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“”Many cryptocurrency enthusiasts predict that either a global cryptocurrency or a national digital currency could undermine the U.S. dollar,” the U.S. Office of the Director of National Intelligence wrote in a job listing earlier this month, calling for two researchers to evaluate the impact of the U.S. dollar losing its status as the world reserve currency.”
https://www.zintellect.com/Opportunity/Details/ICPD-2020-02
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Coinbase has become the first pure-play crypto company to be approved as a Visa principal member. Coinbase launched its Visa debit card in 2019 allows users to spend cryptocurrency as cash anywhere Visa is accepted. It is available in 29 markets with 10 cryptocurrencies supported. As a principal members of Visa Coinbase could issue cards to other crypto companies, though it’s not clear if it plans to use that power immediately.
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Following a request by the New York Southern District Court, a division at the U.S. CFTC has filed a letter with the court expressing its views on the complicated case involving Telegram’s digital currency Gram. According to the letter a “digital currency like Gram is a commodity” instead of a security.
https://www.docdroid.net/okmUUBS/cftc-letter-in-telegram-case.pdf
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The proposal should consider better protections for retail consumers and the seemingly unlimited ability to fundraise during the three-year exemption period. This amounts to a three-year look back option for the projects without sufficient remedies or consequences for investors.
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Online credit marketplace LendingClub is buying Radius Bancorp in a cash-and-stock transaction valued at $185 million. The acquisition of Radius, which has $1.4 billion in assets, will give LendingClub greater regulatory clarity and a less-expensive form of funding for its loans.
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“The Forbes second annual Blockchain 50 represents enterprises embracing the technology underlying cryptocurrencies like bitcoin and using it to speed up business processes, increase transparency and potentially save billions of dollars. To qualify, Blockchain 50 members must be generating no less than $1 billion in revenue annually or be valued at $1 billion or more.”
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Announced Tuesday alongside JSE’s launch of a tokenized Initial Public Offering platform, Blockstation’s new tool, called the Smart Listing Accelerator Process (SLAP), is designed to streamline the filing of required regulatory disclosures and prospectuses.
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“In a new paper we discuss a fundamental vulnerability that arises in payment channel networks as part of the construction of trustless multi-hop payments. We present two modes of attack: the first aims to lock as many high liquidity channels as possible for an extended period, and the second isolates hubs from the rest of the network. In this post, we present the evaluation of these attacks over the Lightning Network. “
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The Financial Stability Board published a letter from its Chair Randal K. Quarles to G20 Finance Ministers and Central Bank Governors ahead of their meetings in Riyadh later this week. The letter notes that the global financial system is constantly facing new challenges. Technology is changing the nature of traditional finance; the non-bank sector has grown and requires deeper understanding and coordination among the supervisory and regulatory community. Pressures that can lead to market fragmentation exist. Concurrently, important supervisory and regulatory issues require attention, including stablecoins, cross-border payments, and “Tech” (particularly BigTech, RegTech, and SupTech).
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The European Systemic Risk Board (ESRB) has today published a report on cyber incidents, such as cyberattacks. The report, which also summarises the latest estimates of the costs of cyber incidents, shows that a cyber incident could indeed evolve into a systemic cyber crisis that threatens financial stability. The ESRB has therefore identified cyber risk as one of the sources of systemic risk to the financial system which could have serious negative consequences for the real economy.
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Following the World Bank’s experience of blockchain bond transactions, South Korea’s central bank is reportedly working on its own blockchain-based bonds.
