BIS Reports 70% of Central Banks Are Studying Cryptocurrencies

A new report published by the Bank of International Settlements (BIS) shows that the majority of central banks are studying central bank digital currencies (CBDC). However, most of them are unlikely to issue any type of digital currency in the near future.

CBDC ‘Unlikely’ in The Short Term

BIS published the results of a new survey on central banks studying the technology behind BTC [BTC] $BTC and cryptocurrencies. A total of 63 banks have responded. They represent jurisdictions, which cover about 80 percent of the population of the world and more than 90 percent of its entire economic output.

The intention of the survey was to find out whether central banks currently are developing their own central bank digital currencies (CBDC) and how likely they are to issue them.

Of the 63 banks, 70 percent said that they are either currently working or will soon be engaged in work on CBDC.

However, this includes conducting conceptual research on the matter, sharing studies and views of developing a “common understanding of this new field of study.” According to the report, half of the respondents have moved to a more “hands-on” proof-of-concept activities in order to test new technologies.

The report reveals that 85 percent of the central banks are unlikely or very unlikely to issue any type of CBDC in the short term (1-3 years).

Back and Forth

In September, Bitcoinist reported that the European Central Bank (ECB) has no intentions of issuing a central bank digital currency.

It’s also arguable whether a central bank issued digital currency will even fit the mold of decentralized cryptocurrencies. In December, a couple of researches at the St. Louis Fed, outlined that:

Once you add a central bank and remove the “permissionless” network—with nodes that can leave and join as they wish, there isn’t much left to the cryptocurrency you started with.

Nevertheless, some central banks remain open to the idea of CBDC. The BIS report outlines that the Central Bank of Uruguay has completed a pilot programme on a general purpose CBDC.

At the same time, the governor of UK’s central bank Mark Carney has previously said that the Bank of England is open to the idea of a central bank issued digital currency.

What do you think of CBDCs? Don’t hesitate to let us know in the comments below!

Images courtesy of Shutterstock

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Published at Tue, 08 Jan 2019 21:00:27 +0000

March 27, 2017

You Might Be Exchanging Bitcoin With Trading Bots and Not Even Know It

Cryptocurrency trading isn’t easy, but there are many people who have honed the art of trading bitcoins and altcoins on a daily basis. Interestingly enough, most people don’t realize that many cryptocurrency traders use trading bots to execute trades faster and more efficiently, and sometimes even in their sleep.

Also read: An Introduction to bitcoin Trading and Technical Charts

Cryptocurrency Algorithmic Trading Bots

Lots of bitcoin traders use trading bots to perform quicker trades than humans can naturally process by themselves. Trading bots became popularized in the cryptocurrency environment years ago, with the infamous Mt. Gox “Willy & Markus” bots back in 2013. These alleged bots were accused of pushing the price of bitcoin up faster than a natural bull run. However, bots are not necessarily bad tools and they have been used in computational trading since the seventies. They are called bots because the programs execute trades like humans do, but they do it autonomously and can operate continuously without having to rest.

Trading bots or algorithmic trading is a technique that uses pre-programmed software that analyzes market actions, such as time, price, orders, and volume. Bots or program trading is used within many global stock exchanges and is a legal practice for the most part. bitcoin trading bots are said to establish more efficient trading and can be utilized on many well-known cryptocurrency exchanges today. There are bots that are free of charge and can be downloaded online. Some people have also designed their own bitcoin trading bot software. Then, there are trading bot services you have to pay for, offered by various trading engine and programming companies.

Subscription Bot Services

Haasbot

The Haasbot algorithmic trading software, created by Haasonline, trades bitcoin and over 500 altcoins on many popular exchanges. This includes fully automated trades on platforms such as GDAX, Poloniex, Bitfinex, Kraken, Huobi, BTCC, Gemini and much more. Haasonline details the bot is customizable and enables a variety of technical indicator tools.

“Our bitcoin bot utilizes industry leading indicators such as StochRSI, MACD-Histogram, PPO, Ultimate Oscillator, Ulcer Index, Regression Slope Cross, and more,” explains Haasonline.

BTC Robot

BTC Robot considers itself the world’s first electronic cryptocurrency robot. The trading robot offers multiple plans for different types of software and membership. The cheapest robot plan is US$149 for the silver software, which gives traders a downloadable version for various Windows operating systems. Mac users have to pay a touch more. The company notes that its algorithmic trading does not predict markets perfectly, and there will always be losing and winning trades. It further added that:

100% winning systems are impossible, so don’t be fooled by so called “get rich scams” promising such impossible results.

Cryptotrader

Cryptotrader is a cloud-based automated bitcoin trading bot that claims to allow users to build algorithmic trading programs in minutes. The company also offers a “Strategy Marketplace” where users can purchase and sell trading strategies. Cryptotrader says that it is supported by most of the popular exchanges such as Coinbase, BTCe, Bitstamp, and more. The business states that its automated trading bots in are unique compared to the current bots on the market today.

Trade While You Sleep

Bot trading may not be for everyone as the software can be difficult for inexperienced traders to understand. Furthermore, traders have to trust in the efficiency and reliability of companies or the free software that offers algorithmic cryptocurrency trading. There are many different businesses online offering bot services, and some of them may not be legitimate. Alongside this, free trading bot programs can be found on sites like Sourceforge, but people should research diligently before trusting any free software. However, reputable and functioning trading bots may increase trade profits, if used correctly.

What do you think about trading bots? Let us know in the comments below.

Images via Pixabay, Haasbot, BTC Robot, Cryptotrader websites.

Why not keep track of the price with one of bitcoin.com’s widget services.

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