Cryptocurrency World News Summary for the Week!
✅ BIS: Up to 15 Retail and 9 Wholesale CBDCs Could Be in Circulation by 2030
On July 10th, the Bank for International Settlements (BIS) released a report on CBDCs based on a survey of 86 central banks. The results showed that the majority of central banks worldwide are either experimenting or working on CBDC pilot projects. Nearly a quarter of them are already testing their retail CBDC projects, while the number of wholesale CBDCs in operation is half of that.
Interestingly, developing economies and markets are leading in the adoption of digital currencies. Their contribution to retail (29%) and wholesale (16%) CBDC pilot projects significantly exceeds the contribution of countries with developed economies, which stands at 18% and 10% respectively.
Currently, only 4 CBDCs are in circulation: in the Bahamas, countries of the Eastern Caribbean, Jamaica, and Nigeria. However, according to the research, by the end of this decade, there will be 15 retail and 9 wholesale CBDCs in circulation.
✅ Bitcoin Dominance Drops to 50.03% as XRP Surges
XRP has seen a nearly 70% increase in its price recently. This surge was triggered by a court ruling in the case of the US Securities and Exchange Commission (SEC) against Ripple Labs. As demand for XRP rises, Bitcoin's dominance in the market decreases. Other altcoins have also experienced rapid growth. SOL and MATIC, for example, have seen price increases of 9% and 25% respectively. This could be a sign of the beginning of altcoin season, according to analysts at Decentral Park Capital.
✅ Indonesia to Launch Its Own National Crypto Exchange in the Coming Weeks
The Indonesian regulator has announced plans to launch a national cryptocurrency exchange, which will be the only licensed provider of services in the country. It is expected to be the sole licensed provider of services in the field of virtual assets (VASP). This was confirmed by the chairman of the commission, Didi Didi Noordiatmoko:"We have agreed on the rules for the exchange's operation, conducted tests of system integration between traders, platforms, clearing, and depository.
"According to the head of the agency, traders will have a month to transition to the platform after its launch. It is unclear whether access to other service providers will be blocked after this time.
✅ Kiyosaki: The Dollar Will "Die," and Bitcoin Will Reach $120,000 by 2024
Robert Kiyosaki, the author of the worldwide bestseller "Rich Dad Poor Dad," has once again expressed support for the leading cryptocurrency. This time, the entrepreneur predicted that Bitcoin will reach $120,000 by 2024. The investor also foresaw a bleak future for the US dollar and advised people to focus on precious metals.
"August 22, 2023, in Johannesburg, South Africa, BRICS nations announce gold backed crypto. US $ will die. Trillions of US $ rush home. Inflation through the roof. Buy Gold, Silver. Bitcoin to $120k next year.
"Robert has repeatedly endorsed Bitcoin and initially forecasted its price to reach $500,000 by 2025. At that time, he also stated that gold would be priced at $5,000, and silver at $500.
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