Investor Ideas, Trading Ideas and Stocks to Watch : #CryptoCorner Episode 442: #Crypto Firm Bluesky (CSE: $BTC.C) Announces Crypto Valley Association Membership, and China’s #DigitalCurrency Being Tested on Small Transactions

Monday, August 24, 2020

#CryptoCorner Episode 442: #Crypto Firm Bluesky (CSE: $BTC.C) Announces Crypto Valley Association Membership, and China’s #DigitalCurrency Being Tested on Small Transactions

#CryptoCorner Episode 442: #Crypto Firm Bluesky (CSE: $BTC.C) Announces Crypto Valley Association Membership, and China’s #DigitalCurrency Being Tested on Small Transactions

Point Roberts, WA, Delta BC August 24, 2020 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.

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Read this in full at https://www.investorideas.com/news/2020/crypto-corner/08241Bluesky-China.asp

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Stocks discussed: (CSE:BTC) (NasdaqGS:FB)

Crypto mining firm Bluesky Digital Assets Corp. (CSE:BTC) has announced its membership in the Crypto Valley Association (CVA). The Swiss-based CVA is described as “an independent, government-supported organization,” whose “mission is to build the world's leading ecosystem for blockchain and cryptographic technologies.” Bluesky's CEO Ben Gelfand commented:

"We wanted to be part of one of the world leading blockchain ecosystems that welcomes individuals, small and large companies from all over the world who are interested in the long term global economic and transformational benefits coming from blockchain and cryptographic technology innovation."

A report published today by the Bank for International Settlements (BIS), titled: Rise of the central bank digital currencies: drivers, approaches and technologies, indicates a rapid increase in public interest in CBDCs in 2020. The report presents data from Google, which shows that the amount of internet searches for CBDCs rocketed ahead of Bitcoin this year. A trend observed in the report, the decline in the use of cash, is cited as a possible driver in CBDC interest. An excerpt notes the impact of Facebook’s (NasdaqGS:FB) Libra project:

A tipping point was the announcement of Facebook’s Libra and the ensuing public sector response. As of late 2019, central banks representing a fifth of the world’s population reported that they were likely to issue CBDCs very soon.

Another factor the report cites is the COVID-19 pandemic:

During the Covid-19 pandemic, social distancing measures, public concerns that cash may transmit the Covid-19 virus and new government-to -person payment schemes have further sped up the shift toward digital payments, and may give a further impetus to CBDC.

On the subject of CBDCs, the Global Times reports that the People’s Bank of China’s (PBoC) digital currency is being tested “on small retail transactions.” This clarification comes after rumours had spread of “a housing transaction” that leveraged China's Digital Currency Electronic Payment (DCEP). Wang Peng, assistant professor of the Gaoling School of Artificial Intelligence at the Renmin University told the Global Times:

"At its current stage, the test's primary goal is to ensure the digital currency's operation runs smoothly and safe, and to determine how DCEP is distributed from the central bank to financial institutions. Only when trials in retailing are successful will they be carried out in large transaction scenarios.”

Sam Mowers, Investorideas

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