STASIS Stablecoin Digest 18.10.2020
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18 October
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Regulation and monetary policy

G20 countries establish global stablecoin rules

Global financial regulators and some of the world’s largest economies have published guidelines on the regulation and oversight of central bank digital currencies. In their report, they recognized the rapid growth and adoption of digital currencies and urged regulators globally to put in place concrete regulations before launching CBDCs.

Better regulation needed to stop crypto tax evaders from running wild

US regulators are starting to track crypto more seriously, and that’s a good sign for all crypto holders.

Japan must amend central bank laws to issue digital yen, says official

Japan is getting more serious about the digital yen.

Global watchdogs agree rules for stablecoins like Facebook's Libra

Central banks set out to regulate cross-border stablecoins like Facebook’s planned Libra with a common approach on Tuesday, saying more rules may later be needed to ensure stability.

CFTC chairman admits regulation must keep up with innovation

The US government is behind on innovation, says official.

G7 Oppose Facebook's Libra Launch Until Proper Regulation

G7 financial regulators will announce on Tuesday their disagreement with the launch of Facebook’s Libra until the project is properly regulated.

Bank of Russia Publishes Consultation Paper on the Digital Ruble

The Bank of Russia, the country's central bank, has reported the government plans to issue its own central bank digital currency.

Spain's new bill proposal complicates crypto for citizens

Spain’s new anti-tax fraud bill includes crypto implications.

FSB releases recommendations to regulate 'global stablecoins' such as Libra

The Financial Stability Board has warned that global stablecoins could pose systemic risks to the monetary systems of nation-states.

Reserve Bank of Australia still researching the CBDC it says it doesn’t need

The Reserve Bank of Australia is continuing to explore how to design and operate a CBDC.

Five Russian banks express interest in piloting digital ruble

The first pilots of Russia’s digital currency are expected to launch in H1 2021.

Competitors

Stellar Adds Support for USDC Stablecoin

An open-source decentralized protocol Stellar has announced it will add support for the USD Coin (USDC) stablecoin.

Analytics and opinions

Crypto banks are going to swallow fiat banks in 3 years — or even less

In three years, a younger generation of banking customers won’t do business with a traditional fiat bank unless it offers access to crypto.

Wolf of Wall Street on steroids: DeFi may be a bubble, but it’s making us stronger

We’re in the middle of the greatest wealth transfer in human history, with DeFi finally solving the problem of financial inclusion.

DeFi market fall showcases how rising TVL doesn’t tell the full story

Could the DeFi market be a bubble as both market capitalization and indices crash?

Blockchain can add $1.76 trillion to global GDP by 2030: PwC

A PwC report estimates that blockchain technology will make up 1.4% of the global economy.

Blockchain firm Monerium thinks Europe 'already has' a digital euro

The ECB should grant e-money issuers access to central bank reserves, says Monerium.

‘No single digital currency will dominate the world’ Bank of Japan now says

Japan's policymakers appear disconcerted by the advancement in China's CBDC initiative

Stablecoins race ahead: Fiat-backed crypto booming amid uncertainty

Stablecoins are taking over the crypto space with increased utility and circulation. What is prompting this growth, and is it a threat to the market?

New projects, partnerships, and investments

Gemini exchange partners with licensed crypto payments processor in UK

Gemini crypto exchange is streamlining fiat currency wire transfers for British clients.

Algorand’s new accelerator program in Europe to invest up to $500K

Algorand taps Europe as the second region for its blockchain accelerator program after Asia.

Former PwC partner to launch New Zealand ‘Power Dollar’ stablecoin

Power Finance, led by a former PwC partner, plans to launch a New Zealand digital dollar stablecoin early the next year.

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