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The much-awaited Government of India report on blockchain and virtual currencies promises a massive boost to the blockchain sector in India, but delivers a fatal blow to bitcoin, Ripple XRP, ethereum, and other crypto-currencies through the proposed “Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019”.
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While Libra project supposedly has 28 founding partners, according to Visa, who is one of them, only nonbinding letters of intent to join Libra have been signed, so no one has yet officially joined. I’ve read elsewhere that also, no one has anted up the $10m minimum stake.
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After surveying 1,799 U.S. adults, a Civic Science study found only 5% of expressed some level of interest in Libra.
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The Swiss Confederation has much clearer crypto regulations than the United States, which has done little since the birth of Bitcoin to simplify the regulatory complexities lying in wait to bite any company looking to establish a crypto or crypto-related business within its confines.
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In testimony before the Senate Banking, Housing and Urban Affairs Committee, Facebook subsidiary Calibra CEO David Marcus stated that consumers would be provided with the necessary tools to report their taxes, but added that Calibra does not currently have processes in place to directly provide that information to the IRS. However, Mr. Marcus noted, Facebook “would be happy” to work with the IRS to ease the consumer burden.
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Libra has not responded to an information request by the Swiss Federal Data Protection and Information Commissioner, looking for more details to help define its oversight role over the proposed digital currency.
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Despite all of the advances in digital custody, the industry will need to wait for the appropriate legislation to define what digital custody is and what it entails.
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Peru’s race to evolve its legal system and adapt to the challenges of a “crypto society” has only just begun. The country’s Superior Judge, Bonifacio Meneses Gonzales, has asked Congress to regulate crypto to combat money laundering.
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The US SEC and FINRA have left broker-dealers and the operators of digital asset trading platforms treading water with the joint guidance regarding the custody of digital assets the regulators released earlier this week.
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Genesis Global Capital, the lending arm of institutional OTC crypto trading firm Genesis Global Trading, added $746 million of crypto loans in the second quarter, bringing its total originations to $2.3 billion since launching the business in March 2018.
Kiffmeister’s Fintech Daily Digest 07/24/2019
