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Can the US dollar be replaced by a central bank-supported digital currency?





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Binance Offers Lifetime VIP Membership to KYC Leak Victims

Binance announced the leak on Aug. 7, stating that an unidentified individual threatened the platform and demanded 300 bitcoins (BTC) in exchange for withholding over 10,000 photographs of purported Binance KYC data.

According to the official blog, currently Binance is “actively contacting all potential victims with […] guidance on privacy protection and restitution,” and highly recommends “affected users to apply for new identification documents in their respective region.” The post also states:

Binance says:

“We are compensating affected users with a lifetime Binance VIP membership, including preferential trading fees, support, and more services.”

Kierin: I am happy to hear that they are transparent about this issue. Being aware what is happening with our KYC data is super important. Hopefully this is a single occurence. The risks associate with hackers getting our KYC data is devastating.

Can the dollar be replaced by a central bank-supported digital currency? That’s what the Bank of England governor Mark Carney Said.

Carney made several suggestions for a possible replacement to the dollar. A few of these suggestions incldue the Chinese renminbi and most notably a digital currency supported by an international coalition of central banks.

“An global digital currency could dampen the domineering influence of the U.S. dollar on global trade,” Carney said.

This global digital currency would work like an SDR-like basket of fiat currencies as the world further transitions off of the USD as the global reserve.

Technology can disrupt the current network effects that protect the dollar, he explained, noting that an increasing number of transactions occur online and use electronic payments rather than cash.

While he did not explicitly reference cryptocurrencies, he did note that

IMO, this is not merely a significant validation of blockchain but a complete re-ordering of the global economic order to be fully based upon it! Which is pretty badass if you ask me.

However these discussions by central bankers need to be taken with a grain of salt since there is a giant gulf between the desires of the financial technocrats in a currency and the technical intricacies of creating a digital currency with exactly the desired properties.

Economist Shines Light on Venezuelan Bolivars Littering the Streets As Crypto Trading Volume Soars on LocalBitcoins

Prof. Steve Hanke

@steve_hanke
The saying “money doesn’t grow on trees” does not apply to #Venezuela. In #socialist #VNZ, hyper-inflating, worthless #bolivars are everywhere.
pic.twitter.com/0n6SKpLZtL

The Bitcoin skeptic believes that stablecoins can help stabilize floundering economies where political agendas and poor monetary policies have sparked civil unrest, crime sprees and widespread poverty.

Says the economist,

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As the country’s economic crisis continues to take its toll, leaving people without food, healthcare and medicine, AirTM has had to delay the donations of the $321,000 raised so far, reports Miami New Times.

“According to [AirTM cofounder and executive chairman] Tim Parsa, AirTM was simply unprepared for the number of new users it received since launching the Air Drop campaign…

‘We were victims of our own success, and that’s a great problem to have as a startup,’ Parsa says.”

The company is reportedly rebuilding its platform to accommodate an influx of “not only hundreds of thousands but also millions” of users.

Meanwhile, as the national currency litters the streets, record numbers are being traded for BTC on the peer-to-peer crypto exchange LocalBitcoins.

A record-shattering 76 billion bolivars were exchanged in the week ending August 10, followed by 71 billion for the week ending August 17.

source

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