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Regulation and monetary policy
G20 on Tax, 'Global Stablecoins' and Crypto Market Oversight + More News
"We reiterate our statement in October 2019 regarding the so-called ‘global stablecoins’ and other similar arrangements that such risks need to be evaluated and appropriately addressed before they commence operation, and support the Financial Stability Board’s efforts to develop regulatory recommendations with respect to these arrangements."
Lawyers Duke it Out Over Who Gets To Lead the Class Action Suit Against Tether
In a U.S. courthouse for the Southern District of New York, Judge Katherine Failla heard this afternoon from three plaintiff teams suing iFinex et. al. and vying to serve as lead counsel in the emerging class action with potentially tens of thousands of injured members. IFinex’s Tether (USDT) stablecoin firm and its Bitfinex subsidiary are charged with manipulating the Bitcoin market in 2017 — something the firm strenuously denies.
New Zealand Proposes to Free Crypto From Some Taxes to Promote Growth
New Zealand’s tax authority has issued new proposals on the Goods and Services tax (GST)-related policy in regard to cryptocurrencies and is seeking public feedback on the issue.
Unity in Europe — DGen's Conclusion to Fueling Blockchain Innovation
Besides China’s ongoing struggle with the coronavirus, one of the defining narratives for the world’s largest country entering the new decade was its central bank-issued digital currency. Reportedly in its final phase of testing and ready for rollout in 2020, the Chinese CBDC has sparked speculation and intrigue from governments around the world.
Malta’s Financial Watchdog Releases Industry Feedback on Security Tokens
The Malta Financial Services Authority (MFSA) has released feedback on the definition of security tokens and challenges such assets face in Maltese markets.
Presumed Guilty: Financial Watchdogs See Crypto as Illicit by Default
Recently, financial regulators around the world have been growing concerned about the role of cryptocurrency in money laundering and financing of various illicit activities. The first two months of 2020 saw many governments acting on these concerns and introducing a variety of legal measures designed to bolster their defenses against financial cybercrime allegedly facilitated by the use of digital money.
CFTC Holds A Meeting to Learn All About Stablecoins
American financial regulators have sat down with major stablecoin projects in an effort to better understand the industry.
Calibra Technical Lead Tells Why Facebook Built New Language for Libra
Digital lead for Calibra Ben Maurer gave a presentation on Facebook's Move programming language at the Stanford Blockchain Conference on Feb. 19. Move was created by Facebook to provide a safe and programmable foundation for the Libra blockchain. Maurer explained that Move will make it easier and more secure to program financial applications that run on Libra.
Analytics and opinions
Ukraine’s Central Bank: E-Hryvnia Threatens Landscape of Banking System
Despite considerable testing and research, the prospect of a central bank digital currency (CBDC) still raises significant concerns for bankers in Ukraine.
Stablecoins Have Fascinated Wall Street Investors as Stable Digital Assets
The US presidential candidate Michael Bloomberg proposed a financial reform plan. Per the plan, there will be clear-cut rules and regulations for crypto-related firms and aims for ‘’ providing a clear regulatory framework for cryptocurrencies.’’ The Trump administration is also planning to implement better laws for crypto regulation.
Sectors Realizing the Full Potential of DeFi Protocols In 2020
As the new decade unreels, a new wave of disruption seems to be coming to the shores of the global financial system. That wave is called decentralized finance protocols.
Caitlin Long Doesn’t Trust Trust Companies
Caitlin Long announced yesterday that she is launching Avanti Bank, and seeking a charter for it to become the first bank in the U.S. to offer crypto custody services.
Turkey Taking Center Stage in the World of Blockchain in 2020
Turkey is making huge strides toward becoming one of the world’s premier locations for blockchain and cryptocurrency adoption. A nation that has often been seen as a key strategic partner to the world’s biggest and most influential countries due to its positioning between east and west might yet become the central hub for this nascent industry.
Bank of England Official: Central Banks May Lose Payments Race to Tech Companies
Bank of England (BoE) chief cashier Sarah John has expressed opinions favoring state-issued digital currencies, according to a Feb. 22 article published by The Telegraph. She urged other central banks to consider developing central bank cryptocurrencies in response to recent moves from private companies’ in the digital payments sector.
JPMorgan: Blockchain is Foundation for Digital Currency
American financial holding company JPMorgan Chase & Co. has issued a new report in which the financial conglomerate admitted that the blockchain technology has become the foundation for digital currency and fast payments.
The Bank of Canada is Preparing to Launch a Digital Currency
Tim Lane, deputy governor of the Bank of Canada, said during the FinTech RDV 2020 conference held in Montreal that although the country's central bank does not plan to release its own digital currency in the near future, it does not rule out this possibility due to the possible mass adoption of digital currencies.
Japan the Next Country to Mint a Digital Currency?
With finance ministers and central bank governors have recently discussed cryptocurrency regulations at the G-20 summit, Japan is taking notice at home. Leaders at the Bank of Japan (BOJ), Ministry of Finance (MOF), and Financial Services Agency (FSA) have held a number of meetings to determine whether the country should become next in line to adopt a government-sanctioned digital currency.
New projects, partnerships, and investments
$257 Million ICO Project Filecoin Has New Launch Schedule, Gemini Custody Solution
After facing multiple delays, Filecoin (FIL) is now looking toward a mainnet launch in Q3 2020 — which will be supported by a Gemini exchange custody solution.
Filecoin will send ICO participants their FIL coins on Gemini’s custody platform after the project’s expected Q3 launch, Gemini said in a Feb. 25 announcement.
Caitlin Long Starts the First Crypto-Native Bank in the US
Caitlin Long, a former Wall Street executive who has helped Wyoming enact 13 blockchain-enabling laws, is taking advantage of the progressive Wyoming legislature to establish a first crypto-native bank in the U.S. The bank’s name is Avanti, which means “forward” in Italian.
Crypto Broker Tagomi Joins Libra Association
Cryptocurrency broker Tagomi will join in the foreseeable future the Libra Association, TechCrunch has learned.
Crypto Payments Provider Partners With Travala Bookings Platform
On Feb. 27, Hong Kong-based cryptocurrency payments provider Crypto.com announced a partnership with cryptocurrency-friendly travel booking platform Travala.com. The deal will see Crypto.com’s payment app integrated onto Travala.com website, providing a streamlined gateway for bookings to be made on the platform. Previously, customers needed to manually complete transfers using their wallet when seeking to make purchases using cryptocurrencies.