STASIS Stablecoin Digest 28.06.2020
Main page Digest, Blockchain, Startups, Crypto Market, Stablecoins

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Regulation and monetary policy

UK Financial Watchdog Reminds Crypto Businesses to Register Ahead of Deadline

The UK’s Financial Conduct Authority is urging all crypto businesses operating in the country to submit their applications by June 30 to make it for the 2021 deadline.

CBDCs Don’t Fix Broken Monetary Policy, Say Execs at Stablecoin Saga

CBDCs promise to speed up existing systems but are unlikely to change the direction central banks have already been taking.

One Step Forward and One Step Back: Why Is Russia’s Crypto Regulation Treading Water?

Some Russian regulators propose a blanket ban on digital asset trading, but the country is too far along the path of crypto adoption.

Japanese Financial Watchdog Frowns on Gambling Dapps

New research from Xangle suggests Japan’s Financial Services Agency is more likely to approve crypto projects not involved in casino Dapps.

Italian Banking Association Ready to Accept Digital Euro

The Italian Banking Association announced it would be ready to start work on a European central bank digital currency.

China’s CBDC Adoption Plan Puts Domestic Monetary Control at Forefront

China’s planned CBDC rollout is expected to see the digital yuan dovetailing with the country’s electronic payment systems.

China Completes Development Digital Yuan's Backend

People’s Bank of China’s (PBoC) National Council for So­cial Se­cu­rity Fund former Vice-chair, Wang Zhong­min, said that China has successfully completed development of national central bank digital currency (CBDC) backend.

Korean Economist Says It Is 'Premature' to Impose Crypto Taxes

Yonsei University economist Sung Tae-yoon believes it is too early to impose taxation on cryptocurrencies for South Korea as the crypto market "has not developed enough in a stable manner."

Supreme Court Limits SEC's Power to Seek Punitive Fines on Crypto Firms

The US Supreme Court made a ruling on June 23 which will limit the amount of fines the SEC can impose on crypto and blockchain firms.

Central Bank of Brazil Suspends WhatsApp Payments

The Central Bank of Brazil has ordered Mastercard and Visa to stop processing WhatsApp payment transactions.

Bank for International Settlements Calls CBDCs a Potential ‘Sea Change’

The leading global central bank institution has published new research on central bank digital currencies, noting a major shift in their direction thanks to Libra as well as COVID-19.

Some Venezuelans May Be Able to Pay for New Passports Using Bitcoin

Venezuela’s government reportedly accepts Bitcoin as a payment method for some passport applications.

Sweden's Central Bank Releases 98-Page 'Economic Review' Devoted to CBDC

Sweden's central bank just released a massive report on central bank digital currencies.

Regional CBDCs Can Fuel International Trade, but USD Seems Unbeatable

As Libra and COVID-19 give a push to CBDCs, some projects are looking to dethrone the main international currency.

The EU is Developing a New Crypto Regulation

The EU is creating a new regulatory framework for the cryptocurrency industry, said Valdis Dombrovskis, Vice President of the European Commission.


Algorand Blockchain Adds Support for USDC Stablecoin

A not-for-profit organization Algorand Foundation has announced it entered into a collaboration with Circle, a crypto-focused fintech firm, to bring fiat-backed stablecoin USD Coin (USDC) to Algorand blockchain.

Analytics and opinions

3 Reasons Why DeFi Tokens Are Outperforming Bitcoin Price

DeFi-based tokens are posting double digits gains and outperforming Bitcoin but can the rally continue?

Let's Not Make a New ICO Bubble Out of DeFi, Says Waves Founder

Waves Association founder Sasha Ivanov warns that decentralized finance's surge might have negative consequences.

COVID-19 Crisis to Boost CBDC Development Worldwide: Report

The Bank for International Settlements expects the COVID-19 crisis’ impact on retail payments to have a positive effect on central bank digital currency development.

The Future Is Stablecoins, Say Panelists for Chamber of Digital Commerce

As banks look to tokenize currency and USDT volume rises, experts see a bright future for stablecoins.

Stablecoins like USDT, USDC, BUSD and PAXOS Become Traders’ Safe Haven as Bitcoin plunges

Stablecoins’ value is beginning to emerge and getting established in the mind of many new traders as BTC plunges and many analysts predict a bottom of $5000 to $6000 before the next bull run to $10200 begins.

Libra-like stablecoins could improve consumer welfare in certain cases, Fed researchers find

“Basket-backed” stablecoins could improve consumer welfare in certain economic scenarios, according to a recent research paper from the US Federal Reserve.

New projects, partnerships, and investments

$10M Investment From Tether Won’t Change Celsius’ Mission of Sharing

Alex Mashinksy says that new equity investors, including Tether, will have no say in Celsius’ mission of sharing 80% of profit with its users.

OMG Network's Parent Company SYNQA Raised $80 Million in Series C

According to Thailand-based company SYNQA, the firm will use the $80M investment to ‘deepen its footprint’ in cashless societies in Asia.

Big Four Auditing Firm KPMG Launches a Crypto Management Suite

KPMG’s new tools should help crypto services firms in complying with regulations.

AMD and ConsenSys Establish New Venture for Ethereum Infrastructure

A joint venture W3BCLOUD between Advanced Micro Devices (AMD) and a blockchain-focused firm ConsenSys has announced it has completed its initial close of $20.5 million in convertible notes from AMD, ConsenSys and several family offices in the United Arab Emirates.

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