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Screenshots of what appear to be China’s upcoming digital yuan flooded WeChat today. It appears to be part of a trial being conducted by a half dozen banks, including the Agricultural Bank of China, in Shenzhen, Xiongan, Chengdu, and Suzhou.tags: Fintech CryptoAssets
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The Financial Stability Board (FSB) today published for consultation 10 high-level recommendations to address the regulatory, supervisory and oversight challenges raised by “global stablecoin” arrangements.
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This report reiterates and enhances the guidance developed in the report on Payment aspects of financial inclusion (PAFI) issued by the Committee on Payments and Market Infrastructures and the World Bank Group in 2016. Since then, the PAFI framework has been adopted as the analytical underpinning for designing and implementing country-level actions and global efforts to improve access to and usage of transaction accounts.tags: Fintech PaymentSystems
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A new class-action lawsuit against DeFi giant the Maker Foundation alleges that the company misrepresented the risks investors in the ecosystem faced, leading to catastrophic losses of collateral on MakerDAO on March 12. The complaint, which was filed in the Northern District Court of California on April 14, accuses three entities affiliated with Maker of negligence and intentional misrepresentation before investors, or “collateralized debt position holders.”
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The Monetary Authority of Singapore launched a campaign to encourage the public to use digital payment platforms during the Covid-19 pandemic. Supported by the Association of Banks, the MAS is promoting platforms PayNow, PayNow Corporate and SGQR. SGQR is a common quick response code for electronic payments. It creates a single “multi-tenanted” QR for each merchant, supported by central infrastructure.
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Historically, Bitcoin has been relatively uncorrelated with the S&P 500. But over the short-term, or at least as long as the liquidity crisis lasts, there may continue to be a relatively high correlation between the two, since global conditions appear to be influencing both markets.
Kiffmeister’s Fintech Daily Digest 04/14/2020
