On The Web

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Systems

Yellen Urges Quick U.S. Adoption of Stablecoin Rules

July 21 2021

• in
• Stablecoin

“Treasury Secretary Janet Yellen told regulators Monday that the U.S. government must move quickly to establish a regulatory framework for stablecoins, a rapidly growing class of digital currencies. A group of U.S. regulators plans to issue recommendations in the coming months for fixing any regulatory gaps around stablecoins, the Treasury Department said in a statement.”

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Systems

Nearly $90 Billion Wiped Off Crypto Market As Bitcoin Drops Below $30,000

July 20 2021

• in
• Bitcoin

“Bitcoin fell below $30,000 for the first time since Jun. 22 dragging other digital coins lower. About $89 billion was wiped off the entire cryptocurrency market in 24 hours as of 6:29 a.m. ET on Tuesday, according to CoinMarketCap data.”

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Regulation

EU to Tighten Rules on Cryptoasset Transfers

July 20 2021

• in
• Cryptocurrencies

“Companies that transfer bitcoin or other cryptoassets must collect details of senders and recipients to help authorities crack down on dirty money, EU policymakers proposed on Tuesday in the latest efforts to tighten regulation of the sector. The law proposed by the European Commission, the EU executive, would apply what is known as the travel […]

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Systems

New Jersey Attorney General Issues Cease And Desist Order Against Multi-Billion Dollar Bitcoin Financial Services Platform

July 20 2021

• in
• Bitcoin

“According to a draft press release from the New Jersey Office of the Attorney General, the Bureau of Securities is planning to issue a Summary Cease and Desist Order to New Jersey-based multi-billion dollar bitcoin financial services platform BlockFi to stop offering interest-bearing accounts.  If signed, this action could be the first of its kind […]

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Systems

People’s Bank of China Issues Digital Yuan Trial Progress Report

July 20 2021

• in
• Central bank digital currencies (CBDC)

“Nearly 21m (20.87m) personal and 3.51m corporate digital yuan wallets have so far been issued during China’s ongoing trials of its central bank digital currency (CBDC), the People’s Bank of China (PBOC) has revealed.  To date, the digital currency — also known as e-CNY — has been used to make nearly 71m transactions with an […]

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Systems

Amex Revamps Platinum Card With New ‘lifestyle-focused’ Benefits, Higher Annual Fee and Big Welcome Bonus

July 20 2021

• in
• Cards

“As we hopefully emerge from the worst of the pandemic, credit card companies are rethinking their premium card products . For years, one of the most popular and iconic rewards cards has been The Platinum Card® from American Express . Rumors swirled back in April about major potential coming changes to the Platinum card. But […]

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Systems

Credit Cards Revive Rewards Battle With New Cash-Back Offerings

July 19 2021

• in
• Cards

“There’s a new battle brewing in the credit-card rewards war, this time over putting cash back in customers’ wallets. Bank of America Corp. became the latest lender to debut a cash-back offering on Monday, when it unveiled its Unlimited Cash Rewards credit card, offering users 1.5% cash back on all purchases. That follows new products […]

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Systems

Citigroup Cuts Off Its $495-a-Year Rival to AmEx’s Platinum Card

July 19 2021

• in
• Cards

“Citigroup Inc. stopped taking applications for its $495-a-year Prestige card, a competitor to American Express Co.’s Platinum line and JPMorgan Chase & Co.’s Sapphire Reserve. The bank will still serve existing Prestige customers, according to an emailed statement Friday, and encouraged prospective customers to instead consider products including the no-annual-fee Citi Custom Cash Card, which […]

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Systems

Crypto Experts in Demand As Countries Launch Digital Currencies

July 19 2021

• in
• Digital currencies

“Monetary authorities around the world are rushing to design digital currencies, and many are asking: Who knows how to do this? Some of the first governments to go digital have found an answer in cryptocurrency enthusiasts. For these rebels against traditional approaches to finance, the digital trend presents an opportunity to create virtual money for […]

On The Wires

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Systems

Mastercard Creates Simplified Payments Card Offering for Cryptocurrency Companies

July 20 2021

• in
• Cryptocurrencies

“Mastercard announced today it will enhance its card program for cryptocurrency wallets and exchanges, making it simpler for partners to convert cryptocurrency to traditional fiat currency. Working with Evolve Bank & Trust and Paxos Trust Company , the leading blockchain infrastructure and regulated stablecoin issuance platform, and Circle, a global financial technology firm and the […]