Best Chance Of A Bitcoin Exchange Traded Fund

The director of Digital Asset Strategy at VanEck/MVIS, Gabor Gurbacs, is confident that the approval of Bitcoin Exchange Traded Fund (ETF) is imminent and VanEck's Bitcoin ETF will be the first one to get the approval.

Many might get the impression that the director is too confident with his predictions given that most applications of the past have been rejected.

In fact 9 proposals have already been rejected and currently undergoing review.

His seeming confidence is not unfounded as the company has the tradition of bringing in institutional products to the market.

According to him the VanEck Firm has a history of building international stock and gold investing, in the U.S. and abroad.

The company was the first one to introduce a gold mutual fund which they initiated half a century ago when the global gold market accounted for a little over $200 million market cap.

Now the market is a $7.4 trillion behemoth and widely considered a global safe haven asset.

He is optimistic that the VanEck SolidX Bitcoin Strategy will be able to address what other bitcoin ETF applications have failed to address namely, pricing, custody, liquidity and manipulation of the underlying asset.

The decision of VanEck’s current filling is slated on December 29, 2019 and if need be can be delayed February 28, 2019 at the latest.

Social Trading Platform eToro To Launch Own Stable Coin

A social trading and multi-asset brokerage firm with offices in Israel, Cyprus and the U.K., eToro has been reported to be planning to launch their own stablecoin.

The CEO of eToro, Yoni Assia, enthusiastically affirmed their intent to release one at the Finance Magnets London Summit.

It seems that the company formerly known as RetailFX from Tel Aviv is expanding its operations especially in crypto related projects.

Recently it has released its own cryptocurrency wallet that is already available to users in all EU member states, Gibraltar, and Switzerland. Crypto-to-crypto conversion will also be enabled in the future.

The company will also release a blockchain-enabled social project which involves the development and usage of a non-speculative digital currency which is based in the idea of universal basic income.

It is a type of program in which the resident of a country may receive a regular sum of money from a source such as the government.

The initiative is dubbed as the GoodDollar Project.

The company seems to be following the growing number of companies that have launched or planning to launch their own stablecoin.

Whether it is in anyway related to the current GoodDollar Project remains to ben seen.

However, according to Asher Tan, the CEO of Coinjar exchange, stable coins have the potential to serve a useful purpose in many different types of crypto businesses such as eToro.

Largest Mortar-and-Brick Department Store In Venezuela Now Accepting Bitcoins

One of the largest department store in Venezuela widely considered as the local Wal-Mart of the country, Traki, has started accepting bitcoin for retail goods.

This was shared by a reddit users who shared her experience buying 884 items of school supplies and clothing with as little as $260 in BTC.

The cryptocurrency was donated by the Reddit Community and all the bought items will be given to the Venezuelan children in need.

Reddit user, ImVito, posted her experience using Bitcoin to purchase the aforementioned supplies under the thread “Real Adoption and Real Help.”

She share the transaction of the purchase.

She also shared a photo of a Traki poster saying that the department store is accepting Bitcoin, Dash, Litcoin, Ethereum and Bitcoin Cash.

The Venezuelan government has failed to control the runaway inflations rates of the country which is predicted to hit 1 million percent by the end of 2018.

This has encouraged locals to look into alternative means of store value in the form of cryptocurrencies.

El Impulso, the oldest newspaper in the country has recommended citizens to sell their vehicles for BTC as a better means of protecting their money from inflation.

This is despite current mark conditions in the crypto space.

USDC Stablecoin Listed In Binance

One of the largest cryptocurrency exchanges in the word, Binance has recently announced its listing of USDC stablecoin.

The new coin will be paired with bitcoin (USDC/BTC) and the exchange’s utility token Binance Coin (USDC/BNB). This commenced November 17.

USDC is a stablecoin that is pegged on a one-to-one ratio with the US dollar.

The stablecoin USDC is an ERC-20 token was co-developed and launched by Coinbase and Circle, the Goldman Sachs-backed cryptocurrency firm.

It was launched last month and was immediately available for trade in the Coinbase Platform. The move seems to supplant the monopoly-like hold of Tether in the stablecoin category.

According to the Centre Consortium an organization that was co-founded by Circle and Coinbase for the purpose of spearheading the stablecoin development initiatives of the two firms, USDC now is available across the globe with circulating supply more than $148 million USD and in more than 50 exchanges, platforms and wallets supporting the new Stablecoin.

Three Global Central Banks Proposes Digital Currencies

In a report that has been compiled and collated by KPMG in collaboration with commercial banks such as HSBC, TD Bank, OCDC and UOB; The Bank of Canada, Bank of England and the Monetary Authority of Singapore are exploring emerging technologies and opportunities in the banking industry.

These include the use of Wholesale Central Bank Digital Currencies.

The report listed current challenges Global central banks are facing with regards to Real Time Gross Settlement System which only indicated that traditional cross-border payments systems are not efficient and need to be updated as technology evolves.

One of the solutions proposed to address this problem is the issuance of Wholesale Central Bank Digital Currency (W-CBDC).

The proposed W-CBDC has three modes in which different approaches will be implemented. The first one is a country specific W-CBDC in which I can only be exchange within the issuing country and not other jurisdiction.

The second one is a W-CBDC that can be exchanged to other local W-CBDC which means each participating banks will hold multiple wallets. The last one involves a universal W-CBDC backed by multiple currencies which will be accepted in all countries.

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