The CEO of Ripple thinks DOGE is bad for the cryptocurrency environment due to its inflation dynamics. BoE Deputy Governor for Financial Stability noted innovators are beginning to see that people use programmable money in the cryptoworld.
Amid a strategy to explore cross-border payments, the Republic of Palau plans to create its first national digital currency. The Western Pacific country wants to explore options to provide citizens with greater financial access.
The President of Palau, Surangel Whipps Jr., recently stated that they would focus on avenues for cross-border payments. He thinks that a USD-backed digital currency could allow them to achieve that goal. The government of that nation seeks to offer people a more effective alternative to bank currencies.
That would be the first time that a government supports the implementation of a national stablecoin. Blockchain firm Ripple, which is working with them, said it would be a viable alternative to central bank digital currencies (CBDC).
Ripple CEO Criticizes the Inflationary Dynamics of DOGE
Brad Garlinghouse, the CEO of Ripple, considers that DOGE is bad for the cryptocurrency market. The executive recently criticized the alleged inflationary dynamics and the unlimited supply of the popular cryptomeme.
Garlinghouse said on CNBC that global inflation is driving the price of Bitcoin higher, but he issued a warning to Dogecoin fans.
The CEO of Ripple expressed that he does not believe that Dogecoin is positive for the cryptocurrency market. He added that the cryptomeme has some inflationary dynamics that would make him refuse to hold it.
According to Garlinghouse, Dogecoin does not have a hard cap on the total supply of coins in circulation. That makes it different from some leading cryptocurrencies like Bitcoin, with a limited issuance of 21 million units.
The Bank of England Sees CBDCs as a Revolution for Money
The Bank of England (BoE) is currently evaluating options to implement a digital pound CBDC for retail payments. In addition, it is researching the use of a digital pound to meet the payroll and pay pensions, among others.
Deputy Governor for Financial Stability, Sir Jon Cunliffe, expressed his views on the growth of innovation around digital currencies.
He said that it is hard to anticipate how innovators will take and use money in the future. However, he noted that they are beginning to see how people use programmable money in the world of cryptocurrencies. Besides, he expects to see a similar revolution in its functionality thanks to technology.
Cunliffe admitted that cryptocurrencies could threaten the financial stability of England since their market capitalization has rapidly soared to USD 2.6 trillion. Analysts estimate that 95% of digital assets are unbanked, and 5% consist of stablecoins like Tether (USDT).
ConsenSys Excludes Iranian Students from Ethereum Coding Class
Ethereum’s software powerhouse ConsenSys recently excluded about 50 Iranian students from its online programming course. That action highlights the gray areas in the law of sanctions that the cryptocurrency industry is facing.
A New York-based educational branch of the firm notified the students about their suspension in an e-mail. In other words, they will not receive their certificates for completing their courses.
That move means a sudden change for ConsenSys, which had offered the USD 985 course to Iranian students for free. They had even talked openly about the possibility of giving scholarships to Iranian women.
By Alexander Salazar
