Payments News

On The Web

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Systems

Facebook’s Libra Must Not Start until Properly Regulated – G7 Draft

“Financial leaders of the world’s seven biggest economies will say on Tuesday that they oppose the launch of Facebook’s Libra stablecoin until it is properly regulated, a draft G7 statement showed. The draft, prepared for a meeting of finance ministers and central bankers of the United States, Canada, Japan, Germany, France, Italy and Britain, said […]
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Systems

New Bipartisan Bill Would Classify Digital Tokens as Commodities, Not Securities, in US

“A new bipartisan-backed bill aims to clarify investment contract assets or digital tokens sold as part of a securities offering are separate and distinct commodities, not securities.  The legislation introduced by Chairman of the National Republican Congressional Committee Rep. Tom Emmer (R-Minn.) would amend existing securities laws to exclude tokens from the definition of a […]
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Systems

‘Stablecoins’ Vulnerable to Criminal Abuse, Watchdog Says

“A type of digital currency that aims to maintain a stable value relative to that of an underlying asset or benchmark has the potential for mass adoption, but that potential also makes it more vulnerable to criminal abuse, a global standard setter for anti-money-laundering laws said. The Financial Action Task Force, in a report to […]
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Systems

Digital Currencies Could Replace Low-Interest Bank Accounts, Says UN Expert

“Digital currencies could supersede bank accounts as low-interest rates make them increasingly obsolete. That’s the view of Massimo Buonomo, the UN’s global blockchain expert, who added that digital currencies, particularly central bank digital currencies (CBDCs), could soon “eliminate the need for a bank account” altogether. Speaking on an online panel discussing the future post-coronavirus global […]

On The Wires

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Domains

Alchemy Pay Powers Shopify With Digital Currency Payments

“Alchemy Pay (“Alchemy”), a pioneer in hybrid digital and fiat payment solutions, announced it will be providing its hybrid payment system to enable cryptocurrency payments for ecommerce players using Shopify, a $120 billion proprietary eCommerce platform for online stores across 175 countries. Shopify users from countries including UK, US, Singapore, Thailand, Indonesia, Hong Kong and […]
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Systems

Federally Chartered Banks and Thrifts May Engage in Certain Stablecoin Activities

“The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks’ and federal savings associations’ authority to hold “reserves” on behalf of customers who issue certain stablecoins. Stablecoins refer to cryptocurrency backed by an asset such as a fiat currency, including U.S. dollars or other foreign currency. “National banks and […]
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Systems

Coinify and Galaxus enable world’s first e-commerce payment using Sygnum Bank DCHF stablecoin

“Sygnum Bank, Coinify and Galaxus announce the world’s first e-commerce transaction using a bank-issued stablecoin. The Sygnum Digital Swiss Franc (DCHF), pegged 1:1 with the Swiss Franc, eliminates the need for card systems, reduces costs and fraud, and processes transactions in real-time. This seamless connection between the digital and traditional economies has the potential to […]
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Reports

Digital Currencies: Public and Private, Present and Future

“Digital payments and settlements have been around for a long time; even private digital currencies are now more than a decade old. Energized by rapid advances in connectivity, mobility, and data storage, the world of digital payment and currencies has made major strides in recent years. Yet, this year is shaping up to be a […]