BitDigest November 23 · Issue #790

Nov 23, 2020
  • Crypto prices weather weekend trading and closing in on $550 billion marketcap
  • Xi wants G20 to remain ‘open and accommodating’ to CBDCs
  • The Office of the Comptroller is looking to ensure all financial entities are offered equal access to banking services

The Headlines

BitDigest November 23 · Issue #790

Xi Asks G20 to be Open to CBDCs

www.fmprc.gov.cn
Chinese President Xi Jinping asked members of the G20 to be “open and accommodating” to the development of central bank digital currencies as the global economy attempts to recover from the fallout of the COVID-19 pandemic.
BitDigest November 23 · Issue #790

OCC Calls for Equal Service for All Financial Entities

www.occ.treas.gov
In a move favoring digital currency businesses, the Office of the Comptroller of the Currency is proposing a regulation to ensure that national banks and Federal savings associations offer and provide fair access to financial services.
BitDigest November 23 · Issue #790

PBoC Sees Yuan Strengthening Across Markets

www.scmp.com
Chinese Central Bank officials expect the Chinese yuan to play a greater role across global trade and investments as the dollar weakens in the wake of the COVID-19 pandemic.
BitDigest November 23 · Issue #790

South Africa Publishes Draft of Crypto Regulations

www.moneymarketing.co.za
South Africa’s Financial Sector Conduct Authority (FSCA) has issued a draft regulation identifying crypto assets as a financial product under the Financial Advisory and Intermediary Services Act and requiring digital currency service providers to register with the FSCA as financial service providers.
BitDigest November 23 · Issue #790

Regulators in Israel and Abu Dhabi Highlight Crypto Development

www.reuters.com
As part of their efforts to normalize relations, the securities regulators of Israel and Abu Dhabi plan to undertake initiatives to promote economic growth in financial services by adopting and developing new technologies like as digital payments and blockchain.
BitDigest November 23 · Issue #790

German Finance Minister Does Not Support Private Currencies

www.reuters.com
Germany’s Finance Minister Olaf Scholz said he does “not support private sector digital currencies” but added that Europe must work together to prepare for a new digital era.
BitDigest November 23 · Issue #790

IMF Questions Legal Status of CBDCs

www.imf.org
📝The IMF published a new paper analyzing the legal foundations of central bank digital currency (CBDC) that highlights that central bank laws do not currently authorize the issuance of CBDC to the general public, and, from a monetary law perspective, it is not evident that “currency” status can be attributed to CBDC.
BitDigest November 23 · Issue #790

Saskatchewan Identifies Unregistered Mining Investment Operations

www.fcaa.gov.sk.ca
The Financial and Consumer Affairs Authority of Saskatchewan has issued a warning that an opportunity to invest in a crypto mining company by Metrocrypto and Sunlightcrypto is not registered and therefore would be a risk to residents.
BitDigest November 23 · Issue #790

Suzhou Selected for Next DCEP Giveaway Trial

www.cointelegraph.com
Suzhou, China’s “Venice of the East”, appears to be the second city to test the digital yean in a “red envelope” trial and plans to pilot the DCEP to coincide with the country’s Double 12 shopping day on December 12th.
BitDigest November 23 · Issue #790

Amazon Pilots Cloud-based Stock Trading

www.reuters.com
Amazon announced results of a test with the Singapore Exchange to show that trading shares can be moved from costly physical servers to cloud computing to save money and reduce the potential for outages.

Market Data

BitDigest November 23 · Issue #790

Bitcoin Hashrate Nearing All-Time-High

www.bitinfocharts.com
📈Bitcoin’s hashrate jumped this weekend and is currently back above 150 Ehash/s hitting 154 Ehash/s as it inches towards all-time-highs at the 157 level.

Thoughts on the Ecosystem

BitDigest November 23 · Issue #790

Bitcoin Will Take the Place of Gold

www.cryptobriefing.com
📺BlackRock’s Rick Rieder thinks “bitcoin is here to stay” and is “a durable mechanism that…will take the place of gold” because it is “so much more functional than passing a bar of gold around.”
BitDigest November 23 · Issue #790

Many S&P500 Stocks More Volatile than Bitcoin

www.vaneck.com
📝VanEck published a post explaining that continued reports about bitcoin’s volatility can be attributed to sensitivity to small total market size, regulatory hurdles and generally limited penetration in mainstream stock and capital markets, however VanEck points out that more traditional assets have been much more volatile than bitcoin with 145 companies on the S&P 500 having a higher year-to-date vol than bitcoin.

Reports you may have missed

Crypto markets are declining following news that most of the SEC’s lawsuit against Coinbase will proceed (more below). BTC (-1.27%) reached intraday highs of $71.8k before declining to $69k after the news. Rumors have circulated that Morgan Stanley and PNC will soon approve access to Bitcoin ETFs on their wealth management platforms. Together, Morgan Stanley and PNC hold over $1.5 trillion in client assets and likely will provide a tailwind...

Following the worst week of ETF flows since inception, BTC (+3.89%) is rebounding, rising to $69.6k, and ETH (+4.09%) has reclaimed the $3,500 mark. Last week’s outflows totaled $888 million, representing about a fifth of the inflows seen in the previous two weeks. ONDO, an institutional RWA protocol, is one of the top performers today, rising 7.61% as investors remain optimistic about the future of tokenized assets and their ability...

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