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French banks, with ECB’s help, must ‘seize the question on digital currencies’

France has been one of the countries at the forefront of the debate on digital currencies, CBDCs and of course, Facebook’s controversial project, Libra. This debate gained more steam recently after prominent French MPs Laure de La Raudiere and Pierre Person met with France’s Minister of the Economy, Bruno Le Maire to discuss the advantages of adopting blockchain technology in the banking sector, according to a report. 

France, largely, has not really been in favor of cryptocurrencies for a long time. In fact, France was one of the first countries to issue regulations on crypto-assets. Even the Governor of the Bank of France, Francois Villeroy de Galhau, had recently stated that though digital currencies could be useful, central banks should be in charge of issuing it and not private companies, in what many interpreted as a direct shot at Facebook. 

Deputy Laure de La Raudière, who has been vocal about the advantages of blockchain adoption for some time now and Pierre Person, a member of the French National Assembly, urged Bruno Le Maire to encourage banks to test digital stablecoins. This, the MPs noted, is very essential for the development of the blockchain ecosystem and to anticipate the arrival of foreign players in the field.

According to the report, Pierre Person commented, 

“We do not have the will to destabilize the business model of commercial banks, but they must quickly take up the question of stablecoins, at the instigation of the central bank.”

Laure de la Raudiere went on to add that French banks would be in the lead if they take to blockchain right now and understand how the technology works. However, contrary to what the Bank of France Governor stated, the MP claimed that commercial banks, and not the central bank, must take the lead on digital currencies, with inputs from the ECB. The MP noted, 

“It is the commercial banks which must seize the question of the digital currencies, but there must also be an impulse of the European Central Bank.”

The final point that was discussed during the meeting was the Pacte Law, a law that enhances legal certainty and the access of crypto-players to banking services. Expanding on the same, one of the deputies stated,

“We want to stay on the device of the Pacte law because it seems solid to us. If the regulations were changed without a legislative debate, there would be both a lack of understanding of the players and a loss of competitiveness for France.”

Interestingly, a recent study released by the Bank of France had also discussed the possibility of the ECB launching a CBDC. The study stated that the issuance would depend on the selected guidelines for the crypto-asset as it would need to be integrated into existing provisions to avoid re-amendment of legal texts.

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XRP and XLM Have Highest Level of Wealth Inequality Among Top Cryptocurrencies: CoinMetrics Report

XRP and XLM create a non-level playing field for its holders, according to a recent CoinMetrics study

Wealth inequality is a hot-button issue around the globe. With an extreme concentration of coins and tokens in the hands of omnipotent whales, crypto clearly fails to address this problem.  

According to Coin Metrics’ latest ‘State of the Network’ issue, XRP and Stellar (XLM) have the highest disparity of wealth among some of the top blockchains. The later takes the cake when it comes to inequality with whales that hold at least 1/1K of the total supply controlling a whopping 95 percent of all tokens. Must ReadBrad Garlinghouse Compares Ripple to Amazon, Suggests That Central Banks Could Use XRP –

Centralization concerns 

There is nothing shocking about XRP and XLM occupying the two top spots given that both of these cryptocurrencies are routinely criticized for being extremely centralized.

Ripple Labs fully controls nearly 60 percent of XRP’s total supply. To put this into perspective, the company’s former CEO Chris Larsen personally owns 5.19 billion XRP.   

XRP Supply

The same applies to the Stellar Development Foundation (SDF) that holds more than 50 percent of all tokens and pocketed 98 percent of all inflation payouts on top of that.

Bitcoin’s increasing distribution 

Meanwhile, Bitcoin (BTC) appears to be the most egalitarian cryptocurrency in terms of supply distribution. The richest whales hold only 11 percent of all orange coins, a world of difference compared to the altcoins analyzed by CoinMetrics. Ethereum (ETH) and Litecoin (LTC) are at 46 percent and 40 percent respectively.   

The firm pointed out that the increasing level of distribution is a positive development for BTC since it underscores its growing adoption.

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Cryptocurrencies price prediction: Bitcoin, Ripple & NEO – European Wrap – 18 February

Bitcoin Price Analysis: BTC/USD trapped under short-term trendline; long-term bulls still have nothing to worry about

Bitcoin (BTC) is changing hands at $9,750, mostly unchanged both on a day-to-day basis and since the beginning of the day. The first digital asset recovered from Monday’s low of $9,469, however, an upside momentum faded away on approach to $9,800. 

Ripple Price Analysis: XRP/USD is bearish as long as it stays below $0.30

XRP/USD recovered to $0.2950 during early Asian hours only to retreat to $0.2850 by the time of writing. Despite the sell-off, the third-largest digital asset is still nearly 2% higher from this time on Monday and mostly unchanged since the beginning of the day. Ripple’s market value has settled at $12 billion, while an averaged daily trading volume is set at $3.6 billion, slightly lower from the figures registered in recent days.

Ripple

NEO Price Analysis: NEO/USD bullish following Binance Futures support

NEO is in the green on Monday during the European trading session. The bullish momentum is taking action after a couple of days of the bulls enduring battering from the bears. The losses on Sunday and Monday tested the support at $13.00. However, an ascending trendline support came in handy and put a stop to the bearish pressure.

Bitcoin Price Analysis: BTC/USD trapped under short-term trendline; long-term bulls still have nothing to worry about

Bitcoin (BTC) is changing hands at $9,750, mostly unchanged both on a day-to-day basis and since the beginning of the day. The first digital asset recovered from Monday’s low of $9,469, however, an upside momentum faded away on approach to $9,800. 

Ripple Price Analysis: XRP/USD is bearish as long as it stays below $0.30

XRP/USD recovered to $0.2950 during early Asian hours only to retreat to $0.2850 by the time of writing. Despite the sell-off, the third-largest digital asset is still nearly 2% higher from this time on Monday and mostly unchanged since the beginning of the day. Ripple’s market value has settled at $12 billion, while an averaged daily trading volume is set at $3.6 billion, slightly lower from the figures registered in recent days.

Ripple

NEO Price Analysis: NEO/USD bullish following Binance Futures support

NEO is in the green on Monday during the European trading session. The bullish momentum is taking action after a couple of days of the bulls enduring battering from the bears. The losses on Sunday and Monday tested the support at $13.00. However, an ascending trendline support came in handy and put a stop to the bearish pressure.


Bitcoin Price Analysis: BTC/USD trapped under short-term trendline; long-term bulls still have nothing to worry about

Bitcoin (BTC) is changing hands at $9,750, mostly unchanged both on a day-to-day basis and since the beginning of the day. The first digital asset recovered from Monday’s low of $9,469, however, an upside momentum faded away on approach to $9,800. 

Ripple Price Analysis: XRP/USD is bearish as long as it stays below $0.30

XRP/USD recovered to $0.2950 during early Asian hours only to retreat to $0.2850 by the time of writing. Despite the sell-off, the third-largest digital asset is still nearly 2% higher from this time on Monday and mostly unchanged since the beginning of the day. Ripple’s market value has settled at $12 billion, while an averaged daily trading volume is set at $3.6 billion, slightly lower from the figures registered in recent days.

Ripple

NEO Price Analysis: NEO/USD bullish following Binance Futures support

NEO is in the green on Monday during the European trading session. The bullish momentum is taking action after a couple of days of the bulls enduring battering from the bears. The losses on Sunday and Monday tested the support at $13.00. However, an ascending trendline support came in handy and put a stop to the bearish pressure.


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Cryptocurrencies price prediction: Bitcoin, Ripple & Ethereum – Asian Wrap 17 Feb

Bitcoin Price Analysis: BTC/USD stays under $10,000, further correction anticipated

Bitcoin is back under $10,000, following a drab weekend session. Little progress was made to the north, which allowed the sellers time to plan a revenge mission. Several potential support areas were shuttered including $10,400, $10,250 and $10,000.

Ripple Price Analysis: XRP/USD slumps beneath $0.30, $0.25 in sight

Ripple price immediate support at $0.27 stays in place despite the correction from last week’s high around $0.349. A downward moving RSI suggests that the correction could last longer, even spill into the European session on Monday. 

Ethereum Price Analysis: How ETH/USD survived the carnage in a rising channel?

Ethereum price is teetering at $252 amid increased selling activity. The downward action that dominated the crypto market the entire weekend session did not spare Ether. It is the same action still in play on Monday towards the end of the Asian session.

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