Blockchain Bites: Will Crypto See Any of the CBDC Action? – CoinDesk – CoinDesk

Top Shelf

The world is growing more comfortable with the idea of digital assets, with several nations stepping forward today to discuss the designs of central bank digital currency (CBDC) programs.

Speaking at Consensus: Distributed's Future of Fiat Workshop, central bank executives sent smoke signals regarding CBDC pilot programs. Harvesh Seegolam, of the Bank of Mauritius, theworlds youngest central bank governor,said theisland nation is looking to issuea retail digital asset distributed through the established banking system.

You're readingBlockchain Bites: Consensus Editiona twice daily roundup of all the notable news out of Consensus: Distributed. You can sign up for this, and all of CoinDesk'snewsletters here.

This could be a lobbying moment for tech firms and the crypto industry to get in on the action. But Simon Scorer, Bank of Englands Senior Fintech Specialist, saidthe bank will not be limited by the current crop of technological options."We're clear that any choice of technology around a CBDC should be led by a set of requirements and not the other way around," he said. That is, if they move forward on a digital pound.

Privacy advocates raised the alarm over the growing sentiment in favor of CBDCs. According to a recent poll from the Bank for International Settlements, a club for central banks,80% of surveyed countriesare in some stage of CBDC research or development. Whatever form these pilots take will walk the balance between privacy and greater visibility into the financial system.

Sheila Warren, head of blockchain at the World Economic Forum, said CBDCs will deliver on promises of more granular financial tracking mechanisms that authorities have made no secret about wanting. But this also opens the door for privacy coins to come into fruition.

As Elena Sofia Giralt said in None of Your Business: Why Our New Virtual Lives Need Crypto Privacy, privacy isnot just a blanket releasebut something you should have a choice over.

The CoinDesk 50

Besu, the Marriage of Ethereum and HyperledgerThere have been dalliances between Hyperledger and Ethereum over the years. The latest lovechild, Besu, was designed from the ground up to let large enterprises connect to the public Ethereum blockchain. There are benefits on both sides. On the public, or permissionless, side of things, Ethereum has the largest developer community in crypto, building tools corporations may not even know they need yet. On the other, Hyperledgers permissioned blockchain is where many of the corporations looking at this tech feel most comfortable. Ethereums true believers have always viewed big business using the public mainnet as a signifier for their world computer status. With Besu, that claim may become a reality. Read thefull story here.

We'll announce another five organizations tomorrow. You can see thefull list here.

CoinDesk COVID Response

#NYBWGivesCoinDesk has joined Gitcoin, The Giving Block and Ethereal Summit to support charities helping communities in difficult times. We're raising $100,000 and giving you a voice through the quadratic funding model.Learn how it worksand how to donate.

In addition,New York-based abstract artist Mr. Star Citycreated an original piece of artwork, shown above, as a part of Consensus: Distributed. The art, inspired by love, unity and technology, will be up for auction this week. Follow@coindeskon Twitter to find out how to bid the proceeds will go to the same cause.

Media Diet

JPMorgan Bank Takes on Coinbase, Gemini as Its First Crypto Exchange CustomersThe move byJPMorgan is notable in a nation where banking services are hard to come byfor any firms dealing with cryptocurrencies, which are viewed as a high risk by the banking industry. Accounts for the two crypto firms were approved last month, the sources said, and are now in use.

US Banking Regulator Suggests Federal Licensing Framework for Crypto FirmsBrian Brooks, chief operating officer of the U.S. Office of the Comptroller of the Currency, the nation's national bank overseer, said he believescrypto companies could fall under a federal licensing regime if they provide what can be described as payment services. If this is true, it could help ease the hodgepodge of state laws that prohibit some companies from operating in certain jurisdictions.

IBM Blockchain to Offer Decentralized Smart Contract OptionThe blue-chip IT firm said the IBM Blockchain Platform wouldupgrade its system to provide a new decentralized governance optionand smart contract functionality, by porting over changes made in its base layer Hyperledger Fabric 2.0.

UAE Bank Opens Bangladesh Remittance Corridor Using Ripples Blockchain TechUnited Arab Emirates-based retail and business bank, RAKBank, isexpanding its remittance routes to Bangladeshusing Ripple's blockchain technology.

Binance Invests in Regulated Indonesian Crypto ExchangeBinance is making a bet on the potential of the Indonesian crypto market,making an undisclosed investment into the Jakarta-based and regulated exchange, Tokocrypto.There is no independent data showing just how big the local crypto market is, but sources speaking to Reuters in February put it at possibly the same size as the country's stock market, despite rigid regulations.

The Best Backgrounds at Consensus: Distributed

Harry "Hasta Siempre" Halpin

How to Use Brella

To access all of the deeper cuts available through Consensus: Distributed,you'll need to login through Brella, our virtual conferencing platform.You can create an account through Gmail, LinkedIn, Facebook or set one up manually onBrella. Your profile will be the way you match and network with others. As soon as you're set up, youll be directed to a dashboard showing other registrants.

Brella is easy to use and has a number of features to help you through this virtual experience. There are multiple tracks of simultaneous programming happening inside Brella. Youll also be able to browse the entire agenda, bookmark sessions and build your own schedule.

Brella is a great networking tool as well, be sure to check out some of the social features available in-page, and reach out to the people and organizations that pique your interest.

Audio Lounge

Tradable MetricsChainalysis Chief Economist Philip Gradwell and PwCs Henri Arslanian sit down to discuss the tradable metrics made public on blockchains.Tune in here.

Consensus Magazine

Today: Crypto Under Corona: From Switzerland to LiberlandHow are the united nations of crypto holding up during COVID-19?Jeff Wilser checks in with seven subculturesand finds good prepping standards.

Tomorrow: Generation Crypto.Freelance journalist Jess Klein writes about an emerging psychographic of people who see the world through the lens of decentralization. Unset by the traditional bounds of age, country or class, Generation C is bound together by a willingness to question mainstream narratives and an unceasing desire to topple authorities. Check it out tomorrow.

CoinDesk Confessionals

This quixotic questionnaire is designed to reveal the respondents cryptic crypto thoughts, feelings, and insights about our industry to better understand what makes our internal hashrates spin. Loosely based on the Proust Questionnaire popular during thefin de siecle, were hoping their honest answers will reveal insights about our own age of transition.

In our first round ofCoinDesk Confessionals, Kathleen Breitman, Tezos co-founder, responded to our prompts with the first thought that came to mind, over email.

Crypto Questions

Your favorite blockchain protocol?Tezos, of course!Your #1 favorite crypto hero?My co-founder, Arthur.Your favorite quality in an entrepreneur?Curiosity. Your biggest fear?Being unlucky, timing.What would you value bitcoin at today?Markets are efficientOne word on how you got into crypto?CamaraderieWho is your crypto hero?Arthur BreitmanWhat should crypto disrupt next?Gaming, of course!Public or private?Is private still a thing?Permissioned or permissionless?As an anarchist, I can only check permissionless.Your best example of sovereignty?Queen Rania of Jordan seems delightful.Your net worth?A lot less than the Internet would have you believe.What defines Satoshi?The intelligence to remain anonymous.Your favorite economist?Ronald Coase!Which living person do you most despise?Kim Jung-unWhen and where were you when you first heard about BTC?I don't remember but it was probably in 2011.Do you mine? Would you mine mine?No.Your favorite non-crypto book?Right now? Harmonium, Wallace Stevens.Your most visited webpage?Twitch.tv

What inspires you?Love.What is your main fault?That's a competitive category, but let's go with pride.Your main hero characteristic?Bravery.What is your current state of mind?WeltschmerzWhat or who do love the most?My family.When and where were you happiest?Falling in love with my husband.What gets you out of bed?Ideally? The smell of coffee.What is your motto?It's not a motto in the strict sense, but I often think that "the mind is its own place and in itself, can make a Heaven of Hell, a Hell of Heaven."What would you like to be?Luckier.Where would you like to live?Anywhere with Arthur suits me fine.Your favorite television show or movie?Arrested Development seasons 1-3 shaped my sense of humor during my formative years.Your most vivid memory?Big hugs.Your greatest achievement?Being a good partner.What do you rely on?My network, my judgement of people.What would you change about yourself?Sleep schedule.Where will you be in 10 years?That's 70 years in crypto, no? Hard to say. Your favorite fiction character?Sherlock Holmes.How do you spend your free time?Reading, bad TV.What do you want your legacy to be?Bringing other people up with me.How would you like to die?In a blaze of glory.

Who Won #CryptoTwitter?

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.