For more Bitcoin Crypto Currency news Latest Update Crypto Currency Training Auto Trading Crypto BOT & Crypto Trading Signals join above given telegram channel
A Bank of Canada (BoC) official questioned the effectiveness and security of using blockchain tech for banking at a conference in South Korea today, June 14, according to local reports.
As part of a presentation at the 2018 G20 Global Financial Stability Conference in Seoul, James Chapman, senior research director at the BoC’s funds management and banking department, also called cryptocurrency assets “a new opportunity and a threat to the financial market.”
Chapman was updating the audience on the BoC’s Project Jasper, a proof-of-concept payment system utilizing so-called ‘distributed ledger technology (DLT),’ of which blockchain is one type.
“Digital currencies based on smart contracts have high resilience and eliminate information asymmetry,” he said, quoted by local media.
Despite Jasper being in its third testing phase since February, the BoC, in line with prevailing banking sector sentiment on blockchain this month, nonetheless appeared less than sold the technology’s potential.
“We have to worry about the finality of the settlement,” he continued, stating:
“At this time, there is no cost-saving effect compared to the existing central bank system. Hacking and other operational risks are likely to occur.”
Those remarks were echoed yesterday by executives at Ripple, a startup dedicated to developing and installing blockchain-based alternative settlement systems for banks. This week, the company’s chief cryptographer David Schwartz told Reuters its payment system “is not a distributed ledger.”
Marcus Treacher, senior vice president of Ripple customer success, went further, summarizing “feedback” from banks as “you can’t put the whole world on a blockchain.”
Fundstrat’s Tom Lee most recently predicted that Bitcoin will hit $91,000 by March 2020, based on BTC’s performance after past market dips. In January of this year, when BTC’s price was around $9,000, Lee told that BTC would hit $25,000 by the end of 2018, instead of by 2022 like he had previously forecasted. He has predicted a “massive outflow” of cryptocurrency to fiat in the lead up to tax day in the US.
Stating, “We believe there is selling pressure by Crypto exchanges who are subject to income tax in U.S. jurisdictions. Many exchanges have net income in 2017 [of more than] $1 bln and keep working capital in Bitcoin Ethereum, not USD — hence, to meet these tax liabilities, are selling BTC/ETH.”
Lee’s Bitcoin Misery Index (BMI), created in mid-March to show how “miserable” BTC holders are based on the current price, shows that crypto holders are currently feeling the “misery”:
“Regulatory headline risk is still substantial. And sentiment remains awful, as measured by our Bitcoin misery index, which is still reading misery.”
With a pending request, Twitter had not responded for confirmation of the alleged Crypto ad ban by press time.
Twitter has experienced a flood of fake accounts by users pretending to be famous crypto sphere personas like Litecoin’s Charlie Lee and advertise Cryptocurrency giveaways.
It’s reported crypto ad ban would come as an aftermath of both Google’s recent update to its Financial Services and Facebook ban of crypto advertising in January, and policy that will ban crypto ads beginning in June 2018.
Sky News writes that they “[understand] that the new advertising policy will be implemented in two weeks and currently stands to prohibit advertisements for Initial Coin Offerings (ICOs), token sales, and Cryptocurrency wallets globally.”