-
The new Libra white paper is intended to be a stand-alone update regarding the plans of the Association. Additionally, supporting technical papers also published in June 2019 have been edited or retired. Key changes from the June 2019 white paper include single-currency stablecoins in addition to the multi-currency coin, forgoing the future transition to a permissionless system, enhancing payment safety with a robust compliance framework, and building strong protections into the Reserve design.
-
Congresswomen Rashida Tlaib and Pramila Jayapal introduced a new stimulus proposal, Automatic BOOST to Communities Act brings back the idea of a digital dollar, describing the concept using similar language to a series of bills introduced last month. Under the ABC Act, Congress would authorize the Federal Reserve to create “FedAccounts,” meaning “Digital Dollar Account Wallets,” which would allow U.S. residents, citizens and businesses located in the country to access financial services.
-
Citing an official document, China Star Market said that Suzhou municipal government employees would receive 50% of their May transportation subsidies in DCEP. The digital currency will be issued to them by four state-owned banks, including the Agricultural Bank of China, the Industrial and Commercial Bank of China, the Bank of China, and the China Construction Bank.
-
“The Swiss Financial Market Supervisory Authority FINMA has received an application from the Geneva-based Libra Association for a payment system licence. This marks the start of the licensing process under Swiss supervisory law. The outcome and duration of the procedure remain open.”
-
Libra has applied for a payment system license from Swiss regulator FINMA (Swiss Financial Markets Supervisory Authority). This is a huge milestone on the way to some publicly usable Libra payments system, but there is still work to be done. Libra’s licensing process will continue to require input from other central banks and financial regulatory authorities around the world.
-
Libra still intends to issue a multi-currency stablecoin, but it would be backed by the new stablecoins, rather than directly by fiat currencies held in a bank. The new model limits Libra’s flexibility, since adding (or removing) a currency from the basket requires issuing (or retiring) another digital token.
-
The Central Bank of Brazil has kicked off a new phase in the testing process for Pix, the upcoming national instant payments platform, with the simulation of transfers. The tests of the technology underpinning the settlement infrastructure will see participating institutions testing their settlement flows, so the process where resources are transferred from the payer to the recipient, with fictitious data.
-
Santander has launched PagoFX, a standalone fintech designed to take on money transfer businesses such as TransferWise, offering the service free for two months to attract customers, including those affected by the coronavirus.
-
“The administration is taking great care in deciding what will appear on the front of the stimulus checks. Americans would be better off if the government put similar effort into getting out as much money to as many people as quickly as possible.”
-
Deutsche Bank’s Bangkok Branch launched PromptPay instant payments for corporations in Thailand. PromptPay collections use either an account number or a corporate tax ID number to receive incoming payments nationwide, as well as corporate income tax refunds from the Revenue Department without any additional charges.
