Bitcoin Daily: Thailand Central Bank To Adopt Ripple Rival

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Bitcoin got a jump, spiking more than $400 to about a two-week high and nearing $7,000. The reasons for the boost were not all that clear on Wednesday (Aug. 22), with a following dip from those levels. However, even at around $6670, it is down more than 65 percent from the peak.

Much of the crypto news came in from Asia. In Thailand, headlines showed that the country’s central bank will issue its own digital currency. The currency to be released by the Bank of Thailand, according to The Next Web, is based off an open source blockchain that the site said is “eerily reminiscent of Ripple,” the banking ledger from Ripple Labs. The goal of the Central Bank Digital Currency is to help speed payments between banks. The currency is built on the distributed ledger technology (DLT) platform Corda, which is developed by R3, a blockchain firm in New York. More here.