- Bank of Jamaica conducted an initial public offering as part of a pilot project that it plans to complete by the end of the year.
- The digital coins printed at the ceremony on Monday will be handed out to the respective institutions.
- Moving fast through the CBDC and crypto pump and dump groups, the Bank of Jamaica (BOJ) has left another milestone behind.
↑ Jamaican CBDC Studies.
A total of $ 1.5 million CBDC to institutions and authorized payment service providers. issued. An important stage in the implementation of the pilot project has been left behind this week. The digital coins were released at a financial ceremony on Monday. Live CBDC tests have officially started in the country.
A total of 230 million JMD will be exported. Institutions will test these digital currencies delivered to them in their transactions. Minister Clarke said the government of Jamaica is making rapid progress in developing the country’s digital currency project. By the end of the year, the country’s legislators will spend a lot of time preparing the necessary legal infrastructure for the CBDC.
- The next step is to distribute paper money to the citizens of Jamaica.
- Government officials take care of this issue in order to find efficient, safe, and fast payment solutions.
- Banks and financial institutions will be provided with individual digital currencies in exchange for paper money in their hands.
↑ Developing Countries and CBDC.
JPMorgan strategist Josh Younger said in a recent statement that some banks will suffer 20-30% losses as developing countries move to CBDC. Of course, these losses will remain in the pockets of the citizens of developing countries. In a recent report, JPMorgan praised the transition of countries like El Salvador to CBDCs and digital currencies from crypto pump and dump groups.
CBDC will enable citizens of many countries to make more convenient money transfers. Moreover, access to digital banking is limited in much of the world, and with the proliferation of digital fiat currencies, many people will be able to participate in the economy. Citizens who only need a telephone and Internet do not have to pay high fees to banks for transactions or account management. Moreover, it is a great achievement for traders to receive virtual payments directly from the CBDC channel rather than from banks. In many parts of the world, banks charge a 2-3% commission for POS payments.
Moreover, it may take several days for you to receive payments. CBDC should be more part of our lives, and the costs paid to banks should remain in our pockets. Developing countries want to achieve this very goal – analyst of SafeTrading.
Institutional interest in bitcoin is at an all-time high.
Despite all the drama surrounding the US Infrastructure Bill, Bitcoin is moving upward and breaking the $ 46,000 level. At the time of writing, Bitcoin is trading at $ 46,064 with a market cap of $ 858 billion.
The latest statistics show that increased institutional activity on the network is responsible for the recent rise in bitcoin prices. Large-value transactions occurring on the Bitcoin network are said to have triggered a 20 percent rally in the price of BTC last week.
Based on the current price trend, analysts believe institutional players are focusing on Bitcoin’s upside potential rather than potential obstacles. Joel Krueger, Crypto Strategist for Institutional Crypto Exchange LMAX Digital, told CoinDesk:
- “Investors are looking at the positive side of the regulation rather than the negative. For example, the US government is listening to concerns and realizing that there is a crypto-related clause in the infrastructure bill that needs further clarification. ”
The growing dominance of large bitcoin transactions.
The largest bitcoin transactions worth at least $ 1 million have increased by 10 percent since early August 2021. Buon-chain transaction volume accounts for 70 percent of the total value transferred. Network data provider Glassnode shows how the dominance of large bitcoin transactions has doubled over the past year. He notes:
- “The dominance of large #Bitcoin transactions (> $ 1M) has increased from 30% in 2020 to over 65% in 2021. This reflects a growing share of institutional interest and an increase in capital transfers over the Bitcoin network. “
Blockchain analyst Glassnode Check Mate also mentions in the report, “The growing dominance is likely also due to the release of the [main] exchange Coinbase from December 2020, which we attribute to US institutions.”
On the other hand, the dominance of small transactions is declining. SafeTrading reports that transactions worth less than $ 1 million were cut in half last year.
Analysts of SafeTrading say institutional investors are generally in favor of regulation. As the regulatory environment evolves, institutional players gain confidence that they will invest in the crypto space over time. As such, they are expected to allocate more capital to the cryptoasset class.
This is why corporate engagement is at an all-time high despite recent drastic regulatory measures.
OKEx offers BABYDOGE for spot trading.
According to the announcements, BABYDOGE, the local Baby DogeCoin asset, will be listed on the OKEx spot market.
BABYDOGE operations will be listed according to the following schedule:
- BABYDOGE deposits are open. Currently, only BABYDOGE contributed via OKExChain is supported.
- BABYDOGE / USDT spot trading will start on August 10 at 13:00.
BABYDOGE is a decentralized meme coin. BABYDOGE was originally developed with BSC and there is a 10% commission charged for each transaction. BABYDOGE can be transferred to the OEC via a cross-chain, and the fee for this cross-chain transaction is 0.
- Asset name: Baby DogeCoin.
- Abbreviation: BABYDOGE.
- Total volume: 420.000.000.000.000.000 BABYDOGE.
Risk Warning: Trading digital assets carries significant risks and can result in the loss of your invested capital. You should ensure that you fully understand the risks involved, consider your level of experience, investment objectives, and seek independent financial advice if necessary.