Central Banks are Now Buying Crypto

The past few months, many central banks around the world have been stepping up their crypto game. From the Bank of England’s (BoE) digital pound project to China’s CBDC and even Canada’s CBDC trial – it seems like many countries are rushing to create their own digital currency. While some of these digital currencies are on blockchain and others are not, they all have one thing in common: they’re backed by their central banks.

But what if you could buy into the future of finance? Imagine a world where you can invest in digital assets like a hedge fund manager or an investment banker while still having time to spend with your family and friends. That’s exactly what NEO is offering with their new platform called “NEO Smart Contract Exchange.” NEO has partnered with Celsius Network (CEL) to provide users access to tokens from over 200+ top-performing cryptocurrency projects including Neo itself.

In this blog post we’ll cover why NEO’s Smart Contract Exchange is so exciting for investors who want exposure to the future of finance but don’t want to spend all day trading cryptocurrencies on an exchange like Binance or FTX.

What is NEO’s Smart Contract Exchange?

Central banks are now buying crypto. The trend began in 2019, when the People’s Bank of China – the world’s largest central bank by assets – announced it was developing its own digital currency. Other countries followed suit, including France, Sweden, and Thailand.

The Bank for International Settlements estimates that nearly 80 central banks are now researching digitizing their own fiat currencies. “In a world where even the most sophisticated institutions have trouble understanding what is happening in markets,” states Marc Andreessen, “I think we need to be very careful about what we label as fake news.”

Central banks are well-positioned to launch their own cryptocurrencies, as they already have an established infrastructure in place to support the new technology. This is a major contrast with other companies who are working on their own digital currency projects.

Central banks around the world are now starting to buy cryptocurrency. This is a huge step for the industry and it will only continue to grow.

I am sure most of our readers have followed the recent news that China, as well as other central banks, are now buying cryptocurrency like Bitcoin and Ethereum. This is a big step forward in mainstream adoption and shows how much trust these institutions have in this technology.

The reason why we are seeing such big players getting involved with this technology is because they see the potential benefits of blockchain technology. For example, being able to transfer funds across borders without using third parties like Western Union or SWIFT. These third parties are not only slow but also expensive, since they charge quite a lot of fees (especially when you need to transfer large amounts).

So, this could be a huge benefit for them as they can send billions of dollars around the world at any time and at a very low cost. Also, by doing so they would be able to avoid inflation from happening in their own countries because they can print more money whenever they want (which usually devaluates the currency).

This year has been an interesting one for central banks, to say the least. The ECB has been on a bond buying spree, the FED has been hiking rates and the BOJ is still maintaining its negative interest rate policy. A new trend in central banking is emerging, however, as some of these institutions are now considering investing in cryptocurrency.

The World’s First Central Bank Cryptocurrency

Ever since bitcoin was created in 2009, central banks have been sceptical of its use as either a means of exchange or a store of value. The lack of regulation and the decentralized nature of cryptocurrencies has left many an establishment figure with a bitter taste.

However, it seems that central banks are now beginning to change their minds about crypto assets. There are three reasons for this:

1) Central banks do not want to miss out on the innovation behind cryptocurrencies

2) Central banks want to improve their monetary policies and control

3) Central banks want their own digital currencies (CBDC)

This article will explore these three reasons in greater detail and explain why cryptocurrency is no longer being ignored by world governments.

The Bank of England is expected to launch a digital currency within the next decade, according to a former policy maker at the central bank.

In an interview with The Times, Charles Goodhart, who was one of the members of the Bank’s Monetary Policy Committee until 2002 and is now a professor at the London School of Economics, said that central banks were gradually warming up to cryptocurrencies such as Bitcoin.

Goodhart predicted that by 2030 most major central banks will have some form of cryptocurrency. He added that their introduction would make it easier for individuals to carry out small transactions without using physical cash.

Central bankers are “gradually warming up to the idea” because they see that there are many benefits with virtual currencies, Goodhart said. He noted:

“One of these benefits is that you could use it for tiny transactions where cash becomes quite expensive.”

Neo cryptocurrency is a decentralized and open-source crypto platform launched in February 2014, which supports its own cryptocurrency.

Neo is similar to Ethereum as it also provides a platform for smart contracts and Dapps, but it uses a different programming language for this purpose. The NEO network uses the Delegated Byzantine Fault Tolerance (DBFT) algorithm, which ensures the finality of transactions and helps prevent low-latency attacks on the blockchain.

The NEO project was originally called AntShares and was started by Da Hongfei in 2014 with the aim to build a smart economy using blockchain technology. The project rebranded to Neo in June 2017.

Neo has been growing steadily since 2016, but its price skyrocketed in Q1 2018 when it reached an all-time high of $195 USD on April 15th. Currently, it’s trading at about $70 USD and has a market capitalization of around $4 billion USD.