STABLECOIN DIGEST 22.11.2019
Regulation and monetary policy
Asian Investors Call For Regulatory Clarity on Cryptocurrencies in the US
Speaking at BlockShow Asia 2019, Proof of Capital managing partner Edith Yeung called out American regulators for leaving blockchain-based ventures in the dark.
Crypto Leaders Propose Open Compliance Protocol For Financial Action Task Force
During a panel at BlockShow Asia 2019, a group of cryptocurrency industry leaders announced the creation of a protocol that aims to maintain privacy while complying with Financial Action Task Force (FATF) regulation.
Stablecoins ‘Pose Risk to Financial Stability’ Warns Federal Reserve
Stablecoins could “complement” other payment systems and improve conditions for consumers, but need constant checks, says the United States Federal Reserve.
In its November 2019 Financial Stability Report released on Nov. 15, the Fed highlights stablecoins and their potential impact on the U.S. and beyond.
IRS Criminal Investigators Looking Into Bitcoin ATMs and Kiosks
United States Internal Revenue Service (IRS) Criminal Investigation Chief John Fort said that the regulator is looking into potential tax issues caused by Bitcoin (BTC) ATMs and kiosks. According to Bloomberg Law on Nov. 15, Fort said that the IRS is collaborating with law enforcement to investigate illicit uses of new technologies like cryptocurrencies.
Presidential Hopeful Andrew Yang Plans to Regulate Crypto Industry
Democratic 2020 presidential candidate Andrew Yang has outlined how he plans to regulate the cryptocurrency industry: Promise to promote legislation on cryptocurrencies, Existing market for crypto, existing problems in big tech, Taking a stab at Congress for lack of basic knowledge of technology
Fidelity Digital Asset Services Now Authorized to Operate Crypto Custody Platform
Fidelity Digital Asset Services, LLC (FDAS) has procured a charter from the New York State Department of Financial Services (NYDFS) to operate a virtual currency custody and execution platform.
Per a Nov. 19 press release, the NYDFS authorized FDAS to operate as a limited liability trust company and run a cryptocurrency custody and execution platform where both institutional investors and individuals can store, buy, sell and transfer Bitcoin (BTC).
Singapore: Crypto Derivatives Set to Come Under Regulatory Oversight
Singapore'scentral bank and financial regulator, the Monetary Authority of Singapore (MAS), has proposed bringing crypto derivatives trading under its purview.
Competitors
Maker Launches New Dai Today, Expects to Phase-Out Old Dai in Months
Decentralized autonomous organization (DAO) Maker will launch a new type of Dai (DAI) stablecoin today. Known as Multi-Collateral Dai (MCD), the new type of the DAI will be backed by several types of collateral in contrast to the existing Single-Collateral Dai (SCD), which will now be called Sai (SAI).
Winklevoss Twins’ Gemini Buys Nifty Gateway, Marking Its First-Ever Acquisition
The Winklevoss twins’ Gemini exchange has made its first-ever acquisition by purchasing the Nifty Gateway platform, which enables users to buy and manage non-fungible tokens (NFTs).
Tether to Launch Gold-Backed Stablecoin: What to Expect
https://cryptocurrencynews.com/tether-gold-backed-stablecoin/
In a new development, it has now emerged that Tether is all set to launch a new cryptocurrency that is going to be backed by gold.
USDC Stablecoin Surpasses Another DeFi Milestone: $50m Borrowed for Loans
https://blog.circle.com/2019/11/06/usdc-surpasses-50m-defi/
More than $50 million in USD Coin (USDC) has been borrowed this year across top platforms, an achievement that highlights the power of DeFi and the benefits of stablecoins.
Analytics and opinions
Cryptocurrency Regulation: An Indian Perspective
Cryptocurrencies, with a market capitalization of over $200 billion, can no longer be dismissed as just a fad. While still making up only a tiny fraction of overall global financial markets, they have matured from the ranks of fledgling startups to being
leveraged by large enterprises for use cases ranging from global payments, asset-backed tokens for metals and commodities, fiat currency-equivalent digital coins, the Internet of Things, decentralized cloud storage and more.
Turkey’s Unexpected Rise to the Top of Global Crypto Adopters
When thinking of countries that are ahead of the curve in crypto adoption, Turkey might not be the first place that springs to mind. However, Statistica's Global Consumer Survey for 2019 shows that a fifth Turkish residents are acquainted with crypto and have been exposed to it in some form or another. If the figures are true, 20% is the highest proportion of all the countries in the world.
To save the euro, turn it into a digital stablecoin
https://www.ft.com/content/476d85f8-07cf-11ea-a958-5e9b7282cbd1
The first step towards such a digital euro would be to introduce a bank deposit fully backed with central bank money. The ECB could effectively create funds needed to cover the deposit by purchasing outstanding eurozone government bonds.
US Federal Reserve Accepts Potential of Stablecoins
https://theblockchainland.com/2019/11/20/us-federal-reserve-accepts-potential-stablecoins/\
The report points to the volatility of cryptocurrencies, like bitcoin, which have prevented them from becoming a broadly accepted medium of exchange. Whereas stablecoins, pegged to traditional assets and currencies “attempt to address this volatility.”
Stablecoin is very important for the Crypto Industry, CEO of Binance US
https://tokenhell.com/stablecoin-is-very-important-for-the-crypto-industry-ceo-of-binance-us/
Binnace US is the subsidiary branch of Binance that is serving only the US territory. Recently, its CEO gave its views about the importance of stablecoins for the crypto community. Binance has recently supported Stellar and Cardano with its Stablecoin, BUSD.
European Central Bank ponders digital currency launch
https://www.globalgovernmentforum.com/european-central-bank-ponders-digital-currency-launch/
The European Central Bank (ECB) has confirmed that it is investigating how a European public digital currency could work and whether it is desirable, with its conclusions expected next year.
New projects, partnerships, and investments
The aBey Foundation Introduces new Crypto-Enabled Credit Card Technology
aBey Foundation co-founder Dr. Ciprian Pungila announced aPay, a payment system that lets the cryptocurrency community use its assets for daily payments via credit card integrations.
Crypto Platform Celsius Network Reaches $4.25 Billion in Total Loans
Cryptocurrency platform Celsius Network announced that it reached $4.25 billion in total crypto loan origination as of Nov. 12 in a press release shared with Cointelegraph.
Celsius reached $4.25 billion of cryptocurrency loans since the start of its activity in July 2018 calculated at current Bitcoin (BTC) prices, a 93% increase from the $2.2 billion reported on Aug. 1, 2019.
Visa Works on Blockchain System for Joint Computation of Large-Scale Private Data
International payment network Visa is working on a blockchain-based system for joint policy-compliant computation of large-scale private data.
Visa Research — the research and development arm of Visa that focuses on data analytics, security and payment innovation — released a paper describing a blockchain-powered system for policy-compliant computing. The system is dubbed LucidiTEE, where TEE stands for trusted execution environments.
German Airline Company Hahn Air Issues Tickets on Blockchain
German airline Hahn Air claims to be the first airline company to issue tickets on a blockchain, the firm announced in a press release on Nov. 18.
The ticket sale using blockchain technology was made possible through Hahn Air’s collaboration with a decentralized platform for the travel industry, Winding Tree. Frederick Nowotny, head of sales engineering at Hahn Air, Maksim Izmaylov, the founder of Winding Tree, and Davide Montali, CIO at Winding Tree, became the first passengers to use blockchain-booked tickets.
Bison Trails Raises $25M in Funding Round Led by Blockchain Capital
New York-based blockchain startup Bison Trails has raised $25.5 million in a new funding round led by major venture capital firm Blockchain Capital. One of the 21 founding members of the Libra Association, Bison Trails is providing blockchain infrastructure solutions for more than 20 blockchain protocols to date, the firm said in an announcement on Nov. 19.
US Federal Reserve Exploring Digital Dollar and Its Effect on Monetary System
The United States Federal Reserve System is exploring the development of a central bank digital currency (CBDC) and what issues and risks it could potentially pose.
Swedish Central Bank Outlines 6-Step Digital Currency Plan
https://beincrypto.com/sweden-central-bank-outlines-6-step-digital-currency-plan/
24/7 payments anywhere, Cross currency & borders, Update legal tender laws, Issued directly from the bank, Digital IDs, Physical cash in case it fails.