Payments News

On The Web

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Regulation

President Biden Freezes FinCEN’s Proposed Crypto Wallet Regulations

“One of the first actions President Joe Biden has taken on his first day in office is to freeze Federal regulatory process, including the controversial self-hosted crypto wallet regulations proposed by former Treasury Secretary Steven Mnuchin. The announcement came in a White House memorandum for the heads of various federal agencies, the Financial Crimes Enforcement […]
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Systems

Cryptos Won’t Work as Actual Currencies, UBS Economist Says

“The sharp selloff in Bitcoin this week is stoking fresh questions about the sustainability of the cryptocurrency boom. Prices for the digital asset have tumbled 14% this week, marking the steepest decline since March. Bitcoin was steady on Friday, holding near $31,000 and commentators have cautioned that a sustained drop below $30,000 could presage further […]
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Global

France to Shut Almost 40% of Cash-Handling Centers

“The Bank of France will shut down more than a third of its cash handling centers by the end of 2022 as the Covid-19 pandemic accelerates a decline in the use of notes and coins.    Operations will cease at 14 of the 37 centers that stock currency and replace damaged notes and coins. The […]
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Systems

Former Canadian Prime Minister Names Bitcoin As Possible Reserve Currency

“Stephen Harper, who served as prime minister of Canada for nine years, says there may be a place for Bitcoin and central bank digital currencies as part of a basket of reserve currencies to replace the dollar. In an interview with investment service Cambridge House’s Jay Martin at the Vancouver Resource Investment Conference today, Harper […]
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Deals

X1 Card Raises $12 Million for Its Credit Card With Limits Based on Your Income

“X1 Card is raising a $12 million funding round. The company is building a credit card that sets limits based on your current and future income, not your credit score. Spark Capital is leading the round with Jared Leto, Aaron Levie, Jeremy Stoppelman, Max Levchin and Ali Rowghani also participating. American Express veteran Ash Gupta […]

On The Wires

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Reports

ABA Releases Updated White Paper Regarding Cryptocurrencies and Digital Assets

“On January 19, 2021, the American Bar Association (ABA) Derivatives and Futures Law Committee’s Innovative Digital Products and Processes Subcommittee (IDPPS) Jurisdiction Working Group released an update to its comprehensive white paper addressing jurisdictional issues associated with digital products, including cryptocurrencies and other digital assets, and digital p rocesses, such as blockchain. [1] Michael L. Spafford, […]
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Industry

ACH Network Volume Climbs 8.9% in Fourth Quarter | Nacha

“Strong growth continued on the ACH Network in the final quarter of 2020, with 7 billion payments made, an increase of nearly 9% from a year earlier. Combined with data on check payments, the results show the dramatic impact of the pandemic on the use of payments by Americans, businesses and government agencies compared to […]
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Systems

Joint statement by the European Commission and the European Central Bank on their cooperation on a digital euro

“The European Commission and the European Central Bank (ECB) are pursuing their efforts towards ensuring a strong and vibrant European digital finance sector and a well-integrated payments sector to respond to new payment needs in Europe. Taking account of digitalisation, rapid changes in the payments landscape and the emergence of crypto-assets the ECB is exploring […]