Category: Cryptocurrency News

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/r/CryptoCurrency is currently ranked #10 for posts per day – yet ranked #1198 for post karma. Such a huge discrepancy is blamed on the reluctance of users to award karma and/or downvoting. But does downvoting actually make a difference? 93.65% of users received less than 100 MOONs in the last distribution. But for simplicity, let's…
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Coinbase’s global tax VP has slammed Congress for the controversial crypto tax provisions rushed into the infrastructure deal, warning the bill could impact 60 million Americans.

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After the success of stablecoins, more and more banks are developing their native Central Bank Digital Currency (CBDC) solutions. Fantom CBDC is a solution to upgrade the existing banking infrastructure. In Jan 2021, the Bank of International Settlements (BIS) surveyed 65 different central banks representing around 91% of the global economy. And guess what, 56 of those 65 central banks were either researching or developing and testing CBDC solutions. What CBDCs Are and What Makes Fantom CBDC Unique Central Bank-issued Digital Currency or CBDC, as the name suggests, is a digital currency controlled and issued by central banks. We already have paper-coin currencies and blockchain-based stablecoins. So why do we need CBDCs? Cryptocurrencies and stablecoins have several benefits over fiat cash, including faster transactions, decentralization, robust security, and much more. Governments across the globe want to offer digital currencies with benefits similar to cryptocurrencies while maintaining their control to ensure consumer protection and financial stability. This is where CBDC comes into the picture. In short, CBDCs are the best of both worlds – they provide the benefits of blockchain while providing consumer protection. Most importantly, users don’t need to transition to the crypto network. CBDCs are integrated into the existing banking infrastructure. Everything You Need To Know About Fantom CBDC Fantom CBDC is extremely fast, bank-level secure, has near-zero transaction costs, and most importantly, can handle high transaction volume. Moreover, Fantom routes transactions based on client preferences. This implies Fantom can route transactions through a public chain or a private network of secure nodes. As for their CBDC model, Fantom has a hybrid approach that the Bank of England validates. In this hybrid model, Fantom offers both – retail and wholesale CBDC solutions. On the wholesale side, commercial banks open direct accounts with national banks. Whereas on the retail side, commercial banks act as an intermediary between customers, other banks, and the Central Bank. Thanks to this, Fantom avoids the disintermediation of commercial banks, providing a win-win solution for all stakeholders – customers, commercial banks, and the Central bank. In short, Fantom’s hybrid CBDC model preserves the needed banking infrastructures while enhancing them with blockchain technology. Fantom CBDC stands apart as it provides additional benefits on top of the standard advantages of a CBDC solution. Advantages of Fantom CBDC For Retail – Individuals and Small Businesses Lower transaction costs: Fantom has near-zero transaction fees. Yes, it charges only a fraction of a cent per transaction. Such lower transaction costs and the elimination of go-betweens allow banks to implement microfinance services such as microloans and microcredit at lower costs that would otherwise be too expensive. Immediate Transaction Settlement: Fantom settles transactions in real-time and provides services 24/7. Contactless Payments And Financial Inclusion: Fantom CBDCs can be accessed using mobile wallets, enabling contactless payments. Mobile wallet functionality further allows banks to provide financial services to the unbanked. In-built Tax And VAT policies: Tax and VAT policies can be written in code on the Fantom blockchain. Merchants no longer need to worry about manual administrative work as Fantom automates taxes and VAT deductions. Advantages of Fantom CBDC For Wholesale Level – Banks And Large Enterprises Interbank Payments Are Settled Quickly: With Fantom CBDC, settlements and clearance are collapsed into a single process, allowing banks to settle transactions swiftly. Rapid Distribution of Stimulus Packages: Unlike existing methods, Fantom CBDC allows governments to easily and rapidly helicopter drop (pushing a significant amount of new currency units into circulation) or provide stimulus payments. Combats Money Laundering And Terror Financing: Every Fantom CBDC unit can be easily traced, supporting Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) laws. Promotes Economic Sovereignty And Protects Privacy: The Fantom CBDC system includes digital ID, limiting foreign currencies’ use over national currency, promoting economic sovereignty, and privacy protection. The Bottom Line Fantom CBDC stands apart from other CBDC solutions thanks to its hybrid model and the outstanding technological capabilities of the underlying network. It provides benefits to both the consumers as well as the banks. From processing transactions quickly to rapidly distributing stimulus packages, Fantom CBDC enables them all. After Fantom successfully presented its CBDC solutions to the Stanford Digital Currency Global Initiative in March 2021, Fantom CBDC is now in the implementation phase. More precisely, Fantom network has finalized an implementation plan for rolling out their CBDC solutions to central banks across the world. To keep up with Fantom’s latest announcements, follow their blog and Twitter handle.  

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Ethereum extended its upward move above the $3,300 resistance against the US Dollar. ETH price is showing positive signs and it may even surpass $3,400. Ethereum started a fresh increase above the $3,250 and $3,300 resistance levels. The price is now trading above $3,250 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $3,240 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate higher if there is a clear break above $3,350. Ethereum Price Breaks Key Resistance Ethereum remained well bid above the $3,000 support zone, similar to bitcoin near $45,000. ETH price formed a base above $3,050 and it started a fresh increase. There was a clear break above the $3,200 and $3,250 resistance levels. Besides, there was a break above a key bearish trend line with resistance near $3,240 on the hourly chart of ETH/USD. The pair is now trading above $3,250 and the 100 hourly simple moving average. It traded above $3,300 and it is testing the 1.236 Fib extension level of the drop from the $3,312 swing high to $3,131 swing low. On the upside, an initial resistance is near the $3,355 level. Source: ETHUSD on TradingView.com A clear break above $3,355 might call for more gains. The first key resistance is now forming near the $3,260 level. It is close to the 1.618 Fib extension level of the drop from the $3,312 swing high to $3,131 swing low. Any more gains may possibly call for a move towards the $3,500 level. Dips Limited in ETH? If ethereum fails to continue higher above the $3,355 and $3,360 resistance levels, it could start a fresh downside correction. An immediate support on the downside is near the $3,300 level. The key support is now forming near the $3,250 zone and the broken trend line. A downside break below the $3,250 support zone could push the price towards the 100 hourly simple moving average. The next major support could be $3,200, below which the bears might aim a retest of $3,120 in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now well above the 60 level. Major Support Level – $3,250 Major Resistance Level – $3,420