Last month, Infinigold announced the launch of a digital token, The Perth Mint Gold Token, backed by gold stored in the vaults of Australia’s Perth Mint, a world-leading precious metal refinery. We spoke with Andreas Ruf, the CEO of Infinigold, about working with Perth Mint to launch the token. Read More
Beijing and Washington won’t be reducing some punitive tariffs on each other’s goods – at least according to the Trump White House. Talks on the trade war, it would seem, are not progressing as promisingly as reports indicated.
Reports surfaced that a new agreement originated during discussions to iron out a “Phase 1” deal between the two countries. A “phased cancellation” of tariff hikes were agreed to in the event of progressing trade talks, according to the Commerce Ministry spokesman, Gao Feng. Read More
350 Bankers and financial industry professionals think the United States will be the first to create a global digital currency – not China.
37% of attendees of the ACAMS anti-money laundering (AML) and financial crime conference, when asked by Chainalysis, said they believe the U.S. would be the first to launch the first worldwide digital currency over the next five to ten years. Read More
The poor health of millennials could put a damper on the U.S. economy, according to Moody’s. It is more common for millennials, who are born between 1981 and 1996, to suffer from hypertension, high cholesterol, depression, and hyperactivity than their Generation X counterparts at the same point in their lives.
Moody’s Analytics found the data in a report by Blue Cross Blue Shield, concluding that by the year 2027 health costs for young adults could be 33% higher than they were for Generation X at the same page. This could lead to lower wages, Moody’s argues. Read More
Treasury Department officials are reportedly rolling back a tax rule issued under former president Barack Obama’s administration. The rule sought to prevent American companies from moving money offshore in an effort to avoid US taxes.
The Treasury issued final regulations that eliminated documentation requirements dating back to Obama. The department will propose regulations in the future changing other parts of the offshore tax rules. Read More
David Marcus is leading up Calibre, Facebook’s cryptocurrency project. As reported by CNBC, he said Wednesday that Bitcoin is digital gold, and not a good currency for transactions.
“I don’t think of Bitcoin as a currency,” Marcus told an audience at the New York Times DealBook Conference in New York. “It’s actually not a great medium of exchange because of its volatility. I see it as digital gold.” Read More
China’s National Development and Reform Commission (NDRC) has removed crypto mining activities as an unwanted industry from its Industrial Structure Adjustment Guidance Catalog.
China has long been a mining leader in the crypto industry. As a world leader in computer hardware generally, the country was in a unique position to take lead the way when it came to mining bitcoin and other cryptocurrencies. As in most hardware-intensive industries, the lion’s share of cryptocurrency mining hardware comes from China. Read More
One Country, One System?
China could change its “one country, two systems” arrangement that has been in place since 1997. The agreement stipulates that the United States is legally bound to treat Hong Kong separately from mainland China for matters concerning trade and economic policy. With troops from the mainland at the border of Hong Kong, the protests and trade war could escalate. Read More
InfiniGold is collaborating with the Perth Mint, the world’s largest refiner of newly minted gold, to release the digital token Perth Mint Gold Token (PMGT), which is backed 1:1 by GoldPass certificates issued by the Perth Mint. It could be an alternative to current stablecoins, especially Tether, which is backed by the US dollar. PMGT gives users ownership of government-guaranteed gold stored at The Perth Mint. The Mint touts benefits like real-time trading and settlement thanks to blockchain. Read More
Bakkt futures and custodial exchange traded 50 BTC (~$400,000) in daily futures contracts during its second week of trading, a significant decline from its opening week, as reported by WSJ.
$5.8 million was traded on Bakkt, which was created by the Intercontinental Exchange, during its first week. The following week traders moved but $2 million. That is just $400,000 daily trading volume. Read More
Last week, almost every major online brokerage company – including Charles Schwab (SCHW), TD Ameritrade (AMTD) and E-Trade (ETFC) – stopped charging commissions, making it free to trade.
“For every broker out there, trying to sell services with explicit fees is going to be almost impossible. The next frontier will be centered around providing more financial well-being solutions — expanding beyond just brokerage products,” said Bill Capuzzi, CEO of Apex Clearing, a custodian of securities on behalf of brokerage firms. Read More
Philadelphia Federal Reserve Bank President Patrick Harker said on Wednesday it is “inevitable” that central banks will issue digital currency. He also said the United States should not be the nation to lead such a move. He had been asked about the Fed’s creation of “FedNow,” its own real-time payments system. The comments were first reported by Reuters.
“Frankly I don’t think we should be the first mover as a nation to do this,” Harker said at a St. Louis community banking conference. He noted the dollar’s status as world reserve currency and underscored the need for experimentation and tests when it comes to such technology. Read More
The gap between cryptocurrency and the banking industry is shrinking.
For instance, Bitwala, a German crypto banking startup, has begun rolling out their mobile banking app. Users who own an Android or iOS device can begin experimenting with this new functionality. The services are available across the entire European Economic Area. Clients in 31 countries can obtain a German bank account which includes a Bitcoin wallet and trading support. The creation of an account takes just minutes, according to the company. This would make it on par with opening a traditional bank account in one’s own country. Read More
The International Monetary Fund must choose to either make more than $5 billion in funds under Argentina’s loan deal available to the government facing default or not. The IMF had agreed to a $57 billion line of credit with the South American nation last year, and funds were meant to be paid this month.
But pro-business President Mauricio Macri took a defeat in a primary election last month, resulting in a crash of the peso and capital controls. Populist candidate Alberto Fernandez is considered the front-runner to win the Oct. 27 election. And now there is doubt about whether or not the IMF will disburse the cash until after the election. Read More
The Bitcoin halving is coming next year.
Bitcoin’s emission rate will be cut in half in 2020. This is known as a block reward halving. It is the third reward halving since Bitcoin was first introduced to the masses in 2009. Given the scarcity aspect of the world’s leading cryptocurrency, this reduced emission rate can have a significant impact on the price.
Historically speaking, block reward halvings are significant for Bitcoin. It helps reduce the amount of “new” BTC brought into circulation. At the current rate, 12.5 BTC is added to the supply every 10 minutes. Over the course of a day, that equals to 1,800 bitcoin, or $1,8 million at current prices. For a currency which is deemed to be scarce, there is still a lot of value being brought into circulation every day. Read More