Best crypto memes of the day – August 15th

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  TL;DR Breakdown Bolivia’s Central Bank is now using the Chinese yuan for international settlements due to dollar scarcity. The country is executing transactions with the yuan even without Chinese banks in Bolivia. Plans are in place to establish Chinese banks in Bolivia to expedite transactions. Bolivia’s president advocates for de-dollarization and diversification of economic relations. Description Against a backdrop of dollar scarcity, Bolivia is making a groundbreaking pivot in its monetary policy. In a strategic move, the Bolivian Central Bank has started to harness the Chinese yuan for its international settlements. Marcelo Montenegro, Bolivia’s Economy Minister, validated this shift, citing dollar scarcity as a catalyst behind the need for a fresh … Read more Against a backdrop of dollar scarcity, Bolivia is making a groundbreaking pivot in its monetary policy. In a strategic move, the Bolivian Central Bank has started to harness the Chinese yuan for its international settlements. Marcelo Montenegro, Bolivia’s Economy Minister, validated this shift, citing dollar scarcity as a catalyst behind the need for a fresh approach. Chinese Yuan Gaining Ground in Bolivia’s Financial System Shaking up…

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• Is China doing anything to fix its economy?

  TL;DR Breakdown China faces an impending economic downturn and property crisis but seems hesitant to intervene decisively. President Xi Jinping’s focus on national security might be overshadowing the urgent need for economic reforms. The Communist Party’s ideologies and power dynamics could be stifling innovative policy discussions. Description China, the globe’s second-largest powerhouse, appears to be on the edge of an economic precipice, with indications of a prolonged slump looming ominously on the horizon. To the consternation of many, a spiraling property conundrum casts a shadow on its financial stability. Yet, the world watches, eyebrow raised, as this colossal nation seemingly hesitates in … Read more China, the globe’s second-largest powerhouse, appears to be on the edge of an economic precipice, with indications of a prolonged slump looming ominously on the horizon. To the consternation of many, a spiraling property conundrum casts a shadow on its financial stability. Yet, the world watches, eyebrow raised, as this colossal nation seemingly hesitates in taking bold strides to mend its post-pandemic recuperation. Why the wait, China? Xi’s Priorities: National Security over Economy? Let’s cut…

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• FTX and 3AC’s bankruptcy claims contested by BlockFi in ongoing legal drama

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• Japan launches digital yen pilot – Details

  TL;DR Breakdown The Bank of Japan (BOJ) has successfully completed the second phase of its central bank digital currency (CBDC) proof-of-concept (POC) experiment and has transitioned into the pilot phase in April as planned. The second phase of the POC tested the implementation of upper limits on CBDC holdings and user convenience in initiating and scheduling payments. A flexible-value token model and an orchestration system were trialed, aimed at handling multiple transactions from the same account quickly. On the cutting edge of global digital transformation, Japan is progressing with its initiative to embrace digital currency. The Bank of Japan (BOJ) has completed the second phase of its central bank digital currency (CBDC) proof-of-concept (POC) experiment and transitioned into the pilot phase in April as planned. The experimental process, spanning a year from April 2022 to March 2023, marked an exploration of functionalities complementing the fundamental ledger operations, a step up from its predecessor. Evaluating the core functions of Japan’s digital yen Throughout the second phase, the BOJ rigorously tested various technological applications for setting upper limits on CBDC holdings. According…

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• Coinbase will continue to suffer until crypto proves its worth

  TL;DR Breakdown Coinbase’s future success hinges on cryptocurrency’s broader utility beyond trading. Despite Q2 losses being less than anticipated, concerns about the company’s valuation persist. Goldman Sachs emphasizes the need for crypto to demonstrate daily life utility. Wall Street offers mixed predictions on Coinbase’s trajectory. Description Coinbase, the digital currency behemoth, may have posted encouraging financial figures recently, but its journey to dominance is still plagued with hurdles. The crypto realm, dominated by volatile trading and speculations, raises questions about its everyday utility, leaving businesses like Coinbase dangling on uncertain strings. Facing the Crypto Conundrum Goldman Sachs, a banking giant, isn’t … Read more Coinbase, the digital currency behemoth, may have posted encouraging financial figures recently, but its journey to dominance is still plagued with hurdles. The crypto realm, dominated by volatile trading and speculations, raises questions about its everyday utility, leaving businesses like Coinbase dangling on uncertain strings. Facing the Crypto Conundrum Goldman Sachs, a banking giant, isn’t too optimistic about Coinbase’s future unless crypto showcases its daily life utility beyond mere trading. This sentiment comes in the wake…

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