Tagged: stablecoin

EU Antitrust Regulators Examining Facebook’s Libra

Antitrust regulators from the EU’s European Commission are currently examining possible monopoly implications of Libra, Facebook’s proposed global currency system, Bloomberg reports. Facebook announced in June that it would roll out the Libra “stablecoin” cryptocurrency through its WhatsApp and Messenger apps in 2020. They said the… Read More

Still Undaunted by New York Investigation, Tether to Issue Offshore Yuan

Tether is continuing its bid to sell synthetic versions of world currencies by issuing yet another “stablecoin,” this time in the form of CNHT, which will act as a proxy for offshore Chinese yuan (CNH). Tether, its parent company iFinex and sister company, crypto exchange… Read More

In SEC Filing, Facebook Discloses Risks Posed by Libra, Proposed Global Currency System

Facebook has disclosed the market risks it perceives regarding Libra, the company’s attempt to create a global cryptocurrency and payment rails  for use by the network’s 2.4 billion users “and as a standalone application.” The risks are disclosed in the company’s substantial Q2 2019 quarterly… Read More

Russian Machinists’ Union, Duma Experts Propose Cryptocurrency to Evade Weapons Sanctions

Russian crypto media outlet Crypto.pro is reporting that Russian machinists and parliamentarians involved in weapons production and sales have advised Russian central bankers to develop a “stablecoin” cryptocurrency to allow Russia to sell weapons and military equipment to foreign customers without being encumbered by international… Read More

Facebook Finds Few Friends on House Financial Services Committee as Libra Head David Marcus Endures Skepticism for its Crypto Plan

This past week much of the Fintech news was dominated by hearings in Congress addressing Facebook’s plan to launch a global, blockchain-based, payments platform using a stablecoin, of sorts, as a foundation. This global currency, which may be able to challenge sovereign currency, is said… Read More

Professors: Swift and Proper Regulation of Facebook’s Libra Payments System Critical

Law professors from the University of Luxembourg, the University of New South Wales and the University of Hong Kong have produced a 29-page paper designed to assist lawmakers in what should continue to be their swift and serious response to Libra, the global payment system now… Read More

NYU Professor Says Politicians and Public “Rightfully Concerned” About Risks of Facebook’s Libra Payments Network

New York University marketing professor Scott Galloway has spoken out strongly on CNN against Facebook’s plans to create a cryptocurrency, saying the project poses extraordinary risks given Facebook’s slipshod history. “We are rightfully concerned,” said Galloway. “This is an organization that has shown gross negligence around… Read More

Fed Chair Powell Peppered with Questions on Facebook’s Libra at House Financial Services Committee Hearing

The House Financial Services Committee welcomed Fed Chair Jerome Powell today to share his perspective on the state of the US economy and his opinion on the effectiveness of monetary policy. While Powell’s prepared remarks kicked off a bit of a rally on Wall Street… Read More

UK Financial Conduct Authority Addresses Topic of Stablecoins Providing Insight into Regulatory Approach

In a speech presented today by Christopher Woolard, Executive Director of Strategy and Competition at the UK Financial Conduct Authority (FCA), the regulator addressed the hot topic of “stablecoins.” The speech was delivered at the annual Cambridge Centre for Alternative Finance conference which saw regulators… Read More

Report: So Far, Banking Partners Notably Absent in Facebook’s New Libra Cryptocurrency Program

Last week’s announcement of “Libra,” Facebook’s move into creating a cryptocurrency payments infrastructure to underpin its social network, was met with considerable fanfare and may have induced a rally in the price of Bitcoins. But several pundits on Yahoo have noted that so far, banks… Read More

Bank of England Governor Says DLT Settlement Systems Could Save Billions, Facebook’s Libra Must Be Compliant Before Launch

Bank of England Governor Mark Carney told colleagues at the Lord Mayor’s Banquet for Bankers and Merchants of London June 20th that DLT (distributed ledger technology, also known as “blockchain”) used for financial settlements could save, “….billions of pounds in capital and liquidity that can be… Read More

Facebook Launches Stablecoin Libra and Accompanying Wallet Calibra. Is This Good for Crypto?

Facebook (NASDAQ:FB) launched its long-anticipated cryptocurrency today with an onslaught of documents, commentary and punditry feedback. Two new websites were revealed each affiliated with a different aspect of their new crypto-ecosystem. First there is the Libra stablecoin, a global currency “backed by a collection of… Read More

Paysend launches XDR Stablecoin, Seedrs Crowdfunding Round Overfunding

Paysend, an FCA regulated payments platform, has officially launched its anticipated stablecoin. The Pays XDR stablecoin is backed by a basket of five fiat currencies including the US Dollar, Euro, Yen, Chinese Yuan and Pound Sterling. The stablecoin is using the Stellar blockchain and is… Read More

Bitfinex Starts Buying Back LEO Tokens Issued to Cover Funds Seized by Law Enforcement

Bitfinex, a cryptocurrency trading platform and sister company to stable coin-issuer Tether, announced June 14th that buybacks of its LEO token, issued to help cover operational shortfalls, have begun. LEO token bought back are purportedly being “burned” (decommissioned) by the issuer. About a billion tokens… Read More

Circle “Retires” Crypto Payments App to Focus on Stable Coin Venture

Starting in July, Boston-based multi-platform cryptocurrency services and investment firm Circle will begin retiring its payment app, Circle Pay, in order to focus on developing its cryptocurrency stable coin project USD Coin (USDC), the company has announced. USD Coin was jointly launched last October by Circle… Read More

Coinbase Update: Customers May Now Earn DAI By Watching Lessons/Completing Quizzes About DAI & Features

Cryptocurrency exchange platform Coinbase announced on Monday that customers around the world can start earning DAI by watching lessons and completing quizzes about DAI and its features. According to Coinbase, DAI is the first stablecoin to be made available through Coinbase Earn. “According to the DAI whitepaper, DAI is… Read More

Facebook Reportedly Plans to Launch Cryptocurrency on June 18th

After a couple of months of speculation, social media giant Facebook is reportedly planning to launch its very own cryptocurrency on June 18th. According to TechCrunch, the crypto, named Libra, will be making its debut with a white paper that explains the basics of the… Read More

Crypto Custody Platform Paxos Hires Former NYDFS Manager as GC and Chief Compliance Officer

Paxos, a regulated crypto custody and investment platform, has selected Daniel Burstein as its General Counsel and Chief Compliance Officer. Burstein previously served as Executive Deputy Superintendent and Acting Chief of Staff for the New York State Department of Financial Services (NYDFS), so he has… Read More

OKEx Lists OKLink & Prime Trust’s Stablecoin USDK

OKEx, a Malta-based digital assets exchange, announced on Monday its new listing of USDK, a US Dollar-pegged stablecoin co-launched by its strategic partner OKLink and Prime Trust. According to OKEx, the stablecoin will be listed on OKEx’s fiat-to-token (C2C) trading platform against six fiat currencies,… Read More

Analyst Identifying “Demographic Challenges” for Facebook Cryptocurrency May Be Missing the Point

An analyst writing in the latest issue of the Diar Newsletter has argued that Facebook is facing considerable “demographic challenges” to the success of its anticipated venture into cryptocurrencies. The venture, tentatively dubbed “GlobalCoin,” is now being developed at Facebook by a team of blockchain,… Read More

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