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Senator Brian Schatz, a Democrat from Hawaii, may offer legislation that would have the effect of making currencies such as Libra illegal, according to a draft of the bill reviewed by Bloomberg. The legislation would amend a U.S. statute originally meant to prevent Americans from minting their own physical currencies. The amendment would also make it illegal for someone to create a digital currency, intended to be used as money, whose value is based on assets held in reserve.
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“If Libra comes to be treated as a tokenized security representing ownership of a money market fund, that could set the project back.”
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Bitfinex shareholder and over-the-counter (OTC) trader Zhao Dong has revealed that Tether is planning to launch a cryptocurrency backed by the Chinese renminbi.
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“Louis Brandeis said of the early-20th-century trusts that “both the financial concentration and the combinations which they have served were, in the main, against the public interest.” Big banks and big tech may rely on fancy algorithms and apps instead of railroads, but his words are just as true today.”
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“Private digital currencies improve welfare within an emerging market with a selfish government [by disciplining] monetary policy by creating an alternative to local fiat. That monetary policy discipline reduces inflation and results in higher returns from investment which in turn encourages higher local investment.”
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Stablecoins Vulnerable to Regulatory Uncertainty: European Central Bank “Less innovative stablecoins could provide a solution to users Seeking a stable store of value, especially if legitimised by the adherence to standards that are typical of payment services, the jury is still out on the potential future role of more innovative stablecoins outside their core user base.”
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Telegram’s new blockchain project will be compatible with ethereum, according to a tech startup building tools for the network. The messaging company is expected to release the code to run a node on the Telegram Open Network (TON) on September 1, allowing users to trial its project in advance of the project’s expected mainnet launch on Oct. 31.
Kiffmeister’s Fintech Daily Digest 08/31/2019
