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UK takes first steps in CBDC
Her Majesty's Treasury searches through Linkedin for a head of the The new digital currency of the UK central bank to spearhead the development of a digital pound. The work "...will require extensive involvement in and beyond HM Treasury."
The Linkedin post says that the Treasury and the Bank of England are working together with the CBDC Task Force, exploring the case for the issuance of a digital pound. The move mirrors that of several other European nations, including Sweden and Denmark, which are also considering their own digital currencies. The European Central Bank (ECB) is also exploring the possibility of issuing a digital euro.
some defenders They claim that CBDCs offer benefits such as reduced costs for businesses and consumers, as well as greater security and financial inclusion. Critics point out that blockchain-based currencies like Bitcoin already solve these problems without the specter of central bank monetary manipulation.
James Dewar, a partner at UK-based Bitcoin trading solution Bridge to Bitcoin, noted that CBDCs require "trust in third parties, central banks and governments, so as not to abuse the supply of the currency."
Bitcoin mining brings benefits in the East African nation
A Bitcoin mining operation in an underdeveloped region of Malawi you are connecting residents to the grid and bringing economic development to an impoverished area.
Harnessing excess clean hydropower, the operator, Grid tweeted that there are โ1,600 families connected to this remote mini hydroelectric grid in the mountains of southern Malawi.โ The project harnesses 50 kilowatts of unused power as a test run for a major new mining site, but the real-world impact was felt immediately.
โThe power developer had built these power plants a few years ago, but they couldn't expand to more families because they are barely profitable and they couldn't afford to buy more meters to connect more families. So our deal allowed them to immediately purchase 200 more meters to connect more families,โ said Gridless CEO and Co-Founder Erik Hersman, adding, โIt always amazes me how useful and valuable mini-grids are to the community. That [Bitcoin mining] it immediately changes the education, health care, business, logistics, and wealth of the community they enter.โ
Porsche NFT Collection hits a ditch
Andrew Bone from Weymouth, England, CC BY 2.0via Wikimedia Commons
Porsche unveiled its first NFT collection consisting of 7,500 NFTs of its iconic 911, with a fixed mint price of 0.911 Ether [ETH] or $1,490 per NFT.
According to the list of allowed mints, NFTs came in four waves. Subsequently, a public mint allowed buyers to mint up to three of the 911 NFTs. The first of the three planned phases is underway. Porsche hasn't revealed much about Phase 2, but Phase 3 appears to be based on a limited supply with users able to turn their 911 into a variation of the announced minimum of 150,000 NFTs.
But, within hours of the mint opening, sales almost came to a standstill with only 1,371 of 7,500 NFTs moved, leaving more than 82% unsold. The OpenSea NFT marketplace reported that the sale price of 911 NFTs fell below the mint price of 0.911 ETH. The minimum price had reached 3 ETH on January 23 before the 911 NFT failed.
Genesis sues Bitcoin 'Billionaire' for $21 million
Bankrupt crypto lender Genesis sued Roger Ver, an early proponent of Bitcoin, after he defaulted on a $21 million margin call. According to the lawsuit, Genesis seeks "money damages for Defendant's failure to settle cryptocurrency options transactions due on December 30, 2022, in an amount to be determined at trial, but not less than $20, 9 million".
Genesis filed for Chapter 11 bankruptcy protection on January 19, but clarified in an announcement that the filing does not apply to any of its derivatives, spot trading or custody businesses. Genesis is affiliated with Barry Silbert's Digital Currency Group (DCG) cryptocurrency conglomerate.
For his part, Roger Ver has remained silent thus far, but Twitter users had plenty to say:
Just a few months ago, CoinFLEX, a derivatives performance and exchange platform, served Ver with a notice of default, claiming unpaid debts. According to CoinFLEX CEO Mark Lamb, Ver owes the exchange $47 million worth of USDC stablecoin. Lamb claims his exchange had "a written contract with [Ver] forcing you to personally guarantee any negative equity in your CoinFLEX account and top up the margin regularly.โ
On Twitter, Ver denied the debt and insists that CoinFLEX does, in fact, owe him:
What's behind the Bitcoin rally?
