STABLECOIN DIGEST 15.11.2019
Regulation and monetary policy
US Federal Judge Rules in Favor Bitcoin IRA in Case Against Kingdom Trust
A United States federal judge has ordered asset custodian Kingdom Trust to fully restore data access to all affected clients following the unilateral termination of customers' access to their own account information on Bitcoin IRA's website.
European Union to Regulate Stablecoins, Not Issue Its Own
https://www.coindesk.com/eu-to-regulate-stablecoins-not-issue-its-own-source
The draft declaration, published online Wednesday evening, does not include any recommendations that the EU issue its own stablecoin. However, the document does leave the door open for the ECB and other central banks to “assess the costs and benefits of central bank digital currencies.”The European Union is taking a closer look at how to regulate stablecoins, but has no plans to issue one of its own.
AFME Urges the European Union to Come Up with a Joint Regulation
https://bitnewstoday.com/news/afme-urges-the-european-union-to-come-up-with-a-joint-regulation/
In a report published by the Association of Financial Markets in Europe (AFME) on November 14th, it is indicated that the organization is suggesting radical changes to the regulatory approach to cryptocurrencies across the whole union. The report stresses the issues such as defining cryptocurrencies once and for all, meaning that the classification of either “money” or “asset” needs to be decided upon so that local banks in member states can apply relevant taxing and regulatory approaches.
Competitors
Canadian Blockchain Firm Launches USD-Pegged Stablecoin CUSD
BVCI launches USD-pegged stablecoin CUSD after debuting CADT in July
Paxos launches new product that streamlines the swap between fiat, stablecoins
Paxos has just released a new solution that allows people to easily swap between fiat and stablecoin, with Binance the first company to use the product
Analytics and opinions
Ex-Fed Chair Greenspan: ‘No Point’ in Central Bank Digital Currencies
Former Fed chair Alan Greenspan has argued there’s “no point” for central banks to issue central bank digital currencies
IMF: Digital money ‘unlikely’ to become major currency soon
https://www.phnompenhpost.com/business/imf-digital-money-unlikely-become-major-currency-soon
Though growing in popularity, digital currencies will by no means replace the world’s reserve currencies overnight, an expert from the International Monetary Fund (IMF) told China Daily in an exclusive interview.
Monetary authorities around the world are increasingly interested in digital currencies and the winner of this innovation race will likely have a big say in restructuring the global monetary system.
IBM: CENTRAL BANKS WILL LAUNCH DIGITAL CURRENCIES WITHIN 5 YEARS
https://bitcoinist.com/ibm-central-bank-issued-cryptocurrency-five-years/
Under the fear of potentially losing monetary control, several central banks are focusing on developing and issuing a cryptocurrency. Indeed, according to an IBM-commissioned report, a central bank digital currency (CBDC) could be ready for consumers’ use within the next 5 years.
New projects, partnerships, and investments
Regulated Swiss Crypto Bank SEBA Opens Doors
Regulated Swiss cryptocurrency bank SEBA has opened, offering card, e-banking, custodial services and loans for professional investors and enterprise clients
Paxos Debuts Fiat Gateway With Binance Crypto Exchange as Its First Client
Сryptocurrency exchange Binance has integrated Paxos’ newly released Fiat Gateway
Bitfinex Looks to Launch Options Trading As Soon As Q1 2020
Cryptocurrency exchange Bitfinex is considering launching options trading and a gold-backed stablecoin
Tunisian Central Bank Denies Reports of an ‘E-Dinar’ Digital Currency
The Central Bank of Tunisia denies reports that it was developing an “e-dinar” digital currency
What Is VeChain (VET) and Why Did it Pump 65% This Month?
VeChain has gained more than 100% over the past two weeks, leading analyst @CryptoMichNL to believe that the positive momentum in altcoins could kick off a new bull cycle
As Regulators Stonewall Libra, Facebook Rolls Out New Payment System
Facebook Pay will start rolling out this week on Messenger and Facebook in the United States for “fundraisers, in-game purchases, event tickets, person-to-person payments on Messenger and purchases from select Pages and businesses on Facebook Marketplace.”
EToro’s Platform EToroX Lists Dash and Seven Stablecoins
Per the release, eToroX users can now also trade stablecoins backed by the Turkish Lira (TRYX), Polish Zloty (PLNX), South African Rand (ZARX) and Hong Kong Dollar (HKDX) alongside U.S. dollar-backed tokens USDC and Tether (USDT).
Singapore's central bank and state investment firm have created a prototype multi-currency blockchain-based payments network together with JPMorgan.
JPMorgan, the Monetary Authority of Singapore and state investment firm Temasek have jointly designed a prototype multi-currency blockchain-based payments network
HCM Capital Expects China’s Digital Currency to Launch in 2-3 Months
China’s digital currency could launch in 2-3 months, according to HCM Capital’s Jack Lee
Binance Adds Support for Turkish Lira and Bitcoin, XRP, Ether Trading Pairs
Binance cryptocurrency exchange has added support for buying Bitcoin (BTC) and other cryptocurrencies with the Turkish lira through its local digital wallet partner Papara.