Summary:
- Australian regulator tests blockchain to automate cross-border transaction reporting
- Ukraine’s central bank finishes a pilot programme of country’s digital currency
- Ripple trades around $0.315 after yesterday’s surge
Most of major cryptos have been moving rather flat after Sunday’s losses. The two largest cryptocurrencies - Bitcoin and Ethereum - managed to recoup only a small part of their previous falls yesterday. However, Ripple experienced a surge erasing a large part of the Sunday’s fall during Monday’s trading. What picture has Wednesday drawn? Major virtual currencies have seen moderate drops so far. According to CoinMarketCap, the capitalization of the whole crypto market stands around the $130 billion handle whereas the market capitalization of altcoins sits around $62.5 billion.
Bitcoin (BITCOIN on xStation5) closed the previous week in gloomy moods as the cryptocurrency fell to below the $3750 handle. The largest virtual currency ended yesterday’s trading in green but the scale of the gains was insufficient to recoup the previous drop. Source: xStation5
AUSTRAC tests blockchain technology to automate cross-border transaction reporting
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has teamed up with the Swinburne University of Technology in Melbourne to create a blockchain prototype for a trial, according to ZDNet. The mentioned entities will assess how blockchain technology and smart contracts could automate cross-border transaction reporting - for example, how it could automate a process of reporting of international funds transfer instructions by banks or casinos. The initiative started in December 2018, and it is likely to last 12 months, as ZDNet reports. Moreover, it is worth noting that Swinburne together with Capgemini (a consultancy company) launched the Blockchain Centre of Excellence last month
Ethereum (ETHEREUM on xStation5) experienced only a slight increase yesterday. As a result, the digital currency did not manage to recover the previous decline. Furthermore, Ethereum has dropped subtly during today’s trading. Source: xStation5
Ukrainian central bank finishes pilot of national digital currency
The National Bank of Ukraine (the country’s central bank) announced that it had finished a pilot related to a digital version of the Ukrainian currency called the Hryvnia. Alexander Yablunivsky, the Bank’s director of payment systems, paid attention to a fact that a pilot project had not been related to a cryptocurrency, but to a digital currency (a cryptocurrency could not be issued by a central bank). Moreover, the Bank said that it would continue its research over potential use of the mentioned digital version of the country’s currency. Note that Ukraine started its research aimed at using blockchain technology in 2016.
Ripple (RIPPLE on xStation5), unlike its bigger peers Bitcoin and Ethereum, produced a huge rise during Monday’s trading. The virtual currency almost totally recouped the Sunday’s decline and closed yesterday’s trading around $0.325. The surge might be related to the news that the cryptocurrency will be soon listed on Coinbase Pro what was reported yesterday. On the other hand, Ripple has given back some of its gains today. Source: xStation5
