Best Twitter threads of the day – May 16th

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  TL;DR Breakdown The Banque de France proposed three models for a wholesale Central Bank Digital Currency (CBDC) to improve securities settlement and cross-border payments. Experiments showed a wholesale CBDC would enhance cross-border payments, settlement finality, and financial asset security. The bank emphasized the need for interoperability, standardization, and energy-efficient solutions in CBDC and DLT design. Description In a significant move towards digital currency innovation, the Banque de France has published its second paper on wholesale Central Bank Digital Currency (CBDC), following a series of experiments. The French central bank has identified two primary use cases for an interbank CBDC: securities settlement on Distributed Ledger Technology (DLT) systems and cross-border payments. Three … Read more In a significant move towards digital currency innovation, the Banque de France has published its second paper on wholesale Central Bank Digital Currency (CBDC), following a series of experiments. The French central bank has identified two primary use cases for an interbank CBDC: securities settlement on Distributed Ledger Technology (DLT) systems and cross-border payments. Three models for wholesale CBDC Based on its extensive experimentation, the Banque…

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• Ordinals team launches nonprofit to advance inscriptions on Bitcoin

  TL;DR Breakdown Ordinals floated its nonprofit organization to advance inscriptions on the Bitcoin blockchain. Nurturing growth and tax advantages. Description Ordinals, a platform renowned for its pioneering protocol enabling the association of NFT-like assets with the Bitcoin blockchain, has taken a significant step forward by establishing a nonprofit organization. This move comes as the total number of inscriptions using the protocol surpasses 21 million, indicating growing interest and engagement. Ordinals inscriptions surpass 21 million Introduced … Read more Ordinals, a platform renowned for its pioneering protocol enabling the association of NFT-like assets with the Bitcoin blockchain, has taken a significant step forward by establishing a nonprofit organization. This move comes as the total number of inscriptions using the protocol surpasses 21 million, indicating growing interest and engagement. Ordinals inscriptions surpass 21 million Introduced earlier this year by developer Casey Rodarmor, Ordinals quickly gained prominence as a hub of innovation centered around Bitcoin. The protocol empowers individuals to attach data to a single satoshi, a unit equivalent to 1/100,000,000 of a complete Bitcoin. This data could encompass art, profile pictures, interactive…

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• BEN and PSYOP Meme Coins Under Fire: Creator ben.eth Faces Action Lawsuit

  TL;DR Breakdown Class Action Lawsuit: ben.eth, the creator of BEN and PSYOP meme coins, is threatened with a class action lawsuit alleging misleading investors and wire fraud. Prominent Figures and Allegations: The association of ben.eth with media personalities Ben “Bitboy” Armstrong and Andrew Tate has intensified the controversy. In the wake of the PEPE meme coin frenzy, the cryptocurrency market has witnessed the rise of other meme coins, namely BEN and PSYOP. These digital assets gained significant attention after being linked to prominent figures Ben “Bitboy” Armstrong and Andrew Tate. However, their creator, ben.eth, now finds themselves entangled in a legal battle, facing class action lawsuits and allegations of misleading investors and wire fraud. Contents hide 1 Class Action Lawsuit Threat Looms Over Ben.eth 2 Ben.eth’s Association with Media Personalities and Allegations of Misconduct 3 Increasing Lawsuit Interest and Continued Market Fluctuations 4 Conclusion Class Action Lawsuit Threat Looms Over Ben.eth Renowned law firm Loevy & Loevy, led by partner Mike Kanovitz, has recently made headlines by threatening to file a class action lawsuit against ben.eth. The lawsuit stems from…

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• NatWest implements policy requiring prior notice for cash withdrawals

  TL;DR Breakdown atWest, one of the largest banks in the UK, now requires customers to provide advance notice for cash withdrawals exceeding £2,000, including those from cryptocurrency platforms. Customers may also be subject to questioning and asked to provide documentation for the nature of their intended transactions. Critics raise concerns about excessive scrutiny and doubt the bank’s justifications, suggesting that cryptocurrencies were unfairly blamed for traditional banking failings. Description In a move that has raised eyebrows and fueled skepticism, NatWest, one of the largest banks in the United Kingdom, has introduced a new policy mandating customers to provide advance notice for cash withdrawals exceeding £2,000. The policy applies not only to traditional transactions but also to withdrawals from cryptocurrency platforms. The bank claims that … Read more In a move that has raised eyebrows and fueled skepticism, NatWest, one of the largest banks in the United Kingdom, has introduced a new policy mandating customers to provide advance notice for cash withdrawals exceeding £2,000. The policy applies not only to traditional transactions but also to withdrawals from cryptocurrency platforms. The bank…

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• Russian Finance Minister reveals dollar attack secrets

  TL;DR Breakdown Russia’s Finance Minister, Anton Siluanov, discusses the country’s economic strategy amidst U.S. sanctions linked to the Ukraine conflict. Siluanov points to the U.S. dollar as the source of the country’s financial troubles, pushing the country to seek alternatives. Russia increasingly uses national currencies for bilateral settlements, particularly with China and Iran. Amidst the pulsating global economy, Russia’s Finance Minister Anton Siluanov shares insights into the steps taken to weather the perceived onslaught from the U.S. dollar. He gives an account of Russia’s strategy in maneuvering through the economic barriers set up due to the sanctions imposed by the U.S. government in response to the Russia-Ukraine conflict. Siluanov further lays emphasis on the critical role of national currencies for bolstering trade activities. The U.S. dollar conundrum The finance minister traces the roots of the current economic turbulence to a significant shift in the dynamics of the Russia-U.S. financial relationship. Rather than Russia being the provocateur, he contends that it was the U.S. dollar that set the wheel of contention rolling. As a result, the countryfound itself in a precarious…

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