Bank Of England Launches Digital Pound Project – February 7

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$22,985

Bitcoin price remains somewhat stagnant around $23,000 as the market awaits Bitcoin’s next big move.

Top-20 altcoins are also still trading somewhat flat, as Ether and BNB remain almost unchanged. XRP has fallen 1%, while Shiba Inu is the largest mover with a 3% drop.

Top Stories for February 7, 2022 🔥

👉 Bank Of England Launches Digital Pound Project

The Bank of England has launched its digital pound project, which would create a new form of digital money for everyday use by households and businesses.

The potential currency would be held in digital wallets accessible via smartphones or cards, but wallets would be anonymized on the central bank’s ledger. A final decision on the project’s implementation is expected in the next two to three years, if there is political and public demand.

The Bank of England has proposed a limit on the amount any individual could hold at £20,000 and a four-month public consultation period has been launched.

👉 Binance To Suspend USD Bank Transfers Tomorrow

Crypto exchange Binance is temporarily suspending U.S. dollar bank transfers starting on Wednesday, the company confirmed to CoinDesk on Monday.

According to a Binance spokesperson, only 0.01% of monthly active users use USD bank transfers on the global platform, while Binance US users will remain unaffected by the change.

All other methods of buying and selling crypto remain unaffected, including bank transfer using other fiat currencies supported by Binance (including euros), credit card, debit card, Google Pay and Apple Pay and the Binance P2P marketplace.

👉 Genesis Creditors Expect Recovery Of 80% Of Assets Under Proposed Plan

Genesis Global has agreed with Digital Currency Group (DCG) and creditors on a restructuring plan, which will result in the sale of its crypto trading and market-making arm.

Genesis creditors are expected to receive at least 80% of their funds back, with a path to full recovery. The restructuring is part of Genesis’ Chapter 11 bankruptcy proceedings caused by a liquidity crisis triggered by the bankruptcy of crypto exchange FTX.