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In a Nov. 19 letter responding to questions from lawmakers Rep. French Hill (R-Ark.) and Rep. Bill Foster (D-Ill.) in late September, Powell said the Fed has noted the efforts of other nations to explore a CBDC option, and that it continues to “carefully analyze the costs and benefits of pursuing such an initiative in the U.S.”cb
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The Monetary Authority of Singapore plans to bring crypto-asset futures traded on approved exchanges under its regulation in response to interest from international institutional investors.
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KPMG released its 2019 Fintech100 ranking, which lists the top 100 fintech firms in the world. The list saw a drop in Bitcoin-related companies but reinforced innovation in the payments industry.tags: Fintech
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Businesses are experimenting with going cashless, hoping to speed up transactions, combat theft and create a safer environment for their employees. Actually, though, physical currency is experiencing a resurgence. People in many of the world’s most advanced nations — including the United States, the euro area and Japan — are holding more of it than ever.
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Regulators in the U.S. might be hesitant to mandate an outright move toward open banking, but several factors are pushing the financial services industry in that direction. For starters, 65% of bankers viewed open banking as more of an opportunity than a threat, according to one survey. Respondents believed so strongly in the benefits that 90% expect open banking to boost organic growth by 10%. Opinions, however, diverge when it comes to execution and how financial institutions can best shape open banking to their advantage.
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The Vancouver-based Einstein Exchange, shut down in early November by the British Columbia Securities Commission, owes its clients $16 million but only has about $45,000 in “hard assets” remaining, according to a court-appointed receiver.
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Deutsche Boerse and Swisscom utilize different blockchain protocols to settle securities transactions by exchanging cash tokens for tokenized shares in a joint proof of concept involving R3’s Corda and IBM’s Hyperledger Fabric.
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Bitcoin is something you hodl. Ethereum is something you build on. At least that has long been the official narrative, with projects favoring dedicated smart contract networks over Bitcoin for spinning out dapps and second layer solutions. Like all crypto narratives, however, this one has started to shift, as projects reappraise the benefits of crafting censorship-resistant applications anchored to Bitcoin Core and Bitcoin Cash.
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Drawing on existing evidence, this paper surveys the main mechanisms through which digital innovations in payments, credit, savings and insurance could impact on welfare.tags: Fintech
Kiffmeister’s Fintech Daily Digest 11/20/2019
