Hong Kong Decides Against Central Bank Digital Currency, India Reject Petro Discount & Canadian Banks Hacked
An interesting 24 hours which saw the global cryptocurrency market cap dip slightly to $331 billion – down $6 billion on yesterday, Bitcoin rising by $60 to $7540 and Ethereum up $10 to $570. At a glance it doesn’t appear any specific altcoins are responsible for the global market cap dip suggesting some profit taking took place overnight and/or an element of hedging back into Bitcoin and Ethereum from altcoins.
Canadian banks are beginning to realise a distinct need to review their security infrastructure after reports of both CIBC owned Simplii Financial and the Bank of Montreal were hit by hackers demanding $1 million USD ransom to be paid in XRP after claiming to have acquired 90,000 customer records from the banks. The hackers had emailed a number of Canadian news publishers with samples of the stolen data which was verified to be accurate. Whether either of the banks in question had plans to implement a blockchain to handle client data is not clear, in any event it would be very surprising if they are not seriously considering one now to prevent future attacks.
Hong Kong’s central bank, The Hong Kong Monetary Authority (HKMA) have stated they have no plans to introduce a central bank digital currency (CBDC) after reaching the conclusion the concept is not currently suitable in the jurisdiction for the time being, citing the efficiency of their current systems being sufficient enough making a CBDC a less attractive proposition. The HKMA have been researching the idea of a CBDC for over a year so far but yet to release details of the research itself so far. The news comes just days after a staff working paper was released by the Bank of England highlighting potential issues for commercial banking profitability if a CBDC was created in the UK, essentially reaching the conclusion it could drastically reduce profit margins for traditional banks if cryptocurrency service providers were permitted to enter the space.
India has taken the decision to decline the offer of a cryptocurrency-only 30% discount on crude oil imports from Venezuela if they were transacted using the Venezuelan Petro, on account of the restrictions currently in place by the Reserve Bank of India (RBI). The RBI has come under fire for its broad sweeping ban on cryptocurrency. India is keen to avoid breaching UN sanctions which, despite the significant discount on offer, India would be in breach of if a deal were to take place.
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Created: Thursday, May 31, 2018
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