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The Bank of Korea launched a pilot program to assess the logistics of issuing a central bank digital currency. While it has no immediate plans to introduce such a currency, the pilot scheme will ensure that it is prepared to do so in the face of changing market conditions.
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Saga Monetary Technologies has listed its token SGA on crypto lending platform Celsius Network. SGA coin holders can earn up to 9.9% interest, and borrow cash or stablecoins against their SGA at rates as low as 3.45% using their assets as collateral.
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“As FinTech innovation and virtual banking continues to gain global traction, customers’ expectations of fully digital experiences have expanded to every corner of the financial services realm. To reflect this shift, over the past few years regulators have been slowly introducing new e-KYC guidelines to allow financial institutions to perform KYC checks and approve customer applications electronically.”
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The Financial Action Task Force issued an official statement encouraging “the use of technology, including Fintech, Regtech and Suptech to the fullest extent possible” in light of social distancing measures, including for digital customer onboarding.
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Mastercard Canada has increased the contactless payment limit from C$100 to C$250 without the need to provide additional cardholder verification such as a PIN code, to provide consumers with a safer way to pay during the coronavirus pandemic.
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There’s a small segment of Swedish society for which digital payment technology doesn’t work. That segment includes people on low incomes, who feel cash gives them greater control, enabling them to prevent their remaining money being eaten by direct debits. For people living in rural areas, often the infrastructure doesn’t exist to rely on digital payments. And charities report how cash enables people who experience domestic abuse to hide money away if their abuser has taken control of their bank account.
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ICO funding in 2019 collapsed 95 percent from $7.8 billion raised in 2018 to just $371 million raised in 2019.
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The Tezos Foundation plans to pay $25 million to settle a class-action lawsuit brought by investors claiming the Tezos initial coin offering violated US securities laws. However, according to one report, the settlement “leaves unanswered the underlying legal questions of whether the ICO qualified as a securities offering requiring the Tezos backers to file a registration statement with the U.S. Securities and Exchange Commission, and whether the Breitmans were ‘controlling persons’ under the Securities Act of 1933.”
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Chainanalysis has partnered with Paxful to create new compliance standards for P2P exchanges. Paxful will use Chainalysis KYT (Know Your Transaction) to monitor its platform’s crypto transactions in real-time and Chainalysis Reactor to build investigations when it detects suspicious activity.
Kiffmeister’s Fintech Daily Digest 04/06/2020
