. Allerdings will Carney diese nicht durch die Privatwirtschaft etablieren lassen, sondern sieht die Zentralbanken in der Verantwortung, die eine solche gemeinsame Digitalwährung aufbauen müssten.
Carney sieht darin eine Aufgabe von oberster Priorität, da die Globalisierung zur Folge habe, dass die politischen und geldpolitischen Entscheidungen einiger weniger Länder, allen voran die USA, massive Auswirkungen auf den Rest der Welt haben. Dem müsse ein modernes Finanzsystem entgegengestellt werden, das genauso multipolar ist wie eine globalisierte Welt und das die Last auf mehrere Schultern verteilt.
Chancen und Risiken der Digitalwährungen
Im Juli hatte sich Carney zwiegespalten gegenüber Facebook Libra gezeigt. Einerseits betonte er, dass es wichtig sei, die Chancen von Libra zu erkennen, andererseits gelte es aber auch, die damit einhergehenden Risiken ernst zu nehmen.
Vielmehr müsse Facebooks Kryptowährung von Beginn an fast nahezu perfekt ausgestaltet sein, um überhaupt zugelassen zu werden: ...
https://de.cointelegraph.com/news/bank-of-england-governor-l…
https://www.zerohedge.com/news/2019-08-24/why-mark-carney-th…
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Ruandas Zentralbank prüft Möglichkeit eigener Digitalwährung
Nach dem Vorbild zahlreicher weltweiter Zentralbanktests will auch Ruandas Notenbank in Zukunft eine eigene Digitalwährung herausgeben. Einer Vertreterin zufolge prüfe man derzeit entsprechende Möglichkeiten, nehme aber auch gleichzeitig bestehende Bedenken in den Blick. Derweil treibt China die Entwicklung seiner Zentralbankwährung weiter voran.
Von David Barkhausen
Am 23. August 2019
Die Ukraine, die Niederlande, Singapur oder Kanada haben es vorgemacht – nun will Ruanda als erstes Land auf dem afrikanischen Kontinent folgen und eine eigene Kryptowährung testen. Wie die US-Wirtschaftsnachrichten Bloomberg an diesem Donnerstag, dem 22. August, berichten, prüft die National Bank of Rwanda, die Notenbank des ostafrikanischen Landes, derzeit die Möglichkeiten, den Ruanda-Franc mit einem digitalen Pendant zu ergänzen. ...
https://www.btc-echo.de/ruandas-zentralbank-prueft-moeglichk…
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Indian Bank calls for Digital Currency to Replace Debit Cards
By jason - August 22, 2019
The State Bank of India (SBI), India’s largest lender servicing a fifth of the Indian population, has indicated plans to replace debit cards with digital currency.
Speaking at the annual Fibac, the Bank’s chairman, Rajnish Kumar, noted that they wish to eliminate the use of debit cards and promote the use of available digital payment options. Notably, Rajnish was concerned by the high number of debit cards compared to credit cards. He noted that there are 900 million debit cards and 30 million credit cards in India.
Yono Platform to replace debit cards
Kumar stated that SBI will eliminate debit cards and replace them with digital solutions such as the Bank’s own Yono platform. Interestingly, the Yono platform will support cash withdrawals at cash points and purchases at various merchants without the use of physical cards.
According to Kumar, the Bank has already set up 68,000 ‘Yono cashpoints’ and intends to increase this to over 1 million in the next 18 months. In addition, the Yono platform can have credit functions- so it can be used as a credit card for purchases of certain items.
Additionally, Kumar hopes to reduce the need for physical bank-issued cards in the next 5 years.
Notably, this is not the first time SBI is finding solace in blockchain technology. Towards the end of 2017, the Bank announced that it would launch “blockchain-enabled smart contracts” which would be followed by blockchain-enabled KYC (Know-Your-Customer). However, the two blockchain-based products are part of BankChain, a group of 27 financial institutions using blockchain to streamline the banking sector.
At the time, SBI’s Head of Innovation, Sudin Baraokar, said:
https://www.asiacryptotoday.com/indian-bank-calls-for-digita…
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... es gab eine 48h Warnung für Hong Kong bevor der Schuß losging ... am Fr. für Mon. ... ist verschwunden ... hinterm Theatervorhang ...https://www.epochtimes.de/china/china-politik/polizist-gibt-…