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Fidelity Investments to Launch Bitcoin Fund

Photo by Morning Brew on Unsplash

August 31, 2020

  1. Fidelity Investments to Launch Bitcoin Fund
  2. Brazil to Launch Central Bank Digital Currency?
  3. Starbucks Brought its Beans to Blockchain
  4. China to use Digital Yuan at 2022 Winter Olympic Games?

Fidelity Investments to Launch Bitcoin Fund

Photo by Clifford Photography on Unsplash

Fidelity Investments recognises the growing popularity and recognition of the Bitcoin and has filed for a new bitcoin fund as published by the U.S. Securities and Exchange Commission (SEC). 

Prior to the filing of the new bitcoin fund, Fidelity has conducted an institutional interest and adoption of cryptocurrencies survey and have found that almost 80% of institutional investors gravitating towards digital assets. 

The issuer is reported to be Wise Origin Bitcoin Index Fund I, incorporated in Delaware in 2020. The minimum investment amount for the new bitcoin fund by Fidelity is accepted at $100,000 and the Fidelity group will be receiving commission. The cryptocurrency subsidiary of Fidelity Investments, Fidelity Digital Assets, will bear custody of the bitcoin fund, of which will be passively managed. As stated by the Fidelity group,

“Fidelity has made a long-term commitment to the future of blockchain technology and to making digitally-native assets, such as bitcoin, more accessible to investors,”.

Source | Bitcoin.com 

Brazil to Launch Central Bank Digital Currency?

Photo by sergio souza on Unsplash

Brazil is following the footsteps of China in issuing its own Central Bank Digital Currency (CBDC)  It has been reported that the central bank of Brazil is setting up the foundation to launch its own CBDC. 

An official from the Information Technology Department of the Brazilian central bank, Rafael Sarres de Almeida, states,

“The subject of digital currencies addressed by central banks has been on the research agenda of many central banks for some time. However, this year, there was a greater focus on a more practical approach.”

An intergovernmental group of 12 dedicants has been formed to study how its own CBCD could blend into the national payments ecosystem and study the impact it could have on a societal outlook and the economy by assessing how much money could be saved with its own CBDC.

Source | Bitcoin.com 

Starbucks Brought its Beans to Blockchain

Photo by Engin Akyurt

Starbucks has acknowleged consumers’ concern on the ethicality of its product source and has partnered with Microsoft to launch a blockchain application to address such consumer concerns.

Although information thus far is limited, it is understood that with the app, consumers will be able to track the origins of the Starbucks coffee that they purchase by scanning unique codes. 

Blockchain technology once again is proving its capability. It is commendable that Starbucks, as the world’s largest coffeechain, is addressing consumer concerns and has taken steps to improve its brand by adopting blockchain. By partnering with Microsoft, one of the leading providers of blockchain-as-a-service platforms, consumer trust in the coffee brand is expected to rise. 

Source | Cointelegraph  

China to use Digital Yuan at 2022 Winter Olympic Games?

Photo by Vytautas Dranginis on Unsplash

China’s central bank, the People’s Bank of China (PBoC), is planning to put its Central Bank Digital Currency (CBDC) to use at the 2022 Winter Olympic Games in Beijing. 

Currently, China’s central bank is ramping up the launch of its CBDC and is planning to roll out pilot tests at the country’s major regions, including Beijing, Tianjin, Hebei and Hong Kong’s Greater Bay Area. PBoC has also reported that at present its CBDC is only tested for small retail transactions. Although there is no definite timeline for the country’s digital yuan rollout, PBoC is likely to launch its CBDC before the 2022 Winter Olympic Games. 

Despite the uncertainty on full CBDC rollout plans, with various reports on the Digital Yuan coming to fruition, the country has demonstrated its rapid progress towards the Digital Yuan. 

Source | Cointelegraph

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