EddieJayonCrypto
27 Jun 22
• Bank for International Settlements (BIS) that says the future is CBDCs• Anonymous has sets its sights on Do Kwon saying he is responsible for scamming billions• Nexo has issues a cease and desist order against a Twitter user accusing them of funneling illicit funds• Banxa and WazirX make major cut...
• Bank for International Settlements (BIS) that says the future is CBDCs• Anonymous has sets its sights on Do Kwon saying he is responsible for scamming billions• Nexo has issues a cease and desist order against a Twitter user accusing them of funneling illicit funds• Banxa and WazirX make major cuts to staff citing crypto winter• The EU may introduce crypto regulation by the end of July There are events that will have big implications going forward. Here is what is on my mind today.1. Looking at what the world is doing in the crypto space, there is a new study by The Bank for International Settlements (BIS) that says the future is CBDCs for cross-border payments. There have been a lot of multi-platform tests and many smart-contract models. Working from 3 specific studies, the BIS verdict is CBDCs will win out over private digital currencies. I take this with more than a grain of salt given the verdict seems come from an organization that answers to a traditional space. I think there is a place for CBDCs, but that does not negate the fact that private digital assets also have a place now and in the future. 2. There is one place I do not want to be and that is on the wrong side of Anonymous. They have now set their sights on Do Kwon stating they are going to hold him accountable. They have also announced they are going to expose is past legal infractions. The hacktivist group says it blames him for single-handedly scamming billions. 3. Nexo has issued a cease and desist notice directed toward Twitter user @otteroooo. Apparently the Twitter user has accused Nexo of funneling illicit funds into the firm via a Bulgarian charity. Nexo has dismissed the claim as "fake news". I have to say the term "fake news" is a bit of a trigger for some people. I will definitely be keeping my ears open on this one. 4. Banxa is another crypto firm laying off a significant portion of its staff. Even WazirX is looking to get almost back to bare bones. They join an ever-growing list of exchanges that are having to scale their operations back in major ways. Even this morning Goldman Sachs has downgraded US crypto exchange, Coinbase, to a sell. Unless these exchanges right-size their operations and they services, they are going to be in for a very rude awakening, if they have not had one yet. On the other side of the coin you have companies like Bit.com looking to scale up. 5. EU regulators are inching closer to regulating crypto. As a matter of fact, it is possible for them to have something to announce by the end of July. I am interested to see what they bring forward in light of the current inflationary backdrop.