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In testimony before Congress this week, Powell was asked whether the Fed had any “visibility” into China’s progress developing a central bank digital currency (CBDC). “Yes, we certainly have that,” Powell said. “But they’re in a completely different institutional context. For example, the idea of having a ledger where you know everybody’s payments, that’s not something that would be particularly attractive in the United States context. It’s not a problem in China.”
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“The Libra Project represents a bold new proposition to create financial infrastructure in this new global ecosystem.”
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The U.S. is joining regulators around the globe in moving to enforce tougher cryptocurrency anti-money laundering policies. At a hearing before the Senate Finance Committee, U.S. Treasury Secretary Mnuchin warned that the Financial Crimes Enforcement Network (FINCEN) is getting ready to put out “significant new requirements” around virtual currencies.
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The ECB and BoJ suggest that a single trusted source, either an existing DLT component or a credible third party, could provide the necessary information to the auditor. But the introduction of such a model would also increase risks to the network. “While reliance on … [a single] source of information has obvious benefits for auditing from all three perspectives, it may become a single point of failure in the auditing arrangement,” the authors say. If there was a single entity storing all transaction information, the central banks conclude, a potential security breach could result in a leak of the transactional details of all participants.
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The European Central Bank and the Bank of Japan have conducted a joint research effort on how to balance confidentiality and auditability in a distributed ledger technology (DLT) environment. This collaboration marks the fourth phase of a joint project called Stella, which started in December 2016 and aims at exploring DLTs through conceptual studies and practical experimentation.tags: Fintech Blockchain
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Coinbase Pro, the cryptocurrency trading platform arm of U.S.-based exchange Coinbase, has unveiled 3x margin trading for select customers.
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A DTCC white paper said participants in the financial sector should work to establish a set of “agreed-upon standards” that could address some of the security concerns surrounding the tech.”
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Assuming Quadriga did use Crypto Capital, the only question that remains is, was the payment processor holding any Quadriga funds when the exchange went belly up? (Remember, Quadriga didn’t keep any books, so it’s up to Miller Thomson and court appointed trustee Ernst & Young to piece things together.) And if so, is there any chance in hell of getting those funds back?
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Cross-border P2P payments and money transfers firm MoneyGram launched MoneyGram FastSend, a new service through which consumers can send money quickly and easily to their friends’ mobile phone number via the MoneyGram website and mobile app.