The European Central Bank is unwittingly promoting decentralized currencies, while Bitcoin is said to support the Iranian economy.
The last week ended with a total failure of the European Central Bank (ECB) on October 23rd. The Target2 system and the bank’s information network were paralyzed for several hours. This made it impossible for the ECB and national central banks to process transactions from commercial banks. Private customers were not affected. Even so, this incident shows the weaknesses of centralization and the strengths of a more decentralized financial system. Advocates of cryptocurrencies such as Bitcoin and digital central bank currencies (CBDC) felt confirmed : With decentralized transaction systems, failure is impossible. Meanwhile, the ECB ruled out a cyber attack.
Only on October 21, PayPal announced its intention that the platform would support the cryptocurrencies Bitcoin, (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) in the future. The Chief Strategy Officer of CoinShares, Meltem Demirors , suspects that the payment service provider will soon also offer its own token. This would probably be based on the US dollar: It would therefore be a stable coin that represents the value of the fiat currency, similar to the stable coin tether (USDT). The chief strategist of CoinShares believes that this token could already be developed in six to twelve months: Against the background that PayPal is planning to buy the crypto custodian BitGo, the company’s crypto affinity is becoming increasingly apparent.
The US blocks international payments to and from Iran. The Islamic Republic has now responded with an unusual answer : The government and the central bank are betting on the largest cryptocurrency by market capitalization. The central bank makes Bitcoin available to importers, which foreign traders can pay so smoothly. The country legalized Bitcoin mining in 2019, the regulatory environment is still uncertain. But the crypto community is happy about the news. Because the company shows the incorruptibility of digital money. The Iranian government seems to have understood this and is using the circumstance to its advantage.
Initial public offerings are initial public offerings — investors pay for shares with fiat money. The Australian West Coast Aquaculture Group (WCA) is for the first time offering its customers the option of buying shares with a cryptocurrency. This is a first for the country. The IPO will take place in mid-November, and in addition to the Australian dollar, the stable coin tether also serves as a means of payment. Thanks to its peg to the US dollar and other assets, it is only subject to low volatility. Therefore, the WCA preferred this cryptocurrency. The IPO should bring the company 5 million Australian dollars, which it wants to use, among other things, in the acquisition of hatchery and rearing facilities.
Bitcoin mining remains a highly competitive business. The two companies Marathon and Riot show that it is no longer hobby computer scientists who use their home PC for Bitcoin mining. They fight bitterly for the Bitcoin mining crown. Marathon is investing in thousands of Antminer S-19 Pros, with which it aims to take pole position in July 2021 with 2.56 exahashes per second (EH / s). Then 1.9 percent of the total mining power of the network would be in the hands of the company. Riot’s plan was until then a computing power of 2.3 EH / s. This goal is to be corrected with the acquisition of mining hardware of the same type as that of Marathon.
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