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IMF intends to ‘ramp up’ digital currency monitoring

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The International Monetary Fund, or IMF, plans to “step up” its monitoring of digital currencies, according to a report by Reuters. This intent, as published in an IMF paper Thursday, details how the fund plans to “manage this far-reaching and complex transition” toward a digitized economy.

“Rapid technological innovation is ushering in a new era of public and private digital money,” the report reads, highlighting the benefits of digital assets. “Payments will become easier, faster, cheaper, and more accessible, and will cross borders swiftly. These improvements could foster efficiency and inclusion, with major benefits for all.”

Related: IMF plans to meet with El Salvador’s president, potentially discussing move to adopt Bitcoin

However, such implementations can only occur if the IMF can “keep pace with policy challenges,” which require a deeper look into digital economies as a prospect. The fund plans to work with institutions “consistent with its mandate,” such as central banks, regulators, and the World Bank while expanding its own digital money research.

As disclosed in an April 2021 paper, the IMF plans to add five sets of experts to properly conduct research. Their skills include lawyers, digital risk experts, financial sector experts, fiscal economists, and data specialists. This set of skills should thoroughly cover research into the digital currency industry, the paper claims.

The fund will target Central Bank Digital Currencies, or CBDCs, stablecoins, cryptoassets, and more. It will examine how these assets represent financial independence, can act as reserve currencies, and how they can replace current payment systems.

Related: Steve Hanke warns BTC could ‘completely collapse the economy’ of El Salvador

Earlier this week, the IMF published a warning regarding El Salvador’s recent Bitcoin law. While it didn’t mention the country directly, the warning noted that “granting cryptoassets legal tender status” could threaten local economies, not to mention the time-consuming process of citizens “choosing which money to hold.” Conversely, the IMF went on record earlier this month claiming that CBDCs could provide the global financial system with a “clean slate.”

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Bitcoin is set up for at least 30% more upside after surging above a key technical level and with near-term momentum shifting positive | Currency News | Financial and Business News

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Bitcoin symbol at Bitcoin conference people
Bitcoin has fallen greater than 40% from its April document excessive.

  • Bitcoin cleared its 50-day transferring common on Sunday, setting the cryptocurrency up for extra positive aspects forward.
  • Technical analyst Katie Stockton sees bitcoin surging to $51,000 if it could actually clear sure resistance ranges round $43,000.
  • A surge to Stockton’s goal of $51,000 represents potential upside of greater than 30% for bitcoin.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Bitcoin’s greater than 15% surge over this previous weekend helped the favored cryptocurrency decisively clear its 50-day transferring common, which represents a key technical resistance stage that units bitcoin up for extra positive aspects forward.

Technical analyst and founding father of Fairlead Strategies Katie Stockton stated in a be aware on Monday that bitcoin’s current rally might set it up for a surge to $51,000 if it clears one other resistance hurdle round $43,000, representing potential upside of 32% from present ranges. Stockton’s $51,000 goal for bitcoin was derived from fibonacci retracement ranges.

The massive resistance ranges bitcoin faces earlier than Stockton’s $51,000 goal embody about $43,000, representing present cloud resistance, and $44,600, which at present represents bitcoin’s 200-day transferring common.

In response to Stockton, bitcoin’s transfer greater appears to be like constructive after it staged a false breakdown beneath the highly-watched help stage of $30,000. That temporary decline final led to a spring greater as some bulls seemingly capitulated on their place, whereas some bears seemingly initiated new quick positions after the important thing help stage briefly broke.

“Bitcoin examined and held extensively watched help close to $30K in our anticipated ‘spring’ greater after it had gotten coiled up inside the context of its long-term uptrend,” Stockton defined, including, “Importantly, each bitcoin and Ether have cleared their 50-day MAs on newly optimistic short-term momentum.”

The transfer greater in bitcoin comes after rumors flow into that e-commerce big Amazon could soon begin accepting bitcoin as a type of fee for its merchandise.

Technical analysis chart of bitcoin.

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