Fintech academic and chartered accountant Gavin Brown examines the advancements of the volatile crypto market and outlines what may lie in wait for accountants managing such decentralised currencies.
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Pontem Network, a decentralized application that seeks to connect Facebook’s Diem to public blockchains like Ethereum (ETH), has raised $4.5 million in seed investments, setting the stage for continued development of the ambitious digital currency project.
The Pontem Network is described as a Polkadot Substrate-based chain, which means it can serve as a testnet for Facebook’s Diem blockchain. By utilizing a Polkadot parachain, Pontem can introduce developers to Diem’s potential, allowing them to validate their ideas before submitting to the Diem Association.
Pontem co-founder Stas Oskin said his platform’s vision is to “allow developers to build for Diem and at the same time enjoy the liquidity, data, and user base of Polkadot.”
Central banks in Europe, US, China, India and more have been working on Central Bank Digital Currencies (CBDCs). Facebook’s Diem moved to the US recently,
One of the priorities of the G20 this year is digitalization. At their meetings in February and April, the G20 finance ministers and central bank governors discussed global stablecoins, central bank digital currencies and cross-border payment issues.