The Central Bank of Hong Kong and Thailand presented a report on the research project Inthanon-LionRock on the use of state cryptocurrency (CBDC) for international payments.
The report provides an exhaustive analysis of the potential risks and benefits of the state cryptocurrency, as well as other aspects related to liquidity management and compliance with regulatory requirements. According to the document, banks launched Inthanon-LionRock in May last year, and in December, the project moved to the final stage.
The project participants were Bangkok Bank, Siam Commercial Bank, ZA Bank, as well as the Banking Corporation of Hong Kong and Shanghai, with the help of which a prototype of proof of concept (PoC) based on distributed ledger technology was implemented. The technology partner of the project was the international blockchain consortium R3.
Banks have managed to create a cross-border "corridor" through which system members can make payments in Thai Baht and Hong Kong dollars. It is expected that the platform based on the Corda blockchain from R3 will reduce costs and save time when making transactions.
Technical analysis of Bitcoin (BTC):
Over the past day, the price of bitcoin dropped to the support level of $8,290. After such a decline in prices, we expect the flat. Now, the price of bitcoin is $8,320. In the future, an upward movement is possible. The nearest resistance levels are $8,500, $8,720, $8,900, $9,000, $9,200. The nearest support levels are $8,250, $8,140, $8,000, $7,900, $7,800, $7,640, $7,500.
Technical analysis of Ethereum (ETH):
Over the past day, the price of ethereum dropped sharply to the support level of $160. Then there was a reversal. Now, the price of ethereum is $161.5. In the future, we expect an upward movement. The nearest resistance levels are $163, $166, $168, $171, $173, $175, $180. The nearest support levels are $160, $158, $155, $152, $150, $147.
Technical analysis of Ripple (XRP):
Over the past day, the price of ripple fell to the support level of $0.2240. Then there was a reversal. Now, the price of ripple is $0.2250. In the future, we expect an upward movement. The nearest resistance levels are $0.23, $0.2320, $0.2380, $0.24, $0.2450, $0.25, $0.2550. The nearest support levels are $0.2240, $0.22, $0.2170, $0.21, $0.2090.