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The team behind Celo, C Labs, is combining the ethereum and Libra models with a $30 million war chest from the likes of Polychain Capital and Andreesen Horowitz (a16z).
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According to the Financial Times, China’s central bank has filed 84 patents relating to its plans to launch a digital currency electronic payments DCEP system. The number of CBDC-related patents by the PBOC came after an investigative study by the U.S. Chamber of Digital Commerce.
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IOSCO published a report that describes the issues and risks associated with crypto-asset trading platforms and sets out key considerations to assist regulatory authorities in addressing these issues.
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Mnuchin told a Senate Finance Committee hearing that the department’s Financial Crimes Enforcement Network is preparing rules that will improve transparency and prevent cryptocurrencies from being used as “secret bank accounts.”
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Blockchain forensic company Chainalysis today announced that Tether is now using its AML compliance solution dubbed “Know Your Transaction Token.” The solution monitors the full lifecycle of a token from issuance to redemption. This is interesting, because we have yet to learn of one person who has actually redeemed their tethers for cash, but let’s put that aside for now. “
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The introduction of a central bank digital currency (CBDC) allows the central bank to engage in large-scale intermediation by competing with private financial intermediaries for deposits. Yet, since a central bank is not an investment expert, it cannot invest in long-term projects itself, but relies on investment banks to do so. We derive an equivalence result that shows that absent a banking panic, the set of allocations achieved with private financial intermediation will also be achieved with a CBDC. During a panic, however, we show that the rigidity of the central bank’s contract with the investment banks has the capacity to deter runs. Thus, the central bank is more stable than the commercial banking sector. Depositors internalize this feature ex-ante, and the central bank arises as a deposit monopolist, attracting all deposits away from the commercial banking sector. This monopoly might endangered maturity transformation.
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Major Canadian investment fund manager 3iQ and blockchain firm Mavennet co-launched a new regulated stablecoin pegged to the Canadian dollar (CAD). Developed by Canada Stablecorp, a joint venture between 3iQ and Mavennet, QCAD is the latest CAD-based stablecoin and was officially launched on Feb. 11.
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German Bank von der Heydt, which was established in 1754, made on Monday the announcement that it’s developing a special-purpose Euro stablecoin. The aim of this stablecoin will be to make tokenized securities private placements easier for investors.
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“A couple things all our Fintech 50 2020 picks have in common: they’re private companies with operations or customers in the U.S., and they’re making it easier, faster and cheaper to use financial services.”tags: Fintech
Kiffmeister’s Fintech Daily Digest 02/12/2020
