Author: Alan Lorenz

After eight months of experimentation, SWIFT presents its plans for its digital coin network. The intention is to require more efficient and fewer connections between banks in the future. SWIFT is the messaging system between banks for, among other things, money transfers between players. For the past eight months, it has been experimenting with different technologies and currencies with the central banks of France and Germany and some major financial players. Naturally, this concerns CBDCs, central bank digital currency. According to Reuters, that first test will continue with more advanced testing in the coming year. The setup is partly similar to how cryptocurrencies work, with different parties connecting to a central hub. Today this happens among financial institutions with ...

Bitcoin is sometimes called the new digital gold, but digital oil would be a better term to describe its environmental impact, according to a study in Scientific Reports. According to that research, Bitcoin's ecological footprint has increased significantly since 2016. Unfortunately, the coin sometimes creates more damage than it is worth. Bitcoin's climate damage averaged 35 percent of its market value between 2016 and 2021. That is a lot more than that of gold (4 percent). On the other hand, it is closer to that of gasoline from oil (41 percent), electricity from natural gas (46 percent) or beef (33 percent). The damage to the environment and climate is so great that it sometimes exceeds the currency's value. "We find several cases between 2016-2021 where Bitcoin is more dam...