The Crypto Beat - June 17, 2021
Here are all the latest stories related to cryptocurrencies Thursday June 16, 2021.
CoinGeek Zurich
David Case: Building killer eSports apps on Bitcoin | Top Picks
CoinGeek producers have chosen David Case of Cryptoofights: Building killer eSports apps on Bitcoin appearance on CG Weekly Livestream, episode 6, as this week's #TopPicks.
CoinGeek Zurich: How accounting evolves from single-entry to triple-entry accounting
Triple-entry accounting is in a position to significantly increase efficiency across accounting and auditing; and on the first day of the CoinGeek Zurich conference, CoinGeek’s Chief Bitcoin Historian Kurt Wuckert Jr. moderated a panel with three triple-entry accounting experts—financial cryptographer Ian Grigg; Torje Sunde, CTO of triple entry accounting solution provider Abendum; and Juan Ignacio Ibañez, the Centre Administrator at UCL’s Centre for Blockchain Technologies.
The panel began with Grigg giving the audience a brief overview of how accounting evolved from single-entry to double-entry to triple-entry accounting.
El Salvador
World Bank rejects El Salvador request for help on bitcoin implementation
(Reuters) - The World Bank said on Wednesday it could not assist El Salvador's bitcoin implementation given environmental and transparency drawbacks.
"We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes," said a World Bank spokesperson via email.
"While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings."
Earlier on Wednesday, Salvadoran Finance Minister Alejandro Zelaya said the country had sought technical assistance from the Bank as it seeks to use bitcoin as a parallel legal tender alongside the U.S. dollar.
The minister also said ongoing negotiations with the International Monetary Fund have been successful, though the fund said last week it saw "macroeconomic, financial and legal issues" with the country's adoption of bitcoin.
Zelaya said on Wednesday the IMF was "not against" the bitcoin implementation. The IMF did not respond to a request for comment.
Investors have recently demanded higher premiums to hold Salvadoran debt, on growing concerns over the completion of the IMF deal, key to patching budget gaps through 2023.
On Wednesday, bonds sold off across the curve with the 2032 issue down more than 2 cents at 96.25 cents on the dollar. The spread of Salvadoran debt to U.S. Treasuries dipped to 705 basis points after hitting on Tuesday a four-month high of 725 bps.
"There is no fast track for a solution on an IMF program and even uncertainty on whether the bitcoin proposal is compatible with diplomatic U.S. (or) multilateral relations," said Siobhan Morden, head of Latin America fixed income strategy at Amherst Pierpont Securities in New York.
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El Salvador this month became the first country to adopt bitcoin as legal tender, with President Nayib Bukele touting the cryptocurrency's potential as a remittance currency for Salvadorans overseas.
This month, Bukele also pulled out of an anticorruption accord with the Organization of American States, which dismayed the U.S. government, as Washington looks to stem corruption in Central America as part of its immigration policy.
"The recognition of a 'Bukele' risk premium has probably done some permanent damage to investor sentiment," Morden said on her client note.
However, the market may be focusing too much on the news headlines and not enough on the possibility of a deal with the IMF, according to Shamaila Khan, head of EM debt strategies at AllianceBernstein in New York.
"It is important for El Salvador to get the IMF program done. If it was lost on them, they wouldn't have the conversations," she said.
"Our view is too much risk is priced in at these levels."
Elliot Waves
Elliot Waves is an 80 year old chart prediction pattern by Dr. Elliot to show how the masses behave in investing. These can be seen on BTC charts. Now that we are done the BTC Elliot Waves, can we start seeing some good growth?
Sightline Payments
Resorts World Las Vegas to be First Casino to employ digital payments
Sightline Payments will be the FinTech partner for Resorts World Las Vegas to allow for the property to be the first casino where you can use digital payments for anything across the resort. Thanks to our partners at NRT Technology Corp. and Konami Gaming for their efforts to bring this solution to life through the JOINGO Resorts World Las Vegas mobile app.
- Aaron Goldstein, Gambling911.com
