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US Treasury & Fed Chairs: No Digital Dollar, BCH Leads in Australia, China $2B Blockchain Bonds

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. US Treasury & Fed Chairs say a digital dollar is not needed. Bitcoin Cash leads crypto expenditure in Australia. Ethereum Foundation to stop funding internal teams. SLP token developers set for a public meeting. Microsoft to issue blockchain token platform, and Bank of China issues $2.84 billion in bonds using blockchain tech.

US Treasury & Fed Chairs: “No Need” for Digital Dollar

US Treasury & Fed Chairs

US Treasury & Fed Chairs Steven Mnuchin and Jerome Powell denied the need for a digital version of the dollar in the immediate future during a recent hearing. Mnuchin stated, “Chair Powell and I have discussed this at length- we both agree that in the near future, in the next five years, we see no need for the Fed to issue a digital currency.” Previously, two Congressmen sent a letter to the Federal Reserve enticing the agency to issue a digital dollar to maintain the primacy of it over private alternatives such as Libra.

Bitcoin Cash Leads Crypto Spending in Australia

US Treasury & Fed Chairs

Hayden Otto, CEO of BitcoinBCH, posted the latest report of cryptocurrency expenditure at retail businesses in Australia for November of 2019. The report states Bitcoin Cash is the most used cryptocurrency in the country, with more than 90% of crypto-related purchases made. The Bitcoin Cash economy is growing at a rapid pace, and the amount of money spent with the currency experienced an enormous rise of 267% month-to-month.

Ethereum Foundation to Stop Funding Internal Teams

Nina Breznik, a developer who worked with the Ethereum Foundation for years, declared the group will stop funding all of their internal teams next year. Breznik explained, “Sadly they decided to stop funding the youngest projects first. So from December 1 our funding has stopped and other projects’ funding will also have their funding cut in the following year.” The Ethereum foundation has not issued any such formal statement confirming.

First Official SLP Dev Meeting

The first Simple Ledger Protocol meeting for developers will happen this week. Anyone can attend and formulate questions for developers about the future and function of the SLP protocol. Tokens have started to grow in use and popularity with different tokens being issued on top of the Bitcoin Cash network.

Microsoft Issues Framework to Create Blockchain Tokens

US Treasury & Fed Chairs

Microsoft Azure, a cloud-based service, is issuing a new blockchain framework that will facilitate clients in the use of tokens for different purposes. Azure Blockchain Tokens, the framework available for preview, will include all sorts of services to make customers able to issue and control regulated and compliant tokens. Microsoft is already working with customers who benefit from these tools, showing there is a real market for blockchain-based token solutions an enterprise level.

Bank of China Emits $2.84 in Bonds Using Blockchain Platform

Bank of China issued $2.84 million in bonds for small business loans, using a blockchain platform. The bonds were issued with an “independently developed” blockchain platform created just for this purpose. China, one of the most advanced countries in blockchain tech, already has a Digital Central Bank currency in the works, almost ready to be released. This development was pushed even further with statements made by President Xi Jinping, endorsing blockchain as an important tech.

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