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#CryptoCorner: Bitcoin Nosedives to Lowest in 10 Months, Stablecoin Project from Celo Foundation Attracts Libra Backers (NasdaqGS: FB)

BoE Governor Carney Warns of CBDC Challenges and French Regulator Proposes European Sandbox for Blockchain

 

Point Roberts, WA and Delta, BC - March 12, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#CryptoCorner: Bitcoin Nosedives to Lowest in 10 Months, Stablecoin Project from Celo Foundation Attracts Libra Backers (NasdaqGS: FB)

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Bitcoin Nosedives to Lowest in 10 Months, Stablecoin Project from Celo Foundation Attracts Libra Backers, BoE Governor Carney Warns of CBDC Challenges and French Regulator Proposes European Sandbox for Blockchain

Stocks discussed: (NasdaqGS:FB)

Bitcoin (BTC) has plunged to its lowest trading price in 10 months as the crypto market is devastated by the intensifying Coronavirus crisis. At press time, Bitcoin is trading for about $6,000, following a loss of nearly 24 percent in the last day - mostly in the last four hours - according to data from CoinMarketCap. Hit even harder than Bitcoin was its fork, Bitcoin Cash (BCH), which has dropped about 33 percent, and its own fork, Bitcoin SV (BSV), which is down about 38 percent.

Though Bitcoin's crash over the weekend was attributed by many in the space to a sell-off related to the PlusToken scam, and thereby dissociating it somewhat from the traditional markets' downturn, it seems that this most recent crash is happening in tandem with that seen in say, stock markets. This could pose a serious challenge to the widely-held notion that Bitcoin, and cryptocurrencies more broadly, could be seen as a safe haven similar to gold when traditional markets decline. Having said that, gold is down as well today.

A stablecoin project called the Celo Alliance for Prosperity, founded by the Celo Foundation, was announced yesterday via blog post and boasts some fifty founding members, including backers of Facebook's (NasdaqGS:FB) Libra project. Describing itself as "an open platform that makes financial tools accessible to anyone with a mobile phone," Celo plans to pursue "a diverse set of use cases, including powering mobile and online work, enabling faster and affordable remittances, reducing the operational complexities of delivering humanitarian aid, facilitating payments, and enabling microlending."

Bank of England Governor Mark Carney warns that the UK's adoption of a digital pound could spark difficulties with risk management and stability, according to a report from Reuters.

"While CBDC (central bank digital currency) poses a number of opportunities, it could raise significant challenges for maintaining monetary and financial stability ... and would need to be very carefully designed if it were to be introduced."

The quote was taken from "the foreword to a BoE working paper," which also indicates that the UK's central bank has not decided on whether to go forward with such a project.

Across the channel, France's financial regulator, the Autorité des Marchés Financiers (AMF), has recommended the creation of a "Digital Lab" - essentially a EU-wide regulatory sandbox for settling financial instruments on the blockchain. According to the AMF's news release, "Such an arrangement would allow the emergence of security tokens market infrastructure projects that could develop in a secure legal environment."

Sam Mowers, Investorideas

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