On The Web

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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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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

Wyoming’s New Crypto Banking Law Could Defang New York’s BitLicense – CoinDesk

November 26 2019

• in
• Cryptocurrencies

“There’s a way cryptocurrency businesses can get around New York’s notoriously hard-to-get BitLicense, and it runs through Wyoming. At least, so say members of the team that drafted the 13 crypto-friendly laws enacted by the Western state this year. One of those laws allows Wyoming to charter Special Purpose Depository Institutions (SPDIs), a new type […]

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Systems

Jack Dorsey’s Square Wins Patent for Fiat-to-Crypto Payments Network – CoinDesk

January 24 2020

• in
• Cryptocurrencies
• Patents

“This new system could be especially advantageous for the retail sector, according to the filing. Many cryptocurrencies are too volatile and too slow to become an effective payments solution. Few merchants can feasibly accept a payments method that takes hours to process when the value may swing wildly. But Square thinks it can “remove barriers” […]

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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 […]

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Companies

Libra Association Forms Steering Committee to Guide Technical Development

January 17 2020

• in
• Cryptocurrencies
• Facebook

“The Libra Association — the government body of the eponymous stablecoin introduced by Facebook in late 2019 — has formed a new committee to guide the network’s technical development. According to an announcement on Jan. 16, the Libra Association has voted to establish the five-member Technical Steering Committee which comprises leading experts from various firms in the fintech […]

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Systems

Why Facebook Still Wants to Invade the Payments Space

January 2 2020

• in
• Cryptocurrencies

“Facebook has a longstanding interest in payments, and has already made a considerable amount of money from its payments activities. Consider that the social network produced $269 million from “payments and other fees” in the third quarter of 2019, a respectable haul. However, Facebook’s payments revenue has remained relatively flat for the last several years. […]

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Systems

Telegram Tries to ‘Clarify’ Gram Crypto Project Amid Ongoing SEC Fight – CoinDesk

January 8 2020

• in
• Cryptocurrencies

“Telegram will not integrate a crypto wallet into its messaging app, at least until it gets the green light from U.S. regulators, the company said Monday on its official website. The announcement comes ahead of Telegram’s CEO deposition in Dubai on Tuesday.”

On The Wires

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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).”

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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 […]