Central Banks of UAE and Saudi Arabia Say CBDCs are More Efficient and Can Preserve Privacy

Central Banks of UAE and Saudi Arabia Say CBDCs are More Efficient and Can Preserve Privacy

The conclusion of Project Aber and subsequent review by the Central Banks of the Kingdom of Saudi Arabia (Saudi Arabian Monetary Authority) and the United Arab Emirates (CBUAE) shows that Distributed Ledger Technology (DLT) can improve remittance and satisfy privacy demands despite it being technically untenable, a joint report on Nov 28 reveals.

Objectives of Project Aber

The HyperLedger Fabric-built Project Aber is a Central Bank-backed digital currency (CBDC) experiment that was launched in January 2019.

It was built on previous trials in Japan, Singapore (Project Ubin), and Canada (Project Jasper). Unlike previous trials where a single currency was issued via the payment network, two currencies were being transmitted via Project Aber. 

A Proof-of-Concept project, it was for the two central banks to understand the mechanics of DLT and how it is applicable in CBDCs. 

Additionally, it would showcase the viability of a shared digital currency. Two central banks were considering the possibility of using the system as an additional reserve system for domestic payment systems whenever there are disruptions.

During the year-long project, six local commercial banks ran nodes and contributed money from reserves deposited at their respective central banks.  The digital currencies used during this experiment was backed by the respective central banks. The entire project was broken down into three phases.

If successful, Project Aber would have overhauled the way financial transactions are settled between the two countries. 

SAMA and CBUAE Findings

The conclusion of the project now reveals the immense benefits of DLT and CBDCs. Although more research is required, there are clear-cut differences and advantages blockchain-based remittance systems have over traditional settlement methods.

On one end, the technology behind the digital currency can satisfy the privacy requirements of users. Secondly, payment systems anchored on DLT offered better advantages over centralized systems in both domestic and international bank settlements.

Early issues identified involve node coordination. 

However, further research could see the expansion of the project and the addition of more fiat currencies, and the launch of more financial instruments on the system.

As BTCManager reported, the German Finance minister has called for a quick decision on the Digital Euro.

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Crypto Version of ‘Giving Tuesday’ Returns With 10X as Many Charities

With the holiday season approaching and cryptocurrencies led by bitcoin (BTC) surging in price, charities are warming to the opportunity to accept donations of the digital tender. 

Slated for Dec. 1, the crypto rendition of the annual worldwide charity event #GivingTuesday  – #BitcoinTuesday – is back for another year, spearheaded by crypto donations platform The Giving Block. 

According to the organization, while last year’s Bitcoin Tuesday event managed to attract only 12 non-profits, this year over 120 such organizations including Save the Children, No Kid Hungry and The Tor Project have signed up for the event. The non-profits will accept donations in cryptocurrencies such as bitcoin (BTC), ether (ETH) and litecoin (LTC), among others. 

“In general, as the price goes up, you see a lot more donations. And we saw that happen a lot in 2017,” said Alex Wilson, co-founder of the Giving Block, adding that donations may even rise because people may look to offset their tax liability amid rising prices for crypto assets.  

While charity is its own reward, making the donation in cryptocurrencies can help users avoid some capital gains taxes they might otherwise have incurred had they cashed out their crypto and donated fiat, tax experts have noted.

Since cryptocurrencies are treated like property by the Internal Revenue Service (IRS) and some other tax agencies around the world, taxable events occur every time a user converts crypto to fiat.

But like stock donations, users can donate cryptocurrencies, get a tax write off-and not have to worry about paying capital gains tax on the cryptocurrency they donate. 

Diversifying donations

Hope for Haiti, a nonprofit organization which works toward improving education, health and water facilities for residents of the Caribbean nation, is one the charities accepting crypto donations. According to the non-profit’s CEO, Skyler Badenoch, the idea was in part spurred by a need to diversify donation sources. So it did some research on the market. 

“We know how much litecoin it would take to pay a teacher’s salary, we know how much XRP it would take to plant a tree,” said Badenoch. He noted that the non-profit is also keen on exploring how blockchain technology can help add transparency to the charity sector. 

A non-profit focused on tackling child hunger in the United States, No Kid Hungry, is another organisation which will be taking part in the Bitcoin Tuesday campaign. The non-profit, similar to Hope for Haiti, also indicated that it swaps gifted crypto for fiat upon receipt. 

“Similar to stock donations, we convert cryptocurrency donations into U.S. dollars immediately,” said Diane Clifford, managing director of constituency development at No Kid Hungry.

A Bitcoin tradition

In addition to the Giving Block campaign, users can also make crypto donations through BitGive

Founded in 2013, BitGive helped co-host one of the first Bitcoin Giving Tuesday events in 2014 and has since continued to support charities in the United States and overseas. The first  crypto-specific registered non-profit organization, BitGive uses the Bitcoin blockchain and RSK sidechain to help donors seee where the money is going.

“We tackled these more simple concepts many years ago,” said founder Connie Gallippi. “We are excited to now have grown and developed a sophisticated platform leveraging the technology directly and demonstrating the beauty of bitcoin and blockchain to a mainstream audience.” 

Since those early days, BitGive has added a layer of transparency through its GiveTrack tool, allowing donors to follow the money and see where and how it is allocated. Some of its most recent project announcements include partnerships with Heifer International, an organization that works to eradicate hunger and poverty, and Black Girls Code.

In an effort to give newcomers to crypto donations an easy way to donate, BitGive has announced that donors can now make donations on its GiveTrack platform using credit/debit cards or Apple Pay through Wyre

“Our platform will automatically convert their donation into bitcoin and send BTC to the charity’s wallet,” said Connie Gallipi, founder of BitGive, in an email. She added that this way mainstream users who never owned cryptocurrencies could take advantage of the blockchain-associated transparency without the hassle or friction of having to buy some.  

Bitcoin is About to Post the Highest Monthly Candle Close Ever as Bulls Roar

Bitcoin

Bitcoin

Bitcoin is About to Post the Highest Monthly Candle Close Ever as Bulls Roar


  • Bitcoin is currently caught within the throes of an intense uptrend, with bears being unable to slow its ascent
  • The strength of this uptrend has been quite intense, and seems to indicate that significantly further upside could be imminent
  • The lower and mid-$19,000 region does hold some intense resistance for the cryptocurrency, and another rejection here could strike a heavy blow to bulls
  • That said, the macro strength seen by BTC indicates that a move past this price will come about in the near-term
  • One trader is noting that Bitcoin is about to post the highest monthly candle close it has ever seen
  • This is an incredibly bullish development that does seem to indicate that upside is imminent

Bitcoin and the entire crypto market have been caught in the throes of an intense recovery over the past few days, with the recent selloff proving to be highly fleeting.

The market’s potent response to this intense decline indicates that some serious upside could be imminent in the days and weeks ahead.

Any extension of this momentum could result in the cryptocurrency seeing fresh all-time highs.

Bitcoin Shows Signs of Strength as It Moves to Retest All-Time Highs

Late-last week, Bitcoin rallied into the mid-$19,000 region before facing a firm rejection that caused its price to slide significantly lower.

The selling pressure seen here has been intense, and it remains unclear as to whether or not bulls have enough strength at the present moment to break above this level.

If BTC can break above its previous all-time highs, it will likely enter price discovery mode and extend its current parabolic uptrend.

A further rejection here, however, could mean that a prolonged consolidation phase is imminent.

BTC is About to See the Highest Monthly Candle Close Ever 

Assuming that Bitcoin remains technically strong and doesn’t face any harsh selloff over the coming day, the cryptocurrency is poised to post its highest monthly candle close ever.

As one analyst observed:

“BTC / USD: This will be the highest monthly close of all time, monthly candle is currently +35% above the previously ATH close. I would expect anything below $16,500 to be bought be up extremely aggressively, on anything less than the 1W.”

Bitcoin

Image Courtesy of Cactus. Source: BTCUSD on TradingView.

From a macro-perspective, this is an incredibly bullish sign, as it indicates that the cryptocurrency’s long-term outlook – as well as its short-term outlook – are bullish.

Featured image from Unsplash.
Charts from TradingView.

Why This Trader is Optimistic That Ethereum Will Spark a Massive Altcoin Rally

Altcoins have been closely tracking Bitcoin and Ethereum’s price action as of late, which is a positive sign showing just how far the markets have come over the past few weeks.

While in the past, Bitcoin rallies occurred independently from the rest of the market, with altcoins trailing it or rallying during consolidation phases, the entire market is now moving in tandem.

This trend has greatly favored altcoins, with many posting massive gains throughout the past few days and weeks as BTC navigates towards $20,000.

One trader is now offering a bullish outlook on altcoins, explaining that Ethereum’s ongoing upswing leads him to be optimistic on smaller digital assets’ outlook.

Ethereum is now trying to hold above $600 – if it can flip this level into a strong support level, it could open the gates for the altcoin market to see significantly further upside in the days and weeks ahead.

This will hinge largely on Bitcoin, as the benchmark cryptocurrency is struggling to break above $20,000 despite being able to set fresh all-time highs earlier this morning.

If it continues extending this momentum and does break above $20,000, the entire market will likely see massive inflows of capital that leads altcoins to see parabolic, speculation-induced uptrends.

Ethereum Rallies Higher Alongside Bitcoin

At the time of writing, Ethereum is trading up over 4% at its current price of $601. This marks a notable surge from its recent lows of $490 set at the bottom of the recent selloff.

The selloff seen last week by the entire market appears to have been a bear trap of epic proportion, with the strength seen in the time since ETH and BTC set their lows being quite impressive.

It does seem as though the rebound from these lows sparked the ongoing rally.

Trader Claims ETH Strength Likely to Spark Altcoin Rally

One trader believes that the strength seen by Ethereum as of late could be enough to spark a strong rally for altcoins.

He notes that he has added exposure to Chainlink and some Uniswap tokens to capture some of this potential upside.

“I’m 20% alts now, ETH popping makes me carefully optimistic. Aiming for 25% by mid december, and will ape stupidly, up to 50%, IF BTC goes to ATH and they capitulate simultaneously. 10% ETH, 5% LINK, 5% a basket of scams including uniswap coins.”

Ethereum

Image Courtesy of SalsaTekila. Source: ETHBTC on TradingView.

Whether or not Ethereum can hold above $600 heading into its daily candle close should provide some serious insights into where it will trend in the days and weeks ahead.

Featured image from Unsplash.
Charts from TradingView.

Price analysis 11/30: BTC, ETH, XRP, BCH, LINK, LTC, ADA, DOT, BNB, XLM

What can I do to prevent this in the future?

If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware.

If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices.

Earnfinance Is a Powerful DeFi Platform for Staking, Farming and Borrowing – YFE Presale Is Live

Earnfinance Is a Powerful DeFi Platform for Staking, Farming and Borrowing – YFE Presale Is Live

PRESS RELEASE. What is yield farming? Yield farming, also referred to as liquidity mining, is a way to generate rewards with cryptocurrency holdings. In simple terms, it means locking up cryptocurrencies and getting rewards.

In some sense, yield farming can be paralleled with staking. However, there’s a lot of complexity going on in the background. In many cases, it works with users called liquidity providers (LP) that add funds to liquidity pools.

What is Earn finance ?

Earn Finance : is a blockchain agnostic decentralized finance (DeFi) aggregator platform that supports DeFi projects deployed on Ethereum blockchain, Binance smart chain etc., focusing on simplicity, user experience, privacy and global adoption powered by rewardiqa foundation , we are developing a powerful community-centered DeFi Platform focusing on staking, farming, borrowing and mortgage. The platform is powerful enough from a scalability, interoperability, developability and governance perspective to help make the vision of Web3 a reality that aims to get more value for an investment.

How to buy YFE Tokens :
For the purpose of developing a robust YFE platform, and most importantly to encourage early investors and supporters, earn finance team has decided to organize a presale of Earn finance (YFE) token.
(There will be 4 ROUNDS for the presale )
Direct link to join presale:
https://earnfinance.net/index.php/presale/

Presale steps :
Go to the YFE presale link, then connect Your Metamask, Get your ETH ready, add amount you want to buy and press buy YFE Token , if you do not have metamask, simply follow instructions here https://telegra.ph/Earn-finance-presale-11-28 Tokens unsold would be burned, Uniswap liquidity will be locked 100% for 1 year).

Earn finance presale distribution process :
60% of raised funds after the presale would go to Uniswap pool.
40% of raised funds after the presale would be used for listing on more exchanges, marketing & promotion, and development.
Earnfinance (YFE) Token will be listed on Uniswap after presale.
Earnfinance (YFE ) Token will be listed on Coinmarketcap (CMC), and other exchanges such as Balancer, Binance, Kucoin, FTX and more after some days on Uniswap.

If you need any further assistance, telegram admins are there to help.

YFE Finance Products :
We’re building a transparent, secured, user-friendly, and simple yield farming platform, that would provide opportunity for the YFE holders to get benefits from several platforms provided by earn Finance.

YFE Finance : staking platform enables investors to earn a yield on YFE token, depositing, and selecting the amount you want to stake, you will get an APR of 32%, and it can be unlocked anytime and you will get FYFE Token reward also.

Governance : The earnfinance ecosystem is controlled by YFE token holders who submit and vote on proposals that govern the ecosystem. Proposals that meet quorum requirements (>20% of the tokens staked in the governance contract) and generate a majority support (>50% of the vote) are implemented by a 9 member multi-signature wallet. Changes must be signed by 6 out of the 9 wallet signers in order to be implemented. The members of the multi-signature wallet were voted in by YFE holders and are subject to change from future governance votes.

Lending – YFE will provide you with the highest yield in the market today, Upto 32% APR for supported coins (DAI, USDC, USDT, TUSD, BUSD, PAX) STAKING – Stake YFE and Earn 32% APR, YFE can be unlocked anytime without any lock period or other obstacles on your way.

Yield Farming – It is simply based on a farmer who plants and harvests all his crops. The more you farm, the more the harvest, the more the invest the more the profit. With YFE you will be able to enjoy Yield Farming to its fullest.

Earn swap – Exchange between your assets without sending anything to anyone or without any fear of loss.

Dapps – Earn finance is also developing their own Dapp running on the Ethereum Network, allowing users to use it from any of their favorite wallet (Trust wallet, MEW, Metamask etc.) to search and use their Decentralized Ecosystem.

Earn Finance Tokenomics:
Token Type : ERC-20
Token symbol : YFE
Token Name : Earn Finance
Contract : 0x8c1Ca31E0992421f26A74Df65b303C0Af2A48b51
Total Supply : 500,000 YFE
Circulating Supply : 100,000 YFE
Initial Uniswap Liquidity : 100,000 YFE
YFE for Pre-sale : 200,000 YFE
Team Tokens : 10,000 YFE
Marketing & Development : 80,000 YFE
Airdrops : 110,000 YFE

Conclusion :
Earn finance offers an innovative platform and promotes Defi to an advanced level. It aims to work efficiently with the other existing protocols of Defi to build the new world ecosystem.
Earn Finance Community:
Website : https://earnfinance.net
Telegram channel – https://t.me/earnfinanceglobal
Twitter : https://twitter.com/earnfinance1
Email : support@earnfinance.net

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Tezos Set to Implement Zcash Privacy Features in Edo Upgrade

Tezos Set to Implement Zcash Privacy Features in Edo Upgrade

Smart contract blockchain protocol Tezos (XTZ) is gearing for its next network upgrade designated “Edo” which will reportedly introduce robust security features to the network. The Edo update will also include a revamp of the project’s smart contract functionality with the introduction of token issuance capabilities.

Edo Upgrade Follows Swiftly on the Heels of Delphi

Tezos developers Nomadic Labs, Metastate, and Marigold issued a joint release announcing the Edo update on Monday (Nov. 30). According to the statement, the upgrade will go live in early December.

Among the raft of features in the upcoming Edo upgrade is the first implementation of the Zcash (ZEC) Sapling library. Deploying Sapling on the Tezos chain will reportedly introduce shielded coinbase, a major component of transaction privacy functionality on blockchain networks. After the completion of the Edo upgrade, developers will be able to integrate Sapling into their decentralized apps (dApps) and smart contract protocols.

The deployment of Sapling on the Tezos network is the latest of such collaborations across blockchain divides. Back in May, BTCManager reported that Tezos had inked a deal with oracle provider Chainlink (LINK) to utilize the latter’s services on its chain.

Apart from Sapling, the Edo upgrade also introduces a ticket system to the Tezos network that allows smart contracts to grant permissions or initiate token issuance protocols within the blockchain. According to the release, this new ticket system offers seamless access for third-party smart contract and dApp developers.

With the Edo upgrade coming barely a fortnight after the Delphi update release, the Tezos developers remarked that work on the former had been going on in the background for a significant amount of time. Commenting on the accelerated update timeline, the release explained:

“We’ve been hard at work on the core Tezos software, and we’ve made significant improvements that we want to share with the users of the network. In particular, we have now completed a number of improvements that were in progress at the time that the interim Delphi update was proposed.”

Back in September, Societe Generale tapped Tezos for its Bank of France-backed central bank digital currency (CBDC) test. Tezos is also one of the public chains integrated into China’s Blockchain Service Network (BSN).

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Riot, Marathon, Canaan See Record Monthly Share Gains as Bitcoin Clears All-Time High

Shareholders of publicly traded bitcoin mining companies enjoyed record monthly gains as the leading cryptocurrency reached a new all-time high Monday morning.

Castle Rock, Colo.-based mining firm Riot Blockchain ended November with a 160% gain trading at $8.45 per share. Las Vegas-based Marathon Patent Group also soared over 190% in November, the firm’s largest monthly percentage gain, up over 600% year to date. 

Miner manufacturer Canaan Creative ended November with a record monthly gain of nearly 140% with shares trading at $4.99 by Monday close.

Riot’s gains come amidst its accumulation of thousands of the industry’s leading mining machines, according to Thomas Heller, chief operating officer at mining software company HASHR8

“Riot expects to have a total of 22,640 miners deployed by June 2021, and the majority of them are S19 Pro miners,” Heller said. “Along with the M30S++, the S19 Pro is the most powerful and efficient miner on the market, and commands the highest market price.” 

Riot also nearly tripled the dollar value of bitcoin holdings, per the company’s Q3 earnings, reaching $9 million, up from $3.1 million during the same period in 2019. Marathon also reported a triple-digit percentage increase in its bitcoin holdings after a record-setting quarter of mining revenue in Q3.

Canaan’s gains come as a relief to shareholders who suffered a 85% drawdown at the end of Q3 from its initial list price in November 2019. To date in Q4, Canaan shares are still down 18 percent. 

Strong demand for new machines by miners holds promise for Canaan, which reported a $12 million Q3 loss Monday. Heller told CoinDesk, “Current orders with Canaan won’t ship until April due to the high demand for ASIC miners.”

Shares of other public mining companies also saw triple-digit percentage gains in November. For example, Vancouver-based Hive Blockchain gained more than 160% in the month with shares trading hands at $1.23 by market close Monday. 

“Mining stocks are a very attractive way for investors to get upside exposure to Bitcoin price while being limited on the downside due to the infrastructure nature of the business,” said Ethan Vera, co-founder of mining company Luxor Technology, in a direct message with CoinDesk.

“The best mining companies can deliver profits in bear markets and have outsized returns in bull runs,” Vera said.

Market Wrap: Bitcoin All-Time High Tops Out at $19,850 as Ether Options Market Goes Mega-Bullish

Bitcoin’s price hit an all-time record high Monday as positive market factors converged. Meanwhile, ether options traders are paying heavy premiums on the asset’s potential to hit new records as well.

  • Bitcoin (BTC) trading around $19,436 as of 21:00 UTC (4 p.m. ET). Gaining 6.6% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $18,093-$19,850
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.

Bitcoin trading on Bitstamp since Nov. 27.
Source: TradingView

Bitcoin’s price hit an all-time high in the past 24 hours, trading as much as $19,850, according to CoinDesk 20 data. The price then dipped and was at $19,436 as of press time. 

“Institutional inflows may have been much of the driving force behind this rally, but it’s been retail investors that have helped bitcoin pick up steam in recent weeks,” said Zac Prince, chief executive officer of crypto lender BlockFi. ”Balances on our retail accounts have grown over 25% in the last 30 days, compared to just under 10% for institutional,” he added. 

Major spot exchanges, where retail customers casually buy the world’s oldest cryptocurrency, have seen an uptick. Combined daily volume for Coinbase, Bitstamp, Kraken, Gemini and ItBit was at $1.5 billion as of press time Monday, much higher the $488 million average of the past six months. 

Spot USD/BTC volumes the past six months on major venues.
Source: Shuai Hao/CoinDesk

The steady rise of bitcoin’s price since Saturday followed a drop during a market holiday in the U.S. last week that bitcoin as low as $16,242 on Thursday. The $3,608 price gain over the past week shows just how volatile cryptocurrency can often be. 

Spot bitcoin price over the past week.
Source: CoinDesk 20

“Bitcoin investors sitting on the sidelines of this recent rally got a Thanksgiving holiday gift as bitcoin saw a drop from $19,500 to $16,300,” noted Jason Lau, COO of San Francisco-based OKCoin. “Derivative liquidations led the move down as some derivatives exchanges lost over 20% of open interest,” he added.

Indeed, liquidations on derivatives exchange BitMEX, while not as significant of a venue as it once was, clearly had some impact on Thursday’s drop ($10 million in sell liquidations in an hour) and Monday’s rise ($4 million in by liquidations within an hour). A liquidation on BitMEX is akin to a margin call whereby a long is sold or a short triggers a buy to close out a position if it moves enough to wipe out the margin. 

Liquidations on derivatives exchange BitMEX.
Source: Skew

Bitcoin’s recent rise was not solely due to retail investors. Rich Rosenblum, who heads trading at crypto firm GSR, noted how much more infrastructure is in place for institutions to invest compared to bitcoin’s last bull run in 2017. 

“The trading, settlement and custody services are all far more sophisticated and mature, which instills confidence,” he said. “The [Federal Reserve] continues to fan the flames with its monetary strategy, which looks to remain in place in the year to come. With so much excess liquidity in the system, the original investment case for bitcoin is being vindicated.” 

Ether traders paying for bullish bets

The second-largest cryptocurrency by market capitalization, ether (ETH), was up Monday trading around $605 and climbing 8.5% in 24 hours as of 21:00 UTC (4:00 p.m. ET).

The ether options put/call ratio on Deribit, the largest derivatives exchange in the crypto ecosystem, has been skewing heavily towards calls over the past month. The put/call ratio shows the number of puts, which are options bets to price downside, versus calls, which are options bets to price upside.

Ether put/call ratio the past month on Deribit.
Source: Genesis Volatility

“During the past month, when looking at the put/call ratio in terms of premium traded, we can see an abnormally high ratio of calls trading to puts,” noted Greg Magadini, chief executive officer of Genesis Volatility. 

The bullish activity is so strong traders are doling out high premiums to make bullish bets on ether, noted Magadini. “Traders were quick to start paying higher prices for calls,” he told CoinDesk. “So much so that … puts are 25 implied volatility points cheaper. This level of differential is rare and quite extreme.

The all-time high of ether is $1,432, according to CoinDesk 20 data. 

Other markets

Digital assets on the CoinDesk 20 are all green Monday. Notable winners as of 21:00 UTC (4:00 p.m. ET):

  • Oil was down 0.80%. Price per barrel of West Texas Intermediate crude: $45.20.
  • Gold was in the red 0.62% and at $1,776 as of press time.
  • The 10-year U.S. Treasury bond yield climbed Monday, jumping to 0.846 and in the green 0.77%.