On The Web

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Systems

Mnuchin, Powell See No Need for Fed to Issue Digital Currency – BNN Bloomberg

December 11 2019

• in
• Central bank digital currencies (CBDC)

““Chair Powell and I have discussed this — we both agree that in the near future, in the next five years, we see no need for the Fed to issue a digital currency,” Mnuchin said Thursday at a House Financial Services Committee hearing in Washington. Some other central banks, including the People’s Bank of China, […]

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Global

China’s Central Bank Likely to Pilot Digital Currency in Cities of Shenzhen and Suzhou: Report – CoinDesk

December 9 2019

• in
• Central bank digital currencies (CBDC)
• China

“The tests are likely to include the participation of state-owned partners. These comprise the “Big Four” commercial banks – the Industrial and Commercial Bank of China, Bank of China, China Construction Bank and the Agricultural Bank of China – and three telcos, China Telecom, China Mobile and China Unicom. The pilots will see the digital […]

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Regulation

No Libra-style Digital Currencies Without Rules, Say EU Finance Ministers

December 9 2019

• in
• Cryptocurrencies

“In a joint statement , the European Council and Commission write that “no global ‘stablecoin’ arrangement should begin operation in the European Union until the legal, regulatory and oversight challenges and risks have been adequately identified and addressed.””

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Systems

Riksbank Develops an E-krona in a Test Environment

December 17 2019

• in
• Central bank digital currencies (CBDC)

“The Riksbank has implemented a public procurement of a technology supplier to the e-krona pilot project and intends to sign an agreement with consulting company Accenture. The primary objective of the e-krona pilot project is to broaden the bank’s understanding of the technological possibilities for the e-krona.”

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Reports

Discussion paper Designing a prudential treatment for cryptoassets

December 12 2019

• in
• Cryptocurrencies

“As previously indicated, the Committee is of the view that the growth of crypto-assets and related services has the potential to raise financial stability concerns and increase risks faced by banks. Cryptoassets are an immature asset class given the lack of standardisation and constant evolution. Certain cryptoassets have exhibited a high degree of volatility, and […]

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Systems

EBA CLEARING Delivers Specifications for a Pan-European Request to Pay Infrastructure Solution

December 17 2019

• in
• Faster payments

“The specifications have been created with the support of 27 financial institutions from 11 countries and will be made available to payment service providers and their suppliers for their joining preparations.The development work for EBA CLEARING’s R2P solution is on track for a scheduled go-live in November 2020.”

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Providers

Retailers Don’t Like Paying the Fees for Your Apple Card

December 12 2019

• in
• Cards
• Issuers

“That’s because the card, marketed by Apple and backed by Goldman Sachs Group Inc. , is designated “elite,” which allows it to levy significantly higher interchange fees on each swipe or tap. Those fees aren’t paid by the consumer but by the merchant as part of the cost of accepting credit cards. A grocer can […]

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Systems

A Blockchain Firm Advised by Nobel Laureate Myron Scholes Just Launched a Rival to Facebook’s Libra

December 13 2019

• in
• Cryptocurrencies

“With an advisory board that includes top economists like Nobel Prize-winner Myron Scholes, U.K.-based firm Saga hopes to introduce a global currency that regulators find agreeable.   The company on Tuesday launched its saga (SGA) token, a virtual currency tied to a basket of currencies in order to maintain a stable value. That’s not too […]

On The Wires

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Systems

British Virgin Islands Announces BVI~LIFE™ Digital Currency

December 3 2019

• in
• Cryptocurrencies

“Since 1959, BVI has relied on the United States Dollar as its national currency for business and consumption. In partnership with LIFElabs.io, the government is looking to implement a central digital currency powered by LIFEtoken pegged 1:1 against the United States Dollar for use within the territory. It is expected that this transition will reduce […]

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Systems

BitPay Launches Worldwide Stablecoin Payments

December 10 2019

• in
• Cryptocurrencies

“BitPay , the world’s largest provider of blockchain payment services, today announced the rollout of stablecoin payments for merchants and consumers around the globe. The company supports payment acceptance and settlement in any of three popular volatility-free stablecoins, Circle’s USD Coin (USDC), the Gemini Dollar (GUSD) and Paxos Standard Token (PAX).”