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Bank of Canada Is Speeding Up Research on Digital Currency

Hong Kong, China -- (ReleaseWire) -- 04/25/2021 -- According to news on April 23, it was reported that the Bank of Canada is speeding up the research on digital currency, and the decision on digital currency will be made by the government, said bank of Canada Governor John mcclem.The catalyst for the dollar's move against the Canadian dollar on Wednesday was a reminder that the dollar weakened for most of April as US interest rates fell and traders bet that vaccination would start a stronger global economic recovery and boost demand for riskier, higher yielding currencies.

It is very likely that Canada's move is to get rid of the US dollar dependence caused by the over bundling of US dollars at the level of currency value. Digital currency will help Canada reposition the Canadian dollar in the global monetary system.

At the same time, the United States is also seeking innovative breakthroughs in digital assets. On April 23, it was reported that the US House of representatives had passed several bipartisan legislations, including the part of digital assets.This act is known as the remove barriers to innovation act 2021 (H.R. 1602).The bill seeks to establish a working group on digital assets with representatives from the US SEC and the commodity futures trading commission.The primary objective of the legislation is to determine when the SEC has jurisdiction over digital assets when they are regarded as securities, and when the CFTC has the final say when digital assets are classified as commodities.

Digital currency and digital assets have become the representatives of digital innovation and industrial innovation in the United States. From the practical application level, the U.S. government is forced to make corresponding changes.The introduction of relevant laws also confirms that the demand for digital asset trading in the United States has reached an area sufficient to have a greater impact on the U.S. economic system. According to the U.S. cryptocurrency report released by the relevant statistical department earlier this week, nearly two-thirds of American adults want to know more about bitcoin and other cryptocurrencies.According to the report, about 13% of respondents (19.3 million adults) said they planned to buy cryptocurrency in 2021, which would nearly double the number of cryptocurrency investors currently.

In the field of digital innovation, Thomas Farley, President of the New York Stock Exchange (NYSE), is relatively optimistic. On April 23, Farley said that after the public listing of coinbase last week, the financial community's view on cryptocurrency "has passed the point of no return".Today's coinbase is the eighth largest exchange in the world, Farley said.The defi exchange has the same volume, though not more than today's coinbase.This space has taken off, but the traditional competitors just ignored it, gave up their role and allowed coinbase to become an 80 billion dollar company.

Coinbase Pro also announced on Thursday that it will soon launch tether (usdt), which now supports usdt deposits.

At present, other countries still have different policies on the digital asset trading market. According to the investigation of the ZB Research Institute, Coinbase will be delisted from the Deutsche Boerse electronic trading platform Xetra and the Frankfurt Stock Exchange at the end of the trading day on April 23. In this regard, Deutsche bourse explained that coinbase provided the so-called legal entity identifier (LEI) when it was listed on xetra and Frankfurt Stock Exchange, but the identifier was proved to be unrelated to the listed entity.

In the field of capital, it was reported on April 23 that Everbright Bank said on the interactive platform that it had set up a leading group for digital currency related work, exchanged views with the digital currency Research Institute of the central bank and six state-owned banks on digital currency related cooperation for many times, and achieved some phased results.

Visa, the global payment giant, recently became the first major payment network to settle transactions with stable currency, and its goal is to promote digital currency payments by central banks.It is reported that visa is developing a stable currency settlement system, and it is also preparing for CBDC.

Morgan Stanley's bitcoin fund raised $29.4 million in its first 14 days from 322 investors.The fund, managed by FS investments and hosted by nydig, is one of two new bitcoin investment vehicles provided by Morgan Stanley.Morgan Stanley's new bitcoin product is already one of the largest of its kind.

According to nonfungible data in the NFT field, by the end of 2020, the NFT market had more than 250 million US dollars of trading volume.In the first quarter of this year, NFT's sales exceeded US $2 billion, a month on month increase of at least 20 times.

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