- Recep Tayyip Erdogan says testing should be finished by 2020
- Everything should be finished by the end of next year
- The digital lira is continuing on from the countries prior plans
Recep Tayyip Erdogan, the President of Turkey has directed that the government should complete the testing of the country’s central bank digital currency (CBDC) next year.
The nation’s country-wide blockchain-based digital currency is expected to be pushed further by the Central Bank in relation to the 2020 Annual Presidential Program.
Published earlier this week, the Presidential Program specifically looks at that the initial tests of the digital asset which should be played out and finalised by the end of next year, if all goes to plan.
According to a document published by Turkey’s official national publication Resmî Gazete, Within these pilots, the government allegedly made plans in order to develop a software platform for instant payments which are to be set on the digital lira asset. This won’t be alone though, as it will be alongside the central bank and the project will also include the national tech innovation agency, the Scientific and Technological Research Council of Turkey, also known as TUBITAK.
Roughly translated, part of the document reads:
“The main objective is to establish a financial sector with a strong institutional structure that can respond to the financing needs of the real sector at a low cost, offer different financial instruments to a wide investor base through reliable institutions and support Istanbul’s goal of becoming an attractive global financial center.”
Adoption in Turkey
The digital lira in the 2020 Annual Presidential Program of Turkey is a continuation from prior plans highlighted by the state in the country’s upcoming 2023 economic roadmap which was made public earlier this year in July.
TOP 3 Price Predictions: BTC, ETH, XRP — What Signs Will Reveal the End of the Bearish Trend?
- Bitcoin is pushing the cryptocurrency market down again. Will there be a rescue attempt for the altcoins?
The end of the last week was extremely volatile for the cryptocurrency market as Bitcoin (BTC), the most popular crypto, crashed by about $400 in just a matter of hours. However, the altcoins did not follow BTC’s trend. Currently, the top 10 coins are located in the red.
Below is the key data for Bitcoin, Ethereum, and XRP has changed the following way over the last day.
|Name||Ticker||Market Cap||Price||Volume (24H)||Change (24H)|
BTC has followed our earlier scenario, having dropped in price to the $8,600 mark. While the general trend has not switched to a bullish one, the price may shoot back up to the $9,000 mark.
Analyzing the 1H chart, the relative strength index (RSI) indicator shows that BTC is oversold. This means that the price of BTC may rocket upwards in the near future. The Fibonacci retracement is another strong signal that favors an upwards swing in the price. In this particular case, $8,933 (61.8%) is a crucial resistance level that might be achieved soon. 👉MUST READ
Last but not least, the trading volume index shows a significant dominance by buyers against the ongoing drop.
At press time, BTC is trading at $8,711.
ETH is the only other top 3 coin whose rate has increased over the last 7 days. While BTC and XRP have declined by 5.70% and 6.80% respectively, the price of ETH has increased around 1%.
The chief altcoin is showing significantly better price dynamics than BTC. Looking at the hourly chart, one can observe the shadow of a long bearish candle. This usually means an upcoming bullish wave. The trading volume is also at a relatively high level, confirming that bears are running out of steam. In this particular case, traders might expect ETH to hit a price of $188 by the end of the week.
At press time, Ethereum is trading at $186.15.
XRP has not show growth or even slight growth against the downfall of the general market. Since yesterday, the coin has lost 2.73%.
Even with the sharp upswings and downswings, XRP is the only coin whose trading volume has not declined. On November 8th, the price left its support level to a price of around $0.27.
Currently, the situation is almost identical, with the RSI indicator located in the oversold zone. Based on these factors, one might conclude that a resistance level of $0.2750 might be reached shortly.
At press time, XRP is trading at $0.2716.
China might have a change of heart towards cryptocurrencies
- Chines newspaper publishes material about bitcoin.
- Chinese authorities may soften their approach to digital currencies.
China adopted a tough approach towards the cryptocurrency industry; however, the attitude of the Chinese authorities seems to be changing gradually.
The Chines state newspaper Xinhua published a lengthy article explaining the details about the first cryptocurrency. The authors of the story call Bitcoin the first successful application of Bitcoin.
The newspaper describes how bitcoin network works, explains the idea of mining and the BTC transactions confirmation process. The article looks like an educational material; however, the authors also mention the high volatility of Bitcoin prices and claim that the cryptocurrency is mostly used on a black market.
While the story is not entirely pro-crypto, such publications in state-run newspapers may indicate that the authorities may be changing their touch attitude towards digital assets.
Recently, China’s President Xi Jinping said that the country should embrace the blockchain technology to seize global leadership in hi-tech innovations.
It is worth noting, that China imposed a ban on cryptocurrency trading in September 2017; however, the recent flow of positive news may eventually mean that the country is ready to lift the restrictions.
This development will serve as a strong bullish catalyst for bitcoin and ensure a sharp price increase to a new high of 2019. Meanwhile, at the time of writing, BTC/USD is changing hands below $8,800, down 2.5% since the beginning of the day.
BTC/USD, daily chart
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Cryptocurrency News Today – Headlines for November 11
- MAS Partners with JP Morgan to Revolutionize Cross-Border Payments with Blockchain
- Both JP Morgan and MAS are excited about the Partnership
Cryptocurrency News Today – There has been a considerable shift in top investment companies and banking services moving towards accepting blockchain for their payment methods and storage systems. Recently, the central bank of Singapore – Monetary Authority of Singapore (MAS) – decided to partner with JP Morgan – an investment banking giant – to create a blockchain prototype that would help in enhancing international settlements.
MAS Partners with JP Morgan to Revolutionize Cross-Border Payments with Blockchain
MAS disclosed this development on November 11 via a blog post on its website. The firm disclosed details about the new project and how they can use the same network to carry out transactions in different currencies with the help of the blockchain prototype. Temasek – a government-owned investment company – also supports the project.
The Chief Fintech Officer of MAS – Sopnendu Mohanty – said that blockchain-based settlement networks have helped them to improve cost efficiencies. They have also been able to build new opportunities for businesses. This blockchain prototype is part of Project Ubin. Project Ubin started in Nov. 2016. The project aims to explore the potential of blockchain technology as well as its impact on banking services.
The financial services industry of Singapore and MAS came together to launch the project. The project would help them implement blockchain technology for settlements and clearing of securities and payments.
JP Morgan Is Excited About the Partnership
John Hunter – the global head of clearing, and IIN at JP Morgan – confirmed the news and expressed their happiness and excitement about this partnership. He also said that their knowledge and expertise from working on the JPM Coin and the IIN (Interbank Information Network) would guide them through this development process. MAS is also very excited about this collaboration. They believe that such developments would encourage central banks to embark on similar projects also. ‘
The firm wants to make the technical specifications public to help drive the efforts, and they also want to enhance the cross-border connectivity. By next year, the firm is expected to release a detailed report on Project Ubin. The detailed report would help to understand the usage of blockchain for securities and payments. According to a report, Accenture – a tech giant – would be the firm to post the report in 2020.
More firms, industries, and financial institutions are becoming to run to blockchain technology. The adoption of the technology is on the rise, as many are beginning to discover its benefits and potentials.