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UK takes early steps to CBDC
Her Majesty’s Treasury, via Linkedin, is seeking the head of the UK’s new central bank digital currency to lead the development of the digital pound. This work “…requires extensive engagement across Treasury and beyond.”
According to a Linkedin post, the Treasury and the Bank of England are working with the CBDC Task Force to investigate the case of issuing a digital pound. The move mirrors several other European countries, such as Sweden and Denmark, that are considering their own digital currencies. The European Central Bank (ECB) is also considering issuing a digital euro.
Some proponents argue that a CBDC will bring benefits such as lower costs for businesses and consumers, and greater security and financial inclusion. Critics point out that blockchain-based currencies like Bitcoin have already solved these problems without the specter of central bank manipulation.
James Dewar, partner at Bridge to Bitcoin, a UK-based bitcoin merchant solution, said a CBDC would require “trust in third parties, central banks and governments not to abuse the money supply”. pointed out that
Bitcoin Mining Benefits East African Country
Bitcoin mining operations in greenfields of Malawi are connecting residents to the grid and bringing economic development to poor areas.
Harnessing the surplus of clean hydro energy, operator Gridness tweeted that “1,600 households are connected to a remote hydro mini-grid in the mountains of southern Malawi.” The project utilizes 50 kilowatts of isolated energy as a test of a major new mining site, but the real impact was quickly felt.
“Electricity developers built these plants years ago, but they were largely unprofitable and could not afford to buy more meters to connect more families, so they expanded to more families. So our deal allowed them to quickly buy 200 meters to connect more families,” said Gridless CEO and co-founder One Erik Hersman said, “It’s always amazing to see how useful and valuable mini-grids are to the community. [Bitcoin mining] Instantly transforming education, healthcare, business, logistics and community wealth. ”
Porsche NFT collection hits the groove
Porsche has unveiled its first-ever NFT collection of 7,500 NFTs of its iconic 911. Mint price is set at 0.911 Ether. [ETH] or $1,490 per NFT.
According to the allowed mint list, the NFT was created in four stages. The Public Mint then allowed the purchaser to mint up to three of his 911 NFTs. The first of his three planned phases is underway. Porsche hasn’t disclosed much about Phase 2, but Phase 3 appears to be based on a limited supply that allows users to turn his 911 into the advertised minimum 150,000 NFT variant.
However, within hours of opening, sales had nearly recovered, with only 1,371 of the 7,500 NFTs moved, leaving more than 82% unsold. OpenSea’s NFT Marketplace reported that the sale price of 911 NFT fell below the mint price of 0.911 ETH. The lowest price he reached was 3 ETH on January 23rd before the 911 NFT blew a gasket.
Genesis Sues Bitcoin ‘Billionaire’ For $21 Million
Bankrupt cryptocurrency lender Genesis has sued early Bitcoin proponent Roger Verr after it failed to meet a $21 million margin request. The court seeks damages in an amount not less than $20.9 million for defendants’ failure to settle virtual currency options contracts that expired on December 30.
Genesis filed for Chapter 11 bankruptcy protection on January 19, but said in a statement that the filing does not apply to derivatives, spot trading or custody businesses. Genesis is partnering with Barry Silbert’s Digital Currency Group (DCG), his cryptocurrency conglomerate.
Roger Ver is tight-lipped for now, but Twitter users have a lot to say:
Just a few months ago, Ver had received a notice of default from CoinFLEX, a derivatives exchange and yield platform, claiming outstanding debt. According to CoinFLEX CEO Mark Lamb, Ver owes the exchange $47 million in his USDC stablecoin.Lam claims his exchange had a “written agreement with” [Ver] We personally guarantee the negative equity of his CoinFLEX account and require him to top up the margin on a regular basis. ”
On Twitter, Ver denies any debt, claiming that CoinFLEX actually owes him:
What’s Behind the Bitcoin Rally
