Monat: Dezember 2022

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Pakistan signs in new laws to expedite the launch of CBDC

The State Bank of Pakistan (SBP) has approved new laws for Electronic Money Institutions (EMIs).

KEY TAKEAWAYS

  • The SBP plans to launch a CBDC within the next three years.
  • The World Bank helped Pakistan design the new regulations.
  • After the passing of the new laws, the SBP will issue licenses to EMIs for CBDC issuance.

The laws target non-bank entities offering digital payment instruments and are geared towards ensuring the timely issuance of a central bank digital currency (CBDC).

Pakistan’s CBDC plan

Pakistan joins the list of governments around the world that see CBDCs as a means to enhance fiat capabilities by bringing on board blockchain technology that powers cryptocurrencies. Following the launch of the new laws, Pakistan targets to launch its CBDC by 2025.

The new laws signed tonto place by the SBP were designed with the help of The World Bank.

In essence, the new laws enable prevention measures against laundering and terror financing while also offering consumer protection and reporting requirements.

Issuing licenses to EMIs for CBDC issuance

The SBP bank will be issuing licenses to EMIs to allow them to issue the CBDC.

While announcing the launch of the new laws, Deputy Governor of SBP Jameel Ahmad said:

“These landmark regulations are a testament of the SBP’s commitment toward openness, adoption of technology and digitization of our financial system.”

The Pakistani Finance Minister Asad Umar also said that promoting the digital economy using EMIs will safeguard financial institutions from cybersecurity threats.

Pakistan’s move towards CBDC comes after the neighbouring country India recently joined the League of Nations in the race to launch homegrown CBDCs as reported in our earlier news. The Reserve Bank of India (RBI) announced that it intended to launch a retail CBDC pilot by the end of 2022.

The post Pakistan signs in new laws to expedite the launch of CBDC appeared first on CoinJournal.

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Australian crypto exchange Swyftx to cut 45% of staff amid crypto winter

  • Swyftx cuts 90 jobs as the cryptocurrency winter continues to affect more companies.

  • The company follows exchanges like Coinbase, Bybit, and Kraken in reducing its employee headcount to cope with the bear market.

  • Swyftx admitted that it grew too fast, and the bear market is now affecting its operations.

Swyftx becomes the latest crypto exchange to cut jobs

Australian crypto exchange Swyft, announced on Monday, December 5th, that it has cut 90 jobs. This represents 45% of the company’s total workforce, as the company has around 200 employees.

This latest cryptocurrency news comes as several companies find ways to cope with the bear market. In its blog post, Swyftx pointed out that even though it doesn’t have any direct exposure to FTX, its operations have been affected by the fallout FTX has caused in the crypto markets. The company wrote;

“Today, we’ve announced the hardest decision Angus and I have had to make in our careers. We’re saying goodbye to 90 talented friends and colleagues. As we’ve just announced to the team, Swyftx has no direct exposure to FTX, but we are not immune to the fallout it has caused in the crypto markets. As a result, we have to prepare in advance for a worst-case scenario of further significant drops in global trade volumes during H1 next year and the potential for more black swan-type events.”

Swyftx added that its business is uniquely well-positioned to weather events like FTX. Despite the robustness of its business, FTX’s collapse has affected the broader crypto market, and Swyftx also felt it. 

The cryptocurrency exchange added that its priority is to emerge from the current market in a position of strength. This will happen by managing operating costs to ensure its continued financial strength and to keep the confidence and trust of its customers.

Crypto companies continue to struggle in the bear market

Swyftx’s announcement comes a few hours after  Bybit, one of the leading crypto exchanges in the world, announced that it is set to cut 30% of its workforce. Bybit explained that the move is to ensure that the company survives the ongoing bear market. 

Coinbase and Kraken are some of the crypto exchanges that also reduced their workforce earlier this year. 

Swyftx admitted that it grew too fast. The company recorded massive growth earlier this year, but the bear market and the recent FTX collapse have affected its operations in recent months. 

The post Australian crypto exchange Swyftx to cut 45% of staff amid crypto winter appeared first on CoinJournal.

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Is Solana’s consolidation a wait for takeoff or a further slide?

  • Solana token fell the most in November

  • Social metrics are negative for the cryptocurrency

  • SOL has been consolidating for weeks and faces further downside

Solana (SOL/USD) was one of the worst-performing cryptocurrencies in November. The cryptocurrency came from a high of $38 on November 5 but now trades at just$13.55. The losses came in the wake of the FTX collapse. However, for almost three weeks, SOL has been consolidating at or above $13. Does this signal the entry of buyers?

Solana’s consolidation comes amid a troubling on-chain activity. According to Santiment data, Solana’s spot and futures markets are struggling, with the trade volumes at monthly lows. As of December 2, the open interest on Solana was $208.9 million, a decline of 1.25%.

Besides, short-position trades were active on Solana, with the funding rates remaining in the negative territory. Further indications were that there were more long liquidations ($207,000) than short liquidations ($89,000) worth of SOL.

Clearly, the data is against SOL. Social metrics show limited upside, with the sentiment negative. Consequently, the latest consolidation may signal sellers’ exhaustion rather than buyers’ entry. A break to the downside would welcome a lower price for SOL.

SOL consolidates at $13 amid bearish momentum

SOL/USD Chart by TradingView

Technically, SOL is bearish in the longer-term outlook. The RSI is escaping the oversold level but still remains way below the midpoint. A slight recovery saw SOL move to the 20-day MA, but the price upside is still muted.

When to buy SOL?

Solana’s price is still bearish. Investors looking to buy SOL should wait for the bear market to subside before scooping the token. A break below the consolidation zone could see SOL hit single-digit prices.

Where to buy SOL

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy SOL with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy SOL with OKX today

The post Is Solana’s consolidation a wait for takeoff or a further slide? appeared first on CoinJournal.