Kazakhstan Central Bank Develops Blockchain Mobile App for Securities BankingBitcoin OpinionNews Instant Bank Payments Will End Bitcoin Binge: German Central Bank Chief Digital Currencies could worsen future financial crises, Wiedmann says.Samburaj Das Advertisement: Jens Wiedmann, the president of Germany’s Bundesbank, has warned that digital currencies could potentially worsen financial crises in the future.He also stated, in his personal opinion, that ‘instant payments’ would put an end to the public interest in digital currencies like bitcoin.Germany’s top central banker was speaking in Frankfurt today in a speech predominantly on the European Central Bank’s quantitative easing (QE) program when he touched on the subject of digital currencies.Instant Payments to Dampen Bitcoin?Wiedmann, who is one of the most powerful figures in European and the global economy, claimed that the ongoing digitization of finance is and will remain the most significant challenge faced by central banks.

He offered a solution toward taking on popular growing financial technologies like bitcoin and other digital currencies.In quotes reported by the Financial Times, he stated: My personal take on this is that central banks should strive to make existing payment systems more efficient and still faster than they already are – instant payment is the buzzword here.I’m pretty confident that this will reduce most citizens’ interest in digital currencies.‘Digital Currencies Could Worsen Financial Crises’ Wiedmann admitted that central banks are likely to create their own official digital currencies in the future.A move toward digitization which would, according to the central banker, provide citizens with the reassurance that their money would be safe.In doing so, however, Wiedmann claimed that private banks would risk bank runs during times of future crises.A bank run occurs when a large number of customers panic to make withdrawals from financial institutions at the same time.

In their attempt to safeguard their cash while losing faith in the institution, the withdrawal en masse from customers could lead to banks losing liquidity and struggle to make their loans, leaving them insolvent.Wiedmann said: Allowing the public to hold claims on the central bank might make their liquid assets safer, because a central bank cannot become insolvent.This is a feature which will become relevant especially in times of crisis – when there will be a strong incentive for money holders to switch bank deposits into the official digital currency simply at the push of a button.But what might be a boon for savers in search of safety, might be a bane for banks, as this makes a bank run potentially even easier.The central banker is a known critic of digitization brought on by financial technologies, questioning the promise of FinTech revolutionizing financial services and infrastructure earlier in March this year.However, he did add that technologies like blockchain ‘could’ have the potential to make financial processes faster, inexpensive, more efficient and convenient.

Featured image from Flickr/Bankenverband.Uganda’s Central Bank has issued a notice “warning” citizens who invest in cryptocurrency that they are “taking a risk in the financial space.” The Bank of Uganda, hereinafter BoU, warning, issued today and uploaded to Twitter, is specifically focused on OneCoin, a highly suspicious operation which many have suggested is a Ponzi scheme which recently opened an office in the country’s capital, Kampala.minerar litecoin pela cpu“The Bank of Uganda wishes to notify the general public that the entity "ONE COIN DIGITAL MONEY" is not licensed by the BoU under the Financial Institutions Act 2004 and is, therefore, conducting business outside the regulatory purview of the BoU,” it states.bitcoin multibitOneCoin has made gains in many countries over the past two years, despite significant negative press coverage and warnings from other countries’ central banks and inability to provide sound financial proof of its claims.kinh nghi?m choi bitcoin

However, the BoU continues that all cryptocurrencies fall into this “unregulated” category, appearing to draw no distinction between OneCoin, Bitcoin, Litecoin and other legitimate assets.sell bitcoin to inr“The public is strongly advised to do business with only licensed financial institutions,” it continues.bitcoin hoodieLitecoin DEFINITION of 'Litecoin' Launched in the year 2011, Litecoin is an alternative cryptocurrency based on the model of Bitcoin.how much litecoin can i mineCharlie Lee, a MIT graduate and former Google engineer, is Litecoin's creator.Litecoin is based on an open source global payment network that is not controlled by any central authority.Litecoin differs from Bitcoins in aspects like faster block generation rate and use of scrypt as a proof of work scheme.

BREAKING DOWN 'Litecoin' Litecoins were launched with the aim of being the "silver" to Bitcoin's "gold," and have gained much popularity since the time of inception.Litecoin is a peer-to-peer internet currency.It is a fully decentralized open source, global payment network.Litecoin was developed with the aim to improve on Bitcoin's shortcomings, and has earned industry support along with high trade volume and liquidity over the years.The broader differences between the two cryptocurrencies are listed in the table below.Bitcoin Litecoin Creation 2009 2011 Creator Satoshi Nakamoto Charles Lee Coin Limit 21 Million 84 Million Block Generation Time 10 Minutes 2.5 Minutes Algorithm SHA-256 Scrypt Initial Reward 50 BTC 50 BTC Current Block Reward (as of June 2014) 25 BTC 50 BTC Rewards Halved every 210,000 blocks Halved every 840,000 blocks Difficulty Retarget 2016 Block 2016 Block Litecoin is designed to produce more coins (Four times that of Bitcoin) and at a faster rate (1/4th of the time of Bitcoin).