Categories
News

Survey; 10% of the $380B US stimulus funds might be used to buy BTC (www.blockcast.cc)

Mizuho Securities, a leading Japanese investment banking and securities company, recently conducted a survey and found that a significant portion of US stimulus funds will be used to buy Bitcoin and stocks. A report unveiled this news on March 15, noting that the firm, which is a fully-owned subsidiary of the Mizuho Financial Group, believes 10% of the $380 billion in direct stimulus cheques will find its way into the crypto and stock markets. Reportedly, Dan Dolev, Mizuho Securities’ managing director, and his team questioned 235 individuals that make less than $150,000 in household income.

According to the report, approximately 200 interviewees out of the 235 subjects said that they were expecting cheques from the third round of direct stimulus funds soon. Allegedly, Mizuho Securities found that two out of every five cheque recipients aim to use a fraction of the allocated funds to invest. The surprising fact is that the cheque recipients were more interested in investing in BTC than in stocks.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Per Dolev,

The survey predicts that bitcoin will account for 60% of total incremental investment spend. We calculate it could add as much as 2-3% to bitcoin’s current $1.1 trillion market value.

While the respondents prefer BTC to stocks, Dolev noted that shares of companies such as Visa, PayPal, MasterCard, and Square would increase in value, seeing as people will use such platforms to invest in crypto.

Goldman Sachs echoes Mizuho’s sentiments

Reportedly, Mizuho Securities is not the only firm that believes a substantial portion of the stimulus funds that the US government is set to pump into households will go to investments. While the US-based bank did not mention crypto, it said that it expects households to be the largest source of equity demand this year. According to Goldman Sachs’ chief US strategist, David Kostin, the bank has raised its household net equity demand from $100 billion to $350 billion.

This news comes after a report noted that up to 90% of US households will be eligible for the $1.91 trillion COVID-19 relief bill. For the eligible households, individuals stand a chance to get up to $1,400. As such, a couple with two children could get up to $5,600 in their accounts once President Joe Biden signs the bill.

Tip: looking for an app to invest wisely? Trade safely by signing-up with our preferred choice, eToro: visit & create account
Categories
Press Releases

Ping An Bank No. 1 in Euromoney’s Survey for China Family Office Services (www.blockcast.cc)

HONG KONG and SHANGHAI, Feb. 26, 2021 /PRNewswire/ — Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An” or the “Group”, HKEX: 02318; SSE: 601318) announced its subsidiary Ping An Bank (SZ:000001) topped the rankings in Euromoney’s Annual Global Private Banking and Wealth Management Survey for Best China Family Office Services. The recognition reflects Ping An’s market-leading technological capabilities and professional personalized services in private banking, tailored for Chinese families.

Euromoney’s Annual Global Private Banking and Wealth Management Survey provides a qualitative review of the best services in private banking, by region and by areas of service. The survey to select the most competitive companies is open annually to private bankers and wealth managers. This year, the Euromoney survey tallied 2,114 votes.

Leading in digital operations for insurance trust and family trust businesses

Focusing on the strategy of data-driven online operations, comprehensive services and ecosystem-based development, Ping An Bank Private Banking continues to develop fintech. It has received industry-leading recognition for its professionalism, technology and consumer experience.

In 2020, COVID-19 was a wake-up call for high-net-worth individuals on the importance of wealth preservation and appreciation, asset risk management and succession planning. The demand from Chinese entrepreneurs for succession planning services continues to increase. Ping An Bank Private Banking was among the first in the industry to enable remote and contactless set-up of insurance trusts and family trusts with the launch of its Business Succession at Home service.

After launching online set-up of insurance trusts in the second half of 2020, Ping An Bank Private Banking introduced online services for investment allocation of family trusts, significantly improving the efficiency of asset investment allocation and operational safety.

Tailor-made wealth succession models for Chinese families

Ping An Bank Private Banking has introduced a new servicing concept with the tagline: “A family office that understands Chinese families better”. The private bank provides customized and comprehensive succession solutions to Chinese families based on an in-depth understanding of their wealth management and succession requirements.

When it comes to succession and family management for Chinese families, there are four key areas to consider – the family successor, wealth segregation, family governance and taxation laws. A growing number of families are also interested in other life services offered by family offices, such as education planning, health management and travel planning. The Family Office unit of Ping An Bank Private Banking understands the importance of deep-rooted local family business culture and provides full scale services for wealth creation, protection and succession, including investment management, wealth succession, top-level legal framework design, successors’ education, legal consultation, taxation planning and charity services.

Frank Cai, Special Assistant to the President of Ping An Bank, said, “Leveraging Ping An Group’s strategic advantage of ‘finance + technology’, the Family Office unit of Ping An Bank Private Banking provides customized services to customers, helps resolve complicated financial, legal and taxation problems, and continues to enhance service quality with the use of innovative technology. In the future, the Family Office unit within Ping An Bank Private Banking will leverage its platform capabilities and fintech advantages to provide affluent Chinese families with higher-quality, professional, safe, stable and all-rounded wealth services. We also hope to join hands with Chinese entrepreneurs to bring new momentum to the country’s economic development and enterprise growth.”

About Ping An Group

Ping An Insurance (Group) Company of China, Ltd. (“Ping An“) is a world-leading technology-powered retail financial services group. With over 218 million retail customers and 598 million Internet users, Ping An is one of the largest financial services companies in the world. Ping An focuses on two over-arching domains of activity, “pan financial assets” and “pan health care”, covering the provision of financial and health care services through our integrated financial services platform and our ecosystems; in financial services, health care, auto services and smart city services. Our “finance + technology” and “finance + ecosystem” transformation strategies aim to provide customers and internet users with innovative and simple products and services using technology. As China’s first joint stock insurance company, Ping An is committed to upholding the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchanges in Hong Kong and Shanghai. In 2020, Ping An ranked 7th in the Forbes Global 2000 list and ranked 21st in the Fortune Global 500 list. Ping An also ranked 38th in the 2020 WPP Kantar Millward Brown BrandZTM Top 100 Most Valuable Global Brands list.

For more information, please visit www.group.pingan.com and follow us on LinkedIn – PING AN.

SOURCE Ping An Insurance (Group) Company of China, Ltd.

Go to Source

Categories
News

Competing for the legal “entry” of digital currency: survey of progress in various countries (www.blockcast.cc)

Source of this article:

Author: Zhao Xin Following

Traditional commercial banks and stock exchanges are entering the field of digital assets such as digital currency and token issuance, and use them as opportunities to enhance the competitiveness of global financial centers.

On December 10, DBS Bank announced the official launch of a digital trading platform, and Singapore Exchange will hold 10% of the shares. On the 9th, the venture capital department of Standard Chartered Bank and Northern Trust Bank jointly released an encrypted digital currency custody solution.

Previously, no licensed financial institutions such as large commercial banks have entered the field of digital asset trading. According to Coinmarketcap data, in 2019, the daily trading volume of global digital trading platforms is between US$50 billion and US$100 billion.

However, legal and compliant on-site funds invest in digital assets, and the trading channels are not very smooth.

According to industry insiders, this means that commercial banks will provide access to compliant funds. The digital currency and other assets that were originally only traded over the counter have officially compliant capital access, making it convenient for family offices and large funds around the world to start holding digital assets as assets Configuration.

Traditional banks enter digital currency

On December 10, Singapore’s largest commercial bank, DBS Bank, announced that it has officially launched a digital trading platform to create a digital asset tokenization, trading and custody ecosystem. It is a membership-based trading platform only for institutional clients and qualified investors . The Singapore Exchange will hold a 10% stake in the DBS Bank’s digital trading platform.

According to the announcement, DBS Bank was approved in principle by the Monetary Authority of Singapore and was granted a “recognized market operator” license in accordance with the Securities and Futures Act. The license authorizes DBS Bank to engage in assets such as stocks, bonds and private equity funds. Organized market operations.

Previously, no licensed financial institutions such as banks have entered the field of digital asset trading.

“Commercial banks provide capital access. Assets such as digital currencies that were originally only traded over the counter have officially compliant capital access, which is convenient for family offices and large funds around the world to start holding digital assets as asset allocation.” A senior blockchain person told the “21st Century Business Herald” reporter that this can also be understood as Singapore’s intention to compete for the status of the global wealth management center in the digital age.

According to industry sources, at present, more than 10 international financial institutions have announced or intend to engage in digital asset custody or trading business, including Standard Chartered Bank, DBS Bank, United Overseas Bank, Daiwa Securities, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, Morgan Stanley Chase, Metropolitan Bank, Mizuho Securities, Nomura Securities, etc.

For example, on December 9, the Venture Capital Department of Standard Chartered Bank and Northern Trust Bank jointly released the encrypted digital currency custody solution Zodia Custody, which will provide custody services for Bitcoin, Ethereum, XRP, Litecoin, and Bitcoin Cash encrypted digital currency assets , It is expected to start operations in London in 2021, and the agreement needs to be registered with the UK Financial Conduct Authority. On November 19, an alliance of more than 30 large companies including Mitsubishi UFJ, Mizuho and Mitsui Sumitomo announced that it will start the trial issuance of a general-purpose private digital currency next year.

In addition to Singapore, in November this year, the Financial Affairs and Treasury Bureau of the Hong Kong Special Administrative Region Government of China conducted a public consultation on legislative proposals to strengthen the regulation of anti-money laundering and terrorist financing, and recommended the establishment of a licensing system for virtual asset service providers. Including transactions between virtual assets and legal tender, excluding legal digital currency (including digital currency issued by the central bank).

DBS Bank announced that through this digital trading platform, blockchain technology will be used to provide asset tokenization and secondary market transactions including digital assets such as cryptocurrencies, forming an ecosystem of fund raising, including securitization Token issuance, digital currency transactions, digital custody services.

In the field of digital currency transactions, DBS Bank realizes cryptocurrency transactions that involve two-way spot exchange from legal tender to cryptocurrency. The DBS digital trading platform will provide mutual exchange services for four currencies (Singapore dollar, U.S. dollar, Hong Kong dollar, Japanese yen) and the four most mature cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash, Ripple). In the field of digital custody services, to meet the growing demand for digital asset security custody services under current regulatory standards, DBS Bank custodializes the encryption keys that control digital assets on behalf of customers.

“The exponential growth of asset digitization provides a huge opportunity for reshaping the capital market.” DBS Group CEO Gao Bode said that Singapore’s competitiveness as a global financial center is increasing day by day, and we must be prepared for digital assets and currency transactions. Mainstreaming trend.

Luo Wencai, CEO of Singapore Exchange, said that in the field of global digital assets, there are significant opportunities in the price discovery process to increase trust and efficiency.

Among the remaining economies, some countries have already begun to apply for the establishment of digital asset exchanges by companies, such as the Boston Security Token Exchange (BSTX) in the United States and the Swiss Digital Value Exchange in Switzerland. Both exchanges are based on distributed accounting technology, providing full life cycle services for tokenized assets, from the generation of digital assets to circulation, trading, settlement and custody.

DBS Bank also announced in an announcement that through the bank’s private bank and DBS Vickers (DBS Vickers) to reach a large and diversified investor base.

Digital assets in alternative investments

Since October of this year, the price of virtual assets such as Bitcoin has risen sharply, and there has been a sharp rise and fall.

As of December 4, the price of Bitcoin was more than $19,000, which was significantly higher than the $10,000 in early October. Ethereum is $583, which is far above the level of around $350 in early October. The price of Ripple is US$0.507, far exceeding the US$0.23 in early October.

Before commercial banks entered the digital asset market, large asset management companies and hedge funds were more “radical” in the digital currency field. Some U.S. stock funds have included Bitcoin and other virtual currencies and special discounted derivatives into their positions as part of their asset allocation .

Prior to this, digital assets have always been bought and sold through “digital asset exchanges” where startups exist, and these digital asset exchanges have nothing to do with traditional financial institutions.

Currently, the top five digital asset exchanges are Binance, Coinbase, Huobi, Kraken and Bitfinex. Among them, some digital asset exchanges cannot do business in their home countries, but choose an “internationalized” route, but their main teams and personnel are all in their home countries.

On December 7, the digital asset management company CoinShares released data showing that as of the last week, institutional investors invested US$429 million in cryptocurrency funds and products, the second highest in history. The industry’s assets reached a historical high of US$15 billion. At the end of the year, it increased by nearly 5 times. Among them, the digital currency asset management company Grayscale had an inflow of 336.3 million U.S. dollars in the past week, and its assets under management increased to more than 12.4 billion U.S. dollars.

“At present, the US dollar has a clear downward trend, and large asset management companies such as BlackRock and Fidelity have begun to promote Bitcoin to customers.” A blockchain industry insider said. He believes that the digital asset market is indeed changing. Some U.S. stock foundations invest in Bitcoin derivatives positions in the U.S. stock market and allocate Bitcoin as an asset.

At the beginning of December this year, Larry Fink, CEO of BlackRock, the world’s largest asset management company, stated that although Bitcoin did not attract his own attention, it did attract the attention of Wall Street. Cryptocurrency may evolve into a global market asset.

Fidelity Investments, another asset management giant, is more “radical.” In August of this year, the company launched a Bitcoin index fund with a minimum investment threshold of US$100,000, mainly for institutions and qualified investors who cannot directly hold Bitcoin. In December, Fidelity Digital Assets, a subsidiary of Fidelity, announced that it would cooperate with BlockFi to provide USD loans secured by Bitcoin. Potential customers include hedge funds, miners, and over-the-counter trading platforms. They will be able to settle their cryptocurrency positions without liquidation. Get cash in case.

Dalio, the founder of Bridgewater Fund, stated in mid-November that Bitcoin and some other digital currencies have developed into an alternative asset like gold in the past ten years, which is different from gold and other limited supply and different from real estate. There are similarities and differences between mobile wealth. Therefore, it can be regarded as a diversified alternative to gold and other mobile wealth. As for which Bitcoin or gold prefers, Dalio said he is more inclined to hold things that the central bank wants to hold and exchange value.

How do legal digital assets evolve?

As of now, no central bank in the world has launched a sovereign “digital currency”, but some central banks have accelerated their actions.

Insiders said that the sudden increase in the sovereign version of the digital currency since last year was mainly stimulated by Facebook’s plan to launch the Libra cryptocurrency. They are worried that the digital currency of the private sector “overheads” the central bank’s sovereign currency. This year, the epidemic factor has put forward more demands for cross-border payment and contactless services.

The cryptocurrency Libra is one of the so-called “stable coins”. That is, “anchoring” a certain series of legal tender systems in order to obtain cryptocurrencies with stable token value. On December 1, Facebook announced that Libra was renamed Diem to obtain regulatory approval. It is also reported that Diem will initially only issue a single currency anchored to the US dollar, and anchoring other currencies will be launched later.

Central banks are opposed to operating “stable currency” projects before supervision is in place. In October of this year, the finance ministers and central bank governors of the United States, the United Kingdom, Canada, France, Germany, Italy, Japan, etc. issued a joint statement stating that any global “stability” will be fully met before the relevant legal, regulatory and supervisory requirements are fully met. Projects should not start operations.

As early as December 2013, five ministries including the People’s Bank of China issued the “Notice on Preventing Bitcoin Risks” and pointed out that although Bitcoin is called “currency”, it is not issued by the monetary authority and is not legally compensatory and compulsory. Monetary attributes such as sex are not real money. In terms of nature, Bitcoin should be a specific virtual commodity, which does not have the same legal status as currency, and cannot and should not be used as currency in the market.

It has been nearly ten years since the birth of Bitcoin. Commercial banks such as Standard Chartered and DBS will personally provide digital asset custody, trading and other services, which means that they intend to provide large-scale and legal capital entrances for large-scale funds and other “on-site” funds.

According to industry insiders, for example, DBS Bank’s digital asset platform supports four currencies such as the US dollar and Japanese yen, and supports four mature cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, and Ripple. This is a big stimulus to the economies that issue these currencies.

It’s worth noting that although the Federal Reserve emphasizes that the central bank’s digital currency is “it’s more important to do a good job in comparison,” the U.S. private sector has a lot of digital currency innovation and technology reserves, including both Diem planned to be launched by Facebook and Accenture. Digital dollar project in cooperation with the Digital Dollar Foundation.

The People’s Bank of China is quite cautious about digital currencies. At present, the digital renminbi pilots are conducting internal closed pilot tests in Shenzhen, Suzhou, Xiongan New District, Chengdu and future Winter Olympics scenarios.

A person close to the regulator said that there are currently many virtual assets and digital asset packaging is very clever, which can be said to be more clever than the CDS during the international financial crisis in 2008. Moreover, digital currencies are global real-time settlement, and some new types of assets are also included from time to time, without risk grading, making digital currency supervision extremely difficult.

On November 26, according to the Supreme Law China Judgment Document Network, the second instance of the “Amber No. 1 Case” with a total value of more than 40 billion yuan was announced. The defendant Chen Bo and other 14 defendants were guilty of organizing and leading pyramid schemes. The defendant Chen Tao was guilty of concealing and concealing criminal proceeds. He was sentenced to fixed-term imprisonment ranging from two to eleven years and fined. The case involved 8 virtual tokens including Bitcoin, Bitcoin Cash, Dash, Dogecoin, Litecoin, Ethereum, Grapefruit and Ripple. Calculated based on the lowest price between May 1, 2018 and June 27, 2019, the above 8 digital currencies are equivalent to RMB 14.8 billion. The Plus Token platform is used to collect electronic bills for transactions that members pay digital currency wallet addresses. Appraisal: As of June 27, 2019, the Plus Token platform has collected 314,200 Bitcoins, 117,500 Bitcoins, 96,000 Dash, 11.060 billion Dogecoins, and 1.8477 million Litecoins paid by members. There are 9,174,200 Ethereum, 51 million Grapecoin, and 928 million Ripple.

He believes that the development of digital assets in my country can first develop regulatory technology (Regtech), first use technological means to supervise digital asset transactions, and then launch digital asset transactions through the “sandbox” of financial technology supervision, rather than the other way around, thereby preventing financial risks. happened.

Categories
News

Digital RMB pilot survey: Suzhou is testing dual offline payments, Hong Kong wants to open up cross-border payment (www.blockcast.cc)

Digital RMB pilot survey: Suzhou is testing dual offline payment, Hong Kong wants to open up cross-border payment closed loop

As the central bank’s statutory digital renminbi (DCEP) pilot program accelerates, more and more local governments are actively seeking digital renminbi pilot programs.

On December 10, the “Proposals of the Shanghai Municipal Committee of the Communist Party of China on Formulating the Fourteenth Five-Year Plan for Shanghai’s National Economic and Social Development and Long-Term Goals for 2035” was formally released, in which it proposed to “actively strive for pilot projects for the use of digital RMB.”

According to industry insiders, Shanghai’s pilot application of digital renminbi may not only focus on the small retail scene, but also set foot in the field of trade settlement and payment.

Prior to this, the People’s Bank of China Digital Currency Research Institute signed a strategic cooperation agreement with the People’s Government of Changning District, Shanghai. The two parties will establish a Shanghai Financial Technology Company to gradually realize the implementation of a trade finance blockchain platform and technology research and development center.

A day later, Suzhou held a launch ceremony for the issuance of pilot digital renminbi. The digital renminbi red envelopes issued this time can be consumed at designated offline merchants in Suzhou area through the “digital renminbi APP”, or online through JD.com.

A bank’s IT department manager who is familiar with the development of digital renminbi said that as the central bank’s statutory digital renminbi application scenarios continue to expand, relevant banks currently need to solve three major challenges. First, continue to improve the stability of the digital renminbi payment and settlement system and transaction processing and settlement. Efficiency in order to meet the increasingly frequent and high volume of digital RMB transactions. The second is to effectively avoid the emergence of moral hazards such as double spending. That is, in the dual offline payment environment, some people take advantage of the digital RMB to be transferred out and take the digital RMB twice. Consumption; The third is based on the lack of interest income from digital renminbi, how can relevant banks cooperate with merchants to launch more affordable digital renminbi payment activities, so as to attract more people to use digital renminbi and increase the popularity of the latter.

It is worth noting that the application area of ​​the central bank’s statutory digital renminbi is no longer limited to China.

In early December, Hong Kong Monetary Authority President Yu Weiwen stated that the Hong Kong Monetary Authority is currently working with the People’s Bank of China Digital Currency Research Institute to study the use of digital renminbi for cross-border payment technology testing, and make corresponding technical preparations.

In his view, current cross-border payments have problems such as long time required, high costs, and low transparency. The reason is that different regions have different operating time zones, different ways of implementing international standards, and different technical standards of payment systems. However, this also gives digital RMB more room for development to solve these industry pain points.

“Of course, if the digital renminbi is to be popularized in the field of cross-border payment, two prerequisites are needed.” Li Lianxuan, chief researcher of Ouke Cloud Chain Research Institute, pointed out. First, China has signed currency swap agreements with other countries to open up the exchange and two-way circulation channels of overseas digital renminbi. The second is to build a multi-layer operation system and settlement model of the central bank of China-commercial banks-overseas central banks to ensure that the digital renminbi can be used overseas. Transaction settlement and exchange operate efficiently and steadily.

First test of dual offline payment to solve the “double spend” problem

On the evening of the 11th, Suzhou held a launching ceremony for pilot digital renminbi issuance.

Specifically, the people who have won the digital RMB red envelope can either use the “Digital RMB APP” to go to designated offline merchants in the Suzhou area to make purchases, or to make online purchases through JD.com.

When the successful applicant uses digital renminbi to pay, the red envelope will be given priority, and the insufficient amount can be recharged to the wallet before payment, or other payment methods can be combined to pay.

From the perspective of industry insiders, compared to the digital RMB red envelope public test completed in Shenzhen, this time they are more concerned about the digital RMB red envelope dual offline payment and Internet scenario online payment test carried out in Suzhou.

It is reported that this pilot will select less than 1,000 customers who participate in the digital renminbi consumption red envelope draw to participate in the offline wallet experience activity. Once the digital renminbi realizes the dual offline payment function, it will undoubtedly make the digital renminbi’s functions such as payment and transfer and transfer without the Internet more accessible, making the digital renminbi infinitely close to “cash in circulation.”

The head of the aforementioned bank’s IT department revealed that another important purpose of the dual offline payment test is to solve the double spending problem of the digital RMB in this scenario. In the internal testing phase, they found that due to the low efficiency of the digital renminbi system in transaction settlement, the digital renminbi in the user’s wallet has not been “transferred” for a long time, so that they can use the digital renminbi to make a second purchase. Moral Hazard.

“We plan to introduce a repayment mechanism, that is, if the user has a double spend situation, the bank will recover the relevant consumption money from him. However, the bank’s legal department thinks that this is quite cumbersome and requires the bank to communicate with the user repeatedly and collect sufficient evidence, which will consume a lot of money. Manpower and material resources.” He pointed out. Therefore, they have done a lot of internal system tests to ensure that the settlement processing efficiency of digital RMB in the dual offline payment scenario is greatly improved, and the probability of double spending problems is minimized.

In the opinion of many bankers participating in the digital RMB pilot program, if the settlement processing efficiency of digital RMB in the dual offline payment field is further improved, its application scenarios are expected to extend to the small-value trade and trade finance scenarios, because many small and micro enterprises are competing The time limit for the downstream trade funds to be received is even higher.

A person in charge of the East China branch of a joint-stock bank pointed out to the reporter that in order to properly solve the settlement and reconciliation problem of digital renminbi in the trade scenario, they have introduced a large number of blockchain technology to ensure that the funds settlement of each enterprise in the upstream and downstream trade chains is “accounted.” Can be followed”.

However, he found that for the current digital renminbi to be popularized in the trade settlement and supply chain finance fields, two major bottlenecks still need to be broken. One is that the existing blockchain technology still cannot meet the high concurrency demand of fund payment settlement business in the trade field; It is the fact that digital renminbi cannot bring interest income, which has caused some core companies in the supply chain to be reluctant to use digital renminbi to pay for trade goods, because this will cause companies to sacrifice a considerable interest return on funds.

“At present we are also trying to solve these bottlenecks.” He pointed out. For example, the bank is drawing on certain technical concepts in the blockchain field, including asymmetric encryption, proof of work, time stamps, etc., combined with its own research and development of UTXO models, smart contracts and other patents to meet the high concurrency of the digital RMB settlement business in the trade chain demand.

The journey of cross-border payment scenarios

It is worth noting that with the acceleration of the digital RMB research and development pilot, its internationalization process has quietly moved.

“Last year, we conducted research with the Central Bank of Thailand to use the central bank’s digital currency and blockchain platforms to solve various problems in cross-border payments.” Yu Weiwen said that the current joint research has entered the second stage, including discussions on specific business applications Solutions, and the operability and extensibility of the platform (that is, expansion to three or more central bank digital currencies).

In Li Lianxuan’s view, the prospects for cross-border payments of digital RMB are actually quite broad. Many countries need to introduce digital currencies on the one hand to effectively solve the problems of restricted circulation of domestic paper money, lower exchange rate fluctuations, and improve the ability to track currency investment. On the other hand, it hopes to increase cross-border trade volume by popularizing digital currency cross-border payments and create more income for local farmers and small and micro enterprises.

“However, the current internationalization of the digital renminbi also faces many challenges.” He pointed out. First, China needs to sign currency swap agreements with these countries first, so as to create operational space for digital RMB exchange and two-way circulation. Second, all parties need to build a multi-layer operation system and settlement model from the Central Bank of China, global commercial banks, and overseas central banks. Ensuring the efficiency of overseas circulation and exchange processing of digital renminbi is stable and efficient.

A person familiar with the study of digital renminbi cross-border payment pointed out to reporters that cross-border payment of digital renminbi may give priority to the small retail scene of mainland tourists during their travel in Hong Kong. After all, the use of renminbi in Hong Kong is quite popular, its exchange and two-way circulation channels are fairly smooth and merchants are more willing to accept it, bringing more yuan of payment options to people in both places.

“If the digital renminbi is effectively popularized in the Hong Kong-Mainland trade scene, and even becomes a new choice for trade financing and settlement payments, the relevant departments can choose the opportunity to promote the relevant mature operating system to other countries, and gradually promote the internationalization and transformation of the digital renminbi. Large-scale cross-border use.” He pointed out.

Categories
News

Financial consulting firm deVere survey: Millennial investors prefer Bitcoin (www.blockcast.cc)

The latest research by financial consulting firm deVere Group shows that millennials prefer Bitcoin to gold.

Original title: “deVere Bitcoin survey: Two-thirds of millennials prefer “digital gold””
Written by: Tony Spilotro
Compilation: Blockchain Knight

Providing consulting services for more than US$10 billion in client capital, a new survey by deVere Group, the world’s leading financial consulting company, shows that two-thirds of its millennial customers prefer Bitcoin over precious metals as their ideals Of safe-haven assets.

By 2020, as the world is almost completely digitized , millennials will be proven correct. Gold capital flows are pouring into cryptocurrencies, and the return on investment varies greatly. This is why this trend will only continue, because the most important demographic data begins to take over the wealth of the world and subsequently affect future results.

Financial consulting firm deVere survey: Millennial investors prefer Bitcoin

deVere survey: Millennials think it is safer to use BTC

Millennials grew up in the Internet world and witnessed the collapse of the stock market and economy near the Great Recession. In general, this is much more difficult than the Boomer (born from 1946 to 1964) before them.

But because of all these factors, the millennial population has adapted to today’s changes. They are well versed in digital technology, can work remotely and comfortably, can keep in touch with family and friends through social media, etc. They also benefit the most from the changing economic situation, and they are mainly interested in stocks or gold, as well as Bitcoin.

They compared the past . The generation of investors born in the early 1980s to the mid-1990s preferred cryptocurrencies to stocks, but the latest research by the financial consulting firm deVere Group showed that Bitcoin is more popular with them than gold. welcome.

Financial consulting firm deVere survey: Millennial investors prefer Bitcoin

This is not to say that millennials are opposed to gold, but that they see the benefits of digital versions of precious metals being more useful and therefore valuable.

How Bitcoin replaced the world’s oldest gold

For a long time, precious metals have been the “gold standard” of monetary policy. Throughout history, it has been used as currency, safe-haven asset, hedge against inflation, etc. It is even used in the electronic devices required to run Bitcoin and has been worn as a jewelry for a long time. After all, this is a sign of wealth.

But gold also has some shortcomings, which can only be solved by digital gold. Gold is usually forged and confiscated. Bitcoin’s distributed ledger ensures that it cannot be copied or tampered with, and because it exists outside the central authority and cyberspace, it is not within the scope of thieves.

Financial consulting firm deVere survey: Millennial investors prefer Bitcoin

Gold is not easy to store or move, which is critical to the coming digital and decentralized future. A recent example is the Dutch central bank transferred a few tons of gold only a few kilometers away, which cost a fortune to coordinate with the armed convoy to protect monetary instruments such as gold.

Bitcoin will never be exposed, it takes almost no effort to move it, and the mobile plan only costs a small part of the cost.

Therefore, although baby boomers may find it difficult to focus on digital gold, cryptography, and blockchain, the benefit is the favor of millennials. As this age group takes over the labor force and world wealth, their interest in Bitcoin Voting will be the most important.

Source link: bitcoinist.com

Categories
News

Grayscale survey: The new crown pneumonia pandemic may be the main driving factor of this round of Bitcoin bull market (www.blockcast.cc)

Grayscale survey: The new crown pneumonia pandemic may be the main driving factor of this round of Bitcoin bull market

As the price of Bitcoin rose to $18,000, traders tried to ensure that the price of Bitcoin hit a record high, and the enthusiasm for institutional investors to join Bitcoin continued.

This time, both institutional investors and retail investors are keen to accumulate bitcoin, and data from the cryptocurrency derivatives market shows that institutional investors are pushing bitcoin trading volumes to new highs.

Digital asset management company Grayscale Investment currently manages more than $9.8 billion in assets. According to the company’s research, the coronavirus pandemic may be the main driver of Bitcoin’s current rally.

According to Gray’s annual survey, 83% of Bitcoin investors started investing in the past 12 months, when there were very few cases of COVID-19 infection.

Of all bitcoin investors currently interviewed, 38% have started investing in bitcoin in the past four months, and 63% of them said that the economic turmoil caused by the new crown pneumonia has positively influenced their decision to buy bitcoin. influences.

Bitcoin is becoming mainstream

Gray’s survey also shows that Bitcoin is becoming more and more mainstream among the public and investors. Since 2019, the opinions of people who have not yet invested in Bitcoin have changed a lot. By 2020, 55% of the investors surveyed have expressed interest in buying Bitcoin, a significant increase from 36% in 2019.

Nearly half of the survey participants believe that by the end of this decade, cryptocurrencies will be regarded as the mainstream medium of exchange.

The tendency of investors to be attracted by Bitcoin’s store of value may increase, and the mainstream adoption of Bitcoin may be earlier than most experts and investors expected. Citibank’s latest report proves this. The author estimates that by December 2021, the price of Bitcoin may reach $318,000.

Once the new crown pneumonia ends, will Bitcoin lose its appeal?

For some investors, how the Bitcoin price will respond to the elimination of the new crown pneumonia epidemic is a very reasonable question. According to Jonathan Hobbs, the author of “Cryptocurrency Portfolio” and a former digital asset fund manager, the effects of this pandemic will become apparent long after the COVID-19 itself is under control. Hobbs told Cointelegraph:

“New crown pneumonia is the match that ignited institutions to adopt bitcoin. But before that, firewood had been piled up. Now the fire is still burning and it takes a lot of water to put it out. When the world finally cures the new crown pneumonia, the economy will remain The central bank will continue to print money as it did since the 2008 financial crisis, trying to eliminate these debts through inflation. This means that long after the pandemic is over, institutions will use Bitcoin as an inflation hedge The tool talk will continue.”

Obviously, the large-scale economic stimulus plan and expanding monetary policy caused by the negative impact of the coronavirus have changed the foreseeable future economic landscape.

Although some analysts may have overestimated the impact of the coronavirus pandemic on Bitcoin’s 2020 rally, it is clear that it has played a role in accelerating investor interest in cryptocurrencies.

Investors believe that one of the main advantages of Bitcoin is its low threshold and its ability to capture value when traditional markets are turbulent. Even if the pandemic ends, these factors may continue to exist.

Categories
News

Survey: Many Investors Expect Bitcoin to Be Seriously Higher in One Month (www.blockcast.cc)

Bitcoin has undergone a strong rally since the lows seen just two weeks ago. The leading cryptocurrency currently trades for $13,050, far above the aforementioned lows and above the medium-term lows set during the September correction at $9,800.

Some have argued that the cryptocurrency is severely overbought. As reported by NewsBTC previously, one trader recently noted that the cryptocurrency’s one-day Fisher Transform indicator is currently at highs not seen since August, May, and February of this past year. As can be seen in the chart, each of the named periods marked medium-term highs in the price of Bitcoin.

Image

Image

Chart of BTC's price action over the past year with analysis by crypto trader Moe (@Moe_momentum_ on Twitter). 
Source: BTCUSD from TradingView.com
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin Could Be Seriously Higher in a Month

Despite this precedent, analysts think that BItcoin will be seriously higher in a month from now.

Real Vision, a leading financial media outlet followed by fund managers and retail investors across the globe, recently released its latest Real Vision Exchange Survey report. Members of the website are polled by Real Exchange to show how bullish or bearish the average user is on certain assets.

As can be seen, most investors are extremely bullish on Bitcoin and are expecting the asset to rally more than 5% in the month ahead:

“Most participants saw equities as well as the currencies (USD, EUR, AUD) heading slightly lower. US and EM equities were a little bit better off than their European counterparts (at least fort the 1m horizon). Bond yields are expected to head lower as well. The view on Bitcoin is still very positive despite or maybe because of the recent rally. While Gold is also expected to increase, upside potential is expected to be lower (short term) compared to Bitcoin.”

Frequency of participants responses for the 1 month horizon

Frequency of participants responses for the 1 month horizon

Another poll indicated that 80% of all Real Vision users are long on Bitcoin at the moment. The platform has been covering the cryptocurrency for multiple years, prior to it showing up on the radar of many in the mainstream.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Fundamentals Suggest This To Be The Case

Fundamentals indicate that the cryptocurrency has room to move higher in the month ahead.

Bill Barhydt, CEO of Abra, recently commented that he is increasing his exposure to Bitcoin as he sees the investment case for this asset continuing to grow:

“A few weeks ago, I increased my ownership of #Bitcoin significantly and it’s now 50% of my investment portfolio. Why? I believe #Bitcoin is the best investment opportunity in the world right now. There are three reasons I believe this to be true today…. Fundamentals, Technicals, and Sentiment.”

Many think that the next fiscal stimulus bill has the potential to drive BTC even higher as the market embraces a narrative of the U.S. dollar devaluing.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Survey: Many Investors Expect Bitcoin to Be Seriously Higher in One Month

Let’s block ads! (Why?)

Go to Source

Image Credit: Refer to Source
Author: Refer to Source Nick Chong

Categories
News

Filecoin survey: well-known overseas but few participants, which fork coin is popular (www.blockcast.cc)

[unable to retrieve full-text content] text| edited by Nancy| produced by Tong| PANews
Categories
News

Most Americans are against a digital dollar CBDC, survey reveals (www.blockcast.cc)

A new study by crypto mining firm Genesis Mining suggests the majority of U.S. citizens are against the introduction of a Central Bank Digital Currency. A survey conducted by Genesis mining discovered that out of the 400 participants, less than 25% agreed to the proposition that the government should abandon paper money in favor of a digital dollar, while more than half were opposed. 

However, the number of CBDC proponents has nearly doubled in 12 months — with only 13% of respondents being in favor of a digital dollar when asked in 2019.

While more than 85% of the survey’s respondents expressed familiarity with crypto assets, many associate virtual currencies with criminal activity, likely contributing to the poor popular support for CBDC. 

The survey was published the same week that Cleveland Federal Reserve President Loretta Mester revealed that the Fed has been undertaking extensive research into the risks and benefits of CBDC throughout the COVID-19 pandemic. 

The report also identified poor monetary literacy among the general public, finding that 38% of respondents believed the U.S. dollar is backed by gold, bonds, or oil, while an additional 13% simply don’t know. Despite showing disinterest in the monetary policy, inflation was identified as a critical issue by 88% of respondents.

In August, the Bank of Canada published a study that found financial literacy is positively associated with the awareness of cryptocurrencies, but negatively associated with ownership. The report found that highly financially literate respondents were half as likely to own cryptocurrencies than the general public.

Go to Source

Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Joshua Mapperson

Categories
News

The field of cryptocurrency will continue to expand: survey says 26% of institutional investors intend to increase their holdings of cryptocurrency (www.blockcast.cc)

Editor’s note:

Institutional investors such as pension funds, wealth management companies, and family offices believe that the cryptocurrency sector will continue to expand, and they plan to buy more.

加密货币领域将继续扩张:调查称26%的机构投资者打算增持加密货币

A study from Evertas, a cryptocurrency insurance company, shows that more than 25% of surveyed institutional investors are planning to increase the number of their digital assets. In total, these institutional investors manage nearly $80 billion in assets.

Earlier, a survey by digital asset management company Grayscale also showed that institutional investors’ interest in the encryption field has recently increased, and the Evertas survey shows that this trend will accelerate further.

The company’s research shows that 26% of respondents believe that pension funds, family financial institutions, insurance companies and sovereign wealth funds will “significantly” increase their purchases of cryptocurrencies. Another 64% responded that they would only increase their purchases of cryptocurrency “slightly”.

Most people associate the market’s growing interest in digital assets with improvements in market regulatory infrastructure. 84% responded that the clearer the legislation, the more conservative investors will be attracted to join the field.

80% of respondents said that the cryptocurrency market is still relatively small compared to traditional financial sectors such as stocks and bonds. However, they expect that this market will flourish in the next 5 years by attracting more investment and increasing liquidity.

Despite the positive results of the survey, some institutional investors continue to express certain concerns about the cryptocurrency sector. Most interviewees said that they are most worried about the lack of insurance in the field of digital assets.

54% of respondents are “very concerned” about the working practices and compliance procedures of companies in the industry that provide services to institutional investors. Other issues related to them include “quality of custody services, availability and quality of trading platforms, and reporting facilities “.

J. Gdanski, founder of Evertas, said, “Our research shows that institutional investors are generally keen to increase investment in cryptocurrencies and crypto assets, but it is clear that there are still many issues with the infrastructure supporting these markets that cause them to worry.”

The US financial services giant Fidelity Investments previously published another report in which 36% of institutional investors own Bitcoin or other tokens.

Author Xiu Mu