STABLECOIN DIGEST 17.10.2020
Regulation and monetary policy
G20 countries establish global stablecoin rules
https://coingeek.com/g20-countries-establish-global-stablecoin-rules/
Global financial regulators and some of the world’s largest economies have published guidelines on the regulation and oversight of central bank digital currencies. In their report, they recognized the rapid growth and adoption of digital currencies and urged regulators globally to put in place concrete regulations before launching CBDCs.
Better regulation needed to stop crypto tax evaders from running wild
https://cointelegraph.com/news/better-regulation-needed-to-stop-crypto-tax-evaders-from-running-wild?utm_source=Telegram&utm_medium=social
U.S. regulators are starting to track crypto more seriously, and that’s a good sign for all crypto holders.
Japan must amend central bank laws to issue digital yen, says official
Japan is getting more serious about the digital yen.
Global watchdogs agree rules for stablecoins like Facebook's Libra
Central banks set out to regulate cross-border stablecoins like Facebook’s planned Libra with a common approach on Tuesday, saying more rules may later be needed to ensure stability.
CFTC chairman admits regulation must keep up with innovation
The U.S. government is behind on innovation, says official.
G7 will oppose Libra launch until regulations in place
“No global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory, and oversight requirements.”
European Central Bank seeks public input on digital euro
A digital euro would not replace cash, but complement it, says the European Central Bank.
Bank of Russia issues consultation paper on digital ruble
Russia’s central bank says that the digital ruble can be an “additional form of money alongside cash and non-cash.”
Spain's new bill proposal complicates crypto for citizens
Spain’s new anti-tax fraud bill includes crypto implications.
FSB releases recommendations to regulate 'global stablecoins' such as Libra
The Financial Stability Board has warned that global stablecoins could pose systemic risks to the monetary systems of nation-states.
Reserve Bank of Australia still researching the CBDC it says it doesn’t need
The Reserve Bank of Australia is continuing to explore how to design and operate a CBDC.
Five Russian banks express interest in piloting digital ruble
The first pilots of Russia’s digital currency are expected to launch in H1 2021.
Competitors
USDC set to land on Stellar in 2021
Stellar joins the ranks of Ethereum and Algorand.
Analytics and opinions
Crypto banks are going to swallow fiat banks in 3 years — or even less
In three years, a younger generation of banking customers won’t do business with a traditional fiat bank unless it offers access to crypto.
Wolf of Wall Street on steroids: DeFi may be a bubble, but it’s making us stronger
We’re in the middle of the greatest wealth transfer in human history, with DeFi finally solving the problem of financial inclusion.
DeFi market fall showcases how rising TVL doesn’t tell the full story
Could the DeFi market be a bubble as both market capitalization and indices crash?
Blockchain can add $1.76 trillion to global GDP by 2030: PwC
A PwC report estimates that blockchain technology will make up 1.4% of the global economy.
Blockchain firm Monerium thinks Europe 'already has' a digital euro
The ECB should grant e-money issuers access to central bank reserves, says Monerium.
‘No single digital currency will dominate the world’ Bank of Japan now says
Japan's policy makers appear disconcerted by the advancement in China's CBDC initiative
Stablecoins race ahead: Fiat-backed crypto booming amid uncertainty
Stablecoins are taking over the crypto space with increased utility and circulation. What is prompting this growth, and is it a threat to the market?
New projects, partnerships, and investments
Gemini exchange partners with licensed crypto payments processor in UK
Gemini crypto exchange is streamlining fiat currency wire transfers for British clients.
Algorand’s new accelerator program in Europe to invest up to $500K
Algorand taps Europe as the second region for its blockchain accelerator program after Asia.
Former PwC partner to launch New Zealand ‘Power Dollar’ stablecoin
Power Finance, led by a former PwC partner, plans to launch a New Zealand digital dollar stablecoin early next year.